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拓邦股份:路博迈、中信证券等5家机构于9月23日调研我司

Tuobang Co., Ltd.: Five institutions including Lubomai and CITIC Securities investigated our company on September 23

證券之星 ·  Sep 23, 2021 08:05

Tuobang shares (002139) issued an announcement on September 23rd, 2021: Lubermai, CITIC, ICBC Credit Suisse Fund, Shenzhen Happy time Fund and Zeshang Securities investigated our company on September 23, 2021 by Chairman Wu Yongqiang and Board Secretary Wen Zhaohui. Zhang Youhua, Commissioner for Customs and Excise.

The main contents of this survey are as follows:
First, the equity incentive plan and the current situation of the company introduce the equity incentive plan: the company recently issued the "2021 restricted stock incentive plan (pre-plan)". As a long-term incentive mechanism, equity incentive is basically once every three years and has been done for three periods. the effect is good, it can enhance the cohesion of the company and lay a good foundation for the realization of the company's development strategy. The company has set two assessment indicators: income and deduction of non-net profit. The lock can be unlocked if any condition is met. Scale growth is the core strategy of the company, and we also hope to increase the value and achieve quality scale growth by continuously providing valuable solutions. The company has been developing steadily along the established strategy, hoping that through the implementation of this equity incentive program, we can fully mobilize the enthusiasm of employees and let employees care about the company and pay attention to the healthy development of all aspects of the company. At the same time, we also hope to form a win-win situation with the secondary market and bring returns to investors through the continuous improvement of performance. The current situation of the company: the company is operating normally in the second half of this year, affected by the epidemic, foreign orders flow to China, due to the lack of power devices, there are some twists and turns in the middle. At present, there are signs of relief in the supply market, which is earlier than expected. At the same time, we have also done a lot of domestic substitution, through re-research and development, re-test, developed a lot of new models, the use of domestic device models, will bring convenience for supply. Domestic substitution opens a new channel for us, the supply is faster and guaranteed, and the domestic enterprises are more responsive and more resilient. In the face of intelligent and global development, the company hopes to seize the good opportunity of accelerating the intelligent industry to exceed the growth rate of the industry, and we are full of confidence in achieving the performance conditions of equity incentives. This year will continue the established product strategy, customer strategy, continue to expand. Last year, 20% of the head customers contributed 80% of their revenue. In the first half of this year, the original head customers continued to maintain a good momentum, and the expansion effect of new customers was obvious, adding certainty to the steady growth of future revenue.
Second, to answer research questions, the main questions and answers are as follows: questions
1: is the order for the improvement of the overseas epidemic coming back? When the upstream supply eases, does it put impairment pressure on inventory? Reply: the inflow of our orders is mainly due to the inflow of our orders brought about by the increase in customer share, which is not a simple share transfer between suppliers. The actual reflow needs to see whether the client share can be returned. At present, it is not so easy. From the terminal store to our client is not so fast. The epidemic may have reconstructed some business patterns, and the competitive relationship between brands has also changed. The impact of supply relief on inventory impairment is limited, the company's stock is based on customer orders and general materials, sluggish situation is less, is gradually returning to a reasonable level. Ask a question
2: deducting the growth rate of non-net profit is higher than income, what is the expectation of profit margin and expense rate? Are there any other considerations for exchange rate hedging? Reply: deducting non-net profit will deduct equity incentive fees, there will be no sharp rise in foreign exchange and irrational rise in raw materials in the future, with the adjustment and change of product structure, net interest rate and gross profit will rise steadily and slightly. In the past, Tuobang's profit is not particularly ideal, because the scale of income is small, but the investment in R & D and management system is relatively large. Now, as the scale grows, profits improve rapidly and the proportion of expenses decreases. The increase of high value-added products and the profitability of gross profit margin will be better. Question 3Rank 2022 order visibility? Reply: next year's budget has not yet come out, from the current point of view, the growth rate of new models is not bad. R & D, manufacturing resources are expected to be invested according to the growth rate, and orders are relatively saturated. The development of the company has been relatively stable for more than 20 years, and it may fluctuate due to the epidemic situation, macro environment and other factors, but the impact on orders is limited. Ask a question
4: the progress of domestic substitution? Reply: before product development, you need to confirm the components used with the customer. Before, most customers will require the use of international first-class brands to save test time, and can not be changed at will after the development is finalized, so as not to affect the performance and quality. After the tight supply this year, customers also began to pay attention to domestic devices, willing to accept domestic devices, prompting us to speed up the conversion process. Domestic devices have many advantages, such as short delivery period, price advantage, guarantee, direct transaction with the original factory, and so on. Under the current tight supply situation, the domestic substitution process has been promoted, and the security of the supply chain has been guaranteed. In the future, the company will continue to promote domestic substitution. Ask a question
5: what is the outsourcing trend of traditional household appliance enterprises? Reply: in the past, the technology of home appliances was mature, overseas companies mainly outsourced, and there were also small and medium-sized companies outsourcing in China. However, the development outsourcing of large companies is less, mainly based on processing outsourcing. In the past two years, with the improvement of intelligent development, the demand for home appliance innovation is getting faster and faster, the trend of outsourcing is obvious, and tilted to our specialized company. There are not as many intelligent control talents in foreign countries as we do, and the scope of technological contact is not as wide as ours. We have a perfect technology platform, and there will be different innovation points through the technology combination. Even if the whole machine factory has research, it also needs the help of external companies to help its whole machine products to be in the forefront of their peers in the intelligent process. The whole machine factory is more focused on solving the pain points of users, and the realization of product functions is handed over to our professional company to do. Ask a question
6: is the demand for downstream power tools affected by the epidemic, home work and other reasons increased, with the improvement of the epidemic and the demand weakens? Reply: the growth of power tools will be related to the epidemic and home work. Most of the power tools we do are not domestic, belong to the category of professional power tools, partial to the middle and high end, there is no trend of weakening on the demand side. Ask a question
7: what is the business situation of lithium electricity in the company? Reply: the company entered the lithium industry in 2008, lithium is the rapid growth of the company's plate, has been based on high-end dedicated market positioning, the reserve of corresponding talents and technology. The company quickly opens the market with customized solutions, focusing on energy storage and green travel, and combines the comprehensive advantages of "battery + electronic control + Internet of things platform". It has the solution ability from battery, battery management system (BMS) to Internet of things system.

Topang's main business: research and development, sales and production of electronic products, lighting appliances, all kinds of electronic intelligent controllers, power automation system equipment, motors and their intelligent controllers (operated by the branch); technical development and sales of flow meters, power batteries, power products, computer products, integrated circuits, sensors and software Domestic trade (excluding monopoly, monopoly control and monopoly commodities), engaging in import and export business (except for items prohibited by laws, administrative regulations and decisions of the State Council, restricted projects must obtain permission before operation)

According to the 2021 report of Topang shares, the company's main income was 3.644 billion yuan, up 82.44% from the same period last year; the net profit from the home was 428 million yuan, up 104.96% from the same period last year; deducting 320 million yuan from non-net profit, up 139.64% from the same period last year; debt ratio 41.78%, investment income 23.8766 million yuan, financial expenses 53.7612 million yuan, gross profit margin 24.11%.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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