Gaolan shares (300499) issued an announcement on December 31, 2021: Bao Bank Investment Liu Wenyuan, Guangfa Fund Chen Yizhong, Haitong Yao Wangzhou, Huarong Fund du Hanyi, Shiyi Investment Liu Lijie, Xinyuan Fund Li Biao, Great Wall Securities Cai Weiwei Wang Xiaolin, China Shipping Fund Bao Jianglin, CITIC Construction Investment Manager Li Yebin investigated our company on December 30th, 2021.
The main contents of this survey are as follows:Q: what are the status and advantages of the company's energy storage business?
A: the customer groups of the company's energy storage business can be divided into three categories: large power station customers, power generation company customers, industrial and commercial customers. There are technical reserves and solutions based on lithium battery single cabinet energy storage liquid cooling products, large energy storage power station liquid cooling systems, prefabricated energy storage liquid cooling products and so on. The company has been ploughing deeply in the field of water cooling for many years, has outstanding technical research and development capabilities, rich engineering and technical practical experience and capacity guarantee, and has an in-depth understanding of the demands of the power grid, so it is helpful to the development of energy storage business to a certain extent. The company is currently actively promoting market expansion, has provided relevant customers with prototypes and products.
Q: what are the main products and customers of Dongguan Sixiang?
A: the company acquired Dongguan Sixiang in 2019, and its main products include power battery thermal management products such as heating film, thermal insulation cotton, buffer pad, and new energy vehicle electronic manufacturing products such as flexible circuit board (FPC) and integrated bus (CCS). The main customers include Ningde Times, BYD, AVIC Lithium, Guoxuan Tech, Yiwei Lithium and so on.
Q: how is the development of ICT liquid cooling products?
A: with the increase in the number and scale of data center cabinets in various industries, and the national mandatory requirements for PUE indicators in large data centers, it will promote the market demand for server liquid-cooled products. Gaolan Innovation and Technology, a subsidiary of the company, has mature products and solutions in the ICT field, the main product types are cold plate liquid cooling, immersion liquid cooling and container liquid cooling. The company actively cooperates with customers' proofing and verification needs, and has realized the sample and small batch supply of related products.
Q: what are the main customers of the company's wind power products?
A: at present, the main customers of the company's wind power water-cooled products are Jingfeng, Vision, Xiangdian and so on. While maintaining in-depth cooperation with existing customers, the company will also actively connect new customers and promote market expansion.
Q: what is the capacity of the company?
Answer: Yueyang Gaolan is the main production base of the company's water-cooled products, and its capacity planning scale can meet the needs of customers in the current market. The production of energy storage liquid cooling and other new products have certain similarities with the company's traditional products, therefore, part of the production line can be directly transferred to the production of energy storage products. In addition, Dongguan Sixiang has expanded its production line and production park in response to the rapid development of the new energy vehicle industry. at present, there are three production parks: power electronics manufacturing park, insulated cotton production park and heating film production park, which significantly improves the production capacity and can effectively meet the market development trend and customer demand.
Q: how will the company deal with the remaining 49% stake in Dongguan Sixiang in the future?
A: at present, the company has no decision to deal with the remaining equity of Dongguan Sixiang. In the future, it will comprehensively consider various factors and make a plan that is not only conducive to the development of Dongguan Sixiang, but also in line with the interests of the majority of shareholders.
Q: what is the value of Dongguan Sixiang's various products used in new energy vehicles?
A: as different customers purchase different types of products from Dongguan Sixiang, and the number of products used by different models is also different, affected by the size and density of models, batteries, mileage and other factors, it is impossible to accurately calculate the bicycle value of products. If the heating, thermal insulation and FPC products of Dongguan Sixiang are applied to the same car, the value of the bike is about two thousand yuan.
Q: how is the development of the company's products in the military field?
Answer: in the field of military industry, the company mainly provides liquid-cooled products for ground radar, warships, etc., mainly in the form of delivery with other components. As the military-related products have the characteristics of non-calibration, the R & D and service cycle is long. At present, the scale of related business accounts for a very small proportion, the company will continue to promote market expansion and actively expand the application field of products.
Gaolan main business: research, design, production and sales of pure water cooling equipment and control systems for high-power electronic devices
According to the third quarterly report of Gaolan shares in 2021, the company's main income was 1.063 billion yuan, up 29.66% from the same period last year; the net profit was 35.76 million yuan, down 18.52% from the same period last year; and the non-net profit was 28.255 million yuan, down 23.26% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 424 million yuan, up 34.67% from the same period last year; and net profit in a single quarter was 18.942 million yuan, up 13.47% from the same period last year. The non-net profit in a single quarter was 17.6322 million yuan, up 37.32% from the same period last year; the debt ratio was 51.36%, the investment income was 141700 yuan, the financial expenses were 22.8134 million yuan, and the gross profit margin was 28.38%.
The stock has been rated by three agencies and three buy ratings in the last 90 days; the average institutional target price has been 22.41 in the past 90 days; according to the Securities Star valuation analysis tool, Gaolan (300499) good company has a rating of 2.5 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)