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高澜股份:安信证券、翀云投资等23家机构于1月4日调研我司

Gaolan shares: 23 institutions, including Anxin Securities and Mianyun Investment, investigated our company on January 4.

證券之星 ·  Jan 6, 2022 15:26

Gao Lan (300499) issued an announcement on January 6, 2022: Anxin Securities, Zhang Zhenzhen, Fan Hongqun, Hu Yuqing, Yang Jiali, Luo Yun Investment Yu Haihai, Soochow Fund Chen Jun Xu Yue, Guangfa Fund Cao Yue, he Jie (Xiamen) Investment Tang Kaihong, Hengqin Life Insurance Guo Yaqi, Castrol Fund Li Shuai Xie Zelin, Ping an Fund Zhang Xiaoquan, Shanghai calmly Investment Shen Lei, Shanghai Fuge Investment Li gen Zhu Mingrui, Shanghai Fuge Investment Li Kaihong Zhu Mingrui Shanghai Hongsong Investment Zhao Shiyi, Shanghai Jiuge Investment Su Kai, Shanghai Tongyi Investment Lin Liexiong, Shenzhen Huitong Fund Wang sequence, Shenzhen Zexin Yide Investment Zhang Lu, Shenzhen Zhongou Ruibo Investment Sun Qinghua, Taixin Fund Zhou Yi, Xiangcai Securities Jiang Shen, Yinhua Fund Shi Lei, Great Wall Wealth assets Hu Epoch, Great Wall Securities Feng Wengao, Zhejiang Merchants Fund Chai Ming Chen Penghui, China Shipping Fund Bao Jianglin investigated our company on January 4, 2022.

The main contents of this survey are as follows:

Q: Q1, what is the status of the company's production capacity?

Answer: Yueyang Gaolan is the main manufacturing base of the company's water-cooled products, with corresponding sites and production equipment reserves, and its production capacity can meet market demand and have spare capacity. Dongguan Sixiang has expanded the production line and production park according to the development plan. at present, there are three production parks: power electronics manufacturing park, insulated cotton production park and heating film production park, which have significantly increased the production capacity and can effectively meet the market development trend and customer demand.


Q: what is the reason why the company's operating cash flow is negative?

A: on the one hand, Dongguan Sixiang's main customers are the leading enterprises in the power battery industry, with a relatively long account period, and they mainly use bills to settle payments, which has a great impact on cash flow. On the other hand, the parent company's delivery of water-cooled products reached an all-time high this year, mainly focused on delivery in the third and fourth quarters. After delivery, customers have a process of product acceptance and payment approval, thus affecting the progress of payment. However, in view of the good credit standing of the company, it has an adequate line of credit in the bank, and major customers maintain continuous transactions and continue to pay with the company, which effectively ensures the need for daily liquidity.


Q: what is the reason for the decline in gross profit margin of the parent company?

A: the main raw materials of the company's water-cooled products are stainless steel, copper, aluminum and other metals, but the rise in commodity prices this year has led to rising costs for the company. In addition, market competition has intensified, and customers continue to lower the prices of their products in order to reduce costs. As a result, the price of the company's products is suppressed, which in turn leads to a decline in profits. The follow-up company will increase technology research and development and product upgrading, integrate the supply chain system, ensure the supply of important parts, and effectively replace the related components in order to achieve the purpose of reducing cost and increasing efficiency.


Q: what are the main competitive advantages of the company's water cooling business?

A: as one of the earliest enterprises in China to focus on thermal management technology innovation and industrial application, the company has exported relevant technical standards and design ideas for the industry in the field of liquid cooling. In the long-term development process, the company's technology and product application scenarios and system integration capabilities have been continuously strengthened, and rely on outstanding technical research and development capabilities and rich practical experience in engineering technology. It has won a good reputation and brand awareness in the industry, and established a long-term and stable cooperative relationship with customers in the industry.


Q: what is the arrangement for the company to deal with the remaining equity of Dongguan Sixiang?

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 current situation of the company's convertible bonds?

A: after the company's convertible bonds entered the conversion period on June 16, 2021, the compulsory redemption clause was triggered because the closing price of the company's shares was not less than 130% of the current conversion price in 15 consecutive trading days. the company convened a board of directors on September 18, 2021 to review and decide that before December 31, 2021, when Gaolan convertible bonds triggered a conditional redemption clause, the company would not exercise the right to redeem in advance. The board of directors of the follow-up company will comprehensively consider various factors before making the corresponding decision and fulfill the announcement obligation in a timely manner.


Q: does the company have an equity incentive plan in the future?

A: at present, the purpose of the share buyback program implemented by the company is to carry out equity incentive or employee stock ownership plan. The company hopes that the core employees will participate in the development of the company through equity incentives or shareholding plans, so as to maintain the stability of the team and the sustainable development of the company. After the implementation of the buyback is completed, the company will make specific arrangements for the repurchase of shares taking into account the development of the main business, annual performance and the achievement of future expectations.


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)

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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