Preface
Jiahe Intelligent Technology Co., Ltd. mainly designs and develops and manufactures intelligent hardware products for brands in ODM mode, and the competition of manufacturers is concentrated in customer resources, R&D capabilities, production scale, supply speed, etc., and this competitive feature is more obvious in high-end products. A large number of electroacoustic manufacturing enterprises have been formed in China, and some enterprises have entered the supply chain of leading electroacoustic enterprises at home and abroad by virtue of their advantages in technology, scale and cost control.
Jiahe Intelligent has maintained close, stable and long-term strategic cooperative relations with the world's top electroacoustic/smart wearable brands, smart terminal brands and Internet brands, and has provided development and manufacturing services for many internationally renowned customers and domestic well-known customers, and the company's product design and development capabilities, core technical strength and manufacturing capabilities have been widely recognized.
Revenue and net profit for the past year
From 2019 to 2023, Jiahe Intelligent will achieve revenue of 2.257 billion yuan, 2.653 billion yuan, 2.734 billion yuan, 2.172 billion yuan and 2.377 billion yuan respectively. The year-on-year growth rates were 67.58%, 17.54%, 3.03%, -20.54% and 9.44%.
From 2019 to 2023, Jiahe Intelligent will achieve net profits of 121 million yuan, 68.2458 million yuan, 52.5037 million yuan, 174 million yuan and 133 million yuan respectively. The year-on-year growth rates were 9.39%, -43.48%, -23.07%, 230.61% and -23.58%.
Jiahe Intelligent's main business is consumer electronic products, mainly engaged in the research and development, production and sales of electroacoustic products and smart wearable products, and the development and manufacture of products for the world's top professional electroacoustic/smart wearable brands, smart terminal brands and Internet brands, providing them with high-quality electroacoustic products and smart wearable products. The main products include TWS earphones, bone conduction earphones, wireless speakers, smart watches, AR/VR, etc.
In 2023, the revenue structure of Jiahe Intelligence's various products is shown in the figure above, with headphones achieving revenue of 1.864 billion yuan, accounting for 78.41% of the total revenue in 2023, speaker revenue of 417 million yuan, accounting for 17.54% of revenue, headphone parts and other revenue of 92.2886 million yuan, accounting for 3.88% of revenue, other business revenue of 3.6838 million yuan, accounting for 0.15% of revenue, and audio line revenue of 181,900 yuan, accounting for 0.01%.
During the reporting period, the overall operation of Jiahe Intelligence's business in different regions is shown in the figure above. In 2023, overseas revenue will be 1.564 billion yuan, accounting for 65.77% of revenue, and domestic income will be 814 million yuan, accounting for 34.23%.
Top 5 customers and suppliers
Jiahe Intelligence's top five customer sales in 2023 and the proportion of the top five suppliers' procurement volume are shown in the figure below:
In 2023, the sales of the top five customers of Jiahe Intelligent will total 2.039 billion yuan, accounting for 85.75% of the total annual sales. Among them, Harman International's sales were 1.254 billion yuan, accounting for 52.74% of the total annual sales.
In 2023, the procurement volume of the top five suppliers of Jiahe Intelligent will total 478 million yuan, accounting for 29.31% of the total annual procurement. Among them, the procurement amount of the largest supplier 1 was 202 million yuan, accounting for 12.37% of the total annual procurement.
R&D investment over the years
According to the data of Jiahe Intelligent Report, from 2019 to 2023, Jiahe Intelligent R&D investment will be 79.4251 million yuan, 104 million yuan, 117 million yuan, 132 million yuan and 124 million yuan respectively. The year-on-year growth from 2019 to 2023 will be 24.14%, 31.36%, 12.41%, 12.44% and -5.63%, respectively.
As of the end of 2023, the company has a total of 592 R&D personnel, accounting for 10.17% of the company's employees. In 2023, the company's R&D expenses will be 124 million yuan, accounting for 5.23% of the company's operating income.
The total market value of Jiahe Intelligence
Jiahe Intelligent Technology Co., Ltd. was established on October 17, 2013 and listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in October 2019, with 41.8 million shares issued and an issue price of 13.43 yuan per share.
Judging from the market value of the company since its listing, on November 8, 2019, the market value of Jiahe Intelligent reached the highest of 11.878 billion yuan, and the lowest on October 18, 2019, which was 3.224 billion yuan. As of May 6, 2024, the total market value of Jiahe Intelligent is 4.517 billion yuan.
Profitability analysis
From 2019 to 2023, the gross profit margin of Jiahe Intelligent Sales is shown in the figure below. In 2023, the gross sales margin will be 18.18%.
Operational capability analysis
In the past five years, the inventory turnover rate of Jiahe Intelligent is shown in the figure below. In 2023, the inventory turnover ratio is 3.76 times.
Solvency analysis
From 2019 to 2023, the asset-liability ratio of Jiahe Intelligent is shown in the figure below. In 2023, the debt-to-asset ratio is 23.24%.
Core competitiveness
1. Strategic advantages
In order to adapt to the changes in the domestic and foreign economic situation and market environment, the company's management team actively adjusts its strategic layout with rich industry experience. The company actively promotes the strategy of "large customers, large orders" in the business sector, and establishes stable and good cooperative relations with high-quality customers. In the production sector, we actively promote the flexible and intelligent production strategy to reduce costs and increase efficiency, and implement the "five new" R&D strategy of "new products, new technologies, new devices, new processes and new systems" in the R&D sector to lead the forefront of industry development. By actively implementing the relevant strategies of the above-mentioned sectors, the company has gradually formed its own unique strategic advantages and enhanced the company's industry influence and core competitiveness.
2. R&D advantages
The company has strong pre-research and development capabilities, and actively leads the forefront of industry technology. The company has set up a R&D team with rich experience and outstanding sense of innovation, and has built a R&D center composed of acoustic laboratory, electronic laboratory, software laboratory, structure laboratory, photoelectric processing laboratory, algorithm simulation laboratory, automated testing laboratory, etc. Strong R&D advantages enable the company to grasp market dynamics, predict and grasp the latest upstream and downstream technology trends and trends, and have a keen insight into industry technology development and market opportunities. The company has established a close cooperative relationship with customers, and can quickly implement the product ideas proposed by customers to meet the design requirements of customers.
Third, customer advantages
Over the years, the company has accumulated a large number of high-quality customer resources by virtue of its practical and forward-looking strategic layout, strong R&D technology, mature large-scale manufacturing technology and good market reputation, and has now entered the supplier roster of many well-known enterprises at home and abroad. The company further deepens the business cooperation with existing customers at the same time, continue to increase the development of new customers and new markets, the company's existing core customers and new customers are well-known brands in the industry, their own good business scale, stable business model, good development prospects, can continue to drive the company's revenue growth, promote the company's production innovation, so that the company maintains a leading position in the industry.
I love the audio network summary
Jiahe Intelligent said that while maintaining the steady development of the consumer electronics business, the company reviewed the situation and entered the field of energy storage business to achieve diversified development and optimization of industrial structure. The company will combine its existing R&D and manufacturing advantages to actively develop efficient, safe and environmentally friendly energy storage products, such as household energy storage systems, industrial and commercial energy storage solutions, etc., to meet the growing demand for clean energy storage. In addition, the company will actively build a complete energy storage ecosystem through in-depth cooperation with upstream and downstream enterprises in the industrial chain. Looking forward to the future, the energy storage business will become a new profit growth point for the company, and promote each other with the consumer electronics business to jointly drive the company's long-term development.
Tips: The above information is for reference only and is not intended as a suggestion to enter the market.
I love the market value management service of listed companies on the audio network throughout the year, focusing on listed companies in the audio industry and sharing the latest developments in the industry for you. If you have any cooperation needs, please contact: [email protected].