1. Introduction to the company's main business
Qiao Feng Intelligent (301603) specializes in the research and development, production and sales of CNC machine tools, the company has been deeply involved in the machine tool industry for many years, has been committed to the development of high precision, high reliability, high efficiency, intelligent domestic modern "industrial machine tools", for the transformation and upgrading of intelligent manufacturing to provide higher quality CNC machine tools.
At present, the company ranks in the forefront of the metal cutting machine tool subdivision industry in mainland China, and now has more than 80 kinds of medium and high-end models including vertical machining centers, gantry machining centers, horizontal machining centers and other categories. The company's products are widely used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communication and other industries.
The company's goal is to manufacture world-class CNC machine tools. After years of development, the company has established a relatively complete R&D, manufacturing and sales system around CNC machine tools, established a good brand image and market reputation in the industry, and accumulated rich customer resources.
The company's main product pictures and main features are as follows:
1) Vertical machining center
2) Gantry machining center
3) Horizontal machining center
4) Other machine tools
During the reporting period, the sales revenue of the company's various types of products accounted for the following proportions:
2. The company's performance
From 2019 to 2023, the company's growth and profitability performance are as follows:
From January to June 2024, the company expects attributable net profit to be about 104 million yuan to 113 million yuan, an increase of 16.23% to 26.37% year-on-year, operating income of about 778 million yuan to 853 million yuan, an increase of 2.37% to 12.25% year-on-year, and non-net profit of about 101 million yuan to 110 million yuan, an increase of 17.48% to 28.07% year-on-year.
3. Issuance and comparison with comparable companies
The company's issue price is 26.5 yuan, 30.19 million shares are issued, and the lead underwriter: SDIC Securities, with a market value of 3.207 billion yuan after issuance. Based on the median interim results of the 2024 semi-annual report, the dynamic P/E ratio is 14.78, and the static P/E ratio is 18.98. The market capitalization, price-to-earnings ratio and revenue of comparable companies are as follows:
4. Summary
Machine tools, also known as industrial machine tools, are the cornerstone of modern industry, widely used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communications and many other downstream industries; The investment in fixed assets in the downstream industry is the decisive factor affecting the development of the machine tool industry, and the investment in fixed assets largely depends on the country's macroeconomic operation situation and the growth rate of the national economy.
Continental is the world's largest machine tool consumer market, despite the huge market size, but the mainland machine tool industry enterprises are numerous, generally small, lack of industry giants and benchmarks, the overall large but not strong. At present, domestic high-end machine tools are still mainly imported, and in the low-end application field, the vast majority of low-tech and small-scale private enterprises are gathered; With the development of "Made in China", large state-owned machine tool enterprises and private enterprises with a certain scale and independent research and development technical strength represented by the issuer are expected to compete with foreign advanced enterprises in the future.
The concept of the issuer industry is still good, but the overall quality is difficult to say that it is of high quality; The valuation looks okay, but the comparable companies are not high, and the market value of the issue is not very advantageous.
New rating: cautious. I hit the new plan: participate.
Notes: The performance of IPO on the first day is related to many factors, and this article is only a brief analysis of the company's business, main financial indicators and valuation. Investors need to think independently and make decisions when making new deals. If there is a conclusive statement in the article, it is also a personal opinion. We hope that investors will invest rationally.