格隆汇12月23日丨东土科技(300353.SZ)在互动平台表示，公司业务不直接涉及商业航天，公司主营业 务分为三部分，一是工业网络通信，二是工业操作系统及相关软件服务，三是智能控制器及解决方案。 ...

Summary of the Conference Call for 瑞德智能 Company Overview - 瑞德智能 is a pioneer in the smart controller industry, established in 1997 and headquartered in Shunde, Guangdong. It is the 37th listed company in Shunde, which has a total of 44 listed enterprises [4][4]. - The company has four major bases: Shunde (serving international clients), Hefei (serving the Yangtze River Delta), Shaoxing (serving major clients in Jiangsu and Zhejiang), and a production base in Vietnam that became profitable in May 2025 [4][4]. Financial Performance - In the first three quarters of 2025, 瑞德智能 achieved a revenue of 1.034 billion yuan, a year-on-year increase of 14.77%. The net profit attributable to the parent company, excluding non-recurring items, was 21.6222 million yuan, up 138.57% year-on-year [2][6]. - The company’s quarterly performance showed an 8.47% revenue growth and a 164.95% increase in net profit, indicating significant improvement in profitability due to a focus on core business, structural optimization, and cost control [6][6]. Business Structure and Strategy - The business structure has been optimized, with the share of home appliance smart controllers dropping below 70%, while new sectors like automotive electronics and electric motors now account for over 30% of revenue [2][5]. - The company aims to achieve a revenue target of 3 billion yuan in three years and 5 billion yuan in five years, employing a 1+3+N strategy to solidify its main business while expanding into new sectors [3][18]. New Business Developments - In the automotive electronics sector, 瑞德智能 collaborates with 9号公司 to provide solutions for short-distance transportation and supplies charging stations for 比亚迪赛力斯 [2][7]. - The company has established partnerships with major clients in various sectors, including 海信 and 海尔 in home appliances, and has seen significant sales in the pet technology and healthcare sectors [8][13]. Cost Management and Profitability - The company has effectively controlled management and financial expenses through team optimization, improved bidding processes, and financial management strategies, leading to a notable decrease in overall expenses [15][16]. - The reduction in expenses has positively impacted profitability, with expectations for stable or improved expense ratios in the upcoming quarters [15][15]. Investment and Future Plans - 瑞德智能 has invested in two companies, 预拓 and 零差云控, focusing on industrial investments rather than acquisitions at this stage [12][12]. - The company is also exploring investments in the robotics sector, including a collaboration with a French team to establish a quadruped robot company [17][17]. - Future strategic goals include solidifying the main business, rapidly expanding into new sectors, and pursuing strategic investments in robotics and smart technology [9][18]. Market Expansion - The company is enhancing its domestic production capabilities while planning further international expansion, particularly in Vietnam, where production capacity is being rapidly increased [10][10]. - 瑞德智能 is actively seeking partnerships with international clients to strengthen its global market presence [10][10]. This summary encapsulates the key points from the conference call, highlighting 瑞德智能's financial performance, business strategy, new developments, cost management, investment plans, and market expansion efforts.

Core Viewpoint - The company specializes in the research, production, and sales of intelligent controllers for cold chain equipment, monitoring instruments for pharmaceuticals and food, and environmental particle detection instruments, while also providing IoT and cloud-based system solutions [3][4]. Financial Performance - The company's revenue is projected to increase from 4.35 billion in 2023 to 4.99 billion in 2024, reflecting a growth of approximately 14.74% [4]. - Net profit is expected to rise from 0.55 billion in 2023 to 0.59 billion in 2024, indicating a growth of about 7.27% [4]. - The net cash flow from operating activities is anticipated to increase from 1.39 billion in 2023 to 1.57 billion in 2024 [4]. Industry Context - The company operates within the cold chain logistics sector, which is supported by national industrial policies and the ongoing development of the cold chain logistics industry [8]. - The government has introduced various policies to encourage and support the intelligent controller industry, creating a favorable external environment for growth [8]. Competitive Position - The company holds 28 invention patents and 185 utility model patents, showcasing its strength in research and innovation [8]. - As of September 15, 2025, the company has a total of 205 authorized patents, including 33 design patents and 91 software copyrights, indicating a robust intellectual property portfolio [8].

Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest due to its strong market position and growth prospects [2][4]. Core Viewpoints - The company, Jingchuang Electric, is a leading enterprise in cold chain temperature control products, with a projected compound annual growth rate (CAGR) of 27% for net profit attributable to shareholders from 2021 to 2024 [12][37]. - The company plans to raise approximately 175 million yuan through its public offering to enhance production capacity and invest in smart manufacturing and R&D projects [10][11]. - The cold chain temperature control market is expected to grow steadily, with a global market size of 556 million USD in 2023, projected to reach 836 million USD by 2030, reflecting a CAGR of 6.01% [31][37]. Summary by Sections 1. Issuance Information - The issuance price is set at 12.1 yuan per share, with a price-to-earnings (P/E) ratio of 11.88X. The subscription date is November 18, 2025 [5][6]. - A total of 14.46 million shares will be publicly issued, accounting for 25% of the total share capital post-issuance [5][6]. 2. Company Overview - Jingchuang Electric is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, focusing on the R&D, production, and sales of cold chain equipment and monitoring devices [12][17]. - The company has a diversified product portfolio, including smart controllers for cold chain equipment, monitoring devices for pharmaceuticals and food, and environmental quality detection instruments [17][25]. 3. Financial Performance - The company is expected to achieve revenues of 499 million yuan and a net profit of 58.91 million yuan in 2024, reflecting a year-on-year growth of 14.80% and 6.42%, respectively [37][12]. - The revenue from cold chain smart control and monitoring products is projected to reach 441 million yuan in 2024, with a gross margin of 43.76% [31][35]. 4. Industry Position - In 2023, the company held the largest market share in China's cold chain temperature control market, with a domestic market share of 13.13% and a global market share of 4.64% [31][37]. - The cold chain temperature control market is supported by macro policies promoting industry upgrades, leading to increased demand for smart controllers [31][37]. 5. Subscription Recommendation - The report recommends attention to the company due to its extensive experience in the cold chain sector, strong production capabilities, and competitive advantages in product quality and customer service [2][4].

Core Insights - A new automotive parts stock debuted at an issue price of 12.55 yuan, soaring to a peak of 75.80 yuan, representing a 512% increase, but subsequently fell to 50.96 yuan, resulting in significant losses for investors who bought at high prices [1][4] Group 1: Stock Performance - The stock experienced a dramatic rise on its first day, with a peak price of 75.80 yuan, allowing investors to potentially earn 31,600 yuan if sold at the high [1] - A specific investor bought additional shares at prices of 70 yuan, 62 yuan, and 61 yuan, but ultimately sold at 68.7 yuan, leading to a loss of 33,600 yuan over two days [1] - The stock closed down 20.93% the following day, further increasing the investor's losses [1][6] Group 2: Investor Behavior - Historical data shows that 94.7% of retail investors who chase high prices on the first day of new stock listings end up losing money [2] - In 2024, a stock surged 1917% on its debut but plummeted 49.69% the next day, causing significant losses for those who bought at the peak [2] - The phenomenon of retail investors being misled by the "scarcity narrative" is prevalent, as seen in the case of "长联科技," which rose 1700% before dropping 66% [6] Group 3: Market Dynamics - The absence of price limits on new stocks for the first five days creates a speculative environment, with retail investors making up over 83.8% of purchases during price surges [4][6] - High turnover rates on debut days, such as 91.68% for "红四方," indicate a volatile trading environment where many retail investors fail to capitalize on rebounds [4] - Professional institutions typically avoid trading on the first day, preferring to wait for prices to stabilize before assessing value [8] Group 4: Valuation Concerns - The newly listed automotive parts stock had a price-to-earnings ratio of 72, significantly higher than the industry average [5] - Historical trends show that over 70% of new stocks return to reasonable valuations within three months of listing, suggesting a high-risk environment for early investors [8] - Many newly listed stocks have reported losses in their first financial statements, indicating potential overvaluation and performance issues [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][5]. Core Insights - The company has demonstrated significant revenue growth, with a 17.47% year-on-year increase in revenue for the first three quarters of 2025, reaching 8.27 billion yuan, and a 69.66% increase in net profit attributable to shareholders, amounting to 603 million yuan [4][5]. - The company's profitability has improved due to optimized revenue structure and cost reduction measures, resulting in a gross margin increase of 2.45 percentage points year-on-year to 21.75% and a net profit margin increase of 2.46 percentage points to 8.83% [4][5]. - The company is focusing on strategic investments and acquisitions to sustain growth, particularly in emerging fields like robotics, with a joint venture established to enhance capabilities in humanoid robot controller hardware design [4][5]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 8.27 billion yuan, with a quarterly revenue of 2.82 billion yuan in Q3, reflecting a year-on-year growth of 14.25% [4]. - The net profit for the first three quarters was 603 million yuan, with Q3 net profit reaching 249 million yuan, marking a year-on-year increase of 58.35% [4]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities increasing by 34.19% year-on-year [4][5]. Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 11.65 billion yuan, 14.61 billion yuan, and 18.27 billion yuan, respectively, with corresponding net profits of 789 million yuan, 1.03 billion yuan, and 1.28 billion yuan [6][12]. - The earnings per share (EPS) are expected to be 0.85 yuan in 2025, 1.11 yuan in 2026, and 1.39 yuan in 2027, with price-to-earnings (P/E) ratios of 60.30, 46.27, and 36.96, respectively [5][6].

Core Viewpoint - The company, Beishidake, is focusing on the smart controller sector, leveraging over a decade of technological accumulation to expand into various application fields [2] Group 1: Business Strategy - The company aims to enhance its product offerings by focusing on intelligent and scenario-based applications of camera technology, gradually extending into niches such as smart caregiving, smart pet care, and smart automotive parts [2] - By implementing differentiated and personalized product designs, the company seeks to create new growth curves in its performance [2] Group 2: Market Expansion - The company is exploring diverse cooperation models with cross-border e-commerce, targeting the overseas smart automotive parts market to enrich its product matrix [2] - The strategy includes replacing traditional inefficient products with efficient and intelligent innovative products, while also extending product applications to emerging scenarios such as outdoor and courtyard settings to tap into additional growth potential [2]

Industry Overview - The global smart controller market reached a size of $1.88 trillion in 2023, representing a year-on-year increase of 4.40% [1] - China's market share in the smart controller industry rose to 31% by 2022, up from 17% in 2016, indicating significant growth [1] - The industry is characterized by low concentration and a highly fragmented downstream application landscape, with many small and medium-sized manufacturers [1] Company Performance - The company has established a new industrial pattern of 1+3+N, with projected revenues for H1 2025 from various segments: home appliances ($5.04 million), automotive electronics ($0.93 million), electric motors ($0.61 million), smart energy sources ($0.37 million), and others ($0.37 million), accounting for 72.52%, 13.37%, 8.76%, 5.35%, respectively [2] - Home appliance and automotive electronics segments showed significant year-on-year revenue growth of +9.57% and +151.34%, respectively [2] - The company has long-term partnerships with major appliance manufacturers, including Supor, and has received awards for its supplier performance [2] - The electric motor segment is expected to benefit from the expanding market for cleaning appliances and garden tools [2] - The automotive electronics segment is anticipated to experience explosive growth in 2024, driven by strong demand for smart controller products like scooters and AC charging piles [2] - The smart energy source segment is rapidly developing, particularly in home storage and portable energy solutions [2] - The company is actively exploring strategic opportunities in healthcare, pet technology, robotics, low-altitude flight, and smart home sectors, aiming to identify new growth points [2] Financial Projections - The company is projected to generate revenues of $15.01 million, $17.92 million, and $20.46 million for the years 2025 to 2027, with net profits of $0.65 million, $0.68 million, and $0.74 million, respectively [3] - Relative valuation estimates for the company are 46.74x, 44.60x, and 41.38x PE for the years 2025 to 2027 [3] - Comparable companies in the smart control industry, such as Tuobang and Heertai, have average PE ratios of 36.8, 28.6, and 22.7 for the years 2025 to 2027 [3]

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Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is positioned as a leading controller manufacturer, benefiting from a long-term growth trajectory driven by both traditional and emerging markets. The growth logic is not limited to existing market competition but focuses on expanding into new markets and acquiring new customers [6][22]. - The company has a strong global presence, with over 68% of its revenue coming from overseas clients in 2024, supported by five production bases in four countries [6][53]. - The automotive controller segment is maturing, with significant long-term orders and partnerships with major Tier 1 suppliers, indicating a peak in order deliveries is approaching [6][41]. - The report highlights two key product categories with growth potential: Hands Off Detection (HOD) and smart glass control systems, both of which are expected to see substantial market growth [6][41]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 12,397 million yuan in 2025, with a year-on-year growth rate of 28.3% [2]. - The net profit attributable to shareholders is expected to reach 691 million yuan in 2025, reflecting a significant year-on-year increase of 89.8% [2]. - Earnings per share are forecasted to be 0.75 yuan in 2025, with a projected gross margin of 19.7% [2]. - The return on equity (ROE) is anticipated to improve to 12.9% in 2025 [2]. Market Position and Growth Drivers - The company has diversified its business structure, focusing on smart controllers for home appliances, electric tools, automotive electronics, and intelligent products, which are all experiencing robust growth [36][41]. - The home appliance segment is expected to grow steadily, while the automotive electronics segment is projected to see rapid growth rates of 80% in 2025 [8][41]. - The company has established a strong customer base, including partnerships with major global brands such as Electrolux, Whirlpool, and BYD, which enhances its market competitiveness [31][32]. Global Operations - The company has strategically established production bases in Vietnam, Italy, Romania, and Mexico to optimize its global supply chain and respond quickly to local market demands [57][62]. - The overseas production capacity accounts for 30%-40% of the company's total capacity, ensuring it can meet future business development needs [60][62].