Jinma Rides(SZ:300756)2024-01-17 08:57Company Overview - Guangdong Jinma Amusement Co., Ltd. is a leading enterprise in the amusement equipment manufacturing industry, recognized as the first A-share listed company in this sector in China [1] - The company specializes in the research, development, manufacturing, sales, installation, and operation of large amusement facilities and immersive entertainment projects [1] - Jinma Amusement is a key supplier for major theme parks in China, including Universal Studios and OCT Group [1] Financial Performance - In the first three quarters of 2023, the company achieved a revenue of CNY 669.89 million, surpassing the total revenue of 2019, marking the highest revenue in its history [2] - The company has a backlog of orders amounting to CNY 1,623.80 million as of the end of 2022, ensuring stable growth for future performance [2] Market Trends and Opportunities - The tourism and cultural consumption market is experiencing a significant rebound, driven by increasing travel demand and supportive government policies [2] - The industry is transitioning towards a healthier and sustainable development phase, moving away from the "real estate + cultural tourism" model [2] - The company is exploring opportunities in emerging markets and new application areas, including VR/AR technologies and international expansion [3] Production and Operational Strategy - The company is establishing a production base in Wuhan to optimize its regional layout and enhance production efficiency [2] - The business model primarily follows "sales-driven production," with prepayments collected upon order signing [3] - The company aims to reduce reliance on outsourcing as production capacity increases, thereby controlling costs and improving efficiency [3] Product Development - Future development of immersive products will focus on integrating innovative technologies such as VR, AR, and AI to enhance user experience [3] - The company is also exploring the development of standardized, smaller-scale immersive products to lead industry innovation [3] Profitability and Cost Management - The gross margin for immersive products has declined due to increased outsourcing for project components and strategic discounts to boost sales volume [5] - Despite the impact on gross margin, the overall scale of operations is expected to increase, leading to improved economies of scale [5]