Jinma Rides(SZ:300756)2022-11-14 10:31Group 1: Company Overview and Performance - Guangdong Jinma Amusement Co., Ltd. is the first A-share listed company in China's amusement equipment manufacturing industry and is recognized as a leading enterprise in the sector [1] - In the first half of 2022, the net profit attributable to shareholders was 5.938 million yuan, with cash flow from operating activities increasing by 265% year-on-year [1] - Revenue from virtual immersive projects grew by 87.74% year-on-year, indicating strong market demand despite pandemic challenges [1] Group 2: Market Position and Competitive Advantages - The company has developed core technologies that are at the domestic leading and international advanced levels, allowing it to achieve import substitution in high-end amusement products [2] - Compared to many competitors focusing on a few product categories, the company offers a comprehensive range of amusement products, establishing strong partnerships with high-quality clients [2] - The company has a significant price competitiveness advantage over foreign counterparts, which is crucial for increasing market share in the domestic high-end amusement equipment market [3] Group 3: Strategic Initiatives and Future Outlook - The company is actively expanding its international market presence, particularly in Europe, South America, and Southeast Asia, leveraging its overseas subsidiaries [3] - Future product development will focus on digital, intelligent, and networked "smart amusement" products, incorporating cutting-edge technologies such as XR, AI, big data, and 5G [2] - The company anticipates that the revenue share from virtual immersive amusement projects will continue to rise, driven by the integration of culture and technology in the tourism industry [5] Group 4: Challenges and Risk Management - The ongoing pandemic has impacted business operations, including product transportation and project delivery, but the company is adapting by closely monitoring local pandemic developments [4] - The company has implemented strict sales and receivables management systems to mitigate risks associated with client credit and project cash flow [4] - Despite challenges, the company remains optimistic about future growth, with a strong order backlog exceeding 1.5 billion yuan and plans to enhance production capacity [5]