Jiahe Intelligence (300793.SZ) expects that its performance in the first half of this year will increase by 60%-100% year-on-year. In recent years, the company's R&D investment has continued to grow, and there is still much room for growth in future performance.
It is expected that the net profit in the first half of the year will double at the highest
On the evening of June 15, Jiahe Intelligence released the performance forecast for the first half of 2022. It is expected that the net profit before deduction attributable to listed companies shareholders of %; It is estimated that the net profit after deduction attributable to shareholders of listed companies is 50 million-65 million yuan, an increase of 450%-615% year-on-year.
Regarding the reasons for the changes in performance, Jiahe Intelligence said that first, the company actively adjusted its strategy, increased R&D investment, and strengthened the development of new products and emerging markets; secondly, the company continued to optimize its production layout and actively build the "Dongguan-Vietnam-Jiangxi" "The three-in-one production base, while improving large-scale production capacity, enhances the level of flexible intelligent manufacturing and refined management, achieves cost reduction and efficiency enhancement, significantly improves product gross profit margins, and enhances profitability.
annual report shows that Jiahe Intelligent specializes in the design, development, manufacture and sales of electro-acoustic products, and is a leading manufacturer of electro-acoustic products in China. On the basis of the existing earphone and speaker products, the company seized the development opportunities of the consumer electronics industry , closely tracked customer needs, and added new products such as bone conduction earphones, smart watches , and smart glasses, which further enriched the product types.
At present, the company's main products include smart headphones, smart speakers , audio cables, etc., of which headphone products account for 87.61% of annual sales, and speaker products account for 10.23% of annual sales; new smart watches, smart glasses, etc. Smart wearable products are in their infancy, accounting for a relatively small proportion, about 1.24%.
In 2021, Jiahe Smart will have 87.61% of its revenue from headphones, 0.28% of its revenue from audio cables, 10.23% of its revenue from speakers, 1.84% of its revenue from earphone parts and others, and 0.04% of its revenue from other business revenue. Currently, 42.94% of the company's revenue comes from domestic and 57.06% of its revenue comes from overseas.
R&D investment continues to grow
In October 2019, Jiahe Intelligent landed on the A-share market . From 2018 to 2021, the company's net profit after non-deduction was RMB 97 million, RMB 121 million, RMB 27 million and RMB 60 million, respectively. The growth rates for the same period were 76.04%, 24.51%, -77.68% and -78.32%.
However, the industry in which Jiahe Intelligence operates has great growth potential. Gartner data shows that in 2020, global user spending on wristband-type smart wearable devices such as smart watches will reach US billion , a year-on-year increase of 13.32%; it is expected that by 2022, the sales of such devices will reach US$35.814 billion, with a compound annual growth rate. According to data from Fortune Business Insights, the smart glasses market space has reached 4.651 billion US dollars in 2019, and the market space will reach 15.788 billion US dollars in 2027, with a compound annual growth rate of 17.2%.
In recent years, with 5G network, artificial intelligence , blockchain and VR/AR and other technical foundations, some consumer-oriented products have been continuously improved and implemented. The new crown pneumonia epidemic has enhanced people's pursuit of a better online life experience. The metaverse is subtly changing the existing work and life patterns of human beings, and there is huge room for future development.
Jiahe Intelligent has good basic manufacturing capabilities. At present, the company has formed a production system with scientific management, advanced technology, large-scale and flexible operation, and has a standardized and scientific production model, which can meet large-scale and various types of customer orders. fast delivery needs.
Jiahe Intelligence owns 62,113 square meters of industrial land and 102,360 square meters of workshops in Shipai, Dongguan, 156,239 square meters of industrial land in Shangli, Pingxiang, and plans to build 170,000 square meters of workshops in the first phase, and 15,119 square meters in Vinh Phuc, Vietnam It has 15,017 square meters of research land and 44,913 square meters of research and development office building in Songshan Lake, Dongguan.
The three-in-one base layout of "Dongguan-Vietnam-Jiangxi" has established a R&D and sales center and a domestic production base in Dongguan, an overseas production base in Vietnam, and a flexible intelligent manufacturing production base in Jiangxi. The three-in-one layout of Jiahe Intelligent can make full use of the comprehensive cost advantages of the three places, reduce production and operation costs, and improve profitability; on the other hand, it can improve the level of flexible intelligent manufacturing, refinement The management level enables the company to have a production capacity that is more compatible and responds faster to customer needs, thereby reducing costs and increasing efficiency.
At present, Jiahe Intelligence has maintained a close, stable and long-term strategic partnership with the world's top electro-acoustic brands, smart terminal providers, communication operators and Internet giants. Its customer groups include Harman, Skullcandy and other internationally renowned brands, as well as security Well-known domestic manufacturers such as Gram, Honor and Transsion Holdings.
Jiahe Intelligent has been successively recognized as Guangdong Intelligent Electro-Acoustic Engineering Technology Research Center and Guangdong Intelligent Wearable Engineering Technology Research and Development Center. As of December 31, 2021, the company and its wholly-owned subsidiaries had 719 valid authorized patents, including 69 Chinese invention patents, 440 Chinese utility model patents, 196 Chinese appearance patents, 14 international appearance patents, software 87 copyrights.
In 2019, 2020 and 2021, Jiahe Intelligent's R&D investment amounted to 79.43 million yuan, 104 million yuan and 117 million yuan respectively, and the ratio of R&D investment to operating income in the same period was 3.52%, 3.93% and 4.29% respectively. The proportion of investment is increasing year by year.