The company has concentrated a large number of outstanding talents, has strong independent design, development and production capabilities, and has more than 65,438+000 R&D technicians, which can provide tailor-made products and services for all kinds of customers.
The company has always attached importance to the self-development of employees. After work, the company often organizes colorful entertainment activities, such as football, table tennis and badminton, and also organizes a free trip every year. The working environment of employees is good, all workshops are air-conditioned, dust-free and antistatic, and all employees go to work by bus. The company's managers are making unremitting efforts to create a better working and living environment for employees and make all employees feel at home.
Shenzhen Zhuo Yi Technology Co., Ltd. ranks among the best in the market share of communication network products and audio-visual products in the industry, and has become a strategic partner of well-known domestic enterprises such as Huawei, ZTE, Asus and Lenovo, providing ODM/EMS OEM services for them and becoming a leading enterprise in the same industry. At the same time, related businesses have expanded to overseas markets, with products all over the world.
Company background
The company is a high-tech enterprise dedicated to three major electronic products: various communication network products, audio and video electronic products, and handheld terminal access equipment. The business is to provide network communication and OEM services for consumer electronic products for domestic and foreign brand channel providers in ODM/EMS mode. The company's main products are ADSL modems, WIFI wireless products, Ethernet products, digital TV set-top boxes, portable audio and video products, GPS and so on. The market share of the company's communication network products and audio and video products ranks in the forefront of the industry. It has become a strategic partner of Huawei, ZTE, ASUS, Lenovo and other well-known domestic enterprises, providing ODM/EMS OEM services for them, becoming a leading enterprise in the same industry, expanding its related business to overseas markets, and its products are all over the world. The company and Shenzhen Graduate School of Peking University jointly established the Industry-University-Research Research Base, which is engaged in the joint development of digital multimedia transmission and access equipment.
scope of business
Computer peripheral boards, consumer digital products, communication network products, audio products, radio, film and television equipment,
Modem (excluding ground receiving facilities for satellite TV broadcasting), USB flash drive, MP3, MP4, digital TV system user terminal receiver, network switch, wireless network adapter, wireless router, VoIP gateway, VoIP and IP set-top box are assembled and produced (produced within the validity period of the license); Technology development, purchase and sale, purchase and sale of electronic products and other domestic commercial and material supply and sales industries (except franchised, specially controlled and monopolized goods); Engaged in import and export business (except for projects prohibited by laws, administrative regulations and the State Council and restricted projects that can be operated only after obtaining permission).
corporate culture
Administrative policy
Customer first, to meet the growing needs of customers with continuous improvement of quality;
Pay attention to natural resources and maintain the ecological environment; Create a beautiful home and realize sustainable development;
In order to establish a good occupational health and safety management atmosphere, we promise:
* Comply with relevant laws, regulations and other requirements;
* Implement process monitoring to achieve the goal of continuous improvement.
Address: Building 5, Science and Technology Industrial Park of Private Enterprises, Xilipingshan, Nanshan District, Shenzhen
related data
The mid-year report has been released.
Big orders detonate stock prices.
Big orders detonate stock prices.
Thanks to the recovery of the whole electronics industry and the increase of the market share of the company's core customers, Zhuo Yi Science and Technology (002369) achieved good business performance in the first half of the year. The mid-year report shows that the company's net profit growth from June 5438 to September is expected to be above 50%.
During the reporting period, the company achieved operating income of 360 million yuan and net profit of 30.03 million yuan, with year-on-year growth rates of 1 13% and 130% respectively, and earnings per share of 0.34 yuan. In addition, the company launched a dividend plan to distribute 5 yuan for every 65,438+00 shares. Due to the economic recovery, the market of Internet terminal products showed a trend of sustained and rapid expansion, and the purchase volume of network communication terminal products such as Huawei and ZTE, the company's main customers, increased substantially, which led to the vigorous development of the production and sales of related products of the company. According to the report, in the first six months, the company produced 5,788,500 network communication terminal products and portable consumer electronic products 1.004.0 1.000 units, which increased by 1.03% and 80.64% respectively compared with the same period of last year. Due to strong demand, almost all related products were sold.
In the second half of the year, the company will gradually add 16 SMT production line and supporting plug-in production line to ensure the improvement of production capacity and meet the growing demand for orders; In addition, in order to cooperate with the future market of 3C converged products, the company plans to increase in-depth research in the fields of broadband access software, wireless routing and network management, and gradually establish its own R&D and testing platform. In terms of network communication products, we will continue to promote in-depth cooperation with core customers such as Huawei and Asus, and share the fruits of their continuous growth in global market share; As for audio-visual products, we should pay close attention to the markets of developed countries and regions in Europe and America. On the one hand, we should increase the introduction of high-quality customers and develop new products in line with market trends to achieve sales. At the same time, we should make every effort to follow up the development of private brands of mainstream foreign channel providers and become their qualified suppliers.
Analytical review
From June to June of 20 10, the company achieved revenue of 358 million yuan, up by 1 15.8% year-on-year. The net profit attributable to shareholders of listed companies was 30.04 million yuan, up 130% year-on-year, and the net profit after deducting non-profit was 29.33 million yuan, up 13 year-on-year.
Benefiting from the strategy of Huawei and ZTE to accelerate the development of communication terminal products: In recent years, the rise of Huawei and ZTE mainly depends on the rapid growth of local equipment and has entered the middle stage of development. From what we have learned, Huawei and other companies are accelerating the development of communication terminal products, and Huawei and ZTE have become the main suppliers of IPTV set-top boxes.
We predict that the next 3-5 years will be a period of rapid growth of communication terminal products. As a professional service provider of communication terminal product ODM, the company will benefit significantly from this rapid development period.
Benefiting from the convergence of 3G and triple play: the company's ADSL products account for about 30% of Huawei's, but the revenue of this part of the company's business of 350 million only accounts for 1.2% of Huawei's terminal company's revenue of about 30 billion. We believe that in addition to the rapid growth of ADSL products with downstream customers, a variety of communication terminal products are expected to become the company's performance growth point in the next two years. EPON terminal products have been supplied in small quantities. With the advancement of 3G triple play, the company's new product shipments may explode. Taking IPTV set-top boxes as an example, the company's IPTV set-top box shipments are about 654.38+10,000 units/month, and we estimate that the monthly income of this business is more than 30 million yuan. After expansion, the company may speed up the supply of such new products. The main reason for the sharp increase in performance is the increasingly stable relationship between the company and major customers, and the purchase volume of network communication terminal products of customers such as Huawei and ZTE has increased significantly. According to the semi-annual report of 20 10, the company sold 583 10 sets of various network terminal products from October to June, with a year-on-year increase of 965438.
The structure of consumer electronic products has changed, which shows that the increment does not increase income and the gross profit margin remains stable. In the first half of the year, the shipment volume of consumer electronic products was10.33 million units, up by 1 14.48% year-on-year, but the sales volume was basically the same as that of the same period in 2009. We noticed that the company's overseas business fell sharply in the first half of the year, because most of these orders were speaker products. We speculate that the high-priced speaker products have shrunk dramatically, and the rapid increase of other low-priced electronic products from China has led to the above situation. Songgang new factory will be put into use in August, and the new factory will be equipped with 16 SMT production line. After put into use, the company's production line will increase from 15 to 3 1, and the production capacity will be greatly expanded.
In the next 2-3 years, the orders of major customers will continue to maintain a high growth rate, and the company will have no worries about short-term growth. In the long run, the company will focus on network communication terminals and portable consumer electronics, and share the rapid growth of the mobile Internet era through the "ODM+EMS" model.
We noticed that the company focused on "handheld multimedia mobile terminals" and "3C converged products" (see 20 10 semi-annual report P 10). Considering the company's design and manufacturing capabilities in network and consumer electronic equipment, we believe that the company's competitiveness will be further developed in the future.
The company's interim profit distribution plan for 20 10 is as follows: a cash dividend of 5 yuan (including tax) will be distributed to every 10 share, and a cash dividend of 50 million yuan will be distributed to * * * *.
View data
The performance in the first half of this year is in line with our expectation: the net profit attributable to the parent company in the first half of 2009 is 6,543,803,004 yuan, and we expect the net profit in the first half of 2065,438+00 to be about 30 million yuan. Based on this, the net profit in the second quarter of this year was about170,000 yuan, up about 45% year-on-year and 34% quarter-on-quarter, and the company's performance maintained rapid growth. The company's new factory is still in the renovation stage, so all the performance in the second quarter comes from the original production capacity. The company's product lines are mainly communication terminal products and consumer electronic products. As consumer electronics orders are generally concentrated in the second half of the year, we believe that communication terminal products are the main driving force for high performance growth in the first half of the year.
Part of the new production capacity may be released at the end of the third quarter: the company announced the expansion of production on April 15, and expanded the production of four STM machines in the fundraising project to 16. We expect that some equipment may enter the factory in early August and be released at the end of the third quarter after equipment debugging.
In the second half of the year, we mainly look at orders for new products and consumer electronics products: some new communication terminal products of the company have been supplied in small batches, which may increase in the second half of the year, while orders for consumer electronics products are mainly concentrated in the second half of the year. We expect the gross profit margin of new communication terminal products to be higher than that of low-end products, while the gross profit margin of consumer electronics products is as high as 25%, so we expect the gross profit margin of the company in the second half of the year to be higher than that in the first half. The gross profit margin for the whole year is about 65,438+05%. The cost is relatively rigid, and the scale effect is increasingly prominent: the development model of the company's "core big customers" determines the relative rigidity of the cost. With the continuous expansion of the company's scale, we expect that the company's expense ratio will drop rapidly, and the company's three expense ratios have dropped significantly from 8.37% in the same period last year to 4.32%.
Raising the minimum wage is conducive to enhancing the competitiveness of the company: Shenzhen stipulates that the minimum wage in 900 yuan, a city outside the customs, will be raised to 1 100 yuan from July, and the company's wage level is already above the minimum wage in the customs, so this increase has little impact on the company. On the contrary, it will have a great impact on some electronic product OEMs outside the customs, and we think it may accelerate the industry.
Profit forecast and valuation: Assuming that the income tax rate in 20 10-20 12 is maintained at 15%, we think it is very likely that the company will be certified as a high-tech enterprise again in 20 16. It is estimated that the company's earnings per share in 20 10-20 12 years are respectively.