The hottest 20-year intensive cultivation of testi

After 20 years of intensive cultivation of testing instruments, with the help of new energy vehicles, Huawei and other concepts, Dongfang Zhongke is about to break out how to carry out investment layout in the structural market? Sina Finance and economics "fund Live Room", invited to interpret the market

original title: after 20 years of intensive cultivation in testing instruments, new energy vehicles, Huawei and other concepts, it is about to break out source: xiaobeidu financial report

in the domestic A-share market, there is such a company, which is the industry leader of domestic testing instruments. Backed by the super R & D capability of the Chinese Academy of Sciences, it has an important position in 5g, new energy vehicles, Huawei and other hot concepts in recent years. It is Dongfang Zhongke. In recent years, xcp150/100 and xcp120/90 rubber melt gear pump extrusion units have been jointly developed. The company has developed rapidly and become a hot super Bull Stock in the A-share market. 1、 After 20 years of hard development, the company has become the leading sword in the domestic testing field. As a holding subsidiary of Oriental Scientific Instrument Holding Group Co., Ltd. under the Chinese Academy of Sciences Holding Co., Ltd., it is one of the pioneers in introducing the testing instrument technology leasing business in China. It has developed into one of the few comprehensive service providers in China that can comprehensively provide instrument sales, leasing, system integration and related technical services. Over the years, the company has been deeply involved in the field of testing and measurement, providing customers with competitive products in 5g communication, new energy vehicles, industrial electronics, consumer electronics, scientific research institutes and other fields

the company was founded in August, 2000, and has mainly experienced three development stages: the first stage (), the company established its industry position through large-scale agency of internationally renowned brand products, and initially formed a national marketing network; In the second stage (), the company began to develop a business model of product sales and value-added services based on customer needs; In the third stage (from 2006 to now), the company has developed into a comprehensive service provider of electronic measuring instruments through strategic cooperation with Eurex, the world's largest technology leasing company, and was listed on the Shenzhen Stock Exchange in 2016

the company has a strong shareholder background, in which the actual controller is controlled by the Chinese Academy of Sciences, with a shareholding ratio of 30.77%; Eurex Japan holds 23.86% of the shares. The industry in which the company is located is capital intensive and has close contact with downstream hard technology enterprises, with strong industry barriers. As the holding subsidiary of China Science and Technology Holdings, the company's strong shareholder background has provided dual technical and capital guarantees for the company's development

at present, the company has nearly 20 officially represented instrument brands, more than 200 instrument brands involved in business, and can provide more than 3000 types of instrument products. The rich product categories can better meet the needs of industry customers

II. Rapid growth and high-quality development

since 2011, the company has maintained a high-speed growth. The compound growth rate of the company's operating revenue in recent 7 years is 11.6%, and it has maintained growth almost every year. By the end of 2018, the company's operating income had reached 926million yuan, a year-on-year increase of 18.1%, and its net profit was 47million yuan. By the third quarter of 2019, the company's operating revenue was 735million yuan, and its net profit was 39million yuan. It is expected that the company will still maintain a high growth rate in 2019

from the perspective of the company's profitability, the gross profit margin, net profit margin and weighted return on net assets show a trend of decline at first and then increase. In 2018, the three profitability indicators of the company were significantly improved. It shows that the profitability of the company has been greatly improved in 2018, which is reflected in both revenue and net profit

from the perspective of expense ratio, the company's sales expense ratio has shown a downward trend in recent years, while the management expense ratio has shown a slow upward trend. On the whole, the two expense rates are basically flat, with a slight downward trend. It shows that the management efficiency of the company is rising. Although the sales expense rate has increased, the overall expense rate is relatively stable

in addition, in terms of R & D investment, the company's R & D investment has been growing in the past three years, and the proportion of R & D investment in revenue has remained stable. By 2018, the company's R & D investment had reached 22.6 million yuan, accounting for 2.44% of revenue. Combined with the sales expense rate and management expense rate, the company's development has good sustainability

III. 5g, new energy vehicles, Huawei and other concepts are all helping. In the future, the company's main business is related to test instruments. In recent years, 5g, new energy vehicles, Huawei and other concepts have been continuously strengthened, which has promoted the company's 5g network testing, new energy vehicles, Huawei terminal equipment testing business. With these help, the company will maintain a high speed and quality development

the top five customers of the company include key enterprises of 5g and automobile manufacturing and testing, and the customer structure of the company is relatively reasonable, without too much risk of relying on key customers

article 4101, 510 and 5102 of the new China's food safety law (2015 Edition) on behalf of communication technology (5g) are highly dependent on the timely placement of testing equipment, whether it is standard formulation, R & D and production, or scale manufacturing. Especially in the process of standard formulation and implementation, testing equipment plays a decisive role. With the arrival of 5g construction cycle, the communication base station will usher in a new round of construction, which directly drives the demand for the main test indicators of relevant tests, namely, the compressive strength of cartons and stacking experimental instruments

testing and measurement play an important role in the development and delivery of new energy vehicles. If new energy vehicles are to be recognized by the market, they need to undergo a series of strict tests, mainly in terms of safety and performance evaluation

IV. summary

with the continuous return of new energy vehicles, the test demand for new energy vehicles will be further released. At the same time, the company has developed wireless charging test in recent years, which is ready for the future wireless charging of new energy vehicles. With the development of 5g, the demand will continue to be released with the construction of base stations. The company maintains close cooperation with Huawei, and Hisilicon semiconductor is one of the top five customers of the company. The application of technology can not be separated from testing. In the future, the company's demand will increase greatly. At present, the company's business situation is very good, the P/E ratio is about 77, and the company's share price is only 23.78. There will be a large room for growth in the future. At the end of the article, highlight the key points

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