Annual report series of special analysis of TMT company (17): Weiheide (871053): leading performance of video conference products and solutions stable and sustainable growth

Annual report series of special analysis of TMT company (17): Weiheide (871053): leading performance of video conference products and solutions stable and sustainable growth

Event: The company released the 2018 annual report. This year, the company’s business development is in good condition, customers are stable, and new products are continuously launched, and revenue continues to grow.

Initially realized operating income2.

1.9 billion, an annual increase of 27.

99%; net profit attributable to mother 5098.

90,000 yuan, an increase of 51 in ten years.

53%; deduct non-net profit 4861.

50,000 yuan, an annual increase of 50.

62%.

(Company Annual Report) Positioned in R & D, production, sales and related technical services of HD video conference camera products: The company’s main products include HD video conference PTZ cameras, HD video conference gun cameras, etc., mainly HD video conferences, distance education, remoteMedical, e-government, political and legal systems and other remote multimedia communication applications.

It mainly sells in the form of both direct sales and agency sales. At the same time, it obtains business through electronic commerce platforms and participating in domestic and foreign electronic product exhibitions.

The main source of revenue is the sales of HD video conference cameras and HD video conference systems.

Major customers include Suzhou Kodak, Southern Telecom, Beijing Zhongqing, Honghe Technology, Guoke Zhengxin, Xiaoyu Yilian, Sharp Information, China Broadcasting, Ovia, Tomorrow Industry, Swit, Aventum, Avipas, PeopleLink, InFocus and other well-known brands at home and abroad.

(Company annual report, the company’s official website) HD video conference camera is the main force of revenue, with a number of technology patents and appearance patents: the company’s products specifically include cameras, main control boards, camera software and video conference terminals.

In 2018, the company’s HD video conference camera sales revenue reached 1.

93 trillion, accounting for 80 from last year.

8% rose to 87.

84%.

Its camera products have core technology patents and appearance patents for ISP algorithms such as auto focus, auto exposure, and auto white balance.

The company took the lead in launching a series of 4K ultra-high-definition cameras, taking the lead in the interior.

Serialized USB cameras are compatible with many mainstream soft video conference platforms.

The second largest source of revenue is video conference terminals, with revenue of 2428 in 2018.

40,000 yuan, accounting for 17.

51% dropped to 11.

08%.

The revenue mainly comes from domestic customers, and a wholly-owned subsidiary is newly established in Chengdu: At present, Weiheide’s business covers China, the United States, Germany, the Netherlands, France, Norway, Italy, Singapore, Russia, South Korea, India, South Africa and other countries.Countries and regions.

The products are mainly sold to domestic customers, and the proportion of foreign sales revenue will be from 29th, 2017.

28% increase to 37 in 2018.

twenty four%.

In 2018, the company established Chengdu Weihaide Technology Co., Ltd., a wholly-owned subsidiary in Chengdu, to make full use of local human resources, policy and environmental advantages, expand the company’s business, and enhance the company’s comprehensive competitiveness.

Integrated R & D has transitioned from the module level to the chip level to meet the needs of in-depth customization of multiple brands: the company invests a lot of resources each year in research and development of software and hardware technologies, and currently has 2 invention patents and 13 utility model patents.18 appearance patents and 66 software copyrights.

R & D expenses in 2018 were 2,995.

60,000 yuan, an annual increase of 53.

5%.

The reason is that in order to improve product competitiveness, the company increased the construction of R & D team, increased the number of R & D personnel and the salary level of employees; the company added Chengdu Weihaide R & D Center, corresponding rents and office expenses increased; the 武汉夜生活网 number of new models launched in 2018 decreased, correspondinglyIncreased mold and sample costs.

In January 2018, the company received 300 million government funding from the Shenzhen Municipal Science and Technology Innovation Commission for the 2018 technical research project.

Shenzhen Pengchuang Software Co., Ltd., a wholly-owned subsidiary, is the best national emerging enterprise.

Investment advice: The company is a leading video conferencing product and solution provider with operations in China, the United States, Germany, the Netherlands, France, Norway, Italy, Singapore, Russia, South Korea, India, South Africa and other countries and regions worldwideThere are more important market segments, it is recommended to pay attention.

Risk reminder: the risk of improper control by the actual controller, the risk of policy changes, the risk of core technology replacement, the risk of loss of core technical staff, etc.