Bafang (603489): Serve healthy sports consumption in a period of rapid development

Bafang (603489): Serve healthy sports consumption in a period of rapid development

The company is a supplier of electric systems for electric treadmills. The company has long been engaged in motor related fields for a long time, and has certain accumulation and relatively strong first-mover advantage.

With better products and quick response customization capabilities, the company has a certain market share in overseas markets; even the company’s main products are not directly sold to end consumers, but it has established a certain brand influence among consumers.

At present, the electric treadmill industry is developing rapidly, and the company’s products have opened up foreign markets. In the future, the city share and brand influence may be further strengthened.

Pay close attention to and optimistic about the development of the electric treadmill industry. For the first time, give a “careful recommendation” rating and a target price of 110-120 yuan.

Professional innovation in the field of motor segmentation.

The company was founded in 2003. The company’s leaders have long-term cultivation in the field of electrical machinery, and have better accumulation and response capabilities.

The main products are electric bicycle hub motors and mid-mounted motors. The downstream brands are mainly electric bicycle brands and vehicle assemblers. At present, the main markets are overseas.

The company has a temporary first-mover advantage and has a certain brand influence.

The company has a clear first-mover advantage. In 2014, it successfully developed the five-way bowl ohm / speed sensor independently. It is one of the few companies in the world who have mastered asynchronous sensor technology.

The company recognizes product innovation, has outstanding response advantages, and has formed a comprehensive product line for different application scenarios.

Relying on product performance and service capabilities, the company recognizes the rapid improvement. Although the company’s main products are not sold directly to end consumers, consumers in the European and American markets already have a certain brand influence. The products can compete with foreign companies such as Bosch and Shimano.
Electric treadmills are consumer products related to health and sports, and are developing rapidly.

The electric treadmill locates sports and health consumer products, which provides the need to consume part of physical strength for sports in the short-to-medium distance, so that the rider can experience the fun of riding in human-machine interaction.

Initially, the foreign electric treadmill industry developed rapidly. The compound expansion of the European market in the past reached 32%. The US market has clear potentials after the 杭州桑拿网 legislation is clear.

At present, the industry is in a period of rapid development. The recognition of domestic brands represented by companies outside the company is rapidly increasing, and the substitution of foreign products will also accelerate.

Excellent profit return: The company’s statements are healthy, the operating receivables are good, there are no liabilities, and the assets are light. The return on net assets before listing is 67% (the impact of major categories of equity incentives in 2017).

Investment suggestion: The industries involved in the company are in a period of rapid development. It is estimated that the company’s net profit attributable to the mother from 2019 to 2020 will be 3 respectively.

2, 4.

300 million US dollars, optimistic about the development prospects of the electric treadmill 天津夜网 industry, covered for the first time, given a “prudent recommendation-A” rating, with a target price of 110-120 yuan.

Risk reminder: trade policy risks, intensified competition affect the company’s profitability, and the progress of fundraising projects is not up to expectations.