Jiaqi Technology: Leaders of Robot Smart Toy Industry Chain Increase Holding Rating

The company is a leading provider of smart toys in China: The company is an export-oriented intelligent toy manufacturer integrating R&D, production and sales. The company regards the robot product line as the main R&D direction. Currently, the toy products are divided into three major series, including the intelligent robot series as representative products, the one-click deformation automotive series, and the authorized toy product series. Among them, intelligent robot series products not only can carry out intelligent dialogues and complete intelligent programming actions of small players, but also have simple and interactive intelligent teaching functions, greatly improving the entertainment and puzzle of toys. The growth of the company is more prominent: the company's operating income and net profit show a relatively rapid growth. From 2013 to 2015, operating income was 120 million, 120 million, and 170 million respectively, and net profit was respectively 820,000 yuan, 3.02 million yuan, and 19.445 million yuan; in terms of growth rate, the growth rate of revenue and net profit in 2014 was At 0.15% and 266.7%, the 2015 revenue and net profit growth rates were 40.35% and 543.2%, respectively. In the same period, the profitability of the company's units showed a relatively rapid increase; in the period of 13-15 years, the company's gross profit margin was 16.23%, 18.72%, and 23.59%, respectively. In the first half of 2016, it maintained a good momentum of development and its business achieved rapid growth. Among them, the operating income of 10,821,700 yuan, an increase of 63.94%; net profit attributable to the parent company shareholders 9,214,200 yuan, an increase of 52.56%. The company's intelligent robot products are positioned in the toy industry: if toys are divided into four generations, "the first generation is a traditional doll, the second generation is an electronic game machine, the third generation is an interactive toy, and the fourth generation is a smart toy." In the spring of 2016, robot dance ignited the audience. The cognitive and consumer demand of intelligent robots was ignited. The company’s intelligent robot products are mainly located in the big toy industry, and its target customers are clearly positioned. We tend to think that the company is based on a relatively mature toy market and aims at the high-end upgrade requirements for toys; comparing the common intelligent robot products on the market to pricing is more people-friendly. The demand attributes are more targeted; it is expected that along with the Spring Festival and evening smart robots, their robot toy products may have the features of short lead-in period and high market acceptance. The layout of the company's intelligent robot layout: The company continues to expand its own robot industry territory, through the establishment of subsidiaries and the acquisition of equity forms, semi-annual report announced: 1) layout of high-end intelligent robots, such as entertainment education robots, service robots and more high-end Robotic product chain; 2) Layout animation industry,. Established wholly-owned subsidiary Shenzhen Jiaqi Entertainment Media Co., Ltd. to participate in film and television works investment. Based on the company’s original robot product structure, the company will participate in the production of cartoons, big movies, etc. in the future. Efforts to create its own IP image, the formation of a brand effect. Investment advice: Increase the holding of -B investment rating. We expect the Company's revenue growth rate for 2016-2018 to be 28%, 32%, and 27%, respectively, with net profit growth rates of 19.2%, 24%, and 35.7%, respectively; for the first time, increase the investment rating of -B.

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