The market of POS machines is vast, and the growth rate will exceed 40% in the next few years. 1) The theoretical perspective (10,000 people POS machine ownership) and deployment angle (POS machine usage rate, merchants' average number of POS machines) all ensure that China's POS machine market still has 5-6 times market space. 2) Innovation diffusion theory perspective, placement party investment return perspective, placement party competition relationship perspective, stock update market (EMV migration related) perspective ensure that the market will continue to grow at a high rate from 12 years, and the growth rate exceeds 40% is a high probability event The company has three major advantages in technology, qualification and price, and is expected to become the industry leader. 1) Compared with the market that the POS technology content is relatively low, we believe that the company's technical strength is relatively strong. The company's technological advantages are very conducive to customized design and product upgrades, and help attract potential new customers in various industries. 2) The company has the advantage of qualification certification. Taking UnionPay, which accounts for about 40% of domestic purchases, as an example, the company is one of the only 2-3 companies that have been selected for CUP tenders. Under the premise of having the ability to enter the four major banks, the company's qualification certification advantage will become an important weight to enter the four major lines. 3) The company has an outstanding price advantage. In the 10 years, the average selling price of the company's POS machines was 877 yuan/set, while the average selling price of other companies in the industry was often higher than 1,000 yuan. The company has a price advantage but does not damage its own revenue. Its gross margin keeps ahead of its competitors and remains stable. 4) The three major advantages ensure that the proportion of the company's market sales is very likely to continue to increase. The company is even expected to become the industry leader. Catalysts for stock performance: Product sales exceeded expectations, and four major companies made breakthroughs. GREAT SEPARATING: eyelash mascar brushes are necessary and great for separating eyelashes and de-clumping mascara before or after mascara application, good to on-the-go and come in handy daily. Eyelash Mascara Brushes,Lash Mascara Brush,Lash Mascara Brushes Shenzhen Nanfang Shishang Cosmetic Utensil Co., Ltd. , https://www.sznfbrush.com
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The first rating gives a "buy" rating with a target price of $30.90. It is expected that the compound annual growth rate of net profit for the company in the next three years will be 45%, and the EPS for 11/12/13 will be 0.66/1.03/1.53 yuan respectively, corresponding to the PE being 33/21/14 times. Give the company a 6-month target price of 30.90 yuan, corresponding to 30 times 12 years of PE. The target price implies a 40.9% upside, and the first rating gives a “buy†rating.
April 14, 2023