and Thailand: Electronic controller industry leading profit margin rise

The end of a busy day of work, home on the road to make a phone call, the home air-conditioning can be remotely activated, rice cookers automatically start cooking, open the door, room temperature has been adjusted to the most comfortable state, rice just cooked, like the music also automatically sounded ...　　This kind of intelligent home appliances control technology is not far away from us actually. May 11 and the listing of the Thai (002402. SZ) is a company has been committed to the intelligent controller business of the listed companies.　　As the domestic electronic controller industry leader, and the Thai listing is catching a A-share plunge, is "untimely", the stock price all the way down, as of June 3, the first day close has fallen 26.59%, more difficult to escape the "break" doom.　　The company's current dynamic price-to-earnings ratio of about 63 times times, in the small and medium-sized board valuation is not low, future investment opportunities? And Thailand's prospectus said that the company's long-term commitment to scientific and technological innovation, including "Network home appliances control technology," including a number of technical achievements for domestic and even the industry initiative.　　The company has a large number of independent intellectual property rights, has accumulated applications for domestic and foreign patents 305, which has been authorized 162 pieces, leading the domestic counterparts. Frost&sullivan Industry research manager Tao Qin Pearl recently accepted the first financial daily newspaper "financial quotient" reporter telephone interview, said: "The overall comparison of network appliances in the future, broadband access, triple network integration, Digital city development, information needs, these are promoting the development of network home appliances favorable factors, It can be said that the industry's prospects are great. "Network appliances are essential to the terminal intelligent controller." Xiang-Wealth securities, an electronics industry analyst recently told reporters: "Intelligent controller is the SCM inside home appliances." Using the controller's chip, carries the periphery circuit, installs the software on the electronic equipment, may realize the washing machine flow and so on control. The equivalent of a small computer, but no computer so perfect, just to achieve the control of the order of household electrical appliances. And while Thailand as the domestic electronic controller industry leader, the main business is all kinds of electronic controllers.　　Company prospectus shows that smart controller for home appliances accounted for 73% of the main business income, intelligent building and home controller accounted for 11%, in addition to some power tools, automotive electronics and other dedicated controller.　　The company's sales gross profit margin of 22%, relatively stable; 2008, 2009 net profit margin is 9.51%, 11.17%, 2010 Year first quarter is 12.7%, steady medium rise. Wanguo Electronics industry analyst Shangjuan in the company's research report pointed out that the intelligent controller industry in recent years has just separated emerging industries, mainly in the field of intelligent control applications to provide controller products and solutions, is in the high-speed development period, the industry average growth of more than 20%,　　The global smart-control industry is expected to have a market capacity of $270 billion trillion in 2010.　According to Guotai electronics industry analyst Weixing predicted that 2009 ~2013 year, the Global Intelligent controller market composite growth rate of 10.6%, while the Chinese intelligent controller market composite growth rate of 20.6%.　There are also analysts that: the company's market space is still relatively broad, and the market outlook depends mainly on the downstream of the home appliance industry. It is understood that the company located in the high-end home appliances intelligent controller market, customers no lack of international well-known home appliances manufacturers, such as Electrolux, Jordan, Airwell, Siemens, Whirlpool and so on.　　Electrolux is one of the world's largest manufacturers of white goods, and Jordan is one of the world's largest manufacturers of small household electrical appliances. According to analysts, Electrolux is the company's largest customer. 2009, the company's sales of Electrolux accounted for about 30% of the main business income.　　Analysts believe that this may be a double-edged sword for the company, on the one hand, large customers to the company a huge profit, and on the other hand, the company too dependent on a large customer, bargaining space may be compressed. Risk Tip: Intelligent controller is not the final product, the downstream industry depends on the development of a larger situation. Household appliances, health and care products, power tools and other industries, the prosperity and maturity of the direct impact of the intelligent controller industry market prospects.