What is the basic salary and salary package of Shenzhen Zhuoyi Technology Co., Ltd.? Is it good to intern there?

The company has been rated as a high-tech enterprise in Shenzhen, a leading private enterprise, a member of the CMMB industry technical standards group, an AA enterprise by Shenzhen Customs, and an enterprise on the third small and medium-sized enterprise integrity list assessed by the Shenzhen Credit Association. With other honors, Zhuoyi Technology ranks among the top 10 in general trade export volume among enterprises in Nanshan District, Shenzhen, and is a major taxpayer in Nanshan District. It has received support from a series of support funds including informatization construction, interest-free, interest discounts, and taxation. At the same time, it has jointly established an industry-university research base with Peking University Shenzhen Graduate School to engage in joint development of digital multimedia transmission and access equipment.

The company has gathered many outstanding talents and has strong independent design, development and production capabilities. It currently has more than 100 R&D technicians and can provide tailor-made products and services for all types of customers.

The company has always attached great importance to the self-development of its employees. After work, the company often organizes colorful cultural and entertainment activities, such as football, table tennis, badminton, etc., and also organizes a publicly funded trip every year. The working environment of employees is good. All workshops are centrally air-conditioned and dust-free and anti-static. All employees take buses to work. The company's managers are making unremitting efforts to create a better working and living environment for employees so that all employees can feel at home. Feel.

Shenzhen Zhuoyi Technology Co., Ltd.’s market share of communication network products and audio and video products ranks at the forefront of the industry, and it has become a strategic partner of well-known domestic enterprises such as Huawei, ZTE, ASUS, and Lenovo. Provide ODM/EMS contract manufacturing services and become a leader in the industry. At the same time, related business has expanded to overseas markets, and products are sold all over the world.

Company background

The company is a high-tech enterprise dedicated to three major electronic products: various communication network products, audio and video electronic products, and handheld terminal access equipment. The business is based on The ODM/EMS model provides contract manufacturing services for network communications and consumer electronics products to domestic and foreign brand channels. The company's main products are ADSL modems, WIFI wireless products, Ethernet products, digital TV set-top boxes, portable audio and video products, and GPS etc. The company's market share of communication network products and audio and video products ranks at the forefront of the industry. It has become a strategic partner of well-known domestic enterprises such as Huawei, ZTE, ASUS, and Lenovo, providing them with ODM/EMS contract manufacturing services and becoming a leading player in the same industry. As a leading enterprise, its related business has expanded to overseas markets and its products are sold all over the world. The company has jointly established an industry-university research base with Peking University Shenzhen Graduate School to engage in the joint development of digital multimedia transmission and access equipment.

Business Scope

Computer peripheral boards, consumer digital products, communication network products, audio products, radio, film and television equipment,

Modems (excluding satellite TV broadcast terrestrial receiving facilities), Assembly and production of U disks, MP3, MP4, digital TV system user terminal receivers, network switches, wireless network adapters, wireless routers, VOIP gateways, VOIP phones, IP set-top boxes (produced within the validity period of the license); technology development, purchase and sale, electronics Purchase and sale of products and other domestic commerce, supply and marketing of materials (excluding franchised, exclusively controlled, and monopolized goods); operating import and export business (except for items prohibited by laws, administrative regulations, and decisions of the State Council, and restricted items must obtain a license before they can be operated) .

Corporate Culture

Management Policy

Customer first, meet the ever-increasing needs of customers with continuously improved quality;

Pay attention to nature resources, maintain the ecological environment; create a beautiful home and achieve sustainable development;

Establish a good occupational health and safety management atmosphere. To this end, we promise:

* Comply with relevant laws, regulations and Other requirements;

* Implement process monitoring to achieve the goal of continuous improvement.

Address: Building 5, Pingshan Private Enterprise Science and Technology Industrial Park, Xili, Nanshan District, Shenzhen

Relevant data

The mid-year report has been announced

Large orders detonate stock prices

Big orders detonate stock prices

Benefiting from the recovery of the entire electronics industry and the increase in market share of the company's core customers, Zhuoyi Technology (002369) performed well in the first half of the year. According to the interim report, the company's net profit from January to September is expected to grow by more than 50% year-on-year.

During the reporting period, the company achieved operating income of 360 million yuan, net profit of 30.03 million yuan, year-on-year increases of 113% and 130% respectively, and earnings per share of 0.34 yuan. In addition, the company launched a dividend plan of 5 yuan for every 10 shares. Due to the economic recovery, the Internet terminal product market continues to expand rapidly. The company's major customers, such as Huawei and ZTE, have significantly increased their purchases of network communication terminal products, which has led to a boom in the production and sales of the company's related products. The report shows that in the first six months, the company produced 5.7885 million units of various network communication terminal products and 1.0401 million units of various portable consumer electronics products, an increase of 103% and 80.64% respectively compared with the same period last year; due to strong demand, almost all related products All sold.

In the second half of the year, the company will successively add 16 SMT production lines and supporting plug-in production lines to ensure increased production capacity and meet the growing order demand; in addition, in order to cooperate with the future 3C integrated product market, the company plans to combine products With the advantage of breadth, we have increased in-depth research in multiple fields such as broadband access software, wireless routing, and network management, and gradually established our own R&D testing platform. In terms of network communication products, we will continue to promote in-depth cooperation with core customers such as Huawei and Asus to share the results of their continued growth in global market share; in terms of audio and video products, we will keep a close eye on the markets of developed countries and regions in Europe and the United States, and on the one hand, we will increase We will work hard to introduce high-quality customers and develop new products that conform to market trends to achieve sales. At the same time, we will fully follow the development of private brands of foreign mainstream channel vendors and become their qualified suppliers.

Analytical Comments

From January to June 2010, the company achieved revenue of 358 million yuan, a year-on-year increase of 115.8%, and the net profit attributable to shareholders of the listed company was 30.04 million yuan, a year-on-year increase of 130% , the net profit after non-deduction was 29.33 million yuan, a year-on-year increase of 195%, and the diluted earnings per share was 0.30 yuan. The performance was in line with expectations.

Benefited from the strategies of Huawei, ZTE and others to accelerate the development of communication terminal products: In recent years, the rise of Huawei, ZTE, etc. mainly relies on the rapid growth of central office equipment, which has entered the middle stage of development. From what we know, Huawei and other companies are accelerating the development of communication terminal products. Huawei and ZTE have already Become a major supplier of IPTV set-top boxes.

We predict that the next 3-5 years will be a period of rapid growth for communication terminal products. The company is a professional ODM service provider for communication terminal products and will significantly benefit from this rapid development. period.

Benefit from 3G and triple network integration: the company's ADSL products account for about 30% of Huawei's, but the company's revenue of 350 million from this business only accounts for 1.2% of Huawei's terminal company's revenue of about 30 billion. We believe , in addition to ADSL products continuing to maintain rapid growth with downstream customers, a variety of communication terminal products are expected to become the company's performance growth points in the next two years. The company's 3G routers, IPTV set-top boxes, EPON terminal products, etc. have been supplied in small batches. With the 3G With the advancement of triple network integration, the company's new product shipments are likely to experience explosive growth. Taking IPTV set-top boxes as an example, the company's IPTV set-top box shipments are about 100,000 units per month. We estimate that the monthly revenue of this business is more than 30 million yuan. , the company may accelerate the supply of such new products after expanding production. The main reason for the substantial growth in performance is that the company's relationship with major customers has become increasingly stable, and the purchase volume of network communication terminal products from customers such as Huawei and ZTE has increased significantly. 2010 The semi-annual report shows that from January to June 2010, the company sold 5.831 million units of various network terminal products, a year-on-year increase of 91.04%, and the gross profit margin increased slightly by 0.15%.

The structure of consumer electronics products has changed, as shown in the following The incremental revenue did not increase, and the gross profit margin remained stable. In the first half of the year, 1.033 million units of consumer electronics products were shipped, a year-on-year increase of 114.48%, but sales were basically the same as the same period in 2009. We noticed that the company's overseas business declined sharply in the first half of the year, due to this Most of the orders are for speaker products. We speculate that the speaker products with higher prices may have shrunk significantly, while other electronic products with lower prices from China have increased rapidly. The new factory in Songgang will be opened in August. It will be put into use in March. The new factory will be equipped with 16 SMT production lines. After being put into use, the company's production lines will increase from 15 to 31, and the production capacity will be greatly expanded.

Orders from major customers will be in the next 2- It will continue to maintain a high growth rate in the next three years, and the company will have no worries about short-term growth. In the long term, the company will focus on the two major fields of network communication terminals and portable consumer electronics, and share the mobile Internet through the "ODM+EMS" model. The rapid growth of the era.

We noticed that the company focused on "handheld multimedia mobile terminals" and "3C convergence products" (see P10 of the 2010 semi-annual report). Considering the company's development in network and consumer electronic equipment Design, manufacturing capabilities, we believe that the company's competitiveness will be further developed in the future.

The company's mid-term profit distribution plan for 2010 is: a cash dividend of 5 yuan (tax included) for every 10 shares, ***distribution Cash dividend of 50 million yuan.

Comment data

The performance in the first half of the year is in line with our expectations: the company's net profit attributable to the parent company in the first half of 2009 was 13.04 million yuan. We expect that in the first half of 2010 The net profit for the first half of the year is about 30 million yuan. Based on this calculation, the company's net profit in the second quarter of this year is about 17 million yuan, a year-on-year increase of about 45% and a month-on-month increase of about 34%. The company's performance has maintained rapid growth. As far as we know, the company's new factory is currently It is still in the renovation stage, so the second quarter results all come from the original production capacity. The company's product lines are mainly communication terminal products and consumer electronics products. Since orders for consumer electronics products are generally concentrated in the second half of the year, we believe that communication terminal products have the highest performance in the first half of the year. The main driving force for growth.

Part of the new production capacity may be gradually released at the end of the third quarter: the company announced the expansion of production on April 15, expanding the 4 STM machines in the investment project to 16 , we expect that some

The equipment may enter the factory in early August, and may be released gradually at the end of the third quarter after equipment debugging.

The second half of the year will mainly focus on new products and consumer electronics product orders: some of the company's new communication terminal products are currently in small quantities. Batch supply may increase in volume in the second half of the year, while orders for consumer electronics products are mainly concentrated in the second half of the year. We expect that the gross profit margin of new communications terminal products will be higher than that of low-end products, while the gross profit margin of consumer electronics products is as high as about 25%, so We predict that the company's gross profit margin in the second half of the year will be higher than that in the first half of the year, and the comprehensive gross profit margin for the whole year will be around 15%. Expenses are relatively rigid, and the scale effect is increasingly prominent: the development model of the company's "core major customers" determines the relative rigidity of expenses. As the company's scale continues to expand, we expect the company's expense ratio to decline rapidly. The company's three expense ratios in the first quarter have dropped significantly from 8.37% in the same period last year to 4.32%.

Raising the minimum wage standard will help improve the company's Competitiveness: Shenzhen City has stipulated that starting from July, the minimum wage standard of 1,000 yuan within the customs and 900 yuan outside the customs will be uniformly raised to 1,100 yuan. The company's salary level is already above the minimum wage standard within the customs, so this increase in the minimum wage standard will have an impact on the company Very small. On the contrary, this has a greater impact on some foreign electronic product OEMs. We believe this may accelerate the reshuffle of the industry, and the company's advantages of efficient operations and strong financial strength after listing will become more obvious.

Profitability Forecast and valuation: We believe that the company is very likely to obtain high-tech enterprise qualification certification again in 2011, assuming that the income tax rate remains at 15% from 2010 to 2012. The company's EPS from 2010 to 2012 is expected to be 0.80, 1.39, and 2.01 respectively. yuan, corresponding to dynamic PEs of 37 times, 21 times, and 15 times respectively, maintaining the "recommended" investment rating.