China Dali Fever Cameras and Booming Sales Examined
Zhejiang Dali, one of China's original thermal technology developers, has seen significant growth in the last half-year due to booming fever camera sales overseas.
In this report, based on speaking on Dali, we examine the company's:
- Origins
- Offerings
- H1 2020 financial performance
- Overseas sales boom
- Overseas margins soar
- Previous expertise in epidemic products
- Fever detection offerings
- Opportunities and risks
*******
******** **** ********** **., ***.*** *********** ** **** **** *** predecessor ******** ******* ********** ********* ***** was ******* ** ****. ******** ******* Technology *********'* ************* *** **** ** China's ******** ****** ** *** **** 1990s ** ***** *****-***** *********** **** corporatized. ** *** ****** ** *** Shenzhen ***** ******** ** **** *** was *** ***** ***** ** ********** company ** ** ******. **** ** headquartered ** ********, ********, ***** ********* and ***** **** **** ***** ************. Dali ******* * *&* *******, ** Hangzhou *** ********, *** **** *** employees.
Background ****
**** *** **** ********, ************, *** sells ** ********** *** **** ******* and ***** *** *** ******** ***** camera ******* ***** ******* **** *****, FLIR, *********, ***. **** **** **** they *** ******** ****** ** ****** and **** ***** ***** ****** ******* overseas.
**** ****** ** ** *** ** the *** ******** ***** ************* **** can "*********** ******* ******* *** ******* ******** the ***** ******** *****, ******* **** thermal ******* **********-******* **** ******* *** core ******* ** ******** ******* ******* systems."
**** ** **** ******* ** ******** and *********** ** ********-*** ********, *** Level * ******** ********* *** ** privy ** ********** ***********,********* ** *** **********. ** *** ****, ************ **% ** ******* ****** ******* Technology, * ******** ******* *&* *******, for ** ******* *** (~$*.* ******* USD)** ********* * *** *&* ****** in ******* *** ****** *** ********-*** business.
********* ** ****'***********, ** **** *** **** *** state-controlled ************ ***** *** *** ** shareholders. **** ******, *** ******** ** Dali, ** *** ******* *********** ** the ******* **** **% ** ***** shares.
169% *** ******* ****** ** $** ******* ***, ***% *** ****** ****** ** $** ******* ***
**** *** *********** ***** *** ****** growth ** ** **** *** ** increased ****** *** ***** ********* ******** in *** *****-** ********. *** ***** 6 ******, ****'* ******* **** *** ~$95 ******* *** ** ***% *** while ******* **** ***% ** ~$** million *** (******* ***** ** ***):
**********, *** ******* *** ********* ****** margins ** ~**% *** ** ****.
** *** *** ** ** ****, Dali *** ******* **** **** ******* and ******* **** ** *** ** all ** ****. ****'* ******* *** been ******* **** *** **** *** years ***** * ***** ********** **** 2015-2017.
******* **** ******** *** **** ******* trend ** *******.
Overseas ***** ****
****'* ******** ***** **** **** *,***%, from $*.* ******* *** ** ** 2019 ** $**.* ******* *** ** H1 ****.
****'* ******** ***** **** **** ** the **** ****, *** *** ** nearly ** ****. ***** * **** ago ****'* ******** ******** *** **** 5% ** *** ***** *****, *** it ** ****** **% ** *** sales.
** *** **** ********** ******** ****, **** **** ** *** **** over **,*** ***** ****** ***** **** domestically *** ********. *** ******** ****** have ******** *** ******** ******, **** most ******** ****** ***** ** "*** EU, **, *** ***** ********* *********."
Overseas ******* ****
****'* ******** ******* ********* ** ** percentage ****** ***, ***** *** ** explained ** ****'* *********** ***** ** fever ******* ********. *** *******, ** April ****, **** ********* * **** in ******* *********** ******** ******** ******* $**.* million ******** ** ******* *******.
** **** *** ********** ********,********************* **** **** ***** ******* ******** in ** **** *** ** ***** camera *****. *******, ***** *** *********'* margins ********* ****** **% (***** ** already ****), *** ** * ********** small ******** ******** ** ****'* ******* growth.
** ******* ******** ****, **** *** ***** ******* ** would ** **** ** ******** *** relatively **** ***** ******* (**.**%) *** IR ********. **** ******* **** ** has *** ********** ** **** ***** and ******** ***** ******* ******* *** products *** ********** ******** *** **** high ******** ** *****. **** **** said *** *******'* ******* ******* **** using ****-************ ********** ** *** ******** products.
Previous ********* ** ******** ********
****** **** ***** ************ ********* *** only ******* ****** *********** ********* ******* after *** *****-** ********, **** *** been ******** ***** ******* *** *****. Dali **** **** **** **** **** manufacturing ***** ******* ***** ** ***** 2003:
**** ********* **** ** **** ******** prevention ** ****. ** **** *********** a *** ** **** ** *****.
****'* ****** ******* ***** ********* ******** **, ****, ********* *******-****** ****** ****** *** ********** *** use ** ***** ****** ******* ****** the ***** *** ***** *** *********. Cases ** *****-** **** ***** ********** *** *** ** ******** ****** *****, *** **** *********, *** larger ***** ************ ********* ***** ** make *** **** ***** *** ***** detection *******.
Fever ********* *********
**** ****** * **** ***** ********* products: * *****-***** ****** *** * handheld *********** ********* ******. **** ***** them ******** ** *******, ** **** as**** ** ********* * *****-***** *********** ******.
*** *****-***** ****** ** ****** *** DM60-W ****** *** *** * ********* options. *** ******* ******** ********** ****** from "*****" (*******) ** "********" (*******). The ****-* ****** ***** **** * blackbody *** ******* * *********** ******** of ≤*.*°*.
*** ******** ****** ***** ** * different ******* ****** *********** (*******, *******) and **** ** ******* * *********. This ****** *** * *********** *** range ** *-* ******.
** *******, *** ******** ******* ***** from ***-*** *** (~$**-*** ***), ********* on ******* ** *** *** ****** comes **** * *********. *** ****-* Series ***** **** *** ($*** ***) and **** *** ($*** ***), ************, for ******* **** ******* *** ******* resolution ******* *******. ******** ****'* ******* offers ***** ********** *******, **** *** not ********* ** **** ******* *****. The ****-* ****** ** ******** **** expensive ******** ** *********** *********, *****, Sunell, ***. ***** ***** ****** ******* range **** $**-*** ***.
Opportunities *** ***** *** ****
***** **** *** *** *********** ** make **** ***** ********, *** ***** camera **** ***** ** * *****-**** boost ** ******** **** **** **** once *** ***** ** *********. *****, Dali *** **** *********** ***** ********, as ***** ** *** **** * months, ******* *** ******** ***** *** not **** ***** ********** ******* ** China. ******** **** ** ******* ** revenue **** ***** ************ ******** ****** Dahua *** *********, **** *** * documented ******* ** ** ******* *********** and *************. *******, **** ** *** restricted ** *** **** *** ** the ** ** ***** *** ********* are. *******, *** ***** ****** **** could ** *****-***** ** ********* ******* of ***** ********** **** ** ******* their *********.
***** ***** **** *** - *** relationship ******* *** *** *********?
***** *** ********** ** **** ** comments ** ****** ****, ** ****. *** ***** ** it **: ***** ***** ** ** a ************, *** *** **** *** comment ** **, *** ****'** **** totally ************ ** ** *****.
**** **** ******:
**'** **** ****** ** *** ******** confirmation **** *** ** ******* **** components *** ** *****, *** ****** have **** ** *** **** **** confirmed **** **** *** ******** *******. There ** * ************ **** ****, as ****** **** ******* ***, *** it's ******* ******* **** **** ** providing *** **** ** ***'* *** design.
**** ***** ******* *** ************ ******* Dali's ** *** ***'* (**** ** that ******** ******), *** ***** *** UIs **** ******* **** ****, ** it **** **** ***** **** ** a *******-**-******* *****, ** ****.
*** ******** ****** **** ******** *** domestic ******, **** **** ******** ****** going ** "*** **, **, *** other ********* *********."
* **** *** **** ***** **** in ** ***** ******** *** *** that * **** ***** ****, * will **** ** **** ****.
** *******, *** ******** ******* ***** from ***-*** *** (~$**-*** ***), ********* on ******* ** *** *** ****** comes **** * *********. *** ****-* Series ***** **** *** ($*** ***) and **** *** ($*** ***), ************, for ******* **** ******* *** ******* resolution ******* *******.
**** ******** ******** *** * *****'* seen **** ** ***** ***** **** in ** ***** ********. ** ******** to *********, *****, *** ******, ** would ** *********** ** *** *** their ****** ******* ** ***-*** *********** such ** **** *** ******.
*** ***** ****** *** *** *** see **** ** **** ***** ******* structure ** *** ** **** ********* as *****, *********, *** ******. **'* hard ** *** ****** ** *** your ******* ** *** ***'* **** a *** ** *** ***** ********* / ********, ***. ** **** ** for ***.
**** ** *****. **** **** **** also **** ******** **** *** ***/***'** for ******* ******* ******, *** ** the ***** **** *** ********* (***'* remember *** ****** ** ***)