China Dali Fever Cameras and Booming Sales Examined

By Isabella Cheng, Published Sep 11, 2020, 09:48am EDT

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.

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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

*******

******** **** ********** **., Ltd.*** *********** ** **** upon *** *********** ******** Testing ********** ********* ***** was ******* ** ****. Zhejiang ******* ********** *********'* restructuring *** **** ** China's ******** ****** ** the **** ***** ** which *****-***** *********** **** corporatized. ** *** ****** on *** ******** ***** Exchange ** **** *** was *** ***** ***** IR ********** ******* ** go ******. **** ** headquartered ** ********, ********, where ********* *** ***** also **** ***** ************. Dali ******* * *&* centers, ** ******** *** Shanghai, *** **** *** employees.

Background ****

**** *** **** ********, manufactures, *** ***** ** components *** **** ******* and ***** *** *** complete ***** ****** ******* which ******* **** *****, FLIR, *********, ***. **** told **** **** *** actively ****** ** ****** and **** ***** ***** camera ******* ********.

**** ****** ** ** one ** *** *** domestic ***** ************* **** can "*********** ******* ******* *** systems ******** *** ***** industry *****, ******* **** thermal ******* **********-******* **** devices *** **** ******* to ******** ******* ******* systems."

**** ** **** ******* in ******** *** *********** of ********-*** ********, *** Level * ******** ********* and ** ***** ** classified ***********,********* ** *** **********. ** *** ****, Dali******** **% ** ******* Hangyu ******* **********, * military ******* *&* *******, for ** ******* *** (~$7.6 ******* ***)** ********* * *** R&D ****** ** ******* and ****** *** ********-*** business.

********* ** ****'***********, ** **** *** have *** *****-********** ************ among *** *** ** shareholders. **** ******, *** chairman ** ****, ** the ******* *********** ** the ******* **** **% of ***** ******.

169% *** ******* ****** ** $** ******* ***, ***% *** ****** ****** ** $** ******* ***

**** *** *********** ***** and ****** ****** ** H1 **** *** ** increased ****** *** ***** detection ******** ** *** COVID-19 ********. *** ***** 6 ******, ****'* ******* grew *** ~$** ******* USD ** ***% *** while ******* **** ***% to ~$** ******* *** (figures ***** ** ***):

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**********, *** ******* *** operating ****** ******* ** ~43% *** ** ****.

** *** *** ** H1 ****, **** *** already **** **** ******* and ******* **** ** did ** *** ** 2019. ****'* ******* *** been ******* **** *** last *** ***** ***** a ***** ********** **** 2015-2017.

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******* **** ******** *** same ******* ***** ** revenue.

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Overseas ***** ****

****'* ******** ***** **** over *,***%, **** $*.* million *** ** ** 2019 ** $**.* ******* USD ** ** ****.

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****'* ******** ***** **** grew ** *** **** year, *** *** ** nearly ** ****. ***** a **** *** ****'* overseas ******** *** **** 5% ** *** ***** sales, *** ** ** nearly **% ** *** sales.

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** *** **** ********** ******** ****, **** **** ** had **** **** **,*** fever ****** ***** **** domestically *** ********. *** overseas ****** **** ******** its ******** ******, **** most ******** ****** ***** to "*** **, **, and ***** ********* *********."

Overseas ******* ****

****'* ******** ******* ********* by ** ********** ****** YoY, ***** *** ** explained ** ****'* *********** sales ** ***** ******* overseas. *** *******, ** April ****, **** ********* a **** ** ******* *********** ******** ******** ordered $**.* ******* ******** ** ******* *******.

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** **** *** ********** reported,********************* **** **** ***** margins ******** ** ** 2020 *** ** ***** camera *****. *******, ***** and *********'* ******* ********* around **% (***** ** already ****), *** ** a ********** ***** ******** compared ** ****'* ******* growth.

** ******* ******** ****, **** *** ***** whether ** ***** ** able ** ******** *** relatively **** ***** ******* (60.35%) *** ** ********. Dali ******* **** ** has *** ********** ** both ***** *** ******** gross ******* ******* *** products *** ********** ******** and **** **** ******** to *****. **** **** said *** *******'* ******* benefit **** ***** ****-************ components ** *** ******** products.

Previous ********* ** ******** ********

****** **** ***** ************ companies *** **** ******* making *********** ********* ******* after *** *****-** ********, Dali *** **** ******** fever ******* *** *****. Dali **** **** **** have **** ************* ***** cameras ***** ** ***** 2003:

**** ********* **** ** SARS ******** ********** ** 2003. ** **** *********** a *** ** **** 17 *****.

****'* ****** ******* ***** a******** ******** **, ****, promoting *******-****** ****** ****** *** showcasing *** *** ** China ****** ******* ****** the ***** *** ***** Flu *********. ***** ** COVID-19 **** ***** ********** *** *** ** December ****** *****, *** **** afterward, *** ****** ***** surveillance ********* ***** ** make *** **** ***** own ***** ********* *******.

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Fever ********* *********

**** ****** * **** fever ********* ********: * stand-alone ****** *** * handheld *********** ********* ******. Dali ***** **** ******** to *******, ** **** as**** ** ********* * *****-***** *********** dealer.

*** *****-***** ****** ** called *** ****-* ****** and *** * ********* options. *** ******* ******** resolution ****** **** "*****" (160x120) ** "********" (*******). The ****-* ****** ***** with * ********* *** reports * *********** ******** of ≤*.*°*.IPVM Image*** *********** *** ***** depends ** *** ******* detector **********, ******* **** 1 ***** *** *** way ** ** ******. Dali **** ****** *****-****** detection, ** ** ***** China ***** ****** *************, which ***** ******* ****** distancing **********.

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*** ******** ****** ***** in * ********* ******* sensor *********** (*******, *******) and **** ** ******* a *********. **** ****** has * *********** *** range ** *-* ******.

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** *******, *** ******** systems ***** **** ***-*** RMB (~$**-*** ***), ********* on ******* ** *** the ****** ***** **** a *********. *** ****-* Series ***** **** *** ($16K ***) *** **** RMB ($*** ***), ************, for ******* **** ******* and ******* ********** ******* imagers. ******** ****'* ******* offers ***** ********** *******, they *** *** ********* on **** ******* *****. The ****-* ****** ** slightly **** ********* ******** to *********** *********, *****, Sunell, ***. ***** ***** camera ******* ***** **** $10-15K ***.

Opportunities *** ***** *** ****

***** **** *** *** opportunity ** **** **** sales ********, *** ***** camera **** ***** ** a *****-**** ***** ** business **** **** **** once *** ***** ** contained. *****, **** *** made *********** ***** ********, as ***** ** *** last * ******, ******* the ******** ***** *** not **** ***** ********** outside ** *****. ******** Dali ** ******* ** revenue **** ***** ************ industry ****** ***** *** Hikvision, **** *** * documented ******* ** ** product *********** *** *************. Further, **** ** *** restricted ** *** **** ban ** *** ** as ***** *** ********* are. *******, *** ***** camera **** ***** ** short-lived ** ********* ******* of ***** ********** **** to ******* ***** *********.

Comments (5)

**** ** *****. **** DALI **** **** **** analogue **** *** ***/***'** for ******* ******* ******, one ** *** ***** ones *** ********* (***'* remember *** ****** ** DVR)

***** ***** **** *** - *** ************ ******* the *** *********?

***** *** ********** ** this ** ******** ** our*** ****, ** ****. *** short ** ** **: there ***** ** ** a ************, *** *** will *** ******* ** it, *** ****'** **** totally ************ ** ** since.

**** **** ******:

**'** **** ****** ** get ******** ************ **** ICI ** ******* **** components *** ** *****, but ****** **** **** us *** **** **** confirmed **** **** *** American *******. ***** ** a ************ **** ****, as ****** **** ******* out, *** **'* ******* exactly **** **** ** providing *** **** ** ICI's *** ******.

**** ***** ******* *** similarities ******* ****'* ** and ***'* (**** ** that ******** ******), *** other *** *** **** nothing **** ****, ** it **** **** ***** vary ** * *******-**-******* basis, ** ****.

*** ******** ****** **** exceeded *** ******** ******, with **** ******** ****** going ** "*** **, US, *** ***** ********* countries."

* **** *** **** these **** ** ** LatAm ******** *** *** that * **** ***** them, * **** **** my **** ****.

** *******, *** ******** systems ***** **** ***-*** RMB (~$**-*** ***), ********* on ******* ** *** the ****** ***** **** a *********. *** ****-* Series ***** **** *** ($16K ***) *** **** RMB ($*** ***), ************, for ******* **** ******* and ******* ********** ******* imagers.

**** ******** ******** *** I *****'* **** **** or ***** ***** **** in ** ***** ********. In ******** ** *********, Dahua, *** ******, ** would ** *********** ** see *** ***** ****** compare ** ***-*** *********** such ** **** *** Hanwha.

*** ***** ****** *** may *** *** **** is **** ***** ******* structure ** *** ** well ********* ** *****, Hikvision, *** ******. **'* hard ** *** ****** to *** **** ******* if *** ***'* **** a *** ** *** local ********* / ********, etc. ** **** ** for ***.

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