Niujiu Optoelectronics (003015) issued a notice on November 29th, 2021, saying: Gaoshen Capital Li Jingwen and Lei Jiangwei investigated our company on November 26th, 2021.
The main contents of this survey are as follows:Q: the latest unit price of 150 Ω, 60 Ω, 80 Ω square resistance ITO conductive film?
A: according to the audit data in 2020, the average price of conductive film is about 77 yuan per square meter. (to quote the 2020 annual report, the revenue of ITO conductive film is 499.84 million yuan, and the sales volume is 6.47 million flat.) The unit price blocked by specific parties involves trade secrets and is not convenient to provide.
Q: what is the production capacity, capacity utilization and production and sales rate of ITO conductive film?
A: the prospectus reveals that the production capacity of ITO conductive film as of 2019 is 6.91 million square meters. Kunshan Company has not added a new production line so far. The capacity mentioned above shall prevail, and the capacity utilization rate in 2020 will be 98.3%. The production and marketing rate is 95.3%.
Q: what is the market share of Nippon Optoelectronics Global ITO Conductive Film?
A: according to Fuji General Research Institute (FujiChimeraResearchInstitute,Inc.) According to the latest research report, the company ranks second in the market share in its industry in 2020, second only to Nitto Electric. From the global market point of view, Nitto Electric ITO conductive film market share of about 38%, Nijiu Optoelectronics's market share of about 30%.
Q: what is the company's response to the increase in the price of raw materials?
Answer: the main raw materials purchased by the company include PET base film, ITO target, Si target and coating liquid, etc. At present, the raw material price of the company is relatively stable, except that the target material will change due to the fluctuation of the unit price of indium tin raw material, which will rise slightly this year. On the one hand, since the company established cooperation with major suppliers, it has maintained a stable and good cooperative relationship for a long time. On the other hand, the company's raw material suppliers do not belong to monopoly companies, the company has more room for the selection of raw material suppliers. In addition to the main suppliers, the company also establishes partnerships with other suppliers to ensure that there is no dependence on a single supplier to ensure that in the event of unexpected conditions or significant adverse changes in the partnership, the company can continue to produce steadily.
Q: South Korean and Chinese companies are gradually entering the field of ITO conductive films. How can the company cope with the increasingly fierce market competition?
A: the company's competitive advantage is mainly reflected in the following aspects: (1) the company has mastered three core technologies: wet precision coating technology, precision bonding technology and vacuum magnetron sputtering coating technology. mastered the wet precision coating technology, precision bonding technology, vacuum magnetron sputtering coating technology three core technologies As a result, the large batch stable production capacity of IM extinction film and PET high temperature protective film of upstream raw materials, the improvement of product optical performance and the realization ability of complex optical film system are realized. The company has been ploughing the industry for many years, has accumulated rich manufacturing technology and experience, and has strong technical landing ability and process design and optimization ability. (2) the company has mastered the improvement ability of the magnetic control equipment through the magnetic field transformation of the magnetic control equipment, the company has increased the sputtering coating efficiency and film compactness, realized the thinning of the ITO coating under the same resistance value, and improved the optical permeability of the products. Through the transformation of the pumping device of the magnetic control equipment, the company improves the pumping capacity of the equipment, shortens the time necessary to pump the cavity to vacuum in the manufacturing process, and improves the production efficiency. (3) through the vertical integration of raw materials to control the production cost, through years of technical research and development, the company has mastered the wet precision coating technology, precision lamination technology and the process of self-coating to manufacture IM extinction film and PET high-temperature protective film, and began self-coating to produce IM film in the second half of 2016, and self-coating to produce PET high-temperature protective film in 2019. The company is the first company in the domestic ITO conductive film industry to mass-produce high-quality IM extinction film and roll-to-roll PET high temperature protective film, which really realizes the import substitution of IM extinction film and PET high temperature protective film, and significantly reduces the production cost. (4) the company is the first company in the domestic ITO conductive film industry that can mass-produce high-quality IM extinction film and roll-to-roll PET high temperature protective film, which has really realized the import substitution of IM extinction film and PET high temperature protective film. At the same time, the company is developing and trial-producing optical release film, OCA optical adhesive and other products to expand to the upper reaches of the industrial chain and continue to promote vertical integration. The vertically integrated business model enables the company to better allocate production resources, enhance competitiveness and risk resistance by virtue of its leading position in the ITO conductive film market. At the same time, through its own leading position, the company can also enhance the competitive advantage of ITO conductive film products in other new application fields and other technological routes, making the product more dynamic and vitality. (5) complete sales and service team and rapid response advantage touch module manufacturers are mainly concentrated in South and East China. In order to be close to customers and respond quickly to customer needs, the company has formed a service team with large-scale, fast response and strong delivery ability. It is convenient for the company to supply goods to downstream customers in time to ensure that downstream customers maintain low inventory and continue large-scale production at the same time. At the same time, the company relies on its own mass advantages to carry out in-depth cooperation with logistics companies to ensure rapid delivery and effectively reduce transportation costs. At the same time, because the terminal phone and tablet manufacturers have strict delivery deadlines, and touch module manufacturers want to maintain high production efficiency, touch module manufacturers need upstream suppliers such as ITO conductive film manufacturers to respond to their needs in time to avoid affecting production due to technical or other problems. The company's East China and South China service teams can respond to customers in a timely and appropriate manner and provide corresponding technical support.
Long-term Optoelectronics main business: engaged in the research and development, production and sales of flexible optically conductive materials, and customized to carry out related functional film research and development and processing services, the main products are ITO conductive films
According to the third quarterly report of Rijiu Optoelectronics 2021, the company's main income was 362 million yuan, down 9.17% from the same period last year; the net profit was 68.3143 million yuan, down 11.42% from the same period last year; and the non-net profit was 65.961 million yuan, down 12.21% from the same period last year. In the third quarter of 2021, the company's main income in a single quarter was 147 million yuan, down 9.41% from the same period last year; net profit in a single quarter was 23.4868 million yuan, down 37.51% from the same period last year The non-net profit in a single quarter was 22.0856 million yuan, down 40.13% from the same period last year; the debt ratio was 18.25%, the financial expenses were 324500 yuan, and the gross profit margin was 37.98%.
The stock has no agency rating in the last 90 days. According to the Securities Star valuation analysis tool, Nijiu Optoelectronics (003015) has a rating of 3 stars, a good price rating of 1.5 stars, and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)