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腾景科技:有知名机构正圆投资参与的,共13家机构于10月21日调研我司,

Tengjing Technology: with the participation of well-known institutions Zhengyuan Investment, a total of 13 institutions investigated our company on October 21.

證券之星 ·  Nov 3, 2021 16:27

Haitong Co., Ltd., Hua an Fund Management Co., Ltd., Ping an Fund Management Co., Ltd., Tianhong Fund Management Co., Ltd., China Merchants Co., Ltd., Pacific Securities Co., Ltd., Anxin Fund Management Co., Ltd., Hui'an Fund Management Co., Ltd., Rongtong Fund Management Co., Ltd., Jianxin Life Insurance Co., Ltd., Zhongtian Securities Co., Ltd., Zhengyuan Investment, Changjiang Capital investigated our company on October 21, 2021.

The main contents of this survey are as follows:

Q: judging from the company's quarterly report for 2021, the optical communications market is showing signs of picking up. Is there expected to be a better performance in the fourth quarter and next year?

A: in terms of business volume, the optical fiber laser market increased significantly from the first to the third quarter. Optical communication products changed with the market changes, and the business performance was consistent with the overall demand performance of the corresponding market. From the perspective of specific products, the performance of precision optical components is better. Based on the analysis of the macroeconomic situation and industry situation, it is expected that the optical communication market in the fourth quarter and next year will continue the warming trend in the second half of the year, and the overall demand tends to recover steadily. In terms of fiber lasers, with the national focus on promoting the localization and industrialization of high-performance lasers and optoelectronic components, the localization process of optoelectronic components is accelerated, and it is expected that the fiber laser market will still have a good market performance in the future. As for the company, it will continue to develop new products, actively expand new customers, increase R & D investment and improve the automation level of production lines, enhance the production capacity with strong demand, improve the company's infrastructure construction, and improve production efficiency. to lay a solid foundation for the growth of the company's performance.


Q: what progress has the company made in the field of lidar, AR and biomedical? Does the company pass the 16949 certification?

A: the company always pays close attention to the lidar field, AR field and biomedical field, and also actively carries out product development and customer expansion. At present, lidar has different technical routes in five aspects, such as ranging principle, laser emission, laser reception, beam manipulation and information processing, and various technical schemes are also evolving. The company pays close attention to the market, the change of technical scheme and meets the needs of customers, constantly improving product technology, tamping technical foundation, and actively docking customers. At present, it is in the stage of continuous sample delivery and small batch verification. In terms of qualifications, the company has passed the IATF16949:2016 automotive industry quality management system certification, and has obtained the certification certificate, and will continue to dock with major customers and car factories, carry out technical exchanges and sample delivery of automotive optical components. In the field of AR, the company has a certain technical reserve for the optical waveguide technology scheme which is popular in the industry at present. At present, it mainly develops optical waveguide lenses and further carries out technical cooperation with customers in the optical and mechanical part. The technology and technology used by the company in the field of lidar, AR and biomedical have something in common with the products in the field of optical communication and optical fiber laser. Relying on the existing core technology and technology reserve, the company has the ability to meet the high-quality product supply of customers at home and abroad.


Q: is the company's production affected by the recent power restriction policy?

A: according to the orderly power consumption policy of the location of the company, the production and operation of the company has not been affected for the time being. The company will continue to pay attention to the changes in power consumption policy, take positive and effective measures, and formulate emergency plans to ensure the normal development of production and operation.


Q: what is the competition pattern of the company's products in the optical communication market and the optical fiber laser market? What is the market position?

A: the optical communication market mainly includes upstream optical materials, optical components and optical fiber devices, and the middle reaches are optical modules and subsystems encapsulated by a variety of optical communication devices. the lower reaches of the industry chain are generally optical communication equipment providers, telecommunications network operators, data centers and cloud service providers. In the field of optical communication, the company's precision optical elements and optical fiber devices are used in various optical modules and subsystems, such as optical transceiver module, dynamically adjustable module (such as WSS module), and terminals are used in information network facilities such as telecommunications networks and data centers, helping the optical communication system to develop to higher transmission rate and bandwidth capacity, supporting the iterative upgrading of communication technologies such as 4G/5G and large data centers. The company has established cooperative relations with Lumentum, Finisar, Huawei and other major optical module manufacturers around the world. In the field of fiber laser, the company's precision optical elements and coated fiber lines, collimators, acousto-optic devices and other fiber devices have been used in the mass production of fiber lasers. The company's products have high laser damage threshold, which is the key component of high-power fiber laser, which promotes the innovation and development of high-power laser technology. The company has established cooperative relations with Ruike Laser, nLIGHT and other major industrial laser manufacturers at home and abroad. A detailed description of the technical advantages of the company's products can be found in the company's prospectus, Section 6, Business and Technology.


Q: what is the WSS often mentioned in the communications industry? What is the main use? What manufacturers are there at present? What is the value of a single product?

A: WSS refers to the wavelength selector switch, which is the core device in the reconfigurable optical add-drop multiplexing (ROADM) node of the optical communication network. Its function is to output the selected wavelength signal to the designated port in the input of multiple wavelength signals. WSS module is used on the connection node of optical communication network to realize dynamic reconfigurable all-optical signal upload and download connection. It is the most advanced and complex optical module with high requirements for corresponding optical elements. Due to the high-tech threshold, the global wavelength selective switch (WSS) module market is mainly provided by overseas manufacturers, and the company is the main manufacturer of precision optical components and components of WSS modules. In terms of product value, it is different based on product specifications, performance indicators and the rate of quality products.


Q: is the company considering equity incentive?

A: the company has always attached importance to the motivation of employees and hopes that employees and the company will develop together for a long time. The company has set up an employee stock ownership platform before listing, and most of the core personnel have participated in the employee stock ownership. In the future, the company will continue to study and launch practical and effective incentive schemes at an appropriate time in accordance with relevant laws and regulations, combined with the situation of the capital market and its own actual situation, from the perspective of the vital interests of employees and shareholders. In order to promote the sustained and stable development of the company.


Tengjing Technology's main business: research and development, production and sales of all kinds of precision optical components and optical fiber devices.

According to the third quarterly report of Tengjing Science and Technology 2021, the company's main income was 219 million yuan, up 8.62% from the same period last year; the net profit was 38.8159 million yuan, down 30.57% from the same period last year; and the non-net profit was 30.4082 million yuan, down 33.39% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 84.6611 million yuan, up 8.59% from the same period last year; net profit in a single quarter was 16.1613 million yuan, down 7.96% from the same period last year Non-net profit in a single quarter was 13.8397 million yuan, down 11.34% from the same period last year; debt ratio was 17.32%, investment income was 1.5218 million yuan, financial expenses were 587600 yuan, and gross profit margin was 34.38%.

In the last 90 days, two agencies have rated the stock and two have bought ratings; the average institutional target price in the past 90 days is 26.23; the net inflow of financing in the past three months is 6.805 million, and the financing balance has increased; the net outflow of securities has increased by 23.7532 million, and the balance of securities lending has decreased. According to the Securities Star valuation analysis tool, Tengjing Technology (688195) has a good company rating of 3 stars, a good price rating of 1.5 stars and a comprehensive valuation rating of 2 stars.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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