Fujiri (688272) issued a notice on December 2, 2021, saying: Pacific Securities, Scorpio assets and GE Chuang assets will investigate our company on November 15, 2021.
The main contents of this survey are as follows:Q: what is the company's industry positioning? What are the main products?
A: based on the deep understanding of the competition pattern and development trend of the domestic infrared thermal imaging industry, the company is located in the middle reaches of the industrial chain as a professional supporting enterprise for the core components of military units and civil system integrators. at the same time, focus on and strengthen the in-depth research of infrared thermal imaging technology and products, achieve breakthroughs and innovation in key technologies, and strive to become a first-class professional infrared thermal imaging enterprise at home and abroad. At present, the company's main products include movements, thermal imagers, optoelectronic systems, etc., and based on infrared thermal imaging technology, with image processing as the core, gradually expand to solid-state low light, short wave, ultraviolet, visible light and other directions. The company carries out customized design and development and continuous technical tracking according to customer requirements for product performance, application scenarios and effects. The company forms an overall product plan that meets customer needs from the aspects of power consumption, weight, volume, image quality, sensitivity, operating distance and range, and provides corresponding products to customers through business processes such as sample research and development, testing, production, inspection and so on.
Q: what is the specific situation of the company's scientific and technological achievements and industrial integration? What are the technical advantages?
A: during the reporting period, the company's scientific and technological achievements and deep integration with the industry mainly include the following aspects: (1) the company can provide complete system design and solutions the company has the ability to evaluate, analyze and develop various types of detectors, combined with the characteristics of different detectors. Comprehensive use of optical, mechanical, electronic, software, algorithm, circuit and other technologies to form advanced system solutions. (2) important development in the field of infrared optical lens the company has mastered the core technology of high-performance optical lens design, adjustment and control, and some of the lens products developed by the company have promoted the formation of domestic lens shelf market demand. (3) the company has made important development in small optoelectronic systems. The company's products can achieve fast, accurate and high-precision circumferential scanning imaging in the case of high-speed rotation. the system is a complex system covering optics and mechatronics. and the weekly vision system is applied to the field of military and civilian use. (4) it has formed its own capabilities and advantages in algorithm, image processing and application function development, and the reserve company has successfully developed products such as multi-spectral fusion, multi-function, advanced gas detection, optoelectronic radar module and system, infrared guidance, etc., through its own technical capabilities in image algorithm, information processing, optics, etc. It has formed the technical foundation and reserve in the technology and application of integrated optoelectronic system, low-light and visible light imaging technology, tracking and alarm technology and so on. (5) the company has made a good development in multi-spectral fusion technology and products. The company applies infrared thermal image processing technology to the multi-spectral field to realize the fusion imaging of thermal imaging, solid-state low light, visible light, etc., so that the products can obtain better imaging ability and effect. This technology has been applied to military products.
Q: what is the difference between refrigerated and non-refrigerated products and the proportion of the company's two types of products?
A: the differences between refrigerated and uncooled movements are mainly reflected in detector type, working temperature, working band, electromagnetic interference, signal attenuation and special algorithm, original image, sensitivity, detection distance, power consumption, volume, weight and service life, etc.; the difference between refrigerated thermal imager and uncooled thermal imager is mainly reflected in the movement, lens, focal length, overall difficulty of assembly and adjustment, sensitivity and detection distance, etc. The differences between refrigerated optoelectronic system and uncooled optoelectronic system are mainly reflected in the differences in thermal imager, rotation speed, sensitivity and detection distance. Non-refrigeration products are mainly used in close range, small range, relatively low recognition requirements, small size, flexible use, easy to carry and other application scenarios, such as individual binoculars, sights and other military fields, thermometers, security monitoring and other civilian fields. Refrigeration products are mainly used in long-distance, large-scale, high-recognition, high-speed movement, tracking, recognition and locking and other application scenarios, such as aircraft identification, tracking, locking, guidance and other military fields; industrial gas detection, oil fields, nature reserves, forest fire prevention and other large-scale monitoring and other civilian fields. In 2018, the company's main business income, refrigeration products and non-refrigeration products sales income and the proportion of the difference is not significant. The sales revenue of both refrigeration and non-refrigeration products increased from 2019 to 2020, but the sales revenue and share of non-refrigeration products increased more, mainly due to the influence of new orders for non-refrigeration integrated movements.
Q: what is the development trend of the company's industry?
Answer: (1) emphasize the overall product design. Foreign countries have strict export controls on detectors, and they have been continuously strengthened in recent years. Although China's infrared thermal imaging industry has made great progress, there is still a gap between China and foreign countries in the advanced level of detectors. Under the condition that there is still a gap in the detector, the overall design capability of the product is becoming more and more important. In order to keep the overall performance of the product close to the advanced level of foreign optoelectronic imaging products, it is necessary to improve the product performance through optical technology, mechanical technology, electronic circuit technology, control technology, signal detection and image processing technology. (2) the situation of independent development has formed that the infrared thermal imaging industry has experienced several generations of technical iteration and product replacement in western developed countries, the popularization rate of related products is high, and the market basically tends to be stable. The development of infrared thermal imaging technology can improve the all-weather combat capability of our army, which is of great significance to our national defense and security, so the state gives strong support at the policy level. At present, the relevant national policies have made it clear that integrated circuits and optoelectronics industry are in a strategic position in the national economy, which provides a good policy environment for the development of infrared thermal imaging technology. On the other hand, the national defense modernization industry policy encourages private enterprises with technical strength to enter the field of infrared thermal imaging and accelerate the process of localization. After years of development and technology accumulation, the domestic infrared thermal imaging industry has initially mastered the production capacity of the whole industry chain of products from detectors, imaging movements to optoelectronic systems, and successfully realized the domestic replacement of the core components of optoelectronic imaging. break through the technological monopoly and product embargo of developed countries in Europe and the United States. Benefiting from the acceleration of national defense information construction and the demand for domestic substitution, China's military and civilian infrared thermal imaging market is expected to achieve sustained and rapid growth. (3) the demand for civilian sector is growing rapidly in the international market. with the rapid development of emerging economies, infrared thermal imaging products have become an important consumer market in the civilian field. Infrared thermal imaging products can be used in infrastructure construction, urban management, industrial production, traffic control and resource exploration in emerging economies. In the domestic market, with the adjustment of China's economic structure and sustained economic growth, infrared thermal imaging products will play a greater role in the process of industrial modernization, such as industrial inspection, manufacturing management, electrical automation and other fields in modern industrial production, as well as urban monitoring, inspection and quarantine, fire protection and security in urban construction in the future. With the upgrading of industrial structure and the improvement of consumption level, China's civil infrared thermal imaging products will be more used in emerging fields such as the Internet of things in the future. The market scale is constantly expanding and the demand space is broad.
Q: what is the development process of the company's main business?
A: the company was founded in 2011. at the beginning of its establishment, the company was small in scale and weak in overall strength, so it focused on the supporting business of uncooled infrared thermal imaging movement. With the accumulation of technology and market development, the company began to gradually launch the whole machine products in 2013, and in 2014, the products expanded to the refrigerating infrared thermal imaging movement and the whole machine. Since 2015, the photoelectric radar system and the handheld temperature measurement thermal imager have been developed successively, forming a full range of products of the movement, the whole machine and the system. In 2016, the company set up an optical research and development team to make a breakthrough in the direction of high-end infrared lenses. In 2017, the company set up a new industrial inspection product team to expand the whole machine business to industrial gas detection thermal imagers, high-end temperature measurement thermal imagers and other fields. At this point, the company has fully possessed the comprehensive technical capabilities of optics, machinery, electronics and software, and formed a business model with movement as the main body and attaching equal importance to the whole machine and system.
Q: what is the process of expanding the company's civilian products market?
A: the company was established in 2011 to 2013, the civilian business is mainly for civil uncooled infrared thermal imaging movements and thermal imagers, mainly through the procurement of imported devices, after in-depth secondary development, for civil security industry system integrators, hand-held viewing machines, infrared medical and other industry users to provide infrared thermal imaging movement and thermal imager matching. Among them, he has participated in video surveillance projects along the Qinghai-Tibet Railway, forest fire prevention monitoring projects, medical thermal camera projects, and so on. Since 2013, with the development of the company, the continuous enhancement of technology accumulation and the continuous improvement of market recognition, the company began to expand a variety of civil thermal camera business. it mainly includes high-end civil security business, optoelectronic system business, medical product business, industrial temperature measurement and industrial gas detection business.
Q: what is the future plan for the field of civilian products?
A: on the basis of the current R & D and production, the company plans to expand the existing product line by raising funds for investment projects. Considering the company's R & D and process engineering industrialization capacity, industry development trend, market demand, technological progress and other factors, the company carefully demonstrated the fund-raising investment project. By promoting the "optoelectronic R & D and industrialization construction project" and "industrial testing product development and industrialization construction project", we will continue to enrich downstream applications and provide downstream customers with higher performance products to find new revenue growth points. to achieve sustained growth in the future.
Q: what is the R & D investment of the company in recent years? What does the company think about R & D investment in the future?
A: since its establishment, the company has always attached importance to technological innovation and continuously increased investment in research and development. From 2018 to 2020, the company's R & D expenses accounted for 21.56%, 13.56% and 10.12% of operating income respectively, all of which maintained a high level. The company's R & D expenses were 18.9034 million yuan, 22.3548 million yuan and 33.1218 million yuan respectively, showing an overall upward trend year by year. With the help of this fund-raising, the company will increase investment in R & D, strengthen the ability of R & D innovation, and improve the core competitiveness of the company in the infrared thermal imaging industry. In order to meet the customization needs of the overall units and system integrators, and promote the smooth digestion of project production capacity, the company actively cooperates with customers to carry out pre-research, expand the scope of research and development, improve the existing product performance indicators, and enrich the product range. On the basis of infrared thermal imaging technology, actively carry out image processing as the core, gradually to solid-state low-light, short-wave, ultraviolet, visible light and other aspects of research and development, fully accumulate its own core technology. The company will also strengthen the depth and breadth of technical service capacity by actively strengthening cooperation with scientific research institutions, so as to improve the company's R & D capability and comprehensive competitiveness.
Q: how does the company plan for staff expansion?
A: although the company has trained and reserved a number of stable R & D, technical and management personnel, with the implementation of the development strategy and the continuous growth of business scale, the company's demand for all kinds of talents will also increase greatly. the company's existing talent reserve is difficult to meet the future demand. Therefore, in the process of future development, the introduction and training of talents will be one of the important tasks. The company will recruit outstanding graduates from colleges and universities to enrich the workforce; strengthen internal training, improve staff quality, and select important positions mainly within the company; through a comprehensive incentive plan, improve employee satisfaction; improve employees' sense of responsibility, quality awareness and skills, and implement echelon personnel training.
Q: what is the company's positioning and future strategic layout?
A: based on the deep understanding of the competition pattern and development trend of the domestic infrared thermal imaging industry, the company is located in the middle reaches of the industrial chain as a professional supporting enterprise for the core components of military units and civil system integrators. at the same time, focus on and strengthen the in-depth research of infrared thermal imaging technology and products, achieve breakthroughs and innovation in key technologies, and strive to become a first-class professional infrared thermal imaging enterprise at home and abroad. The company has a complete R & D, procurement, production and sales system. Over the years, on the basis of the research and development and accumulation of infrared thermal imaging technology, combined with the new development trend of the industry, we actively develop the application of optoelectronic imaging products in military and civilian fields. While expanding product development, the company will optimize product structure, actively open up new customers, enhance the influence of the company's product brand, improve the company's management level, and strive to develop the company into a leading integrated provider of optoelectronic imaging technology and products in the industry. Under the background of good development opportunities for infrared thermal imaging and multispectral imaging industry, the company will make full use of the advantages of R & D and innovation, manufacturing and customer resources, continue to plough infrared thermal imaging, actively explore infrared, low-light, ultraviolet and other multi-spectral fusion optoelectronic imaging technology and applications, and continuously improve the market scale in the downstream application field as an integrated provider specializing in optoelectronic imaging technology and products. The company will further deepen the internal management reform, constantly optimize the R & D incentive mechanism, take the R & D core technology as the basis, take efficient R & D as the means, and focus on the development of its own excellent product strength, to further enhance the market share of products, maintain and enhance profitability. At the same time, the company will also take the implementation of this stock issue and fund-raising investment project as an opportunity to continue to consolidate and enhance its comprehensive competitive advantages in technology, service, quality and brand, and further expand production capacity and product application fields. to achieve the sustained, rapid and healthy development of the company.
Q: what is the development space of infrared products in the civilian field?
A: in the international market, with the rapid development of emerging economies, infrared thermal imaging products have become an important consumer market in the civilian sector. Infrared thermal imaging products can be used in infrastructure construction, urban management, industrial production, traffic control and resource exploration in emerging economies. In the domestic market, with the adjustment of China's economic structure and sustained economic growth, infrared thermal imaging products will play a greater role in the process of industrial modernization, such as industrial inspection, manufacturing management, electrical automation and other fields in modern industrial production, as well as urban monitoring, inspection and quarantine, fire protection and security in urban construction in the future. With the upgrading of industrial structure and the improvement of consumption level, China's civil infrared thermal imaging products will be more used in emerging fields such as the Internet of things in the future. The market scale is constantly expanding and the demand space is broad.
Q: what are the company's core technologies?
A: in accordance with the path of "basic-level technological innovation and product-level integrated innovation", the company strengthens the special technical capabilities, product and technological innovation capabilities, and the overall design and integration capabilities of products and technologies at the basic level. The system has mastered many core technologies in the field of infrared thermal imaging, such as detector drive control technology, thermal imaging image processing, detection technology based on thermal imaging, embedded hardware architecture, intelligent image algorithm technology, servo control technology, special optical system design, panoramic optoelectronic radar technology and so on.
Q: could you briefly introduce the company's executives and core technical personnel?
A: the founding team members of the company have worked in large domestic military industrial groups and have rich experience in the field of infrared thermal imaging products and system development. There are four senior executives of the company, namely Mr. Huang Fuyuan, Mr. Ji Yunsong, Mr. Li Yibin and Ms. Zhou Jing, all of whom have worked in large domestic military industrial groups; there are three core technicians, namely Mr. Ji Yunsong, Mr. Zhou Cheng and Mr. Feng Tao, all of whom have rich theoretical basis of infrared technology and more than ten years of technology research and development experience.
Fujiri main business: the company is mainly engaged in infrared thermal imaging products and systems research and development, production and sales, and provide customers with solutions of high-tech enterprises. Based on infrared thermal imaging technology and with image processing as the core, the company is gradually expanding to solid-state low light, short wave, ultraviolet, visible light and so on.
Fuji Rui 2021 quarterly report shows that the company's main income is 224 million yuan, up 3.57% from the same period last year; net profit from home is 47.4734 million yuan, up 12.81% from the same period last year; deducting 46.6424 million yuan from non-net profit, up 11.13% from the same period last year; among them, in the third quarter of 2021, the company's main income in a single quarter was 69.3783 million yuan, down 26.66% from the same period last year; net profit in a single quarter was 16.3699 million yuan, up 24.38% from the same period last year The non-net profit in a single quarter was 15.6677 million yuan, up 19.08% from the same period last year; the debt ratio was 27.08%, the financial expenses were 2.0212 million yuan, and the gross profit margin was 49.61%.
In the last 90 days, the stock has been rated by one institution and increased by one; in the past three months, the net inflow of financing has increased by 16.2723 million, and the balance of financing has increased; the net outflow of securities has increased by 23.1135 million, and the balance of securities lending has decreased. According to Securities Star valuation Analysis tool, Fujirui (688272) good company has a rating of 4 stars, a good price rating of 1 star, and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)