Fujiri (688272) issued a notice on January 6, 2022, saying: CITIC, Shanghai Haodun Fund, Zhaoyun Investment, Jingjing Investment, Kai State Investment, Nine India Investment will investigate our company on December 23, 2021.

Q: what are the company's competitive advantages?

A: (1) since its establishment, the Technology advantage Company has been focused on the field of infrared thermal imaging, following the path of "technological innovation at the basic level and integrated innovation at the product level". By strengthening the basic level of special technical capabilities, product and technological innovation capabilities, the overall design and integration of products and technologies Have systematically mastered 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, production technology and other core technologies in the field of infrared thermal imaging. And mastered the detector drive control technology, thermal imaging image denoising and enhancement technology, optical gas imaging technology, high precision turntable control technology and high reliable pendulum mirror assembly control technology, medium wave infrared lens technology and other advanced key technologies in the industry. Independently developed and mass-produced refrigeration multi-function hand-held thermal imager, fusion telescope movement, gas detection thermal imager, optoelectronic radar system, high-end medium wave infrared lens and other key indicators have reached the domestic advanced or close to the international advanced level. (2) Project experience advantage the accumulation of project experience of the company, on the one hand, stems from its R & D technical advantages, which can provide an overall solution for infrared thermal imaging; on the other hand, the accumulation of project experience urges the company to accumulate project experience in demand variability and production complexity projects, promote integrated innovation, introduce digestion and absorption re-innovation and even original innovation, and win bid for more large-scale high-end projects to form a virtuous circle. (3) the talent advantage company has gathered a group of middle and senior technical personnel who have been engaged in infrared thermal imaging technology research for a long time. By the end of 2020, there were 90 R & D personnel, accounting for 41.10% of the total staff. Among them, optics, electronics, machinery, automation and other related professionals accounted for 82.22%, the overall average age is 30 years old, is a mature and energetic innovation team. In addition, the company continues to establish extensive cooperative relations with domestic well-known research institutes, universities and enterprises in the field of optoelectronics, and gradually create a technological innovation model with its own characteristics. Committed to building a domestic first-class, international leading supplier of infrared thermal imaging products and solutions. The company's core technical personnel are stable, all with more than 10 years of industry experience. At the same time, the professional direction of the company's technical personnel is complete, including mechanical design, hardware circuit, optical system, image processing and other professional directions, which can support the comprehensive research and development of the company's optoelectronic imaging products. In many years of product development and technology accumulation has accumulated a wealth of experience. In addition, the company's management team also has many years of work and management experience in the optoelectronic imaging industry, has accumulated rich experience in product design and manufacturing, and has strong management ability. Infrared thermal imaging system covers integrated circuits, electronic circuits, signal processing, image processing and other fields, involving microelectronics, materials, machinery, thermal, optics and other multi-disciplinary fields, in addition to the study and research of related majors in colleges and universities, the training of talents depends on the training of the company in the project. The company always attaches importance to the training and construction of talent team, continues to introduce high-end talents, and forms an expanding excellent R & D team and a deep talent reserve. After years of project experience accumulation and independent personnel training and introduction and absorption, the company's competitiveness in the team and talent reserve has become increasingly prominent. (4) the complete qualification and quality management system company has attached great importance to and continuously improved its own management system since its inception, and the company began to carry out the construction of quality management system in October 2014. Each department has reasonably divided the functions of the quality management system according to the actual business situation. According to the requirements of ISO9001 quality management system and GJB9001 weapons and equipment management system, the company has complete quality management system documents. In July 2018, the company passed the on-site review of the requirements of the GJB9001C-2017 weapons and equipment management system, and took the requirements of the new quality management system as the standard, strictly implemented in the process of production and operation, strictly controlled the product quality, continuously strengthened the implementation of internal quality standards, and paid attention to the implementation and implementation of the internal quality standards at various levels to ensure the realization of the quality policy and quality objectives. At present, the company has obtained the qualifications needed to engage in the scientific research and production of weapons and equipment. (5) the overall design and integration ability of the product the company has a strong overall design and integration ability. Infrared thermal imaging products are mostly customized products, integrating optics, electronics, communications, machinery and other technologies, the company gives full play to the capabilities of detector test and analysis, optics, circuits, image processing and algorithms, can form a good overall product design. The company has a strong detector testing and analysis ability, can grasp the performance, advantages and disadvantages of different manufacturers and different kinds of detectors, integrate the use of various technologies and other parts of products, targeted to help the strong and make up for the weak, to form a competitive product scheme. The company has long-term technical accumulation and technical capabilities in the fields of optics, circuits, image processing and algorithms. In the aspect of optical lens, we have mastered the core technology from material, coating to installation and adjustment. Through the overall design and cooperation with other aspects, the technology of circuit and image processing algorithm can produce high-quality output results and achieve fast, accurate and high-precision circumferential vision 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 civil field.

Q: why do companies stand out among private enterprises and sign large orders for military products?

A: the company is one of the early private enterprises involved in the development of military infrared thermal imaging equipment. With years of continuous R & D investment and technical and product advantages, the company has outstanding competitiveness in the field of military infrared thermal imaging equipment. At the same time, the company is located in the middle reaches of the industrial chain, and has established a good complementary cooperative relationship with the overall unit based on its own technological advantages. The company does not seek to become a supplier of the whole machine and does not directly participate in the bidding of the whole military machine, but cooperates with the overall unit to carry out detailed scheme demonstration, scheme design, prototype development, technology optimization, component selection and other work, to provide a full range of product and technical support for the overall unit to participate in the product bidding activities organized by the military. Based on its own core technical advantages, the company works closely with the overall unit to provide solutions for core components and overall products. During the 13th five-year Plan period, as a supplier of core components, it repeatedly cooperated with the overall unit to win the first place in military model bidding and obtained batch orders.

Q: what is the difference between refrigerated and non-refrigerated products and the proportion of revenue from the 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 of the company's civilian products?

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 a series of unrefrigerated movements of FLIR Company of the United States, after in-depth secondary development, for civil security industry system integrators, handheld viewing machines, infrared medical and other industry users to provide infrared thermal imaging movement and thermal imager supporting. 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. Thermal imaging technology has a broad market prospect in the field of industrial testing, including not only relatively mature applications, but also promising new fields, such as industrial temperature measurement, gas detection and so on. The company has set up a wholly-owned subsidiary, Thermal Technology, which focuses on industrial testing products and is also one of the fund-raising projects.

Q: what is the main investment content of this fund-raising project?

A: this fund-raising project is three projects: optoelectronic research and development and industrialization construction, R & D center construction, industrial testing product research and development and industrialization construction. It is mainly invested in the purchase of infrared comprehensive testing platform and other R & D, test equipment and employee compensation.

Q: what is the strategic direction of the company in the future?

A: 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, 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: are the company's infrared lenses self-made at present? Will it be sold on a large scale in the future?

A: the company adopts the common practice of self-research and self-production of high-end lenses and direct outsourcing of shelf lenses. The lens is also the core component of the infrared system, especially the high-end lens has an important impact on the performance of the system. The company has mastered the design and adjustment technology of the technically difficult high-end medium wave refrigeration lens, the company will hand over the designed lens to the domestic optical processing factory for customized purchase, and then complete the installation and adjustment of the high-end lens. For infrared lenses with low technical difficulty (such as uncooled long-wave lenses), there are many optical processing plants with design and production capacity, and uncooled long-wave lenses have gradually become shelf products. The company's layout in optical technology is self-developed and self-produced for high-end lenses, and shelf lenses are purchased directly. This strategy is also a common practice of advanced enterprises in the infrared industry. In the future, the company's lens products will still be matched mainly within the company.

Q: what is the difference between infrared lenses and visible lenses?

Answer: 1) the material that does not use visible light lens is glass, while the infrared lens is germanium, silicon and other crystal materials; 2) different infrared optical materials do not transmit visible light and will be gradually obscured during the assembly process. After the assembly is completed, the internal situation of the lens can no longer be observed; the assembly process is unmeasurable, and no test can be carried out without the completion of assembly. When there is an exception in the final test, it is impossible to intuitively judge where the problem lies. Therefore, the installation and adjustment of infrared lens is more difficult than visible light.

Q: what is the usual time period for a company from obtaining military orders to achieving sales?

Answer: the company cooperates with the overall unit to complete the R & D and production tasks of weapons and equipment, and undertakes the R & D and production of sub-systems and components. The main nodes of the company's military supporting products from R & D to mass production are scheme design stage, engineering prototype stage (prototype stage and prototype stage), finalization stage and assembly stage. The time from pre-research to batch production of military order products varies greatly. Products with shorter cycle can be mass-produced in 1-2 years, and the product development cycle with long cycle may be more than ten years. In recent years, with the continuous strengthening of national defense construction, many equipment have shortened the development cycle, and some equipment have put forward the urgent need of "developing and mass production at the same time." Generally speaking, the batch production cycle of listed model products is more than 3-5 years, and the main products and their subsequent improved models can last for more than ten years. At present, the company cooperates with the sub / subsystem and core key components mainly provided by the overall unit, from tracking project requirements to cooperating with the overall unit to participate in scheme demonstration, prototype testing, physical bidding and other links, to finalize and achieve batch sales, the shorter cycle of products takes about 1 year, and the longer cycle takes 2-3 years.

Q: what is the company's position in the industrial chain?

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.

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 is the gross profit level of the company?

A: from 2018 to 2020, the company's gross profit was 39.4487 million yuan, 67.5322 million yuan and 161.03 million yuan respectively, rising year by year with the continuous expansion of the company's business scale, with a comprehensive gross profit margin of 44.99%, 40.95% and 49.20% respectively, which remained stable as a whole. the reason for the fluctuation is mainly due to the influence of customer structure, product structure and other factors. The gross profit margin of movements, thermal imagers and optoelectronic systems of the three types of products is also basically maintained at 40% 50%.

Q: what is the proportion of the company's military and civilian products business? What is the estimated proportion of military and civilian products in the future?

A: from 2018 to 2020, the proportion of the company's military business was 29.62%, 63.44% and 78.48%, respectively, and the proportion of civilian products was 70.38%, 36.56% and 21.52%, respectively. Since 2019, the proportion of military products sales has greatly exceeded that of civilian products. The main reason is that the company participated in the overall military industrial unit project gradually finalized, and continued to order in 2019 and 2020. The proportion of military products of the company will also be higher in the future.

Q: which processes of the company need outsourcing?

Answer: outsourcing commissioned processing mainly includes circuit board processing and welding procedures and structural components and so on.

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 4.0734 million, and the balance of financing has increased; the net outflow of securities has increased by 35.3822 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)