Write in front: there are many kinds of sensor products, which can be classified according to different classification standards, such as measured, technical principle, sensitive materials, application field, use purpose, etc. The three largest types of sensors in the global sensor market are flow sensors, pressure sensors and temperature sensors, accounting for 21%, 19% and 14% respectively. In this report, we conduct in-depth analysis on the development status and respective characteristics of Chinese sensor industry companies in five aspects: product end, downstream end, mode end, R & D end and financial end of eight representative companies in the focus industry.
Product side: most of the company’s products are distributed in their respective subdivided fields, and there are few comprehensive manufacturers. Hanwei Electronics Group Corporation(300007) is involved in the largest variety and widest range of sensor products, and most of the products of other companies are concentrated in their respective segments. Both Hanwei Electronics Group Corporation(300007) and Cubic Sensor And Instrument Co.Ltd(688665) take gas sensors as the company’s main sensor products, Hanwei Electronics Group Corporation(300007) also produces a variety of other types of sensors; Memsensing Microsystems (Suzhou China) Co.Ltd(688286) focus on the R & D and production of MEMS sensors, and the main products include MEMS acoustic, pressure and inertial sensors; Shanghai Baolong Automotive Corporation(603197) and Jiangsu Olive Sensors High-Tech Co.Ltd(300507) are mainly engaged in the R & D and production of vehicle sensors; Audi Wei’s main products include ranging sensors, flow sensors and pressure touch sensors, which are leading in the field of ultrasonic sensors in China; Raytron Technology Co.Ltd(688002) specializes in uncooled infrared thermal imaging and MEMS sensing technology development; Senba Sensing Technology Co.Ltd(300701) focuses on the field of optical sensors, and the products are mainly visible light sensors and pyroelectric infrared sensors.
Downstream end: the downstream market is rich and extensive, and different companies focus on different fields. Hanwei Electronics Group Corporation(300007) products are used in industrial and civil industries, as well as automotive electronics, consumer electronics, health monitoring, intelligent travel and other fields; Shanghai Baolong Automotive Corporation(603197) and Jiangsu Olive Sensors High-Tech Co.Ltd(300507) focus more on the field of automotive electronics; Cubic Sensor And Instrument Co.Ltd(688665) focus on smart medicine, environmental monitoring and industrial processes; Senba Sensing Technology Co.Ltd(300701) mainly engaged in LED lighting, security and smart home; Memsensing Microsystems (Suzhou China) Co.Ltd(688286) involved in the fields of medical treatment, automobile, industrial control and consumer electronics; The main downstream of Raytron Technology Co.Ltd(688002) includes special equipment, security, industry, automobile, outdoor sports, consumer electronics, medical treatment and many other fields; Audi Wei mainly serves in the fields of automotive electronics, intelligent instruments, smart home and so on. Overall, automotive electronics, industrial manufacturing and network communication are the main downstream fields.
Mode side: including direct selling, distribution and warehousing sales modes, covering both domestic and foreign markets. From the perspective of sales mode, Hanwei Electronics Group Corporation(300007) , Cubic Sensor And Instrument Co.Ltd(688665) , Senba Sensing Technology Co.Ltd(300701) , Jiangsu Olive Sensors High-Tech Co.Ltd(300507) and Audi Wei are all based on direct sales, while Memsensing Microsystems (Suzhou China) Co.Ltd(688286) adopts the mode of distribution and direct sales as a supplement. Shanghai Baolong Automotive Corporation(603197) mainly implements the warehousing sales mode in the OEM market, Raytron Technology Co.Ltd(688002) mainly focuses on direct sales at the B2B end, distribution at the B2C end, supplemented by e-commerce sales. In terms of sales regions, Shanghai Baolong Automotive Corporation(603197) has a larger overseas sales scale, Cubic Sensor And Instrument Co.Ltd(688665) , Hanwei Electronics Group Corporation(300007) , Senba Sensing Technology Co.Ltd(300701) , Memsensing Microsystems (Suzhou China) Co.Ltd(688286) , Jiangsu Olive Sensors High-Tech Co.Ltd(300507) , Raytron Technology Co.Ltd(688002) are mainly sold in China, and Audi Wei has a similar domestic and overseas sales scale.
R & D side: each company has deeply cultivated its own subdivided fields, and the R & D investment of each company shows an overall growth trend. In terms of R & D investment, the investment scale of Shanghai Baolong Automotive Corporation(603197) and Hanwei Electronics Group Corporation(300007) has been maintained at a high level, and the investment scale of Raytron Technology Co.Ltd(688002) has increased significantly; The R & D expense rates of Raytron Technology Co.Ltd(688002) and Memsensing Microsystems (Suzhou China) Co.Ltd(688286) are leading the industry, with about 15% in 2021h1. From the perspective of future research and development direction, Shanghai Baolong Automotive Corporation(603197) , Jiangsu Olive Sensors High-Tech Co.Ltd(300507) and Audi Wei mainly focus on the miniaturization, intelligence and lightweight of sensors in the field of automotive electronics; In the field of gas sensors, Hanwei Electronics Group Corporation(300007) is committed to continuously promoting the R & D and market launch of multi category sensors, and building a complete Internet of things technology platform with high quality in the future. Cubic Sensor And Instrument Co.Ltd(688665) currently, it continues to invest in three directions: ultrasonic gas sensor and gas meter project, engine emission O2 / NOx sensor development, and expanding the transformation and application of core gas sensing technology in the medical and health industry; In the field of optical sensors, Raytron Technology Co.Ltd(688002) is committed to promoting the application of infrared sensing technology in various fields, Senba Sensing Technology Co.Ltd(300701) focuses on the research and development of intelligent sensors; In the field of MEMS sensors, Memsensing Microsystems (Suzhou China) Co.Ltd(688286) has made a technical layout in the field of MEMS microfluidic chips and MEMS optical sensors, Raytron Technology Co.Ltd(688002) has continuously promoted the combination of MEMS technology and infrared sensing technology.
Financial side: Shanghai Baolong Automotive Corporation(603197) has the largest volume, and Raytron Technology Co.Ltd(688002) and Cubic Sensor And Instrument Co.Ltd(688665) grow rapidly. In terms of volume, the revenue of Shanghai Baolong Automotive Corporation(603197) and Hanwei Electronics Group Corporation(300007) is large, reaching 1.9 billion yuan and 1.1 billion yuan respectively in 2021h1. In terms of growth rate, the growth rate of Cubic Sensor And Instrument Co.Ltd(688665) and Raytron Technology Co.Ltd(688002) revenue is at the top of the industry. In terms of net profit attributable to parent company, Raytron Technology Co.Ltd(688002) has increased rapidly in recent years and has reached the high level of the industry, reaching 319 million yuan in 2021h1, Shanghai Baolong Automotive Corporation(603197) the growth rate has changed greatly, Hanwei Electronics Group Corporation(300007) the net profit attributable to parent company will turn loss into profit in 2020, and both of them are also at the high level of the industry. From the perspective of valuation, Raytron Technology Co.Ltd(688002) has the largest market value (more than 30 billion yuan), with a corresponding pettm of 56x. Audi Wei currently has a market value of 2 billion yuan and a pettm34x.
Risk warning: the development of the industry is not as expected; Decline in industry profitability
