Securities code: 300256 securities abbreviation: Jiangxi Firstar Panel Technology Co.Ltd(300256) Announcement No.: 2022-019 Jiangxi Firstar Panel Technology Co.Ltd(300256)
Announcement on the reply to the letter of concern of Shenzhen Stock Exchange
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
The “letter of concern” of Jiangxi Stock Exchange (hereinafter referred to as the “letter of concern” issued by Shenzhen Stock Exchange on February 28, 2022) (hereinafter referred to as the “letter of concern” of Jiangxi Stock Exchange (hereinafter referred to as the “letter of concern”) issued by Shenzhen Stock Exchange on February 28, 2022. The company disclosed the performance forecast for 2021 (hereinafter referred to as “performance forecast”) on January 28, 2022. It is estimated that the net profit loss attributable to the shareholders of the listed company in 2021 will be RMB 1142 million to RMB 1542 million, and the net profit loss after deducting non recurring profits and losses will be RMB 730000 to RMB 770000, The owner’s equity attributable to the shareholders of the listed company ranges from 216.9 million yuan to 325.1 million yuan. Shenzhen Stock Exchange expressed concern about this and asked the company to verify and explain this matter.
The company attaches great importance to the issues involved in the letter of concern and actively organizes the reply work. The reply to the issues concerned in the letter of concern is as follows:
Question 1 The performance forecast shows that due to the adjustment of the company’s marketing strategy and the reform of production structure, the company stopped receiving orders with low gross profit margin, and the market orders did not meet expectations due to the impact of restructuring, resulting in the reduction of the company’s operating revenue. Please explain whether your company’s external business environment is facing the risk of continuous deterioration and whether the decline of main business revenue is sustainable in combination with the development trend of the industry in which your main business is located and the change trend of market demand. reply:
1、 Whether the external business environment of the company faces the risk of continuous deterioration
(I) industry development trend and market demand change trend of the company’s main business
The company is mainly engaged in the R & D and manufacturing of window protective screen, touch display module and precision structural parts. The products are mainly used in mobile phones, tablet computers, wearable products, VR (virtual reality) devices and other consumer electronic products. At the same time, they are also widely used in vehicle electronics, industrial control, medical devices and other fields.
According to the industrial classification standard for national economy (GB / t4754-2017) (revised in 2019), the company’s industry is the manufacturing of display devices (c3974) and other electronic devices (c3979) in the manufacturing industry of computer, communication and other electronic equipment (C39). The manufacturing of display devices of the company includes the manufacturing of window protective screen and touch display module, and the manufacturing of other electronic devices is mainly the manufacturing of precision structural parts.
1. Display device industry
The upstream raw materials of window protective screen include glass substrate, ink, coating materials, bonding materials, polishing materials and other materials; Downstream are all kinds of consumer electronic products and other products. The manufacturing business of the company’s window protective screen is located in the middle reaches of the industry. With the development of technology, G + F and G + G gradually decreased in the past, and the main market is to make the touch module directly on the protective glass. Therefore, in the business scope covered by the company, companies in the industry also make window protective screen and touch display module at the same time.
Touch screen technology is mainly divided into capacitive and resistive. Capacitive touch screen has become the mainstream configuration of medium and high-end portable consumer electronics products. In recent years, display panel manufacturers have realized the integration of touch and display by using in cell and on cell technologies, and have become the mainstream touch technology of mobile phones, wearable terminal products and tablet computers. In the fields of high-end laptop, integrated PC, smart car, outdoor advertising, educational electronics, medical industrial control and so on, plug-in touch technology is still the mainstream application. In addition to traditional ITO solutions, ultra-low resistance and ultra-high fine metal grid are important technical routes.
At present, 2.5D glass is widely used in the window protective glass of smart phones. The market share of “double-sided 2.5D” and “front 2.5D + rear 3D” matched glass cover sectors continues to increase. With the continuous increase of 3D curved glass cover sectors in recent two years, the transition of mobile phone curved glass cover sector market from 2.5D to 3D is also the general trend. Since 2019, with the gradual maturity of OLED technology, OLED flexible screen has shown the trend of accelerating the replacement of LCD screen. 3.5D glass cover sector and waterfall screen have become the hot spots of new technology. It adopts glass melting bonding technology to integrate the front and rear glass together. At the same time, it cancels the opening of mobile phone middle frame and fuselage, and increases the stretching depth of glass on the basis of 3D cover sector glass, The scheme of forming an overall all glass mobile phone has set off a new upsurge in the mobile phone industry. In the past two years, Samsung, motorcycle, Huawei, Xiaomi, vivo and other well-known brands at home and abroad have successively released flexible folding mobile phones, and the related UTG glass protective screen will usher in explosive growth.
In addition, smart watches and car panels have become two important trends driving the development of glass cover sectors. From 2016 to 2020, the sales volume of smart watches showed a steady upward trend. Due to the decorative properties of watches, major brands are gradually infiltrating the watch glass cover sector from 2.5D glass to 3D glass, significantly improving the high-end and fashion sense of products, driving the rapid growth of 3D glass market demand. In addition, the car panel has become a small and medium-sized panel market
The second largest application in the market after smart phone panel. According to his data, the on-board display market will be in 2022
The scale will be close to 10 billion US dollars. 3D glass + AMOLED flexible display will be the development trend in the future
It can realize the bending and folding of on-board display screen, which is suitable for use in the interior of the car, and is lighter and more energy-saving.
In the future, with the iterative upgrading of 5g, Internet of things, OLED and other technologies, the touch display market will enter product diversification
The period of rapid development of brand diversification.
2. Precision structural parts industry
The upstream of the precision structural parts industry chain includes raw materials and equipment, while the downstream includes consumer electronics, medical devices
Automobile, smart home and other fields.
Precision structural parts affect the performance, quality and user experience of consumer electronic products
Or missing components. Affected by the development of mobile Internet, Internet of things, cloud computing, big data and other technologies, intelligent
Smart terminals such as mobile phones and tablet computers have gradually become the main force of consumer electronic products, providing stability for precision structural parts
Determine the market demand. Emergence and development of smart wearable devices such as smart headphones, smart watches and virtual reality hardware
It marks that the intellectualization of consumer electronic products has reached a new height and provides a huge incremental market for precision structural parts
Demand.
With the development of consumer electronics industry, the upgrading speed of consumer electronics products is accelerating, and new intelligence
End products emerge in endlessly.
The continuous innovation of related technologies in downstream industries and the continuous growth of product demand
The development of structural parts industry provides a broad market space and development opportunities, and it is also important for the performance and quality of precision structural parts
Quality puts forward higher and higher requirements. With the continuous emergence and application of new materials and technologies, it is impossible to realize the function
With the continuous increase, the varieties, specifications and models of precision structural parts will be more abundant, which can effectively promote the development of consumer electronic products
rapid growth.
With the intensification of industry competition, downstream customers require precise settlement for the consideration of cost, benefit and user experience
Component manufacturing enterprises can not only provide qualified products, but also provide R & D parties of new products according to requirements
To provide customers with comprehensive solutions covering product design, R & D, production, testing and after-sales service
Meet the differentiated needs of customers. Therefore, it is necessary for precision structure manufacturing enterprises to change from single production to comprehensive service
The inevitable result of the long-term development of the industry. It is expected that the downstream industry of precision structural parts will have strong demand in the future, which is expected to continue to promote
Industry development.
3. Profitability of comparable listed companies in the same industry in recent three years
Unit: RMB 10000
Peers 2019 2020 2021 January September 2021 estimated
Net profit after deducting non recurring net profit and loss after deducting non recurring municipal net profit and loss Moisten
Moisten
Lansi 246879.14 201200.19 489617.02 448624.50 329696.95 263829.11 200742.98 – 134277.71 – Science and technology 239912.34 173447.07
Chuangshi 1257.50 -20465.94 -69749.06 -76355.69 40955.03 33339.57 46000 – 34500 – Ji 52000 38500
Laibao 28185.60 23336.35 43809.74 38442.60 40506.32 38789.46
Gaoke
Tongda 9573.72 7791.15 12450.34 8131.14 4783.89 4360.25 2600-3800 1963.81 – shares 3163.81
43547219.3982.389440
precise
Note: the above data of Listed Companies in the same industry are from cninfo.com.
To sum up, driven by new materials, new technologies and new end products, the company’s industry has strong demand,
Moreover, the operating performance of comparable listed companies in the same industry has not deteriorated, so there is no continuous improvement in the external operating environment of the company
Risk of deterioration.
2、 Is the decline in the company’s main business revenue sustainable
In the past two years, the company adjusted its marketing strategy, stopped receiving orders with low gross profit margin, and accelerated the introduction of market demand
Orders with high growth and high gross profit. The window protective screen sector has successfully transformed from mobile phones and tablet products to more difficult technology
High 3D cold carving intelligent wearable series and new energy vehicle products have become the focus of Huawei’s high-end smart watch cover
One of the major suppliers; The touch display sector has changed from ordinary consumer to high-end smart wear, laptop and medium and large-size
Transformation in the fields of education and business display. At present, the electronic ink touch display module developed in emerging fields has achieved mass production;
The precision structural parts sector gives full play to the advantages of molds and precision processing in the field of consumer electronics
The products have been extended to intelligent wearing TWS headphones, and transformed to new energy vehicles and other fields. At present, they have been successfully mass produced
Xiaomi TWS headset and Tesla car accessories. In addition, the company and some subsidiaries from August 2021
Ten days began to enter the judicial reorganization process. Affected by the company’s marketing strategy adjustment and judicial reorganization, the company’s market order
The single did not meet the expectations, resulting in the reduction of the company’s operating revenue. The main business income of the company in recent three years is as follows:
Unit: RMB 10000
2019 2020 2021
Operating revenue operating revenue forecast
Star Technology 490473.71 517
