From February 25 to 28, 266, 193, 180 and 147 listed companies were surveyed by Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Kulun electronics, Shenzhen Transsion Holdings Co.Ltd(688036) respectively. The key points of the survey are as follows:
Ningbo Ronbay New Energy Technology Co.Ltd(688005) research points
Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) . SH): a high-tech new energy material company, specializing in the R & D, production and sales of cathode materials for lithium batteries.
The company continues to deepen in the field of lithium battery recycling. This time, it has established strategic cooperation with Gem Co.Ltd(002340) in the three fields of power battery recycling, Indonesian nickel resource project and precursor supply. It is the first time for the company to cooperate at the strategic level and the beginning of the layout of power battery recycling and nickel resource.
about the recycled raw materials and development trend obtained in cooperation with Gmelin: the company believes that China Shipbuilding Industry Group Power Co.Ltd(600482) battery recycling market is in its infancy Gem Co.Ltd(002340) recycling volume is in the forefront in China. After the investment is completed, a corresponding proportion of product supply will be obtained soon.
Through the recovery of valuable metals such as nickel, cobalt, manganese and lithium in high nickel ternary materials, the raw material cost will be mainly composed of the layout cost and processing cost of logistics channels. Greatly reducing the price of raw materials will not only be valuable for the development of ternary materials, but also accelerate the penetration of ternary materials into the low price new energy vehicle market and energy storage market, and broaden the application scenarios.
about the overseas layout of recycling business, company invests in TMR Co., Ltd., a recycling enterprise in Korea, which is currently operated by the Korean team, in order to obtain recycled materials and enjoy the benefits of resource volume and price.
for the cooperation of Indonesia nickel project, company plans to participate in 8% equity of Indonesia qingmeibang and obtain material products with no less than the participation ratio. At the same time, it said that this nickel resource layout is only the beginning of the company extending the supply chain to the upstream, and the proportion of strategic supply of raw materials will be increased in the future.
even if the price of raw materials in the upstream increases, the gross profit margin remains stable because the "back-to-back" pricing mode is adopted. The price of raw materials in the upstream is transmitted to the downstream, and the price fluctuation of raw materials will not cause significant fluctuation of gross profit margin. In 2021, the company maintained a high self supply rate of precursors, about 30%, contributing to profits; The production scale of the company has been expanded, the cost of scale effect has been significantly reduced, and the comprehensive profitability has been improved.
Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) research points
Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) ( Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) . SZ): the company is a high-tech enterprise engaged in manufacturing high-end semiconductor equipment and led substrate materials.
about whether the company will conduct price competition in order to expand market share in the photovoltaic equipment industry the company has maintained a long-term strategic cooperative relationship with well-known listed companies in the industry, and the brand influence and customer advantages have been further improved, which has a positive impact on the company's development of downstream markets.
The company launched new products such as single crystal furnace for producing 210mm large-size silicon wafers to strengthen market competitiveness and bargaining power with suppliers. At the same time, the company controlled costs through lean production. Under the effect of scale, the gross profit margin of the company's products increased.
about whether the company's silicon carbide application field and downstream customers have the intention to sign a contract: the company's research in the field of silicon carbide, the third generation semiconductor material, has lasted for many years, has established a pilot production line from raw material synthesis to crystal growth to cutting, grinding and polishing, and the 6-inch silicon carbide wafer has been verified by customers. The company maintains close cooperation with many Chinese enterprises. As of February 7, 2022, customers have formed purchase intention with the company. From 2022 to 2025, the company will give priority to providing them with no less than 230000 silicon carbide substrates in total. Customers will give priority to purchasing the company's silicon carbide substrate products on the premise of meeting the same technical parameters and prices.
about the layout of the company in the field of sapphire materials: the company can provide sapphire ingots and chips to meet the requirements of LED lighting substrate materials and window materials. The company has the world's leading super large-size sapphire crystal growth technology, and has established the production capacity from long crystal to cutting, grinding and polishing. At present, it has successfully grown the world's leading 700kg sapphire crystal. It has established a large-scale production base and is a leading enterprise mastering core technology and scale advantages.
The company cooperates with Lens Technology Co.Ltd(300433) the manufacturing leader in the field of consumer electronics window protection to establish Ningxia xinjingsheng electronic materials company, which is engaged in the production and processing of sapphire materials, so as to lay out the scale application of sapphire materials in the field of consumer electronics applications in advance. At present, the construction of Ningxia xinjingsheng electronic materials company is advancing in an orderly manner, and the equipment is installed, debugged and put into operation in batches.
key points of electronic survey
Galen Electronics (688206. SH): the company is an EDA enterprise with international market competitiveness. It has EDA key core technology, is committed to improving the overall technical level and market value of the integrated circuit industry, and provides professional and efficient EDA process and tool support.
about the revenue recognition method of EDA software products of the company: the sales of software products are authorized for a fixed period of time, which belongs to the performance obligation to be performed within a certain period of time. The company recognizes the revenue according to the straight-line method within the period of software authorization.
At the same time, the company will continue to update the version of the sold software products and provide technical guidance to customers without additional charge. The charging mode is consistent with the revenue recognition method adopted by the fixed-term authorized software products of Xinsi technology, kengton electronics and other international leading EDA enterprises.
In the sales of permanently authorized software products, the company only provides customers with the use authorization of the sold version of software, which belongs to the performance obligation to be performed at a certain point in time. The company collects the authorization fee at one time and recognizes the income at one time; At the same time, when the company sells permanently authorized software products to customers or during the after-sales period, the software version update and technical guidance and other services sold separately to customers need to be charged separately, and the revenue shall be recognized day by day according to the service period.
about the reasons for the rising proportion of direct sales of the company: at present, it adopts the sales mode of focusing on direct sales and supplemented by distribution, constantly strengthens the construction of its own sales network, and actively promotes the company and its products through exhibitions, networks, industry media and other channels.
For the large volume of business in North America, Korea and Chinese mainland, the company mainly adopts the direct selling mode. For Japan and other regions, the distribution mode is mainly adopted in the reporting period, the proportion of the company's distribution in 2018 and 2019 is relatively high, which are 79.71% and 64.24% respectively, which are mainly related to ProPlus.
In 2017, the company began to establish a distribution relationship with its related party Proplus, which is mainly engaged in the promotion and sales of the company's products based on its customer resources and sales ability accumulated for many years. The company's sales model is mainly distribution.
The company has gradually improved the global sales system, the scale and proportion of direct sales have increased year by year, and the company's sales model has changed to direct sales. During the reporting period, the proportion of the company's distribution revenue continued to decline, and the proportion of direct sales increased year by year. The proportion of direct sales in 2020 and January June 2021 were 73.82% and 88.75% respectively.
about the purpose and future layout of the company's two acquisitions: previously acquired Boda micro at the end of 2019, mainly because its products and customers are synergistic with Galen electronics. Boda micro also has modeling software and hardware products for semiconductor parameter testing. On the one hand, the completion of the acquisition can avoid internal competition between the two sides, On the one hand, it can also realize complementary advantages in product functions and customers, optimize product configuration and expand market share;
The acquisition of South Korean EDA company entasys in June 2021 is also due to the strong synergy between the two sides in product R & D and customer distribution. In the future, with the further development of the business of all parties, the synergy will further appear.
While maintaining rapid endogenous development, the company plans to expand strategic investment and mergers and acquisitions for EDA enterprises with high technology level outside China, market-oriented products or key EDA technologies and strong synergy with the company.
Shenzhen Transsion Holdings Co.Ltd(688036) key points of investigation
Shenzhen Transsion Holdings Co.Ltd(688036) ( Shenzhen Transsion Holdings Co.Ltd(688036) . SH): the company is a high-tech enterprise focusing on the design, R & D, production and brand operation of smart terminals with mobile phones as the core, and its business is concentrated in emerging market countries such as Africa, South Asia and Southeast Asia.
for the company, there are many reasons for non recurring profits and losses in this year: 2021 the impact of non recurring profits and losses on the company's net profit attributable to the owners of the parent company is about 740 million yuan, mainly the changes in the fair value of financial assets measured at fair value and whose changes are included in the current profits and losses, government subsidies, etc.
about the company's specific plan for expanding category business this year: continue to make corresponding adjustments for all links of procurement, production, R & D and sales; From the perspective of channels, in addition to the channels of mobile phones, the company is also expanding the channels of other categories, and will also focus on some key categories.
about the company's advertising ARPU value is not high, because Africa is still in the early stage of mobile Internet and the company's advertising business is in the early stage, so there is room for development in the future.
about the company's mobile Internet business model, the increase in smartphone sales of the company has brought continuous and stable traffic to the company, which is the guarantee for the company to develop mobile Internet business. The company's mobile phone is equipped with a mobile intelligent terminal operating system (voice OS) based on the secondary development and in-depth customization of Android system platform. Around the voice OS, the company has developed tool applications such as application store, advertising distribution platform, big data service platform and mobile housekeeper, which is the core foundation for the company to develop mobile Internet products.
