Securities code: 002975 securities abbreviation: Zhuhai Bojay Electronics Co.Ltd(002975)
Zhuhai Bojay Electronics Co.Ltd(002975) record of investor relations activities
No.: 2021-018
Investor relations □ specific object research □ analyst meeting
Activity category □ media interview □ performance briefing
□ press conference □ Roadshow
□ site visit
√ others (Tencent Conference)
Name of participant Tianfeng Securities Co.Ltd(601162) Li you; Jiang WANYING, China Thailand asset management; Cheng Qingyun of Penghua Fund; Wuhan Hongling Xiayang; Feng fan of Yinhua Fund; And name of personnel Northeast Securities Co.Ltd(000686) Tang Yu; Li Zhongwei of Guorong securities; Ping An fund Zhang Qiaobo; China Securities Co.Ltd(601066) Chen Yu, Liu Guangzong;
Wanlian securities Chen Xiaobin; Ye Zhicheng and Feng Xuanyu, asset managers of BOC; Ping An pension sun Dan; Agricultural Bank of China Huili Yao Yiming;
Liu weiqi, Zhejiang business information management; Zhou Yifu, cfac asset management; Zhang Yaguang of YueKai securities; Huaxia Fund Lu Xiaotian;
Xiao Wenjin of Changxin fund; Xing Quan fund Zhai Xiuhua; Caitong Securities Co.Ltd(601108) Hong Congying; Ping an asset management sun Chi;
Dacheng Fund Liu Xu; Ruiyuan fund Zhou Quan; Sun Hui of Yinhua Fund; Everbright Baode Xinhua Ye Shu and Zhu Mengtian;
Shenwan Hongyuan Group Co.Ltd(000166) international Qu Lingyu; Nanjing Securities Co.Ltd(601990) Zhang Qi; Zhang Jun of China Shipping fund; Peng Hua fund Xiao Pei;
Yan Yixiang of Nanyin financial management; Guohai Franklin fund Jisheng et al
Time: 16:00-17:10, December 23, 2021
Place: company conference room
listed company
RECEPTIONIST: Liu Xiaoyong, vice president, Zhang Caihong, chief financial officer, Zhang Hongqiang, vice president and board secretary, and he Shuheng, representative of securities affairs
After the company made a brief introduction to the basic situation, business performance and future prospects, relevant persons exchanged with investors. The main contents are summarized as follows:
Investor relations 1. In addition to supplying 5g RF test equipment developed and produced by the company to customer a, does it involve the main activities of Android system and related customers?
Introduction a: for 5g millimeter wave test, whether IOS system, Android system or Hongmeng system, the technical principle of the test is the same: that is, it mainly carries out antenna detection; In addition to customer a, the company is also actively expanding other customers outside China. At present, the main application in the Chinese market is sub-6ghz testing technology. 5g millimeter wave technology has not achieved large-scale commercial application, that is, it has not been widely used in personal consumer terminal products, and the demand for millimeter wave testing equipment will not increase explosively in the short term; It is believed that with the application and development of 5g millimeter wave technology in China, the demand for relevant RF test equipment may increase. At present, the laboratories of relevant technology companies outside China have purchased the company’s 5g millimeter wave test equipment, and the company has the first mover advantage in this regard. In addition, in addition to the iterative update from 3G to 4G and 4G to 5g, when the product characteristic requirements change (such as external form), the original test equipment can not meet the requirements, which will also promote the demand for new equipment. Therefore, the demand of the RF test industry is still, and the technology upgrading is higher than the demand for equipment due to conventional changes.
2. Due to the sudden increase in business volume of the company last year due to technological upgrading, will it bring greater pressure on the growth rate in the past two years? A: in terms of application scenarios, the demand for 5g millimeter wave testing, especially in the mass production stage, will be higher than that of traditional 2G, 3G and other related requirements. The customer needs to comprehensively consider the output, and will constantly find and dynamically adjust the input-output balance point with the development of industry and technology. With the emergence of new testing technology, there may be a situation that the market space is less than expected. From the perspective of millimeter wave technology application scenarios, in addition to the Internet of things, mobile terminals and other related fields, after 5g millimeter wave application scenarios are mature, such as intelligent driving, telemedicine, artificial intelligence substitution and other fields, millimeter wave technology will contribute to the realization of related applications.
On the one hand, the main challenge facing the application of millimeter wave technology in China is that the energy consumption of millimeter wave base stations is too high, and operators prefer to arrange sub-6gh suitable base stations first to meet customer needs; On the other hand, the 5g test means at this stage still need some time to improve for some application scenarios. When all mobile terminals can use millimeter wave test technology still depends on the development of the industry.
3. The market space of 5g RF test equipment is gradually expanding. What is the impact of customer a’s order on the company’s operation?
A: customer a is one of the company’s main customers. In terms of the scope of consolidated statements, the company’s products are relatively diversified. In addition to 5g RF testing equipment related to customer a, for example, in the field of visual testing, the company has developed and produced hexahedral testing equipment mainly used in the field of MLCC chip capacitors, which has also been recognized by many customers; In addition, the company’s independently developed and produced package testing machines, dispensing machines, AOI optical testing equipment, packers, etc. Although the current volume is small, they are also gradually put on trial at the client or form orders. The company will continue to focus on its main business, continuously dig and extend technologies in relevant fields, launch new products and promote sustainable development.
4. The company tends to develop and produce standardized products. What is the structure and gross profit of customization and standardization? A: the company’s development direction is to develop and produce equipment generally applicable to industrial customers. Hexahedron testing equipment is a typical representative of standardized products. The proportion of standardized equipment of the company will increase year by year. At present, it is mainly non-standard automation equipment.
The company’s product gross profit is affected by factors such as product category and order quantity. Customized products are mainly divided into new system and restructuring. From the previous data, the order volume of restructured equipment is relatively small, and the gross profit of this kind of equipment is relatively high, but its contribution to the overall gross profit is small; The gross profit of some standardized products is high. Taking hexahedron testing equipment as an example, because of benchmarking with international leading brands, on the premise of realizing import substitution in technology, the price has a competitive advantage. In addition, by continuously improving the production process and management level, the profit space of relevant products can be maintained.
5. The company’s performance fluctuates periodically. Will there be a more stable performance in the future? What are the goals or plans?
A: in the past, the business situation will indeed be affected by the demand of downstream industries, fluctuate or have some uncertainties, but the company’s development concept is relatively stable. In the process of its own operation and management, it formulates business objectives every year, including KPI and strategic PD: KPI depends on the actual objectives completed last year, and strategic PD will be higher than KPI, which is a breakthrough goal. The company usually sets the target for next year at least half a year in advance, and regularly evaluates and adjusts it every month, quarter and half a year in combination with the needs of the industry and customers to support the realization of the annual target.
6. Is it difficult to complete the company’s performance indicators set by equity incentive this year?
A: at the beginning of the year, the target of equity incentive plan was set with reference to the prediction of comparable companies in the same industry and the company’s own development. The company strives to do a good job in various production and operation businesses, regularly reviews the completion of operation and objectives, and makes efforts to achieve the overall plan; However, in actual operation, the results will fluctuate with the changes of external market and customer demand. According to the current situation, the company will not have the occasional large fluctuation of the previous year this year, and the overall situation is more seasonal and stable compared with previous years.
7. What is the competition pattern of visual inspection equipment industry? What are the main competitors outside China and the business volume and growth of the company? How are technological advantages or accumulation formed? What is the customer expansion and proportion?
A: the company has several products in the field of visual inspection. At present, the main benchmarking companies are international brands, mainly Japan, Germany and South Korea. The main products involve MLCC chip capacitor industry chain. At present, Japanese companies occupy the highest market share. The chip capacitor industry has grown rapidly in recent years. China has also made great progress in this field. Relevant enterprises have invested heavily in passive component chip capacitors. From the development of the market and customers, in addition, the company’s product technology can realize import substitution, The future situation is optimistic.
The detection efficiency of relevant products can be benchmarked with international first-class brand products. The model can be developed by using artificial intelligence algorithm to collect the defect template and increase the added value of the equipment. In addition, the company has more advantages in service and software development response speed. In the future, we will continue to improve product capabilities, continue to dig into the technology in the field of visual inspection, and further improve the relevant industrial structure.
At present, the hexahedron detection equipment has a good response on the client and has been recognized by companies such as Shenzhen Sunlord Electronics Co.Ltd(002138) , Shenzhen Microgate Technology Co.Ltd(300319) . The demand has been released to a certain extent this year. With the development of relevant industries and customer expansion, the proportion will also be dynamically adjusted; In addition, the AOI optical detection equipment developed and produced by the company has also been gradually tried on the client and formed orders. On the whole, the company is optimistic about the development in the field of machine vision testing equipment.
8. How is the construction progress of the raised investment project?
A: the IPO raised investment project is currently in the construction and decoration period, and the formal production period is 2023 as planned; The land for the implementation of the convertible bond raised investment project has obtained the state-owned land use right through bidding, and is currently actively obtaining the corresponding ownership certificate. 9. Please introduce the company’s R & D system, how to determine the R & D direction and the return of technicians?
A: the company’s R & D expenses are increasing year by year and continue to focus on the fields of electricity, radio frequency, acoustics, optics and vision. The R & D team is mainly divided into two categories: one is research development, that is, the development of underlying technology; The other is application-oriented development, which is mainly implemented in the technology center. Application-oriented development is mostly carried out in various business divisions. Basically, each key core field is tackled by a team led by high-end technical talents. In addition, the company has further improved its R & D system through the mode of industry university research cooperation, and is actively preparing to build a postdoctoral workstation.
Mr. Fu Lin, vice president in charge of technology of the company, has rich technical experience in the industry and is also the second largest shareholder of the company. Under the leadership of Mr. Fu Lin, all technical teams conduct full research, demonstration and Market Research on relevant technologies or projects from different dimensions and directions to ensure the implementation of R & D strategy.
The company has always attached importance to technical talents, and the salary level of personnel is competitive in the market. In addition, the company has achieved common development with its employees through equity incentives, joint investment in the establishment of incubation project companies and other forms.
10. Why does the proportion of production personnel change?
A: the company has formed an all-round lean management system with its own characteristics, put forward specific improvement standards and quantitative indicators for existing problems, and further implement the lean management concept to various links such as preliminary scheme planning, product design and development, raw material management, process production management, delivery management and after-sales service, Make full use of the additional advantages of lean management and technological innovation to save energy and reduce consumption, continuously improve the efficiency of employees and equipment and improve the input-output ratio.
11. The company’s products involve many industries. What is the space for subdivided fields? How to achieve reasonable growth?
A: the company’s downstream customers are mainly concentrated in the field of consumer electronics. During the introduction of new products, customers have high requirements for the confidentiality of all kinds of information, and the company’s market share data in specific sub industries has not yet reached the stage of being publicly available; From the macro level, the growth of the consumer electronics industry, especially the Chinese market, has been high in recent years. China has improved its technology and market share in the field of mobile phone manufacturing, and has achieved absolute first mover advantage in the industrial chain.
In the near future, the total market volume of 3C industries such as mobile phones may not increase much. In the future, new consumer electronic products will be introduced to the market, such as wearable watches and Bluetooth wireless headphones, as well as longer-term prospects, such as AR and VR products and such consumer electronic products with sensor function, all need to be tested with test equipment.
12. What is the company’s share in machine vision and automotive electronics? What will be the impact on the company if the AR and VR testing equipment is in large quantities in the future?
A: at present, the company’s downstream customers are still mainly focused on consumer electronics, and the short-term proportion of machine vision and automotive electronics is limited. AR and VR related equipment are still in the process of client R & D, accounting for a very low proportion of the company as a whole. In the long run, with the development of relevant industries and the gradual increase and strengthening of product functions, people’s purchase demand will increase and the demand for test equipment will be released.
List of attachments
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Date: December 23, 2021
