Written in the front: in 2020, we prospectively released a series of test instrument industry reports. In Chuangyuan instrument: viewing the company's medium and long-term growth space from 5g demand and product technical indicators, we conducted a bottom-up disassembly analysis of the test instrument industry from the perspective of the company, and in Huashan on the sword, how does Germany technology dominate the test instrument industry In, we analyzed the development context, core competitiveness and business development of German technology, which is the global leader. In "going from scratch now, looking at the development of domestic testing and measuring instrument industry", taking Tonghui electronics as the axis, we discussed and analyzed the technical gap of China's industry and the process of localization substitution, In the strategy report "several highlights of the technology industry in the multi-level capital market in 2021", it is highlighted that attention should be paid to the overall capitalization changes of the testing instrument industry in 2021. At the end of 2021, this report will deeply analyze the characteristics of each company's product end, downstream end, mode end and R & D end.
Product side: signal generation and processing products are involved in many manufacturers, and the upgrading trend of product structure is obvious. Dingyang technology has a high degree of coincidence with Puyuan precision electric products, mainly focusing on digital oscilloscope, waveform signal generator, RF signal generator, spectrum analyzer and other fields. Kunhengshunwei's main products include wireless channel simulator and RF microwave signal generator. In addition, the company also provides more customized development solutions and modular components. In addition to signal generation, signal analysis and vector network analysis products, Chuangyuan instrument also covers the fields of radio monitoring and Beidou navigation test, wireless network test and channel simulation. Tonghui electronic's products are mainly component parameter test, winding component test, electrical safety regulation test and other instruments.
Downstream end: the product has a wide range of applications, and the focus direction of each company is different. The customer base of electronic measuring instruments is extremely wide. Typical downstream application fields mainly include education and scientific research, industrial production, communication industry, aerospace, transportation and energy, consumer electronics, etc. From the perspective of product application field, dingyang technology is more focused on semiconductor and automotive electronics; Chuangyuan instrument focuses on the fields of communication and Aerospace; Tonghui electronics covers five fields: consumer electronics, automobile, manufacturing, communication and semiconductor; The downstream of Puyuan Jingdian is mainly in the field of education and scientific research; Kunhengshunwei serves the fields of communication, aerospace and national defense.
Mode side: it is divided into direct sales, distribution and ODM to jointly cover domestic and overseas markets. As the development process of the main business of each company is different, there are differences in sales mode and region. In terms of sales mode, dingyang technology, Tonghui electronics and Puyuan Jingdian mainly adopt the distribution mode, and Chuangyuan instrument and kunhengshunwei mainly adopt the direct sales mode. In terms of sales regions, dingyang technology and Puyuan Jingdian account for more than 65% of overseas sales, while Chuangyuan instruments, Tonghui electronics and kunhengshunwei are mainly sold in China.
R & D end: technology innovation iterations with downstream demand, and R & D investment of Companies in the industry increases year by year. From the data, the R & D expense rates of Puyuan Jingdian, kunhengshun and Chuangyuan instruments are similar and high, both at the level of about 25%. The R & D personnel of dingyang technology, Chuangyuan instrument and kunhengshunwei account for more than 40%. From the perspective of future R & D investment, Dingyang technology is developing some key chips (front-end amplifier chips and high-speed ADC chips, etc.), algorithms and modules. Chuangyuan instrument focuses on the research and development of key millimeter wave testing technologies and product development projects. Tonghui electronics further focuses on the technological innovation of intelligent electronic measuring instruments. The funds raised by Puyuan Jingdian are mainly used for the industrialization projects of high-end digital oscilloscopes based on self-developed chipsets and high-end digital oscilloscopes R & D and manufacturing project of end microwave RF instrument. Kun hengshunwei continues to focus on radio test and simulation technology.
Financial side: the volume of Puyuan precision electricity is the largest, and the scale of dingyang technology and Chuangyuan instrument is growing rapidly. In terms of volume, the revenue of Puyuan Jingdian and Chuangyuan instruments is large (the revenue will exceed 300 million yuan in 2020). The revenue growth of kunheng Shunwei is at the top of the industry, and the revenue growth of dingyang technology remains high and stable. In terms of net profit attributable to parent company, from 2018 to 2019, dingyang technology and Puyuan Jingdian were at the top of the industry, and the profit growth of dingyang technology has remained stable in recent years; In 2020, Puyuan refined power will turn into negative net profit, and the profit growth rate of Chuangyuan instrument will increase to 54%. From the perspective of valuation, dingyang technology has the largest market value, more than 10 billion yuan, with a corresponding PE TTM of 135x; The market value of Chuangyuan instrument is 2.7 billion yuan, corresponding to PE ttm52x; Tonghui electronics has a small market value of 1.7 billion yuan, corresponding to 43x PE TTM.
Risk improvement: the development of the industry is less than expected; Decline in industry profitability
