Securities code: 688167 securities abbreviation: Juguang Technology Xi'an Juguang Technology Co., Ltd
Record of investor relations activities
No.: 2022028 to 2022044
Investor relations activity category □ specific object research \uf0a3 analyst meeting
\uf0a3 media interview \uf0a3 performance briefing
\uf0a3 press conference \uf0a3 Roadshow
□ on site visit □ teleconference
\uf0a3 others (please describe other activities in words)
See the attachment for the names of participating units and personnel
Meeting time: February 27, 2022 - March 22, 2022
Venue: Xi'an Juguang Technology Co., Ltd. (on-site or telephone)
Name of receptionist of listed company chairman / General Manager: Liu Xingsheng
Director / Deputy General Manager: Tian Ye
Person in charge of automobile business: Li Yong
Secretary of the board of directors: He Yan
Securities affairs representative: Zhao Fang
Q: what are the company's relative competitive advantages in optical devices and optical parts? Or in cooperation with some customers in the field of lidar, what is the advantage of this technology?
A: the competitive advantage is mainly reflected in: (1) strong design ability. Whether it is the main content of investor relations activities
Introduction to manufacturing field, fiber laser field, blue light field or lidar
The field is designed according to the characteristics of luminescence. (2) The device manufacturing consistency is guaranteed and has cost advantage. Cylindrical mirror with cylindrical shape is what we are best at. We are precision manufacturing. The company's unique micro optical complex spherical and aspherical cylindrical lens processing technology can synchronously process multiple spherical and aspherical cylindrical lenses on the maximum 12 inch (300mmx300mm) optical substrate material, and the processing accuracy, efficiency and consistency can be guaranteed. (3) The loss is particularly small. The surface can achieve a smoothness of two microns to three microns, so it does not scatter light. Because there are many new routes of lidar now, in these technical routes, we either provide customers with better high manufacturing optical devices, or help customers with a set of optical design scheme.
The technical advantages are different in each project. Based on our understanding of the technical route of lidar, combined with the light source used by lidar and the requirements of the whole lidar transmitter for optical shaping, we can provide a more advantageous solution. Q: please introduce the latest development of the company's business and the current projects. A: the company has made breakthroughs in emerging markets such as prefabricated gold tin film ceramic heat sink, which has brought new business growth points to the company. In the field of fiber laser, we grow rapidly, and the company will continue to improve its business ability with the development of the industry; In the field of slow axis, since the slow axis is less difficult than the fast axis and the technology is easier, but there are also cost control challenges, we will gradually lay out in the slow axis; In the display field, what we mainly do is LLO flexible display laser stripping, which is a system that separates the finished OLED screen from the stripped line spot from the glass substrate; In the field of medical and cosmetic devices, core components contribute greatly. In addition to the traditional application scenarios of Dentistry, radiography and hair removal, emerging ones include fat dissolving and so on. Juguang technology is developing in the middle reaches, mainly in three aspects: lidar, pan semiconductor process and household medical health. At present, it is advancing in an orderly manner. Q: after listing, does the company gain more lidar customers?
A: listing can promote brand image. For the specific business of the company, we have reached cooperation intentions or established cooperation projects with many well-known enterprises in North America and Europe before listing, including velodyne, luminar, etc. The cooperation between customers and us is mainly based on trust and the competitive advantages of the company's own technical solutions and products. Q: is the cooperation between the company and customer B on the module side? A: we have signed a framework cooperation agreement with customer B, which stipulates that we intend to cooperate in the vehicle lidar transmitting module in the future. Q: does the company have reserves at 1550nm? Do you think 1550nm will become the mainstream of lidar technology in the future? Is there any relevant cutting-edge R & D? A: 1550nm is a high-end lidar with longer safety distance, greater power and longer detection distance. However, at present, the cost is very high, and its development needs some time to observe. 1550nm will be used much more for high-end models. 905nm has low cost, but the detection distance is closer than 1550nm, which is the mainstream at present. At 1550nm, we are currently making some cutting-edge layout, and some markets are expected in this part. Q: how far is the area light source? What are the application scenarios? A: the distance is about 50 meters. It is mainly used in side and rear lidar. Q: after the volume of lidar becomes larger in the future, how much room will the optical components involved in the company have to reduce costs? A: we believe that the ideal state of lidar is to reduce the unit price to $200300 per set, which requires the transmitter module to be reduced to $50-60 per set as a whole. The premise of feasibility lies in: ① reaching the order of ten million or one million; The second is technological innovation. Q: what is the year-on-year operation of 2022q1? After the fund-raising, what is the progress of the project and the current production capacity? A: in 2021, the company continued to strengthen the iteration of technological innovation, continuously improved the industrial layout and opened up new application markets. The business scale was expanded to a certain extent, and the overall business maintained a stable development trend. At present, all fund-raising and investment projects are in orderly progress. Q: in terms of lidar, which scheme is more promising for the company to expand to the middle reaches? A: a hundred schools of thought contend and a hundred flowers bloom on the technical route of lidar. Now it is difficult to say which technical route will go further.
In the field of lidar, the company's main business focuses on the following aspects: (1) providing optical components. No matter what scheme, components are required. Our laser optical components cover most lidar schemes, mainly including optical field homogenizer (line spot and surface spot need light to be very uniform), beam homogenizing diffuser for flash, optical fiber coupler, collimator, etc. (2) provide a complete transmission module solution for hybrid solid-state / all solid-state end radar. We offer line and face flares. At present, 1550nm is mostly used in fiber lasers and uses two-dimensional MEMS scanning. The company also has a layout in this regard. At present, it is in the pre research stage and reserve stage. (3) Provide technical services to customers, such as optical alignment process, manufacturing and other services. Q: what is the value of the laser radar line spot module? A: the line spot module basically accounts for about 20% of the value of the whole lidar.
Q: in terms of launch module, what is the advantage of the company compared with similar competitors? A: core components: the biggest advantage is in performance. Our material is all glass, with stable performance and high temperature resistance. (1) For the point or line spot of MEMS, the collimation of light is required to be very good, and the angle that can be done is small, which is conducive to the improvement of angular resolution. We can make the collimation angle of light very small, such as 0.1 ° or even 0.05 °, which greatly increases the resolution, the detection distance and the power density of light. (2) For flash, we can make the light diffusion angle large, such as 120 ° 25 °, which is relatively standard. It is difficult to do it with other materials or technologies. We have launched the diffuser with 160 ° divergence angle. At present, the divergence angle is relatively large among similar products. (3) Light field homogenization: line spot or surface spot requires uniform light intensity, and our homogenization effect is very good. (4) In addition, we have great advantages in manufacturing cost and processability.
Module at the transmitting end: it needs to pass the vehicle regulations, involving thermal management technology, material science, eutectic bonding technology, optical ability, mechanical and physical analysis, etc. torch technology has deep technical reserves in these process technologies, photon generation and photon regulation. In terms of large-scale manufacturing, a few years ago, we were more like a research institute, which was widely recognized in technological innovation. Later, we also hired professionals in the automotive industry to strive to create excellent manufacturing in the automotive industry. Q: what is the impact of Q1 Xi'an epidemic?
A: since the epidemic prevention and control in Xi'an was upgraded on December 22, 2021, the company has organized and arranged some management and more than 20 production line employees to stay at their posts. Under the guidance and support of relevant departments of Xi'an high tech Zone, the company has adopted a fully closed management mode, adhered to production and fully guaranteed the emergency orders of key customers. Many employees work at home to ensure the normal operation of the company, and the operation in Dongguan, Germany and other places has not been affected. Generally speaking, it has no material impact on the company's performance. Q: what is the market space of lidar? Proportion of value of each link? A: lidar is expected to expand its market space at the application end with the reduction of its price in the future. Lidar includes transmitting, receiving, electronic control, scanning, software and other parts. The company's lidar transmitting module products account for a corresponding proportion in the whole lidar. The transmitter module accounts for a relatively high proportion of the overall lidar value, and the components account for a small proportion of the overall lidar value. Q: what is the strategic layout of lidar? A: the company provides optical components and launch module solutions for various lidar technology routes. The company has cooperated with Continental in the mass production project of flashlidar (all solid state flash lidar). The company focuses on the development and promotion of linear light source and area light source solutions, and has technical reserves based on edge emitting eel, VCSEL and other lasers. The company is optimistic about the technical route of using all solid-state lidar in medium and short distance and hybrid solid-state lidar in long distance. The linear light source emission module mainly developed by the company can realize one-dimensional scanning hybrid solid-state lidar, which is easier to pass the verification of vehicle regulations. Q: what are the main customers of batch supply? What are the outsourced laser radar parts of area light source? A: now we supply all solid-state products to continental in batches, and mixed solid products are mainly supplied to customers B. The purchased parts include plastic shell, small circuit system, etc. Q: what is the wavelength of the light source of the transmitter module? What is the specific production situation and rhythm of the two large orders of 400 million from continental Germany and 800 million from home medicine and the United States?
A: the wavelength is 1064 nm. Continental's orders are expected to be completed in five years from the fixed point in April 2019. Mass production will begin in the first half of 2021 and delivery will begin in the second half of 2021. The order of home medical beauty is expected to be completed in 6 years. At present, the design and structure have been finalized. As the clinical medical certification process takes a certain time, it is expected that the overall time will be longer. Q: is the laser produced by the company based on eel? A: in terms of transmitter module, the company mainly invests in two directions: all solid state based on flash and mixed solid state based on eel. 1064nm flash all solid state laser has been supplied to mainland Germany. The company believes that VCSEL is a better route in terms of close distance, and has provided customers with solutions. In the semi-solid mixed solid state, at present, one-dimensional rotating mirror, rotating galvanometer and on-line light spot are the easiest to control the cost and pass the vehicle gauge. Because eel technology has the advantages of high brightness and small volume, the company mainly applies eel technology at this stage. Q: what is the cost planning? What are the goals for the next three years? A: in the first half of 2021, R & D expenses accounted for 16.19% of operating revenue. It is expected that the company will maintain high R & D investment in the future, but with the continuous growth of revenue, the proportion of R & D expenses in revenue will decline relatively; Sales expenses accounted for 6.88% of operating revenue, and management expenses accounted for nearly 15% of operating revenue. The goal in the next three years is to reduce the proportion of sales expenses and management expenses, and strive to reduce the sales expenses to about 5 ~ 6% and control the management expenses to about 6 ~ 7%. Q: what the company mainly does is to launch the light source module and turn the point light source into a line light source. How do you view the acceptability of downstream customers to the company's scheme? A: Eel laser is the most mainstream scheme, and eel is not a simple point light source. On the one hand, we have our own optical design and the optical scheme of core line spot generation. On the other hand, it is the design and manufacturing of the whole module, including application design, assembly design and performance design at high and low temperature. These are our complete set of design logic and scheme, which is our technical advantage. Q: from the perspective of the application of lidar, are velodyne and luminar useful? Do fiber lasers also use semiconductor lasers? In this case, we are now fully providing this kind of direct semiconductor laser to the application field of lidar? A: there are many schools in the technical route of lidar, but in fact, one of the main arguments is the difference between 1550nm and 905nm. Velodyne and luminar are two typical representatives. The route of 905nm is relatively fine and easy to obtain, and it is relatively easy to obtain from devices and mass production manufacturing. It is a relatively mature and low-cost route; At present, 1550nm fiber laser is still relatively high-end. However, the detection distance of 1550 nm is indeed higher than that of 905 nm
