Fujita (835640)
Company events: the company released its 2021 annual report: in 2021, the company achieved a revenue of 603 million yuan, a year-on-year increase of 11.43%; The net profit attributable to the parent company was 102 million yuan, an increase of 48.87% over the same period last year.
5g demand increase + military industry development, RF coaxial connectors and cable components are advancing steadily: in 2021, the company made smooth progress in RF connectors and cable business. ① RF coaxial connectors, mq4 series multi-channel RF connectors with independent intellectual property rights, have formed their own core technologies in terms of high frequency, integration, high power, inter board interconnection and low intermodulation, and the total contract volume continues to increase, In 2021, the sales revenue of RF coaxial connectors increased by 13% year-on-year. ② RF coaxial cable components, the company’s resistance brazing technology, induction welding technology, laser welding technology, semi-automatic welding technology and other mature processes have improved the stability of products and provided a guarantee for the quality and efficiency of cable component assembly. The increase of customer demand has increased the revenue of cable components by 19% year-on-year in 2021. In 2021, the company’s overall order volume and sales increased. In 2021, the company achieved an operating revenue of 603 million yuan, a year-on-year increase of 11%, and the net profit attributable to the parent company exceeded 100 million yuan. The overall business was steadily promoted.
Closely following the trend of high-frequency integration and customization, the revenue of RF coaxial connector in 2021 was 282 million yuan, accounting for 47% of the total revenue. With the opportunity of the development of 5g industry and military industry, the company continued to enrich and expand the product structure based on continuous technological innovation, product R & D and management innovation, so as to make it develop in the direction of miniaturization, high performance and high reliability, so as to ensure the continuous and steady growth of the company’s revenue scale. According to the R & D activities promoted by the market and customer needs, such as the drive of defense and 5g development to R & D, the company has developed equal phase layer modular products, multi-channel RF coaxial connectors, pogopin scheme for RF and other products. In the more than 20 years since its establishment, the company has developed nearly 40 series of RF coaxial connectors, and can continuously improve and perfect them according to the needs of customers. At present, 396 national patented technologies have been declared, and 269 products and product structures have been authorized by national patents, including 9 invention patents. The company has successfully led and participated in the preparation and revision of nearly 20 international, national and industrial standards, and has formulated 12 IEC international standards in total.
As one of the few suppliers of RF coaxial cable components in the aerospace field, high-frequency cable technology has made a breakthrough, and the sales revenue has increased by 19%. With the continuous improvement of downstream industries’ requirements for signal transmission quality, the demand for semi flexible, low loss, micro and stable high-end cable products will increase more significantly. According to the prediction of China industry information network, the market demand scale of China’s RF coaxial cable will exceed 120 billion yuan in 2024. At present, the company is a supplier of low loss stable phase cables certified by the Fifth Academy of Astronautics. As the main supplier of aerospace interconnection products, the company provides supporting services for satellite communication, manned spaceflight, outer space exploration and other fields. In the field of aerospace, relying on its own design technology of aerospace grade RF coaxial cable components, the company has successfully developed a variety of aerospace grade RF coaxial cable components, which makes the company have great competitive advantages in the field of aerospace grade RF coaxial cable components and become one of the few manufacturers in this field in China. At the same time, through in-depth research on high-end low loss stable phase cable, the company has controlled the stability and consistency in the production process and formed the core technology of stable amplitude and stable phase index. In addition, the company has developed 110ghz cable components and made a breakthrough in the design and process technology of high-frequency cable components. In 2021, the sales revenue of RF coaxial cable components was 302 million yuan, accounting for 50% of the total revenue, and the sales revenue increased by 19.43% over the previous year.
Investment suggestion: the company takes RF coaxial connector as the core and provides integrated solutions based on cable, microwave devices and other products, so it occupies a dominant position in China’s communication industry. Relying on China Aerospace Group and taking communication and military electronics as the starting point, the company has gradually expanded the application fields of aerospace, aviation, ship and medical electronics, and the scale of revenue has continued to grow. The multi radio frequency channel connector part 3: Sectional specification for mq5 series circular connector (iec631383:2022), developed under the leadership of the company, has been released, which will have a positive impact on the business growth of the company. In addition, with the effective promotion of the company’s early investment projects and equity incentive plans, the company’s production capacity will be gradually released. In May 2021, the company entered the list of specialized new “little giant” enterprises of the Ministry of industry and information technology of the people’s Republic of China. At present, the latest market value of the company is 3 billion yuan, pettm29x. It is recommended to pay attention.
Risk tip: the risk of demand change in downstream industries and the risk of technology upgrading
