Record of investor relations activities
Securities code: 002106 securities abbreviation: Shenzhen Laibao High-Tech Co.Ltd(002106)
Shenzhen Laibao High-Tech Co.Ltd(002106) record of investor relations activities
No.: 2022-001
Investor relations activities √ specific object research □ analyst meeting
Category □ media interview □ performance briefing
□ press conference □ Roadshow
√ site visit
□ others
Name and of participant
Staff name: Furong Fund Management Co., Ltd.: Li Yanzheng
Time: 9:30-11:00
Location: Room 305, phase II office building, Guangming factory, No. 9, No. 5 road, Guangming District, Shenzhen
Receptionist and Secretary of the board of directors of the listed company: Wang Xingcun
Securities affairs representative: Deng Yihao
Firstly, the company’s securities affairs representative led the researchers to visit the company’s exhibition hall and briefly introduced the company’s leading products, technologies and new products. Then, in the conference room, the Secretary of the board of directors, the securities affairs representative and the participating researchers discussed the company’s production and operation Touch displays the development status of the industry, the development trend of investor relations activities, the company’s development strategy and future development direction, and introduces and communicates the main contents. The main communication contents of this research activity are as follows:
1. Please introduce the technical route adopted by the company’s vehicle touch screen products. A: the technical route of on-board touch screen products mainly includes two types: embedded and plug-in. The embedded structure includes on-cell and incell on-board touch screen, and the plug-in structure includes
G-G (glass glass) structure, OGS structure, OGM structure, GF (glass film) structure, etc.
In view of the company’s lack of production line resources for mainstream vehicle mounted display screens (mainly 10 inches and 12.3 inches at present, and the company’s existing 2.5-generation TFT-LCD display panel production line is uneconomical), as well as the company’s accumulation of more than 10 years of professional manufacturing technology and production management experience in external touch screens for many years, At present, the on-board touch screens produced and sold by the company basically adopt external structure. According to the project requirements of on-board touch screen products of different customers and different technical specifications, the company’s on-board touch screen products adopt diversified product solutions, including G-G structure, OGS structure, OGM structure, GMF structure, etc. at present, the shipment volume of G-G structure and OGS structure accounts for a relatively high proportion.
In addition, the company has successfully developed and mastered the design and manufacturing technology of touch screen with embedded structure (oncell / in cell) through the existing resources of the 2nd.5 generation TFT-LCD display panel production line. Limited by the factors of uneconomical layout and low yield of on-board display in the production line, At present, the company does not have the conditions for large-scale production of embedded structure vehicle touch display.
2. Please compare and analyze the competitive advantages and disadvantages of different technical routes in the field of vehicle touch screen.
A: the main difference between plug-in touch screen and embedded touch screen is reflected in the difference of material cost. The on-board touch display screen with external structure needs one touch drive chip and one display drive chip respectively, while the embedded on-board touch display screen only needs one drive chip shared by touch and display; In addition, in order to reduce the cost, the embedded on-board touch display can be made without cover glass and reduce the full bonding process and materials of touch display, while the external on-board touch display needs to be made through full bonding processes such as OCA after the on-board touch screen and on-board display are made respectively.
In addition, in terms of performance comparison, the touch sensitivity, response time, edge touch, anti-interference, reliability and other aspects of the plug-in structure vehicle touch screen are better
In car touch display products have significant performance advantages. These performance differences have been fully reflected in touch display full fit products for notebook computers.
3. What is the order demand of the company’s car touch screen market? Is there a plan to expand the production capacity of on-board touch screen?
A: with the increasing development of vehicles in the direction of intelligence, electrification and Internet, the market demand for on-board touch screen continues to grow, and the company’s on-board touch screen market order demand maintains a relatively vigorous growth trend. In December 2021, the on-board touch screen product shipment was about 250000 pieces, and the subsequent product orders are expected to further maintain a growth trend.
With the continuous growth of the market demand for vehicle touch screen products, the company strives to tap the capacity potential of the company’s vehicle touch screen by continuously optimizing the production line layout and filling in the bottleneck process capacity to meet the growing market demand. Considering that the production of on-board touch screen products mainly includes the production of front touch screen sensor and rear touch screen module, the company optimizes the existing G2 5. G3 and G5 touch screen sensor production line resources meet the production demand of on-board touch screen sensor products to the greatest extent. At the same time, according to the market demand, gradually expand the production capacity of on-board touch screen module, and strive to meet the growing demand of tier 1 customers for on-board touch screen products, especially dual screen on-board touch screen products.
4. What is the order demand of the company’s car touch screen market? What is the proportion of dual screen in the company’s vehicle touch screen market?
A: the company’s car touch screen market order demand maintained a relatively vigorous growth trend, with a shipment of about 250000 yuan in December. With the increasing development of vehicles in the direction of intelligence, electrification and Internet, the demand for dual screen has increased rapidly month by month since this year because of its good function integration, better control experience and more beautiful appearance. Due to the relatively low yield and capacity constraints of dual screen on-board touch screen, the company’s dual screen on-board touch screen accounts for 25% of the overall shipment of on-board touch screen
about; With the company’s subsequent further expansion of the production capacity of dual screen on-board touch screen, the proportion of dual screen shipments is expected to be further improved in the future.
5. How does the company view the future development prospect of dual screen and triple screen in vehicle touch screen? What product and marketing work has the company done in this regard? A: with the increasing development of the automobile in the direction of electrification, intelligence and Internet, the on-board touch screen is integrated with more components such as display screen, instrumentation and intelligent cockpit, and is increasingly developing in the direction of large screen and multi screen. The dual screen has been popularized and applied in the on-board touch screen since the fourth quarter of 2020, and the penetration rate of dual screen in the on-board touch screen has been increasing since 2021, Triple screen (integration of instruments and meters, central console and co pilot cabin) products began mass production in some high-end models.
Compared with single screen products, the product size of double screen and triple screen is more than doubled, the shape is irregular, and some products also need to support 3D surface modeling. The product production process is more complex, the manufacturing difficulty is increased, and the product yield is not high, resulting in a significant increase in the production cost of the product. Relatively speaking, the production process of the dual screen is more mature, the yield is gradually improved, the production cost is relatively low, and there will be more market promotion and application space in the future; Due to the complex production process, not yet fully mature, low yield and high production cost, the triple screen is limited to a small number of high-end models and is difficult to become the mainstream of the market.
The company has independently developed and mastered the design and manufacturing technology of the whole process of double screen and triple screen vehicle cover glass, vehicle touch screen sensor, vehicle touch screen bonding, and the full bonding of vehicle touch screen and display screen, and realized product and batch supply. The company is optimistic about the future market development space of the vehicle touch screen, and is continuously developing a series of new technologies, new processes and new products of the vehicle touch screen, including the new generation of integrated black technology, super hard AR coating technology, vehicle OGM, vehicle SFM, and strive to maintain the technology leading and market competitive position of the vehicle touch screen.
6. What are the competitive advantages of the company’s car touch screen
Where?
A: the company is optimistic about the future market growth prospect of vehicle touch screen and positions the vehicle touch screen as a new business and profit growth point. Compared with its competitors in the industry, the company’s development of vehicle touch screen has the competitive advantage of the whole industry chain. It has cover glass, touch sensor, optical function film (AR, Ag, AF, integrated black), fit and touch display, and has the world-class integrated black production process effect in the industry, Complete bonding process (OCA bonding, water glue bonding, plane / 3D curved surface bonding, dual screen bonding, etc.).
With the company’s continuous efforts in vehicle touch screen products, the cooperation between the company and vehicle touch screen product customers is becoming closer and closer. On the basis of deepening the existing customer demand market and relying on the competitive advantage of the whole industry chain in the vehicle touch screen business, the company will vigorously develop the international and Chinese first-class automobile terminal brand, continuously increase the number of the company’s vehicle touch screen product projects, and strive to achieve the sustained and rapid growth of the vehicle touch screen business.
7. Please analyze the reason why the current gross profit margin of car touch screen products is lower than that of laptop touch screen products? What improvement measures will be taken in the future?
A: the on-board touch screen market is a professional application market, which is significantly different from the market of notebook computers and other consumer electronic products. It is mainly reflected in the smaller number of single product orders, the long duration of single product order demand, and more types of orders produced in the same period. Therefore, the production of on-board touch screen products is faced with frequent production changes, As a result, the capacity utilization rate is lower than that of the touch screen product line for notebook computers. In addition, the company’s car touch screen products are mainly produced by G2 5. For G3 production line, limited by the processing size of the products of the production line, only about three 12.3-inch on-board touch screens can be arranged on a glass substrate, and the product yield and production efficiency are relatively low. Combined with the above factors, the current gross profit margin of the company’s vehicle touch screen products is lower than that of laptop touch screen products.
In order to steadily improve the sales gross profit margin of vehicle touch screen products, on the one hand, the company continues to invest in R & D resources and continuously develop new vehicle touch screen products, new technologies and new processes, on the other hand, it continues to work intensively in the global vehicle touch screen Market and continuously optimize the customer and product structure of vehicle touch screen, On the one hand, it will continue to improve and optimize the production process and production equipment of vehicle touch screen products, and continuously improve the production efficiency and yield of vehicle touch screen products.
8. What are the reasons for the slowdown in demand for educational laptops since the second half of 2021?
A: in 2020, affected by the epidemic, Europe, America, Japan, Singapore and other countries or regions successively introduced online learning subsidy plans, which made the demand for educational notebook computers (chromebooks) in distance education grow rapidly. These trends continued in the first half of 2021, resulting in a significant increase in the shipment of chromebooks and other educational notebook products year-on-year in 2020. Since the second half of 2021, with the gradual relaxation of epidemic control measures in Europe, America and other countries, students have returned to school one after another, and the demand for educational laptops has slowed down, which has decreased significantly compared with the first half of 2021. It is expected that the shipment of educational laptops such as chromebook in 2021 will still increase slightly compared with that in 2020. With the gradual formation of online education convenience and habits, the market demand for educational notebook computers will return to normal in 2022 and is still expected to maintain stable growth.
9. Please explain the competitive advantages and disadvantages of the external structure capacitive touch screen mainly promoted by the company and the embedded structure (oncell / incell) capacitive touch screen competing in the same industry in the application field of touch screen for notebook computer. Answer: the capacitive touch screen with external structure refers to that the touch screen module and the display module are different independent devices. In the application field of touch screen for notebook computers, the common structures include OGS and OGM structure with single glass substrate and GF2 structure with cover glass + film sensor, At present, the structure with the largest shipment of touch screens for notebook computers in the industry and Laibao company is OGM junction
Structure. Embedded capacitive touch screen refers to making the touch screen sensor film (sensor) which plays the role of touch control function on the upper plate of the display screen (oncell structure, generally color filter (CF) substrate) or on the lower plate of the display screen (incell structure, generally TFT array substrate).
In the application field of touch screen for notebook computers, supporting active pen operation is a necessary requirement for most notebook computers before leaving the factory. Compared with embedded capacitive touch screen, OGS / OGM external capacitive touch screen has sensitive touch performance, excellent edge touch performance, no signal interference defects, excellent supporting active pen operation performance, strong reliability The production cost is relatively low, but there is a competitive disadvantage that the touch function fails when the touch screen surface is accidentally damaged. However, since most laptops have casings, it is generally difficult to damage the touch screen and display screen of laptops if laptops fall accidentally. Therefore, these defects of OGS / OGM structure can be basically ignored in laptops. In the application fields of relatively high-end commercial laptops and two in one laptops with pluggable keyboards such as Microsoft Surface series, G, which does not have the failure of touch function after accidental damage to the touch screen surface, is more used at present, but the cost is relatively higher
