Securities code: 002975 securities abbreviation: Zhuhai Bojay Electronics Co.Ltd(002975)
Bond Code: 127051 bond abbreviation: Bojie convertible bond
Zhuhai Bojay Electronics Co.Ltd(002975) record of investor relations activities
No.: 2022-001
Investor relations □ specific object research □ analyst meeting
Activity category □ media interview □ performance briefing
□ press conference □ Roadshow
√ site visit
√ others (Tencent Conference)
Name Huaxi Securities Co.Ltd(002926) : Yu nengfei, Zhang Chenfei; South Fund: Wan Chaohui, Zhu Changyang, Wu ranjie; Li Xiao of China Guangdong Development Fund; And name of personnel Zhongtai Securities Co.Ltd(600918) Wang Zijie; Ping An fund an Tongliang; Hang Seng Qianhai fund QiTeng; Ruiyuan fund Zhou Quan;
Huatai Securities Co.Ltd(601688) Xiao qunxi; Cathay Pacific Fund Qin Peidong; Huang Zhiyuan of Xingquan fund; Ping An fund Zhang Qiaobo;
Guosheng securities Li Shunfan; Huatai asset management Jiang Xin
Time: 15:00-16:30, January 6, 2022
Location: company conference room and Exhibition Hall
Liu Xiaoyong, vice president of listed companies, Zhang Caihong, chief financial officer, Zhang Hongqiang, vice president and Secretary of directors, and he Shuheng, representative of securities affairs
Receptionist
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:
1. Split by downstream customers or industries, what is the company’s revenue in recent years?
Investor relations a: according to the data of recent years, from the perspective of downstream customers, the revenue of the top 10 customers accounts for more than 60%; From the perspective of product classification, the company’s products are mainly divided into industrial automation equipment, equipment accessories and related technical services. Among them, the income from the main content of industrial automation activities accounts for about 85%, the income from equipment accessories accounts for about 10%, and the income from technical services accounts for about 5%; From the perspective of product introduction, electrical and RF test equipment are the company’s more traditional businesses, accounting for about 50% of the revenue, and other revenues such as acoustic test equipment and visual test equipment account for nearly 50% in total; In terms of product application, the revenue applicable to consumer electronic products accounts for about 80%, and other fields such as automotive electronics and medical electronics are also involved, but the proportion is limited.
2. Please introduce the company’s orders. How is 2021 compared with 2020?
A: due to the characteristics of the industry and customers, the company’s products are non standardized. The company’s orders are expected according to the standard product orders commonly used in the market, which can not accurately and clearly reflect the actual situation. The company has maintained good cooperation with customers for a long time. Over the years, the overall situation of orders is relatively stable. The specific product demand depends on the business needs of subsequent customers. Moreover, the production cycle of the company’s equipment is relatively short, and the company’s orders are in a dynamic adjustment trend in the short term. For the business situation in 2021, please pay attention to the relevant contents of the 2021 annual report subsequently disclosed by the company.
3. What is the prosperity of the company’s downstream industry or customer demand?
A: at present, the company’s main business is mainly applied in the field of consumer electronics. From the demand in this field, the overall demand is relatively stable. Among them, VR, AR related business and China 5g millimeter wave business may lead to large growth points in the company’s business in the future, but when it can be realized depends on the development of the industry.
4. What is the status of 5g millimeter wave in China? What are the advantages of switching from 5g sub-6ghz to 5g millimeter wave applications in the Chinese market?
A: at present, 5g deployed on a large scale in China (mature application) is mainly based on sub-6ghz technology. 5gsub-6ghz and 5g millimeter wave belong to two different frequency bands of 5g. At present, 5g millimeter wave testing technology is mainly used in the international market, such as the U.S. market. Its initial application has led to a great increase in the demand for relevant testing equipment. At present, 5g in China mainly supports the application in sub-6ghz band, which can be tested in the original way. Therefore, there is no need for large-scale upgrading and substitution of 5g millimeter wave test equipment; When the relevant demand will be converted in the future depends on the development of the industry.
According to the current development and application of the industry, the advantage of 5g sub-6ghz to 5g millimeter wave is not obvious, which is mainly reflected in helping to improve the download speed of consumer electronic products. At present, the main challenge faced by the application of millimeter wave technology in China is that the energy consumption of millimeter wave base station is too high for operators, Prefer to arrange sub-6ghz base stations to meet customer needs; On the other hand, 5g communication means at this stage still need some time to improve for some application scenarios. However, in the long run, when 5g millimeter wave application scenarios are mature, such as intelligent driving, telemedicine, artificial intelligence substitution and other fields, the advantages or value of millimeter wave technology will be very significant.
5. What about VR and AR related businesses?
A: downstream customers have VR and AR related businesses. At present, the test equipment is 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.
6. What about the newly developed products or projects of the company?
A: the company’s newly developed products or projects in the field of consumer electronics are developing steadily. Customers have layout in some new fields. Based on long-term friendly cooperative relations, the company will actively seize opportunities and strive to achieve cooperation. In view of the business cooperation requirements and relevant rules, the company will perform the announcement obligation according to the actual situation.
7. What is the service life or replacement cycle of 5g shielding box? What is the expectation of RF test business in 2022?
A: the life cycle of 5g millimeter wave shielding box is long, but there is a need for daily maintenance and replacement of vulnerable parts.
With the application of 5g millimeter wave technology in China, the demand for relevant test equipment will increase greatly in the future, but at present, the Chinese market is dominated by conventional upgrading, replacement and supplement. The demand of the company’s overall business in the stock market has developed steadily, and at the same time, it is constantly introducing new products to achieve increment. For example, the research and development of hexahedron detection equipment mainly used in the field of MLCC chip capacitors has been recognized by more customers; In addition, the products independently developed and produced include package testing machine, dispensing machine, AOI optical testing equipment, packer, etc. at present, the volume is small, but they are also gradually tested at the client or form orders.
8. Compared with 4G technology, does 5g mainly enhance the detection effect in WiFi and Bluetooth? What is the difference in test cost?
A: 4G is different from 5g. The detection of 4G and below is relatively simple. Just put the product to be tested into the detection environment; The 5g millimeter wave detection is dynamic, so it puts forward higher requirements for the accuracy of antenna angle, and the related test time is also long.
On the premise that customers have the same testing needs, 5g testing costs are exponentially different from 4G, but customers will find a balance between quality and efficiency, manufacturers and the market, and gradually release relevant testing needs.
9. The company is outstanding in the 5g technology field. Compared with keysight, LITEPOINT and other manufacturers, what is the situation?
A: the company benchmarked rodschwartz and tescom in some businesses; It mainly cooperates with keysight, Ni, LITEPOINT and other manufacturers. The company’s products and the products of these manufacturers can form a complete set of solutions in some businesses.
10. Does the company’s RF test business include test instruments in addition to shielding boxes? What is the selling price of related products, single or packaged?
A: the company’s current RF test business mainly includes test environment and related businesses. In addition to shielding box, it mainly provides antennas, connectors, filters, etc., but comprehensive tester and spectrum analyzer are not involved. The manufacturers of such equipment are very limited.
At present, the company’s business is mainly non-standard customization. Relevant equipment and other accessories are customized according to customer needs. The selling price is also different due to customer design needs, order volume, etc.
11. Is the light source of the company’s hexahedron testing equipment imported or self-made? Will it be extended to other fields besides MLCC? In the field of visual inspection, in addition to the equipment for inspecting the appearance, does it consider developing equipment suitable for the production process or producing downstream products?
A: most of the light sources of the company’s hexahedron testing equipment are self-made. Since the products to be tested in MLCC industry, such as resistance, inductance and capacitance, are mostly similar in shape, the company’s hexahedron detection equipment has more application needs in this field, but its application in other fields will also have the opportunity to be realized.
In the field of visual inspection, in addition to the equipment for detecting the appearance of products, the company has a vertical layout in the field of production process, and focuses on the R & D and production of MLCC industry equipment. At present, it does not directly produce downstream products of the industry.
12. What is the competition pattern and market scale of production equipment in MLCC industry? Is the research and development of this kind of equipment carried out by the parent company or the subsidiary odway? What is the main plan for putting into production after successful R & D?
A: in the past, the relevant leading enterprises in the world were mainly concentrated in Japan and South Korea. At present, Japanese companies occupy the highest market share. In recent years, the chip capacitor industry has grown rapidly. 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, and the market space is relatively optimistic.
Research development, that is, the development of underlying technology, is mainly carried out at the level of the parent company. After successful research and development, such as the formation of standard modules, or the product application of the formed technology, it will be placed in each business division and each subsidiary for production according to the business layout, industrial chain, customers, etc. If the equipment is applicable to the MLCC field, it will be placed in odway for production according to the current layout.
13. The MLCC industry has shown an upward trend since 2020. What are the main benefits?
A: the development of MLCC industry, on the one hand, is driven by the development of on-board and 5g businesses. On the whole, the driving impact of the development of automotive electronics business is smaller than that of 5g business (Consumer Electronics), but the automotive electronics industry has higher requirements for product quality testing, and the consumer electronics industry has a large demand for testing equipment; On the other hand, thanks to national policy support, we are promoting high-end equipment and import substitution.
14. What is the current number of employees of odway? Is the business seasonal? Does the current capacity meet the business needs? What is the technical level of hexahedron detection equipment?
A: at present, the number of employees is about 180, and the seasonality of business is not obvious. The company has established a lean management system with Bojie characteristics, Combined with flexible production mode (due to the customization characteristics of automation equipment, manufacturers generally adopt flexible production mode. Flexible production mode is a market-oriented production mode of on-demand production, which is different from large-scale production mode, so as to adapt to the current market demand of multi variety, multi specification and rapid response. All business activities focus on meeting customer needs
It is required to expand and make full use of computer and automation technology to meet customer needs with minimum resource investment), which can effectively escort the company’s business from early scheme planning, product design and development, raw material management, process production management, shipment management to after-sales service, and provide customers with higher quality products, Make full use of the additional advantages of lean management and technological innovation to save energy and reduce consumption, improve the efficiency of employees and equipment, and improve the input-output ratio. At present, the company’s production capacity can better match the business demand.
The conventional detection speed of the company’s hexahedron detection equipment can reach 10000 to 12000 pieces per minute, which is an international leading level. In addition, it can also cover the appearance detection needs of all specifications of products in the industry, and it is the first to combine AI technology. 15. What is the company’s situation in the field of semiconductor testing?
A: the company’s layout in semiconductor mainly focuses on the following technical points: motion control accuracy, combined application of visual technology, combined application with electrical testing technology, etc.
16. What is the strategic direction of the company in the next three years?
A: on the whole, the company will continue to focus on the subdivided fields of electricity, radio frequency, acoustics, optics and vision on the basis of automatic testing and automatic assembly
