Securities code: 002414 securities abbreviation: Wuhan Guide Infrared Co.Ltd(002414)
Wuhan Guide Infrared Co.Ltd(002414) record of investor relations activities
No.: 20220107
Investor relations activities □ specific object research □ analyst meeting
Category □ media interview □ performance briefing
□ press conference □ Roadshow
□ site visit ■ teleconference
□ others
Name of participating units and Haitong Securities Company Limited(600837) , Societe Generale fund, Galaxy fund, CAITONG fund, Huafu fund, AVIC personnel name fund, noan fund, Nanhua fund, CCB fund, Beixin Ruifeng fund, Harvest Fund, Bodao fund, Changxin fund, Shenwan Hongyuan Group Co.Ltd(000166) , Shanshu assets, Yimu assets, Dongxing Securities Corporation Limited(601198) , Hengyuan capital, Sanxin investment Shi Feng assets and other institutional and individual investors (134 in total)
Time: the evening of January 7, 2022
Location/
Receptionist of listed company Huang Li, chairman
Member name: Chen Liling, deputy general manager and Secretary of the board of directors
Securities affairs representative Zhang Rui
1、 Chairman Huang Li introduced the company's strategic development logic and operation
The company formulated its development strategy ten years ago:
First, choose a good industry track. With the strong development of the country, the field of national defense will be an industry field with anti cycle and rapid development, especially the investor relations activities of high-tech J product fair show a continuous upward trend;
Secondly, the company should master the core technology. In addition to chip investment, it also makes efforts to complete the equipment system to open the market scale and industry ceiling.
Finally, the company built a complete military scientific research system with dozens of research laboratories. 2、 Introduction to the company's core competitiveness
The first is to master the core technology. In terms of chips, the company began its layout more than ten years ago. At present, the company has three 8-inch batch production lines of uncooled, HgCdTe and class II superlattice. The three fields have completed their own technical construction, all of which have achieved independent control and the technical level is at the forefront of the world, especially class II superlattice detectors, It is not only the leader, but also only the company makes products and models in batches. The second is the overall of the complete equipment system. The company has established DD Research Institute. After years of efforts, it has successfully obtained the overall scientific research and production qualification of complete equipment system, and has become the first and only private enterprise to obtain the overall qualification of equipment.
The last is to build a complete high-tech military industry group. The company has set up many research laboratories, including not only infrared, but also nearly 50 research laboratories such as optics, radar, communication command and control, gyroscope, precision stability, artificial intelligence AI and data link. For the standard state-owned military industry group, the professional perfection is close to 80%. Except for the chassis and explosives, the company basically has coverage. The company can complete the design to processing independently, forming a complete military industry group.
The company spent ten years building three integration. Technology integration and high design efficiency. For example, the chip design can be integrated on one board, and the response time and performance will be improved; Integration of administration and command. In 2020, the company won the bid for a complete equipment system. It took only 11 months from receiving the notice to participating in the bidding, and finally won the first place; Scientific research and production are integrated. The production of the traditional military industry system needs to be changed after R & D, and the company completes it in one main body. This is also the core advantage for the company to participate in competition in the whole industry and obtain model projects.
In general, the company has become an efficient military industry group with the whole industrial chain and integration. High efficiency has created the unique competitiveness of efficient innovation. Military industry is much more complex than civil technology. Many private enterprises generally make some contributions to a certain local support, but Gaode has built a complete and efficient platform by benchmarking the complete military industry group, Different from ordinary private enterprises and institutions within the system, this is the system and ability we have spent nearly a decade to establish.
3、 Interpretation of recent major events
1. Recently, a project participated by the company completed the test of key links, including
The success of the class II superlattice detector is mainly due to the company's technical advantages on high-end chips and the platform technology.
2. At the beginning of this year, another complete equipment system that participated in the test achieved excellent results in the actual test process, and will actively promote the follow-up process according to the requirements of organs and units.
3. We won the first and second place respectively for the two airborne photoelectric pods won the bid. In the past, we were not ready to work on the pods because the company has many scientific research projects. The company decided to participate in this field since last year. This achievement was achieved when it participated in the bidding for the first time, which also reflects the advantages of the company's complete and efficient military industry system.
4. At present, the company has more than ten complete equipment systems under research. The first batch of orders for a certain type of complete equipment system won the bid in the early stage has begun. The orders for Chinese models will be greatly expanded from 2022, and the company has obtained the scientific research and production license of complete equipment system.
5. Overall, the complete equipment system will be slightly reflected in the financial statements in 2021., In order to complete the overall batch production of the equipment system, the company has nearly 1000 mu of initiating explosive work area in Xiangyang, equipped with modern overall workshop of the complete equipment system. With the subsequent finalization and batch production of the overall model of the complete equipment system, the company has sufficient production capacity to ensure the timely delivery of products.
Since 2021 or 2022, the essence of the company has changed from an infrared and photoelectric enterprise to an efficient military industry group with a whole industry chain and integration. While developing rapidly, the company's financial control is very cautious, and the asset liability ratio has been maintained at a very low level.
4、 Interactive Q & A
1. What kind of strategy is JM?
The demand for Chinese model products is large enough. The company's J products are mainly Chinese and actively develop abroad at the same time. The company has maintained a long-term strategic cooperative relationship with the only JM company with full license in China. Several JM contracts we have signed have defeated international competitors through pure technology PK, reflecting the company's competitiveness in the international market.
2. How will civil products be expanded and how will aiot and automotive electronics operate? Excluding the impact of epidemic products, civil products also increased significantly last year. The company attaches great importance to the investment in civil product R & D and market layout. Infrared has certain prospects in civil fields such as aiot, automobile and security. Therefore, in terms of civil products, the company has established Zhigan technology, Xuanyuan Zhijia and two overseas subsidiaries.
3. What is the starting point of civil products in 2022?
In recent years, the company has grown rapidly in the field of overseas outdoor viewing and aiming. In the automotive field, the company has three products used in front of the car factory, and is also talking about corresponding cooperation with some auto driving car enterprises. Internet of things is a relatively broad concept. There is a large demand for infrared products, but the unit value is very small. We also have many products applied in the field of safe city. These emerging fields are in the development stage. Although civil products maintain a high proportion of growth every year, J products are still in the process of rapid development.
4. Accounts receivable and inventories are relatively large in the third quarter. Will they improve in the fourth quarter?
The company increased the collection of accounts receivable in the fourth quarter, and the collection of accounts receivable was good by the end of the year. With the delivery of orders in the fourth quarter, the inventory gradually decreased, but the production preparation will be made for orders in 2022 at the same time. Our customers are all institutional customers with good performance ability, and there is little possibility of bad debts over the years.
5. Will there be any difference in the treatment of state-owned enterprises and private enterprises in the bidding of model products? Will there be ceiling restrictions?
First, there is no difference in the bidding process. Second, the policy does not allow differential treatment. Now, the competition of J products is becoming more and more market-oriented, and only relying on technical strength to win. The fact that the company has won the bid in so many key national models and complete equipment system projects also reflects that there is no difference in treatment between the two.
6. Why can only companies be the only private enterprises entering DD?
There is a certain historical opportunity. For this type of complete equipment system, our DD Research Institute spent two and a half years to test it successfully. In this process, we first obtained scientific research qualification and batch production qualification by the end of 2020, which also represents the government's trust in Gaode, a private enterprise. The company has always insisted on contributing to the cause of national defense, and has received corresponding orders in 2021.
7. How to ensure the company's chip production capacity?
The company has a chip workshop of the whole production line. This raised investment project has built a new chip building, which far exceeds the capacity of the original chip workshop and has China's leading R & D and production capacity. At present, the construction progress of the project is smooth and can provide production capacity exceeding the market demand after completion. The company is an enterprise with a large-scale mass production line in China. Other enterprises may use OEM to control the cost, which will have an impact on the delivery. However, the company has no such concern about the significantly increased market demand in the future.
8. How far is the gap between the infrared technology of product J and the most advanced foreign products?
The infrared technology is mainly determined on the chip. At present, the most high-end is class II superlattice technology. There is only one company in China, and the technology in Europe is immature. Only China and the United States have this technology. The level of class II superlattice technology is slightly lower than that in the United States, but the difference is not obvious. In terms of refrigeration detector level, China leads Europe and is slightly lower than the United States. The level of uncooled detectors is no worse than that of the United States, and even exceeds that of the United States in some indicators. Generally speaking, it has reached the advanced level of the West.
9. Is there a UAV configuration for the two pods this time?
It is used for UAV matching.
10. Advantages and disadvantages of the industry competition pattern?
First, locate the company's industry, which belongs to the military industry in a large field. In terms of breakdown, the company's main label is a complete and efficient military industry group, which is not locally located in a certain field, including infrared, civil, photoelectric, DD and other categories. In terms of competitive advantage, firstly, the company takes the lead in chip technology; Secondly, the company is the overall unit, which is similar to the main engine factory of automobile enterprises. We are the whole D factory; Finally, the company has a complete and efficient military industry system and uses multi-disciplinary cooperation for R & D and production. Advanced productivity must rely on advanced production relations.
11. At present, the company's share price is relatively low and the funds on the account are relatively abundant. Will equity incentive be considered?
Equity incentive companies have done it before, but the effect is not particularly good. Therefore, the company has designed a set of incentive model in line with its own growth, which is embodied in bonus
Linked to the project, a successful bidding of a project will have a project award, which is mainly encouraged in this way. At the same time, the company also actively pays attention to the performance of stock price in the capital market. In the future, it will strengthen investor exchanges and organize investors to visit the company and conduct offline research.
Note: there is no disclosure of undisclosed major information in this institutional investigation.
Annex list (if any) none
Date: January 7, 2022
