Securities code: Zhuhai Bojay Electronics Co.Ltd(002975) securities abbreviation: Zhuhai Bojay Electronics Co.Ltd(002975)
Bond Code: 127051 bond abbreviation: Bojie convertible bond
Zhuhai Bojay Electronics Co.Ltd(002975) investor relations activity record
No.: 2022003
Investor relations □ specific object research □ analyst meeting
Activity category □ media interview √ performance briefing
□ press conference □ Roadshow
□ site visit
□ others
Activity participation sheet
Persons and personnel Zhuhai Bojay Electronics Co.Ltd(002975) 2021 annual performance presentation meeting for all investors
Time: 15:00-17:00, April 29, 2022
Location: Shenzhen Stock Exchange “interactive easy platform” (http: / / IRM. C Ninfo. Com. CN.) “Cloud interview” column
Form network remote
Mr. Wang Zhaochun, the chairman, Mr. Chen Jun, the director and general manager, Mr. Huang Baoshan, the independent director, Mr. Liu Xiaoyong, the deputy general manager of the listed company, Ms. Zhang Caihong, the chief financial officer, Mr. Zhang Hongqiang, the deputy general manager and Secretary of the board of directors, Mr. Wang Hu, the receptionist of the sponsor representative, and the staff of the board office
1. What is the current main business situation of the company? What are the main products and have they changed? A: the company’s main business is R & D and sales of industrial equipment and accessories. The industrial automation products produced by the company include automatic testing and automatic assembly equipment. (1) Automatic test equipment in the activity exchange: automatic test is the traditional advantage field of the company, with a comprehensive and rich product series, covering many fields such as electricity, acoustics, optics, radio frequency, vision and so on; (2) Automatic assembly equipment: LED automatic recording production equipment, automatic packer, etc., mainly for the consumer electronics industry, and expand to industrial electronics, automotive electronics, medical products and other fields. At present, the demand for personalized customization in downstream industries is increasing. The company complies with the development of the industry and develops automatic and intelligent assembly equipment, so as to provide one-stop solutions for automatic testing and automatic assembly.
2. The new 5g and IOT RF test equipment developed by the company is only for laboratory use at present? Can I detect the millimeter wave radar of the car? What are the better features of the new hexahedron detector compared with the previous generation of products? Are you interested in developing micro led detection products in the future?
A: the relevant information is as follows: (1) the 5g RF testing related equipment products developed by the company can support radar testing, covering the laboratory and mass production scheme. Automotive radar belongs to the future business development direction; (2) The newly developed hexahedron detector is not only limited to MLCC industry, but also has a wider range of applications, covering the components with the smallest size, and the test speed and accuracy are improved compared with previous products; (3) Mini LED optical test products have been gradually sold. At present, they are also tracking and waiting for market demand. The research and development of micro LED test equipment is also advancing.
3. If the chip used in iphone14pro mobile phone is upgraded from A15 to a16, does the RF test equipment purchased by the production line need to be replaced? Whether the company’s RF test equipment is applied to AR / VR related products, and how about the sales volume?
A: if the relevant mobile phone products are only chip upgrades, but the communication protocol has not changed, it is generally not necessary to update the test equipment; However, if new functions are introduced (such as UWB), it may be necessary to purchase new test equipment or upgrade hardware on existing equipment.
As for other RF related application fields mentioned, the related businesses of downstream customers are still in the process of client R & D and certification, accounting for a low proportion of the company as a whole; In the long run, with the development of the industry and the gradual enhancement of product functions, consumers’ purchase demand will increase and the demand for test equipment will be released.
4. Recently, it has been reported that ODV hexahedron testing equipment has been sold to Japan, hoping that the company’s products can go to the world. What products have been sold in visual inspection and how to plan the development direction of visual inspection?
A: as electronic products become smaller, thinner and lighter, their internal components gradually tend to be small, which has reached a level that cannot be detected by the naked eye. The subsidiary hexahedron testing equipment has been affirmed and praised in terms of performance, quality and delivery speed. In particular, as the first enterprise to “apply ai artificial intelligence algorithm to help customers realize rapid product type change and help customers wind some special patch inductors”, its breakthrough of “from traditional algorithm appearance detection can not be checked to detection and rapid and reliable detection” can effectively meet the needs of customers to improve product competitiveness, It has been recognized by mainstream downstream customers in China and actively obtained foreign business opportunities.
The company’s AOI glass appearance inspection equipment in visual inspection can be specially used for glass defect detection of electronic products, such as scratch, dirt, pinhole, tooth edge, ink overflow, silver dot, water ripple and other defects in cover glass windows and silk screen printing areas such as mobile phones and flat sectors, so as to strive to obtain better market space in the future.
5. The company’s business is mainly customized products. Please explain the R & D and promotion progress and planning of standardized products, as well as the role of standardized transformation in improving future performance.
A: the company continues to promote the research and development of standard products. 5g RF test equipment, hexahedron detector and packer have achieved mass production and been recognized by customers. In the future, it is expected to make breakthroughs in the fields of charter testing aircraft and AOI testing equipment, but it needs a certain cycle and strive to obtain a certain market space.
6. Is there any change in the production mode of the company?
A: due to the great differences between downstream customers in the application scenarios, functional characteristics, technical parameters, operation convenience and other characteristics of industrial testing, assembly and other automation equipment, resulting in the non standardized characteristics of industrial testing, assembly and other automation equipment. The company adopts the production mode of “production based on sales”. Each Bu and subsidiary has configured different production workshops according to different product categories, and each workshop is equipped with special equipment and instruments, According to the requirements of lean management system, adopt flexible production mode and carry out serial production. The same series of products can realize rapid conversion, and can timely organize production and deliver to customers when dealing with batch orders.
In 2021, the company’s Operation Excellence Center set up a lean factory, which is mainly responsible for mass production of standard products and the establishment of standardized production lines. Materials on-line, module assembly, product final assembly, commissioning and shipment have been standardized. At present, the company’s standard products, such as packers, are uniformly produced by lean factories, which greatly improves the production efficiency and product quality.
7. What is the difference between the company’s business model in 2021 and that before?
A: the company’s business model has not changed. The company implements and continuously optimizes the platform and modular business model, deeply ploughs into various subdivided fields, understands customer needs, strives for technological leadership through expert research and development and university cooperation, and launches integrated solutions for industry demand products. Its business is involved in acoustic, optical, electrical, radio frequency, vision and other fields. According to the differences in product characteristics and production processes, the company has set up several business divisions (BU) and subsidiaries to produce more products through platform R & D and incubation, so as to obtain greater business development opportunities. 8. Can you briefly introduce the performance of last year?
A: in 2021, based on technological innovation and guided by strategic indicators (PD) and performance appraisal (KPI), the company will actively respond to the periodic changes of downstream market demand and constantly explore new businesses and customers. By overcoming the adverse factors such as changes in the update iteration of downstream related fields, with the joint efforts of the management and all employees, the annual operating revenue was 1214036100 yuan, a year-on-year decrease of 11.77%; The net profit attributable to shareholders of listed companies was 243263000 yuan, a year-on-year decrease of 28.71%.
9. From the results of the first quarter of 2021 and 2022, the company’s current electrical test is stable. The opening of RF test project millimeter wave spectrum in China may be the profit growth point?
A: please refer to the regular report for the relevant business of the company. Various factors such as technology update iteration will lead to changes in the needs of downstream customers. RF test equipment will still be the main promotion product of the company. With the recognition of foreign customers, we will strive to continue to promote it to more Chinese customers in the future.
10. What are the causes and risks of seasonal fluctuations in the company’s operating performance?
A: (1) the seasonal fluctuation of automation equipment manufacturing industry mainly depends on the demand change of downstream industries. Taking consumer electronic products as an example, the demand for products is affected by holidays and people’s consumption habits. Generally, the sales season is from March to August and from September to February of the next year; Automatic testing and assembly equipment is the production equipment of consumer electronic products, and its sales will be ahead of the production and sales of consumer electronic products. The peak sales season is generally from June to October; (2) In 2020, the company’s seasonal fluctuation (especially in the third quarter) was more obvious due to the demand caused by the product technology renewal iteration of downstream customers; In 2021, the market environment and customer needs were different from those of the previous year. The company actively adapted to new changes, adjusted its business structure, and leveled off its quarterly volatility; (3) Due to the influence of technical update iteration, new product launch and other factors, if the demand of relevant downstream customers is released in a quarter, it will have a great impact on the company’s business. The company strives to continuously develop new businesses and products and overcome the obvious fluctuations in different quarters and even between different years.
11. What is the company’s core competitiveness in the industry?
A: the core competitiveness is mainly reflected in high-quality customer resources, leading technology research and development, rapid response mechanism, modular product scheme, lean management mode, etc. among them: (1) high-quality customers and world-class standards determine that the company will continue to meet the requirements of the highest standards from management to product quality; (2) In order to provide better and faster design services to customers, the company continues to innovate and research the leading technology in the industry, and develops various design platforms; The general test platform, AI vision, 5g test overall scheme and high-precision and high-speed equipment are the embodiment of the company’s continuous value creation for customers; (3) In order to reduce the waste of electronic products in the front-end market and ensure the company’s rapid delivery of electronic products in each iteration.
12. Why does the gross profit margin of the company’s main business decline? Changes in operating costs? How is cash flow performing? A: in 2021, the main operating data are as follows: (1) the gross profit margin of the company’s main business has decreased, which is mainly caused by factors such as the adjustment of export customers’ demand and the adaptation of business to market changes; (2) The operating cost decreased by 4.15% year-on-year. In terms of composition, the proportion of direct materials was 70.84%, and its absolute amount decreased by 10.02% year-on-year; The proportion of direct labor was 11.41%, and its absolute amount increased by 16.72% year-on-year; The proportion of manufacturing expenses was 17.75%, and its absolute amount increased by 12.22% year-on-year; (3) The net cash flow from operating activities was 195 million yuan, a year-on-year decrease of 32.25%. Please refer to the 2021 annual report for details of the above. 13. From the recent financial report, the proportion of domestic sales has increased significantly, and the proportion of the top five customers has also decreased a lot year-on-year. Is this due to the company’s overall strategic deployment or lower than expected downstream sales? What are the reasons for the sharp decline in gross profit margin in the first quarter of 2022?
A: (1) it is mainly due to the cyclical fluctuations in downstream industries, especially in the field of consumer electronics, changes in customer demand, product structure adjustment and other factors. The management of the company has made a relatively clear judgment on this, adjusted the strategic deployment, and took measures to improve the business volume of domestic sales and offset the impact of the reduction of export revenue as much as possible; (2) The change of gross profit margin in the first quarter of 2022 is mainly due to the decline of operating revenue and the relatively high proportion of labor and manufacturing costs.
14. Please explain the specific reasons for the decline of export revenue and gross profit margin, whether it will have a sustained impact on the company’s performance, and targeted measures.
A: the company’s performance in 2021 decreased year-on-year, and the export revenue also changed, mainly due to the cyclical fluctuations in downstream industries, especially in the field of consumer electronics, changes in customer demand, product structure adjustment and other factors. The decline in gross profit margin was mainly caused by “adjustment of export customer demand and business adaptation to market changes”. The company will strive to overcome various changes and try to avoid continuous impact. In the future, the company will mainly take measures from three aspects: strive to steadily promote traditional business; Strive for breakthroughs in automated assembly business; The field of machine vision has developed by leaps and bounds.
15. From the financial reports of 2021 and the first quarter of 2022, the subsidiary Hong Kong Bojie defaulted on accounts receivable of 84 million yuan, resulting in a significant decrease in the net cash generated from operating activities in the annual report of 2021 and a negative net cash generated from operating activities in the first quarter of 2022. What investment plan or business does Hong Kong Bojie have?
A: the company conducts transactions and settlement with some customers through Hong Kong Bojie, and then internal settlement is conducted between parent and subsidiary companies. Large accounts receivable are mainly based on the cooperation and credit status, giving customers a certain credit period. Accounts receivable will also affect the company’s cash collection to a certain extent. However, most customers are international well-known enterprises, and have maintained a long-term and stable cooperative relationship with the company with good credit status. At present, the subsidiary has no other investment plans.
