Bojie shares: in the short term, the company's orders are in a dynamic adjustment trend

Jiwei network news, recently, Bojie shares in an institutional survey said that the company's products are non-standard customization, according to the market common standard product order situation is expected to be the company's order situation, can not accurately and clearly reflect the actual situation. The company and customers to maintain long-term good cooperation, over the years, the overall situation of orders is relatively stable, specific product demand depends on the follow-up customer business needs, and the company's equipment production cycle is relatively short, in the short term, the company's orders are in a dynamic adjustment trend.

According to the data in recent years, from the perspective of downstream customers, the revenue of the top 10 customers of Bojie shares 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, of which industrial automation equipment revenue accounts for about 85%, equipment accessories revenue accounts for about 10%, technical service revenue accounts for about 5%; from the perspective of product fields, electrical and radio frequency test equipment is the company's more traditional business, accounting for about 50% of revenue, other such as acoustic testing equipment, Visual test equipment and other revenue accounted for nearly 50% of the total; from the perspective of product applications, the revenue applicable to consumer electronics accounted for about 80%, and other fields such as automotive electronics and medical electronics were also involved, but the proportion was limited.

According to Bojie shares, the company's current main business is concentrated in the field of consumer electronics, from the perspective of demand in this field, the overall demand is relatively stable, of which VR, AR-related business, domestic 5G millimeter wave business, etc., so that the company's future business may appear to have a large growth point, but when it can be achieved, depends on the development of the industry.

Vr/AR, Bojie said that downstream customers related to VR, AR-related business, the current test equipment is still in the process of client research and development, accounting for a very low proportion of the company as a whole. In the long run, with the development of related industries and the gradual increase and strengthening of product functions, people's purchase demand will increase, and the demand for test equipment will also be released.

Regarding the newly developed products or projects, Bojie pointed out that the company's newly developed products or projects based on the field of consumer electronics have developed relatively steadily. Customers have layout in some new areas, based on long-term friendly cooperation, the company will actively seize the opportunity and strive to achieve cooperation.

It is reported that the 5G millimeter wave shielding box has a long life cycle, but there will be daily maintenance and replacement of wearing parts. With the application of domestic 5G millimeter wave technology, the demand for related test equipment will increase significantly in the future, but the current domestic market is dominated by conventional upgrades, replacements, and supplementary needs. The company's stock market overall business demand is relatively stable development, but also in the continuous introduction of new products to achieve incremental, such as R & D and production is mainly used in the field of MLCC chip capacitors hexahedral detection equipment, has been recognized by more customers; in addition, independent research and development and production including bag measuring machine, dispenser, AOI optical inspection equipment, packaging machine, etc., the current volume is not large, but also gradually in the client trial or form orders.

Bojie shares said that 4G and 5G detection form is different, 4G and below detection is relatively simple, only need to put the product to be tested into the detection environment can be; and 5G millimeter wave detection dynamic presentation, so the accuracy of the antenna angle puts forward higher requirements, the related test time is also longer. Under the premise of the same testing needs of customers, the cost of 5G testing is exponentially different from that of 4G, but customers will find a balance between quality and efficiency, manufacturers and markets, and gradually release related testing needs.

At present, the company benchmarks Rod schwartz and Tescom in some businesses; and keysight, NI, LitePoint and other manufacturers are mainly cooperative relations, and the company's products and products of these manufacturers can constitute a complete set of solutions in some businesses.

In terms of RF testing business, Bojie believes that the company's current RF testing business mainly includes the test environment and its related business, in addition to shielding boxes, mainly provides such as antennas, connectors, filters, etc., but comprehensive testers, spectrum analyzers, etc. have not been involved, and such equipment manufacturers are very limited. At present, the company's business is mainly non-standard customization, according to customer needs, customized related equipment and other accessories, the price is also due to customer design needs, order volume and other situations vary.

Regarding the light source of hexahedral detection equipment, Bojie pointed out that most of the light sources of the company's hexahedral detection equipment are self-made. Since the products to be tested in the MLCC industry such as resistors, inductors, capacitors and other forms are mostly similar, the company's hexahedral detection equipment has more application needs in this field, but applications in other fields will also have the opportunity to achieve. 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 research and development and production of MLCC industry equipment, and currently does not directly produce downstream products in the industry.

At present, the company's production capacity can better match the business needs. The conventional detection speed of the company's hexahedral detection equipment can reach 10,000 to 12,000 pieces per minute, which belongs to the international leading level, in addition, it can also cover the appearance testing needs of all specifications of the industry's products, and pioneer the use of AI technology.

The company's layout in semiconductors mainly focuses on the following technical points: motion control accuracy, the combination of vision technology, and the combination of electrical testing technology.

Looking forward to the future, Bojie shares believe that on the whole, the company will continue to focus on the field of automation testing and automated assembly on the basis of the field of automation testing and automation assembly, continue to focus on the fields of electricity, radio frequency, acoustics, optics, vision and other segments, at the same time, will also use the existing technical reserves, combined with the industry and the market to further extend the depth and breadth of research and development in the field of high-end intelligent manufacturing, especially the application of visual technology, AI algorithm-related products, will strive to be gradually released in different application fields; product development perspective, The company currently has a layout of semiconductor packaging and test equipment. (Proofreading/Arden)