2021-09-02 Shengyi Technology (600183) announced: Citi ERIC LAU, 3w fund Yang Wenbin, AGIJASON SHU, ALLIANCE BERNSTEINZHOU MING, ALLIANZCHRISTINA CHUNG, BARINGSVIVIAN SHANG, BNPJEFFREY KWONG, Boci Prudential Asset Management LtdVincent Cheung, CAPITAL INV TRUSTAARON CHEN, CATHAYYI LIAN YUAN, CHINA LIFEJOSH YU, CITIALICE CAI, CLOUDALPHA XIE MING, CONCORDSCHARLES CHEN, CPIC Fund Management Co., LtdShi Gao, CREDIT SUISSESHEN YU FENG、DAI ZHAN TOUZIZAX LIN、Daiwa Sb Investment Ltd Shanghai Representative OfficeSharon Hu、Dapu FundDi Ma、Dragonstone Capital Management LtdLuna Liu、EURIZONANDREW LI , FOUNDER INVLI LU, FOUNTAIN CAPXIN SUN, Franklin Templeton Suntong, FUBON A/MTIM TSAI, FUDA INT'LLINDA ZHOU, GAAMAnnie Su, GRATECUEYONG FOR, GREENCOURTKEVIN KE, Haitong International Asset Management (hk) LimitedSam Wong, Harvest Global Investment LtdAngus Lin, HD CAPITALALICE YUNG, HSBCCHASE DING, LMR Partners Yinghao, LOINASHLEY CHUNG, Loyal Valley Capital Co LtdPhilip Liao, Manulife Assets Wenlin Li, MILLENNIUMTOBY LIANG, NOMURAETHAN ZHANG, Nuode Investment Co LtdXiaoming Sun, OPENDOOR CAPITALFRANK WANG, ORCHID ASIAROGER CHU, Orient Securities Co Ltd ChinaLinghao Zhu、Pedder Street Investment ManagementEugene So、Pengyang Asset Management Co., LtdYang Wang、POINT 72ROGER LIN、POWER PACIFICHERNY LUO、PRESDIENTTYLER LEE、Regents Capital Wang Yao、 RSBBENIJAMIN LIM, RWC Chen Huanlong, Samsung Asset Management Hong Kong LtdSophia Tang, SCHRODERSALICE CHEN, Seeking Sense (shanghai) InvestmentManagement Co., LtdTian Li, Sherwood Capital Liang Xi, SILVER OARTREE GLOBALHC FU、Sumitomo Mitsui Ds Asset Management Co LtdWei SUN、TENG HAO INVZHANG JIAWEN、Torq Capital Management Hk LtdTina Xu、UBSZoe Xu、Ubs Asset Management Singapore LtdShou-Pin Choo, UGwade, UOBJOHNNY YANG, VALUE PARTNERSRENEE HUNG, VPGILBERT WONG, YUANTAPU YU SHENG, ZUOYOU TOUZIZHONG WEN REN, MCGERRY LEO Zhang, CHINA GALAXY INTERNATIONAL KEN CHUI, HARVEST FUND HU Tao, BOSS FUND LIU KAI, DACHENG FUND SHI Guowu, TAMSUI CHEN XIAOSHENG, WELLS FARGO FUND SUN Quan, Hillhouse Capital Peng Jinghuan, GF Fund Zhao Guyue, Penghua Fund Wang Lu, Social Security Fund Dangli, Yinhua Fund Guo Lei, E Fund Ni Chunyao, Fidelity International Peter, ICBC Credit Suisse Fund Li Shaozhao, China Life Asset Zhao Wenlong, Huaxia Fund Ma Shenghua, Schroder Fund Li Wenjie, Kaiyuan Securities Liu Xiang, Guojin Electronics Deng Xiaolu, Industrial Securities Yao Kang, CITIC Securities Miao Feng, China Merchants Securities Yan Fan, Shenyin Wanguo Securities Yang Haiyan, Anbang Assets Zhang Xinlu, Andeng Investment Liu Gang, Allianz Investment Sunny, Anxin Fund Xu Sunyu, Baojia Asset Tang Zhenyao, Baoying Fund Rong Zhineng, Beijing Panfeng Investment Management Partnership (Limited Partnership) Lu Ting, Beixin Ruifeng Wu Kelun, Boda Fund Zhang Wei, Bohai Life Jinfeng, Talent Capital Hu Yujing, Caitong Fund Management Co., Ltd. Tan Bicheng, Caitong Asset Management Hong Qi, Chuangfu Zhaoye Li Ping, Chuangjin Hexin Fund Zhou Zhimin, Chunhou Wu Ruozong, Damo Li Ziyang, Debon Securities Zhou Yayuan, Dingling Assets Chen Xiaolei, Northeast Securities Cheng Yaqi, Orient Fund Liang Xin, Orient Self-operated Jiangzhou, Soochow Fund Jiang Yaokun, Soochow Life Zhao Zijian, Dunhe Asset Management Co., Ltd. Zhang Hongfan, Fangying Investment Management Co., Ltd. Li Lu, Fangyuan Fund Dong Fengqiao, Founder Securities Chen Lu, Fengling Capital Li Tao, Fengyan Investment Hao Shouchao, Fuhua Investment Trust Xu Yuzhi, Fubon Investment Trust Zheng Kai, Franklin Huamei Investment Trust Su Shixun, Fushun Asset Chen Hong, Genxi Asset Zhu Dengke, Everbright Prudential Fund Chen Feida, Everbright Self-operated Pan Hengyang, Optical Securities Asset Management Li Xingjie, GF Asset Management Co., Ltd. Feng Guilin, Guotai Fund Deng Shifeng, Guotai Junan Hong Kong self-operated Yu Chunmei, Guotai Junan Securities Wang Bianzhen, Guotai Investment Trust Zhang Kuangxun, Guotai Yuanxin Qin Yubin, Guosen Securities Yang Jia, Haifutong Wang Jingwei, Haitong self-operated He Liangyu, Haocheng Asset Management Su Yiwen, United Assets Tao Jing, Hang Seng Qianhai Li Weiyi, Hengqin Guo Yaqi, Hongdao Investment Zhuang Zichao, Hongcheng Investment Xu Zhetong, Hongde Fund Liu Lisi, Huaan Shenghua, Huaan Asset Li Yang, Huafu Fund Management Co., Ltd. Wang Shuai, China Resources Trust Jin Xiaoming, Huatai Self-operated Jiang Hongmin, Huaxia Future Capital Ding Xin, HSBC Ding Cheng, HSBC Jinxin Xu Ben, Huili Asset Management Zhang Yunchang, Hui Tianfu Fund Yang Yao, Jianxin Insurance Asset Manager Fan Gangshu, Jianxin Fund Guo Shuaitong, Bocom Gao Yang, Golden Eagle Fund Wu Haifeng, Tianjin Investment Zhu Yuanqing, Jinglin Investment Ye Hao, Invesco Great Wall Cheng Zhenyu, Jingxi Wang Jingqi, Jushan Asset Ma Jiao, Kaiyuan Securities Research Institute Li Huang, Kaiyu Investment Yang Lin, Liuhe Li Zhenjiang, Lubomai Chen Xiaoxiang, Marco Polo Zhizhen Asset Management Huang Chen, Minsheng Plus Bank Fund Sun Wei, Mingya Fund Management Co., Ltd. Bian You, Morgan Stanley Huaxin Fund Chen Ziyang, Southern Fund Sun Lumin, Nanjing Shuangan Asset Management Co., Ltd. Song Bin, Sino Analytica Zeng Guangkun, Nord Fund Sun Xiaoming, Panjing Investment Wang Li, Panhou Momentum (Shanghai) Capital Management Co., Ltd. Hu Jianfang, Pengyang Fund Wu Zhiyong, Ping An Fund Zhai Sen, Ping An Pension Insurance Zhang Xiaoda, Ping An Securities Wang Jiao, Ping An Asset Bei Yongfei, SPDB AXA Fund Chu Yanhui, Starting Assets Liu Qinglin, Qianhai Open Source Zhang Hao, Qunyi Investment Hong Yuting, Human Maintenance Lao Kuang Heng, PICC Asset Liu Yang, Life Pension Insurance Zhou Xiaowen, Renqiao (Beijing) Asset Management Zhang Hongyun, Rizhang Investment Chen Xiang, Ruihua Investment Liu Selfless, Ruiyuan Fund Liu Ping, Shanghai Harmony Huiyi Pan Dongxu, Shanghai Hexi Investment Siyan, Shanghai Kuanyuan Asset Management Co., Ltd. Lu Yitian, Shanghai Panhou Investment Management Co., Ltd. Qian Jianliang, Shanghai Life Tian Faxiang, Shanghai Shunling Asset Chen Qiang, Shanghai Xie hoard investment Hao Jiewang, Shanghai Yanniu Investment Management Co., Ltd. Liu Yuanping, Shangjin Investment Cheng Xiaowei, Shanghai Bank Fund Yan Feng, Shenzhen Qianhai Shengyao Capital Investment Management Co., Ltd. Yang Hao, Shibei Asset Chen Jun, Shifu Capital Bian Yiting, Shuangan Asset Management Co., Ltd. Xie Liang, Taibao Asset Management Wang Zhe, Taiping Pension Insurance Chen Yong, Taikang Zhouhao, Taixin Fund Wang Ting, Tianan Life Li Yonggang, Tianhong Fund Zhang Lei, Tianzhi Fund Chen Fujia, Tongben Investment Li Ming, Wukong Investment Chen Xiangdong, Western Securities Wu Jiaochen, Southwest Securities Wang Mou, Pioneer Fund Zeng Jie, Xiangsheng Asset Management Zhang Tao, Xincheng Fund Yang Liuqing, Cinda Australia Silver Tong Changxi, Xingquan Fund Tu Wei, Industrial Fund Xu Liren, Asia Pacific Property & Casualty Insurance Liu Jingyuan, Yanhang Investment Pang Yuchao, Sunshine Insurance Co., Ltd. Wang Tao, Yimin Fund Peng Xingyu, Yixing Investment Chen Tiangong, Ginkgo Global Zhang Guoxian, Infore Capital Zhang Xun, Yuhui Capital Management Huang Jian, Yuanda Investment Letter Zhang Shenghong, Yuanxin Yongfeng Fund Ma Hongli, Yuanle Sheng Asset Lv Xiaojiu, Yuance Investment Li Bo, Yuanxiong Renshou Kyrie, Changan Fund Liu Jia, Great Wall Fund Lu Yang, Changxin Fund Management Co., Ltd. Sun Yue, China Merchants Fund Wang Ruoqing, Zhejiang Jing'an Investment Management Co., Ltd. Li Zekai, Zhejiang Merchant Fund Liu Wei, Zhengxin Valley Capital Liao Weiji, China Overseas Fund Yan Wen, China United Insurance Li Dong, China Canada Fund Liu Haibin, CICC Fund Wang Yang, CICC Asset Management Feng Da, Zhongrong Fund Management Co., Ltd. Jintuo, Zhongrui Heyin Fund Ye Xiaokun, Zhongtai Securities Lv Hang, CITIC Industrial Fund Zhou Weifeng, CITIC Construction Investment Manager Yin Xiaodong, CITIC Self-operated Xu Donghan, Central Reinsurance Zhang Jingbin, China Post Fund Gong Zheng, Chongqing Derui Hengfeng Asset Jiang Xin investigated our company on 2021-08-01, and this survey was received by Tang Fuyun, secretary of the board.
The main contents of this survey are:
1. Introduction to the company's operation. A: In the first half of this year, the company sold 59.0657 million square meters of various types of copper clad laminates, an increase of 34.12% over the same period of the previous year, the operating income in the first half of the year increased by 42.93% year-on-year, the net profit attributable to the shareholders of listed companies increased by 71.30% year-on-year, and the gross profit margin was also on the rise, and the gross profit margin of copper clad laminates in the first half of the year was 29.30%. From last year
From September to October this year, the overall operating pressure is larger, materials have risen sharply and the supply is tight, the company itself in digesting costs at the same time, but also in different months for different product specifications to adjust prices, mainly concentrated in consumption, automobile two categories of products. Since January this year, the growth rate of related raw materials has exceeded its historical high, and the adjustment of the company's product prices has increased more than in the second half of last year. From the current point of view, raw material prices are still at a high level and slightly rising. Overseas copper mining has been seriously affected by the epidemic, copper foil suppliers are basically out of stock, copper foil as a whole is in a state of short supply, and the state of price maintenance is difficult to alleviate in the short term; The overall supply of resin is tight, the main content of the special tree investor relations activity introduces the fat materials affected by related factors, and the wind power and coatings markets pick up, forming a rigid demand for materials, affected by the overseas epidemic, the domestic export volume increases, resulting in tight domestic resin supply and high prices, although the price fluctuates at individual time nodes, but does not affect the overall trend; The short-term supply of glass cloth remained stable, but the overall supply and demand was still relatively tight, and the price was in a high level of small shock. Overall, it is expected that the supply of materials in the second half of the year will remain tight. Under the repeated epidemic situation this year, the company has seized the consumer and automotive markets according to the changes in market hotspots, MiniLED, new energy electronic vehicles, laptops, game console products, etc., and these markets have shown explosive growth. On the one hand, the company through internal lean production efficiency and cost reduction, on the other hand, is also adjusting the product structure in real time, at the same time, with a forward-looking product layout, with the terminal market development, the launch of new products, seized the changes in market demand. From the perspective of customer orders, some customer orders received in October-November, we are in the situation of burst orders, each month over-capacity orders can not meet customer needs, we are still optimistic about the second half of the market.
2. What is the price outlook for copper clad laminate in the second half of the year? A: At present, the price of material arrivals is still a slight rise, the market hotspots are concentrated in high-end consumption and new energy vehicles and other fields, after the completion of bidding at several major terminals in the first half of the year, we see that communication orders and server orders are also gradually picking up, if the second half of the high-end consumption, cars maintain a high degree of prosperity, communications, servers also continue to release orders, raw material prices remain high, the company's product supply is still tight, do not rule out that product prices will be adjusted according to the specific order situation.
3. What is the status of certifications and orders in the MiniLED market segment? A: For the current application of copper clad laminate materials in the field of MiniLED, we have different product supplies. First of all, the new products of a famous terminal in the current market (32 inches or less screen related products), the company did targeted pre-technology development with the terminal two years ago, is a new material, the production difficulty of this material is high, the substrate of the debris control and contraction and other indicators are very high, in the production process control to achieve the packaging level requirements, this is our exclusive development for end customers, yellowing resistance and aging performance is very excellent, is currently the highest level of materials for the MiniLED backlight board white substrate. This product has been released on the market and we have mass-produced it as the sole supplier. Compared with other applications, MiniLEDTV, direct display above 110 inches and other different application areas of mini-LED backlight board, the company has a medium and high TG halogen-free materials and HDI materials of different high-quality products to deal with.
4. What is the progress of the company's encapsulation materials? A: At present, the company has card and storage products in supply. The encapsulated carrier board substrate project under construction is expected to be put into operation by the end of next year, with a production capacity of about 200,000 square meters per month, and we have made a technical layout more than 10 years ago, benchmarking international benchmarking enterprises in this field and covering different technical routes. At present, the packaging materials market is mainly concentrated in the storage class, we are also based on the storage class, with the terminal to a higher-end CPU development, we are optimistic about the development of this field.
5. What is the progress of the company's automotive business? A: The company has been deeply engaged in the automotive field for more than ten years, and has been certified into more than a dozen important tier1 auto parts manufacturers in the world, and has long formed a stable supply of batches. The new forces of car manufacturing new energy vehicles are divided into five categories, namely intelligent networking, intelligent driving, intelligent cockpit, intelligent electric, automotive lighting, and the company realizes a full range of product application coverage. GPS navigation, MDC, etc., using HDI, domain control and central integrated systems to develop high-speed materials; Smart driving includes a variety of radar, cameras, etc., using millimeter wave mmWave77 materials, HDI and high TgFR-4 materials; The smart cockpit includes a central control and display, using conventional FR-4 and HDI materials; Motors, electric, energy EMS, is our strength, the use of high TG, high thermal conductivity, high CTI, thick copper materials, battery pack connection and power management also use flexible materials; Automotive lighting includes front and rear decorative lights, using metal-based materials such as aluminum-based and copper-based, conventional FR-based
4. Flexible materials. In the automotive field, we are a full range of all-round coverage, based on the foundation we have more than ten years, is the larger part of the future growth of the market.
6. Order visibility and changes for related applications? A: Some of the company's customer orders received in October-November, high-end consumer orders are relatively long, the overall situation of our PCB customers are relatively good. Compared with May-June, low-end consumers have changed, demand has dropped slightly, and the pace of orders is not as fast as before, but the market is still in the second half of the year, after the end customers complete the bidding, communications, server orders are also gradually released, overall, the market in the second half of the year is still optimistic.
7. What is the planning of the company's product structure in the future? A: In recent years, the company has been adjusting the product structure, with the application of 5G related fields, new energy vehicles and other related needs more and more, the company's more than 10 years of technology accumulation has seen the effect, whether it is automobiles, consumption, or high-frequency high-speed, packaging, etc. have a relatively good technical layout, but also formed a batch of stable orders. In the new strategic period in the future, the strategic positioning is to become stronger and bigger, highlight the feedback of technology accumulation to changes in the market, and expand production capacity according to market changes.
8. In the case of the split from the downstream application in the first half of the year, how did the communication improve in the second half of the year? Answer: In the first half of the year, the overall application mainly revolves around the automobile, consumption, home appliances and other parts, communications, servers affected by the external environment has declined, the current communication accounted for less than 20%, the automobile accounted for about 20%, the server accounted for 5-8%, consumption, home appliances accounted for 15%, industrial control medical aerospace and so on accounted for 10%, this proportion is only according to the existing order situation of the general classification, we will dynamically adjust the proportion according to the market demand change. Several major communication terminals completed bidding in the first half of the year, and then gradually released orders, but will not be released like last year in March and April, but the process of gradual release, construction time is extended, and will not suddenly explode at a certain node. 9.What is the long-term market space for 5G high frequency and high speed? A: In the second half of the year, orders are released, but it will not be as intensive as last year, we are more optimistic about the completion of 5G base stations, around the application of 5G Under the scenario of the Internet of Everything, see the changes in future applications, although the high-frequency high-speed short-term is not as expected, but in the long run, the entire application around 5G is very extensive, the car will involve high-frequency high-speed, consumers are also involved, very optimistic about the overall future growth space, not only limited to communication base stations.
10. The company was the first to find out that the market is in short supply last year, what is the company's internal secret in decision-making? A: Last year, as the "whistleblower" of market changes, the company captured the changes in the market earlier, and quickly formulated the company's business strategy and achieved good results. This year is the company has gone through the 35th year, the development of China's copper clad laminate and the global PCB transfer process, the company has experienced it, the company whether it is research and development, production, market, etc. have a very professional team, with rich management experience, we rely on the understanding of the copper clad laminate and electronics industry, from the industry and macro environment, keen attention to these changes, the company grasped the opportunity.
11. How do you view the cyclicality and future growth of the company? A: In the general environment, we can't avoid the law of cyclicality, and there must be cyclical effects on enterprises, and what we have to consider is to reduce cyclical fluctuations on the company as much as possible. From the company's strategic layout, technology research and development, product and market positioning, internal management and other aspects of the force, to ensure that the company from cyclical to growth.
1, the company has continued to increase R & D investment over the years, forward-looking layout technology, development of products, some products we benchmark advanced, closely follow the peers, some products have our unique technology, enjoyed the dividends of the forerunner, truly do our brand positioning - terminal function needs of the solution! At the same time, we increase market certification, the layout of the entire market is more perfect, the product is more comprehensive.
2. Implement the group reform with unprecedented strength, externally we make the provision of our products and services closer to the needs of customers according to the characteristics of regional customers and the different needs of customers, and internally we strengthen the management of all parties and coordinate resources to form a synergy, so that companies can enhance their internal strength and maximize the interests of the group.
3. The company has a strong quality control culture, persistently implements strong quality control management, and forms an intelligent quality control system.
The main business of Shengyi Technology: design, production and sales of copper clad laminates and bonding sheets, ceramic electronic components, liquid crystal products, electronic grade glass cloth, epoxy resin, copper foil, flexible materials for electronics, display materials, packaging materials, insulation materials, and renting their own houses. Engaged in non-quota license management, non-monopoly commodity acquisition and export business. Provision of product services, technical services, consulting services, processing services and commission agency (except auctions).
Shengyi Technology's 2021 interim report shows that the company's main revenue was 9.832 billion yuan, up 42.93% year-on-year; the net profit attributable to the mother was 1.415 billion yuan, up 71.3% year-on-year; the deduction of non-net profit was 1.403 billion yuan, up 70.06% year-on-year; the debt ratio was 41.24%, the investment income was 18.8106 million yuan, the financial expenses were 54.112 million yuan, and the gross profit margin was 28.74%.