Recently, Shenzhen local listed company Inno Laser (301021) released the latest investor relations activity record list. From September 19 to 29, the company received research from many institutions such as Haitong Securities and Investment Fund . Inno Laser said during an institution that in recent years, the company has leveraged the advantages of Sino-US collaboration and accumulation in laser biomedicine to cultivate high-value medical device equipment and manufacturing services, customized laser and other businesses in key processes of chip manufacturing. Related products/services have been recognized by customers and achieved a certain scale of operating income. Since the beginning of this year, the company has attached great importance to the construction of technology innovation centers, accelerated the layout of new business directions planned in fundraising and investment projects, and provided new growth momentum for the next two or three years. At present, terminal applications such as consumer electronics and 3D printing account for a relatively high proportion of the company's revenue, and the medical industry grew rapidly year-on-year.
According to Tianyancha APP, Shenzhen Paisheng Technology Co., Ltd. was established. Shareholder information shows that the company is jointly held by Inno Laser Technology Co., Ltd., Kailinjie Investment (Shenzhen) Co., Ltd., etc. The company's business scope includes metal product research and development, metal product sales, metal material sales, synthetic material sales, synthetic fiber sales, bio-based material sales, etc.
As of September 30, Inno Laser was 32.89 yuan per share, down 2.86%.
Key points for research activities and exchanges
Question: What industries are the main applications of the company's products? How does each industry contribute to revenue?
Answer: As a platform technology, laser can be widely used in multiple fields, and this feature provides continuous impetus for the company's growth. The company focuses on two major business directions, including industrial micromachining (consumer electronics, 3D printing, chip manufacturing and new energy) and biomedicine (high-value implant interventional medical device equipment and manufacturing, photoacoustic microscopy).
Over the past decade, the company has taken the lead in seizing the development opportunities of consumer electronics, 3D printing, traceability marking and other industries, and has won the leading position in the field of domestic solid and ultrafast lasers. While developing laser business, it has opened up a track for embedded module business. Related industries will continue to play an important role in the basic business in the future.
In recent years, the company has leveraged the advantages of Sino-US collaboration and accumulation in laser biomedicine, cultivated high-value medical device equipment and manufacturing services, customized lasers for key processes in chip manufacturing, and other businesses. The related products/services have been recognized by customers and achieved a certain scale of operating income.
Since this year, the company has attached great importance to the construction of technology innovation centers, accelerated the layout of new business directions planned in fundraising and investment projects, and provided new growth momentum for the next two or three years.
At present, terminal applications such as consumer electronics and 3D printing account for a high proportion of the company's revenue, and the medical industry grew rapidly year-on-year.
Question: What is the company's progress and prospects in the field of biomedicine?
Answer: There are two types of businesses in the field of biomedical medicine: high-value medical implant interventional devices and photoacoustic microscopy, with revenue of approximately RMB 12.1406 million last year.
In the field of high-value medical implant interventional devices, the company has formed a relatively complete full-line solution capability that can meet customers' R&D, trial production and mass production needs. The number of customers and orders in hand increased year-on-year in the first half of 2022. We are optimistic about the market space, development speed, competitive landscape and profitability of this field, and this business is expected to develop smoothly based on the characteristics of the domestic industry.
In the field of photoacoustic microscopy, customers are currently concentrated in the scientific research field. At the same time, the company has built a joint photoacoustic imaging laboratory to promote the clinical transformation of related products and play the role of display and marketing.
Question: Will the company transform into the downstream equipment field?
Answer: The company's business model is based on lasers and embedded modules as its tentacles, facing the global market, focusing on serving the two major areas of "industrial applications" and "biological medical applications". By helping customers solve the industry's "pain points" and step by step to develop the incremental market.
Among them, the embedded module business focuses on meeting the needs of innovation, confidentiality or whole-line autonomy of leading customers in segmented industries; at the same time, this business model enables the company to timely understand terminal demand trends and understand the industry's "pain points", thereby optimizing laser product planning and performance. This core business logic has not changed.
How to leverage the advanced nature of laser technology and expand the penetration rate of laser technology is the starting point for the company to choose embedded modules. Therefore, as the leading domestic solid and ultrafast lasers, our focus is to extend application scenarios and expand market size with excellent industry partners, rather than falling into stock competition.
You can see that in the relatively mature consumer electronics industry, our focus is on the laser business, and only serves one top end customer in sub-sectors such as acoustics, optics, transparent brittle materials, FPC/PCB/COF, and provides customers with industry-leading innovative solutions in WLG, glass backplane, etc. However, in the early stages of development of the biomedical industry, which lacks downstream partners, we will try to engage in businesses that are not yet mature in downstream equipment integrators. For example, we provide a full range of solutions from laser-equipment-manufacturing services to customer needs, and for example, we have developed the world's leading photoacoustic microscope products. The above efforts are of the significance of promoting the development level of relevant sub-sectors.
Question: How to evaluate the company's performance in the first half of the year?
Answer: Under the influence of the increase in epidemic situation, industry and other uncertainties, operating income decreased by 16.10% year-on-year; net profit attributable to shareholders of listed companies decreased by 34.20% year-on-year; operating income of laser business decreased by 13.86% year-on-year; operating income of laser module business decreased by 27.11% year-on-year.
Although facing many adverse factors, the company's R&D expenses maintained the same investment compared with the same period last year, an increase of 6.14% year-on-year. The development of large customers continued to advance, the number of medical business customers and orders in hand increased year-on-year, overseas markets continued to expand, new projects were promoted as planned, the comprehensive gross profit margin remained stable, and the net cash flow generated from operating activities increased significantly, maintaining the foundation for healthy development.
maintains a sustainable and healthy business state, which is the company's core business logic, the foundation for supporting innovative business, and the ballast to resist market risks. When expanding new businesses, the company chooses a business direction of "deep, width, and length", which also provides a guarantee for sustainable health.
Question: How to understand the business selection criteria of "depth, width, and length"?
Answer: Depth represents "pain point", width represents "scale", and length represents "continuity". The company tends to develop new businesses in a way that leverages the advantages of core technology, so that the new businesses have certain barriers, bring significant increments and long-term returns, and the company wins a sustainable and healthy operating level and leapfrog growth opportunities.
For example, the "WLG wafer-level glass lens processing module" product solves the shortcomings in efficiency and cost of traditional processes, and is expected to be applied to smartphones, wearable devices, drones, AR/VR, automotive electronics and other scenarios, helping customers to realize the economical and efficient large-scale mass production solutions of glass lens , and has advantages in mass production feasibility, production efficiency, lens accuracy and performance, diameter-thickness ratio, and eccentric accuracy, making it possible to large-scale market-oriented applications of glass plastic hybrid lenses with better optical performance.
Another example is that the "high-value medical interventional device" business field has advantages such as large market size, good expected prospects, and little domestic competition. However, the company entered this industry by relying on its long-term accumulation in femtosecond lasers, optics, and process and a deep understanding of device product design and material performance, and is still trying to further build high competitive barriers by building other capabilities other than "equipment and process".
Therefore, the company's commitment to innovation-driven characteristics is very distinct. We attach importance to the "big track" but will not "chase the wind" at low quality. Technology accumulation and technical reuse based on "light sources, optics and processes" support the ability to provide efficient solutions to customers' "pain points".
Question: What new progress has the company made in various fields?
Answer: Faced with many downstream opportunities, companies often combine the pace of industrialization in various fields, give full play to their own technological reserves, attach importance to technology reuse, focus on resource investment, and strive to gradually expand new fields.
In the early days of consumer electronics, 3D printing and other fields, the company tried to explore large customers of embedded modules, and applied related technologies to new scenarios such as drones, AR/VR, automotive electronics, etc. as the customer's business scope extends.
In the biomedical field that was launched last year, the number of customers and orders in hand increased year-on-year in the first half of the year.
This year is the first year for the company to focus on expanding its foreign markets. Based on past technology and customer accumulation, we will strive to gain a foothold with comparative advantages such as stable products and mature supply chains in comparative advantages in competing with foreign peers. The next field for
will be based on the "Energy Saving and Emission Reduction Application Research Institute" project, focusing on the laser process needs of the new energy industry, and leveraging the technology accumulation of ultrafast lasers in the integrated "light source, optics and process". The research and development of related core processes and core products is being promoted.
Question: What are the significant changes in the company after its listing?
Answer: Listing has enhanced the company's financial strength. Under this premise, the company has stepped up its investment in several new fields based on the concept of early accumulation and technology reuse, based on the industrialization rhythm of new businesses.
It is particularly worth mentioning that the company sorted out its business model, carried out organizational changes, and established a technology innovation center. In accordance with the departmental mission of "establishing an innovation system, cultivating an innovation team, developing innovative products, and pioneering innovative applications", the Technology Innovation Center has established four technical development directions of "021 Laboratory": "new technology", "advanced manufacturing", "microwelding" and " biomedical ", introducing talents and establishing projects.
Question: What are the plans of the company in overseas markets?
Answer: Overseas markets represented by the United States have new gravity in terms of demand scale, business conditions, competitive landscape, etc. The company's wholly-owned subsidiary has long-term operating foundation and customer resources in overseas markets such as the United States. In recent years, the company's products have been significantly improved, the domestic supply chain advantages have been obvious, and the response speed of China-US collaboration is a differentiated advantage. Therefore, the company regards overseas markets as one of the key directions in the future. Following the completion of market research at the end of last year, the company has carried out overseas marketing team building, optimization of Sino-US team cooperation mechanisms and development of target customers this year, and related work is being promoted.
review: Yu Fanghua
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