This article has a total of 7,000 words, mainly introducing the first, second and third chapters
(1) Company business introduction
(2) Optical production capacity
(3) Touch display business
(4) Management
(5) Finance
( 6) Valuation
Lianchuang Electronics is located in Jiangxi and was established in 2006. optical business started in 2009, and was listed on the backdoor in 2015. The company specializes in the research and development, production and sales of key optical and optoelectronic products such as optical lenses, camera modules and touch display integration for smartphones, tablets, smart driving, action cameras, smart homes, VR/AR, etc. A high-tech enterprise manufacturing intelligent terminal products.
Main business structure analysis
Profit structure analysis
1. Company business introduction
. The optical industry
is mainly composed of high-definition wide-angle lens module business, vehicle lens module business and mobile phone lens module business. âs revenue in 2020 accounted for 20.77%; profit accounted for 49.23%. is the focus of the company's development and is also the core driving force for the company's subsequent development. The core business will be analyzed in detail later.
. Touch display industry
companies focus on the strategic layout of BOE Group and other upstream resource customers to cooperate to expand the scale of touch display integrated products. Develop product fields such as education, security monitoring, smart cars, smart home appliances, and smart homes. In particular, the scale of supporting touch display products such as tablet computers, smart speakers, and POS machines has grown rapidly. The third-phase industrialization project of Chongqing Liangjiang Lianchuang Electronics, a subsidiary of
Company, with an annual output of 30 million pieces of new generation touch display integrated products started construction in January 2019, and the construction progress is advancing as planned. India's Lianchuang Electronics' integrated touch display project with an annual output of 30 million pieces has overcome the impact of external environments such as the epidemic and gradually released production capacity. The company's medium-sized products such as education, security monitoring, smart home appliances, and smart homes have been recognized by many brand customers, and its production scale has grown rapidly.
âs revenue in 2020 was 2.574 billion, accounting for 34% of revenue, gross profit was 13.9%, and revenue fell by 22% year-on-year.
. Terminal manufacturing industry
The company takes advantage of the supporting advantages of optical lenses, imaging modules, and touch display industries to actively explore the extension of applied smart terminal manufacturing. Relying on the technical foundation of the terminal manufacturing industry that the company has obtained, we are actively developing intelligent ordering machines/cash registers, VR/AR hardware products, media advertising machines/tablets, intelligent service robots, and intelligent processing systems for optical image acquisition of all-things Internet terminals. The manufacturing business of intelligent terminal products, such as smart phones, will further promote the company's optical lenses, imaging modules, and touch display industries to become stronger and larger, and cultivate new profit growth points for the company. The product
has a revenue of 669 million in 2020, accounting for 8.88% of the revenue. Gross profit is 11.5%. There was significant growth in the second half of the year, but the gross profit margin of this business was low and its contribution to the company's overall performance was limited.
. The integrated circuit chip industry
company subscribed for 14.14% equity of South Korea's Melfaith on June 24, 2020. Melfas Korea is a company listed on KOSDAQ in South Korea. Its customers include Samsung , LG and BOE . South Korea's Melfas' current main products include touch chips, wireless charging and other chips. The company's capital increase in Mellife of Korea will help the company gradually extend its business into the touch IC industry. It can also use the platform of Mellife of Korea to continuously expand the scope of major customers and learn from the advanced management and operation experience of large international companies.
âs revenue accounted for 33.6%. The gross profit is a few tenths. In fact, it is done to improve revenue, possibly to achieve the equity incentive target in 2019. This area has no real contribution to the company's performance. Just don't lose money. However, it has lowered the company's gross profit margin from the report point of view.
2. Optical industry:
. High-definition wide-angle lens
high-definition wide-angle lens is mainly used in action cameras, panoramic cameras and drones .
Lianchuang Electronics is the world's largest supplier of action camera and panoramic camera lenses and modules. Market share reaches 70%.High-definition wide-angle lenses are the first optical segment that the company has entered, and the company has an absolute advantage in the field of high-definition wide-angle sports lenses.
action camera is a small waterproof and shockproof camera that can operate in complex environments such as high altitude and deep water. It is capable of various high-speed sports scenes and is often used for shooting in skiing, skydiving, diving, surfing, etc. According to Statista, the global action camera market has grown rapidly from US$140 million in 2011 to US$5.030 billion in 2019, with a compound growth rate of 56.47%. It is expected to reach US$10.25 billion by 2026, with a CAGR of 10.9%. With the development of 5G and short videos, the global market size is growing steadily. According to Frost & Sullivan, global action camera shipments increased from 400,000 units in 2010 to 20.3 million units in 2019, with a compound growth rate of 54.70%. It was originally expected that global action camera shipments would exceed 21 million units by 2020, but this has fluctuated due to the impact of the epidemic.
In 2014, the company entered the supply chain of GoPro, the leader in action cameras, and became the largest supplier in the global action camera lens industry in 2015. The company has a long-term and stable cooperation with GoPro, and all high-end GoPro lenses are exclusively supplied by the company. (GoPro ships nearly 5 million units a year, and the company accounts for 85%). Although GoPro has not been doing well in the past two years, it laid off 20% of its employees in 2020 due to the impact of the epidemic and competition from other companies. But the company is also a supplier to Axon, a rising star in the sports field, , Xiaoyi, and other companies. The company's products are supplied to many leading companies in the entire market.
With the further popularity of VR, panoramic camera will significantly reduce the threshold and difficulty of VR shooting. According to functional characteristics, applicable scenarios and price, panoramic cameras can be divided into 360° panoramic cameras and VR panoramic cameras. The 360° panoramic camera is mainly used to shoot flat panoramic images, and the VR panoramic camera can be used to shoot three-dimensional panoramic VR images with 3D depth of field effect. According to data from Greenlight Insights, the global panoramic camera market reached US$538 million in 2019 and is expected to grow to US$1.043 billion in 2024, with a compound growth rate of 14.16%.
became the number one supplier of Insta360 shadow stone panoramic imaging modules in 2018. Provided Yingshi with the worldâs smallest panoramic camera module. It reflects the company's absolute leading technological advantages in the fields of action cameras and panoramic cameras. According to data after the D round of financing, Insta360 Shadow Stoneâs product shipments have reached nearly one million units, with an average annual compound growth rate of sales exceeding 130%. According to data from Greenlight Insights, the top three global panoramic camera market shares in 2019 are Shadowstone Innovation, Japan's Ricoh , and GoPro, with market shares of 33%, 28%, and 24% respectively. The core suppliers of Shadow Stone and GoPro are both Lianchuang.
Drone lens
my countryâs civil drone market has seen steady and sustained growth. According to forecast data from the Qianzhan Industry Research Institute, my country's civil drone market size will reach 46.5 billion yuan in 2020, and is expected to reach 75 billion yuan in 2025, with a CAGR of 10%.
DJI is the absolute leader in the consumer drone market, and the companyâs sales are growing rapidly. According to data from the Qianzhan Industry Research Institute, DJI occupies 80% of the global civilian drone market and has an absolute say in the global drone market. DJIâs operating income has grown rapidly, from 820 million yuan in 2013 to 17.57 billion yuan in 2017, with a CAGR of 115%. According to DJIâs board of directors, DJIâs revenue will reach 170 billion yuan in 2022. DJI drone has a global market share of over 80% and is the absolute leader in the global drone market.
In 2020, the company successfully expanded into DJI and became a new customer. The ultra-wide-angle lens provided for DJIâs latest immersive DJI FPV drone has a 150° viewing angle and 12 million pixels.
In addition, the company is also actively expanding in areas such as video conferencing imaging modules and video surveillance machine vision.
From the perspective of customers, the company is the core supplier of action camera head companies such as GoPro, AXON, and Xiaoyi. It is the core supplier of Insta360, a leading panoramic camera company. It is a supplier to DJI, the leading drone company. Therefore, in terms of action camera panoramic camera lenses and modules, the company has been recognized by leading companies in various industry segments. High-quality customers also prove the company's technical strength in this area.(The company has its own core technology in high-definition wide-angle lenses and aspherical glass lens molding technology. It also has cost advantages) In addition, the action camera and drone industries still maintain a high annual growth rate. The company and leading companies Cooperation can also fully guarantee the enjoyment of industry dividends brought by the rapid development of the industry.
According to the company's research, the company's high-definition wide-angle imaging modules grew by 89% last year, which are derived from Shadowstone panoramic cameras and Hundly teleconferencing systems, and are expected to grow by 30% in 2021. Another growth point this year is DJI, which will be comparable in size to GoPro. In addition, Zebra industrial scanning lenses and modules are also gradually increasing in volume. Basically maintain a growth of more than 30%.
The company itself is very confident in the development of high-definition wide-angle business, mainly because it has introduced major customers such as DJI and Huawei , which will continue to increase sales in the following years. GoPro will also see recovery growth after being affected by the epidemic. The company plans to generate revenue of approximately 700 million from the high-definition wide-angle business in 2021. In 2022, we will continue to maintain a growth rate of more than 30%. Affected by the epidemic in 2020, the revenue of 170 million lenses plus 100 million modules totaled about 270 million. The increase comes from newly imported customers such as DJI and Huawei and the restorative growth of GoPro.
It should be noted that although various sub-industry forecasting agencies have given relatively good industry growth rates, according to actual surveys and related information, affected by the development of mobile phone lenses, the actual development growth rate of each sub-industry will fluctuate. Some industries The growth rate is not optimistic.
.ADAS vehicle lens
company is at the forefront of vehicle lens certification and has first-mover advantages and technical advantages.
ADAS car camera lenses need to use glass lenses, which belongs to the blue ocean market. Because the working environment has many influencing factors and changes greatly, and the car camera has high standards, especially safety performance, which requires strong earthquake resistance and the ability to withstand extreme temperature changes from -40 degrees to 80 degrees, longer The service life has high requirements for imaging quality, and plastic lenses are difficult to meet the requirements, so it is basically necessary to use glass lenses (6 pieces of vehicle glass, 4 pieces of spherical, 2 pieces of aspherical) Lianchuang Molded Glass Lens Production Capacity is the second in the world , in line with ADAS all-glass lens requirements.
(1) Volume:
L2 level ADAS is generally equipped with at least 4 cameras. As the level of ADAS increases, the number of lenses also increases accordingly. A complete set of ADAS generally requires 6 lenses, 1 for front view, 1 for rear view, and 4 for surround view. Some high-end ADAS require 8 lenses. Taking Tesla Autopilot as an example, it is equipped with a total of 8 cameras (1.2 million pixels), including 3 front-facing cameras, 2 side front-view cameras, 2 side rear-view cameras and 1 rear-view camera. The range reaches 360 degrees, and the farthest front and rear detection distances reach 250m and 50m. To reach L4&L5 level bicycle ADAS lenses, the number of lenses needs to be increased to 8 to 12. (The most expensive are two A-pillars)
According to Yole data, the global average number of cameras per car will increase from 0.99 in 2016 and 1.7 in 2018 to 3 in 2023. The compound growth rate exceeds 16%. (It may exceed expectations). The global automotive lens market sales in 2019 were 175.89 million units, and shipments in 2020 are expected to be around 170 million units due to the impact of the epidemic. It is expected to be around 180 million in 2021.
car lens, as the core component of car cameras, has huge market space in the future. Yole predicts that in 2020, the penetration rate of and for my country's vehicle rear view cameras will be 50%, front view 30%, surrounding view 20%, and internal view only 6%.
domestic NIO ET7 is equipped with 11 8-megapixel lenses. JiFox Alpha 12 cameras. Xpeng P7 has 14 cameras. It is expected that 8 million pixels will be installed on a large number of L3L4 vehicles in 2023. Lianchuang currently ships mainly 2M products, and it is expected that by 2022 and 2023, the shipment volume of 2M and 8M will reach 1:1.
With the rapid increase in the penetration rate of new energy vehicles and ADAS, the scale of the automotive lens market will usher in rapid growth.
(2) price:
car lens has higher value. Due to the higher performance requirements of vehicle lenses, the value of vehicle cameras is correspondingly higher. The price of ordinary vehicle cameras is about 30-80 yuan, and the price of high-definition ADAS vehicle lenses is as high as 80-100 yuan. But as many companies enter this industry, competition will become fierce.According to research, the current price of surround-view and rear-view cameras is around 20 yuan/piece, and the price of front-view 5-megapixel cameras is 40-50 yuan/piece. The reason why 8 million pixels have a good yield is that the price is around 90 yuan/piece. Glass for front view and side view.
The value of mobile phone camera modules is relatively low, with a unit price of about 50 yuan/unit. Relatively speaking, the value of car camera modules is higher. The price of ordinary car camera modules is 100-200 yuan, and the price of high-definition ADAS car cameras is as high as 300-400 yuan. . The value of mobile phone camera modules accounts for about 20%, while the value of automotive modules increases to 25%. (The value of the module is about 3-4 times that of the lens)
According to Yoleâs forecast, the scale of automotive cameras is expected to grow from US$3.5 billion in 2020 to US$8.1 billion in 2025, with a CAGR of 23.3%.
The market space for vehicle lenses is currently around 5 billion yuan, and will exceed 10 billion yuan in 2025. In terms of the
format, Sunny Optical ranks first in terms of market share, Lianchuang ranks second, and Largan is mainly made of plastic lenses.
Sunny currently has a market share of about 30% in automotive modules. It accounts for 40% of the market share in terms of revenue. Lianchuang still plays the role of a pursuer. The company's strategy is still to expand through competition with low prices and low gross profits. Sunny's requirement is a gross profit level of 50%, and Lianchuang's gross profit of 30% is enough. At present, the entire automotive market is experiencing rapid expansion and there is no problem of red ocean competition. Lianchuang mainly focuses on domestic development, while Sunny focuses on overseas markets.
(3) Core advantages (key points)
- First-mover advantage: vehicle certification takes a long time. Once certified, customer orders will be stable for a long time.
For automotive lenses and modules, first-mover advantage is very important. Because of the requirements of vehicle regulations, products generally require a one or two-year development cycle, and about two years of car company certification. Once it enters the supply system of car companies, the supply to car companies will be very stable. Similar to the fixed point of lithium batteries, the fixed point two years ago has basically determined the position of primary supply and second supply, which in turn determines subsequent orders and sales. Therefore, the first-mover advantage of customer certification is very important. When the industry breaks out, a long certification cycle is very detrimental to late entrants.
Lianchuang Electronics' ADAS lenses passed Tesla certification in 2016, and passed Tesla, Mobileye Q4, Q5 product certification in 2018. And it has entered the list of many Tier1 companies through Mobileye and NVIDIA .
is currently a certified client and Tier 1.
Q3 company has passed 2 certifications, and Sunny has 2 as well. Q5 company has passed 8 certifications, and Sunny has 1 certification. The company has a strategic agreement with Tesla that by 2025, 6 units will have passed certification and have been put into mass production. NVIDIA, the company is the only supplier of autonomous driving. The company won the bid for three lenses of and Volvo through NVIDIA and will exclusively supply them. In July 2020, Huawei won four of the six bids for in-vehicle lens projects for autonomous driving. In November, Lianchuang won 7 modules in the Weilai ET7 8M module fixed-point project, and also made a breakthrough in the module aspect.
Mercedes-Benz Xpeng Ideal all use Nvidia's solution, Volkswagen Geely and others all use Mobileye's solution.
NVIDIA's solution is more flexible, and customers can have their own designs based on the solution. So Weilai also switched to Nvidia's solution. In Mobileye, Lianchuang is the second supplier, and in Nvidia, Lianchuang is the sole supplier. (The North American subsidiary is located next to Nvidia and is dedicated to serving it.) The switch from Mobileye to Nvidia has an incremental logic for Lianchuang.
- Molded glass technology is the core key technology of high-definition wide-angle lenses. There are currently only three companies in the world that can produce aspherical molded glass (TAG Heuer, Lianchuang, and Lante).
Lianchuang's molded glass technology leads the world and is the company's core competitiveness. The company has accumulated a lot of technology in mold design and manufacturing, and lens molding. All core technologies are mastered by ourselves. The current molded glass production capacity is 3KK/month, and the actual manufacturing capacity is 2KK/month. The world's largest production capacity is Japan's Tag Heuer, with a production capacity of 5KK-6KK/month. Together, the two companies account for 90% of the total global production capacity. The third one is Lante. The cost of Lianchuang is much lower than that of Tag Heuer (25%?).
molded glass lens technology is to heat and soften the glass material and then place it in a high-precision mold for hot pressing. Compared with traditional glass milling, it is more conducive to standardized mass production.
Technically speaking, the core is the mold. Aspherical glass allows you to freely design the light path. Originally three pieces of glass were needed for refraction but one aspherical surface can achieve the effect. There are very good development prospects. However, molding is currently difficult, the yield rate is low, and the price is high.
In 2020, the companyâs automotive optics revenue grew by 123%. Revenue is about 100 million.
grew 470% year-on-year in the first quarter of 2021. The companyâs deployment in Mobileye and Nvidia is entering a period of harvest. The company mainly produces ADAS lenses for Tesla, currently accounting for about 35% of the market share. As Tesla sales and ADAS upgrade, revenue will maintain high growth. In Cybertruck, 6 out of 8 lenses were awarded, further increasing the market share. With the explosion of ADAS and the company's position, the company will develop rapidly in the next few years. The company expects to have revenue of about 300 million this year and 800 million next year. Judging from the card position, Lianchuangâs automotive lens business is expected to continue to double its growth. Currently there are 3 billion orders on hand.
. Mobile phone lens module business
According to IDC report predictions, global smartphone shipments are expected to reach 1.38 billion units in 2021. This trend will continue into 2022, with shipments expected to reach 1.43 billion units next year, an increase of 3.8%. Domestic brokerages and institutions have basically lowered their smartphone shipment expectations, and they are basically expecting shipments of 1.3-1.35 billion units. A year-on-year increase of 0-5%. Generally speaking, smartphones are currently basically saturated and have entered the stock era. However, the increase in multi-camera penetration and the application of innovative cameras have driven lens shipments. Mobile phone optics is considered the most prosperous segment. It is still the biggest selling point of mobile phones. Currently, supply of mid- to low-end products exceeds demand, but 6P and 7P production capacity is still tight. The rapid penetration of
multi-camera has promoted the rapid increase in the number of cameras installed on a single mobile phone.
mobile phone has changed from three rear cameras to four cameras to five cameras. Front single camera to dual camera. The growth rate of cameras and lenses is higher than that of smartphones. According to a Frost & Sullivan report, the number of smartphone cameras installed is expected to increase from 3.4 in 2019 to 4.9 in 2024, and the total shipments of smartphone lenses are expected to increase from 4.93 billion in 2019 to 6.78 billion in 2024. According to IDC's forecast, shipments of mobile phone lenses will reach 7.06 billion units in 2024, maintaining industry growth of nearly 8%.
In addition, there are also structural opportunities in the internal product structure. First, the pixel upgrade requires an increase in the number of lens elements and an increase in the unit price of the lens. At present, mobile phone pixels have increased from 24M to 48M to 64M. Xiaomi CC9 has opened a new era of 100 million pixels. At present, rear-facing pixels above 48M are already the mainstream. The current resolution of mobile phone lenses is not enough to support all pixels. (Sony FE 85mm F1.4 GM full-frame G Master fixed focus lens, 10,000+, fifth on the dxomark evaluation list. Sharpness evaluation 36 million pixels) picture quality is related to the lens head and cmos. As camera pixels increase, the demand for lenses is also increasing year-on-year, from 5P and 6P to 7P and 8P. In addition, glass-plastic mixing will effectively reduce the thickness of the lens and improve imaging quality. Glass-plastic technology has obvious advantages in the high-definition field, and the market has a trend of developing in the direction of glass-plastic mixing. The company is expected to overtake others in high-end products.
(1) Advantages of glass-plastic hybrid:
Glass-plastic hybrid lens is a major trend in the development of mobile phone lenses.
mobile phone lenses are available in three ways: all-glass, all-plastic, and glass-plastic hybrid. Traditional mobile phone lenses use plastic lenses. As mobile phone lenses become high-definition, plastic lenses need to use 8P or even 9P to meet performance requirements. This will lead to excessive lens thickness, low product yield, and a certain technical ceiling. Currently only Largan can do 9P. Plastic lenses are far worse than glass lenses in terms of physical properties such as light transmittance, refractive index, and dispersion, and they cannot withstand the high temperature of the coating process. The pure glass solution has good performance, but the cost is higher. The glass-plastic solution uses 1-2 glass lenses instead of plastic lenses to reduce the thickness of the lens group and improve imaging quality. It is currently considered to be the development trend of lenses. It is expected to capture a certain share of high-end lenses.
Lens TTL (Total Track Length, total lens length) is a crucial parameter for the thickness of the camera.A 64-megapixel F/1.6 7P (7 plastic lenses) traditional plastic lens has a TTL of 6.7 mm, while an F/1.6 with the same specifications, 1G6P design (1 glass lens + 6 plastic lenses) has a TTL of 6.2 mm, which is equivalent to the camera thickness being reduced by about 0.5 mm.
Lianchuang currently has the production capacity of 1G6P and 2G5P lenses. The yield rate of 1G6P glass-plastic hybrid high-end mobile phone lenses has reached 40%, exceeding the 8P yield rate, but the price is 30-50% more expensive than 7P. The company has completed trial production of small batch samples of the glass-plastic hybrid 48M/64M high-end mobile phone lens and 10x periscope telephoto lens developed for Huawei.
periscope camera is also a new growth point in cameras. The periscope camera can achieve high-magnification optical zoom and is expected to become a new selling point of mobile phones. Example Huawei mobile phone shoots the moon. However, the company's shipments have decreased this year because of the sanctions against Huawei. But Samsungâs periscope loading rates are improving. The shipment volume of mobile phones equipped with periscope is expected to be 83 million units in 2020, and is expected to exceed 400 million units by the end of 21. If OVM uses periscope, the price will be more than 4,000.
TOF depth camera has become one of the key directions of camera innovation in the next stage, bringing new growth to the mobile phone lens industry.
Compared with traditional cameras, TOF depth can measure depth information and can be used for face unlocking, payment, ranging and other functions. Especially in the 5G era, features such as broadband enhancement and real-time communication will help AR/VR move to the cloud and reduce Equipment requirements, as well as the maturity of AI algorithms and hardware, will further promote the improvement of content. TOF can provide functions such as 3D photography, 3D recognition and 3D modeling, and is the basis of AR.
According to Yoleâs report, the 3D sensing technology market size was US$3.743 billion in 2018, and is forecast to be US$18.614 billion in 2023, with a CAGR of 38%. Thanks to the applications of several major mobile phone manufacturers, consumer electronics has the fastest growth. The market size was US$1.81 billion in 2018 and is expected to be US$13.77 billion in 2023, with a CAGR of more than 50%. The mobile phone lens industry will deeply benefit from the rapid mass production of 3D depth lenses. TOF mobile phones are expected to begin production in 2022. In addition, according to brokerage firms, the penetration rate of TOF modules is expected to increase from 3.65% in 2019 to 54.38% in 2024. The company
currently has the production capacity of TOF lenses and modules. In terms of 3D sensing, the key problem is that heat affects the image quality of the lens. The company's glass-plastic technology solves this problem. Related products have been shipped to downstream customers.
(2) Competitive landscape:
Largan is currently the leader in plastic lenses. At present, only Largan can produce 9P lenses. Shunyu is currently second. Technically, both Lianchuang and Sunny can produce 7P lenses. Both Sunny and Lianchuang are making plans in glass-plastic mixing technology. Currently able to produce 1G6P and 2G5P lenses. Lianchuang currently mainly supplies 5P, 6P lenses, and 1G6P lenses.
downstream customers mainly include mobile phone manufacturers such as Huawei, ZTE , and ODM manufacturers such as Wingtech, Huaqin, and Longqi. 70% of
's mobile phone business is in Huaqin and Wingtech, and the rest is in Transsion, ZTE and other companies. OVM is currently in small batch verification.
According to data from BGD Consulting, the ODM market concentration is also increasing, with Huaqin, Wingtech, Longqi , etc. accounting for over 70% of the market. The entire ODM market share is also increasing, from 30% in 2019 to 37% in 2020. The company's business will improve with the ODM business.
companyâs 48M 6P high-end mobile phone lens technology has been verified on Huaweiâs high-end models. Because OV has a module production capacity threshold requirement of 20KK, the company may enter OVM as its mobile phone lens production capacity expands.
(3) VR aspects:
VR mainly uses plastic lenses. Jiangxi Province wants to build a virtual reality industry base. The company invested in Nanchang Virtual Reality Research Institute Co., Ltd. and set up a specialized institution to engage in VR/AR research, involving near-eye display, perceptual interaction, 3D modeling, panoramic shooting, etc. The "Virtual Reality Key Optical and Optoelectronic Components Technology Innovation Team" was selected into the first batch of outstanding talent teams for innovation and entrepreneurship in the VR industry in Jiangxi Province. Panoramic lens modules are the companyâs strength. The company's main customers include Huawei, Magic leap, Leap motion, Jabil, etc.Huawei's ultra-thin VR glasses photoelectric module prototype is provided by Lianchuang. The folding optical path patent is also Lianchuangâs independent intellectual property. We have been cooperating with Magic leap in terms of perceptual interaction.
Summary
Production capacity: The company's vehicle lenses and vehicle imaging modules as well as high-definition wide-angle lenses and high-definition wide-angle imaging modules are basically shared production lines. The current production capacity of this type of lenses is about 2.5KK/month, (30 million/year production capacity). The company's vehicle-mounted lenses are accelerating the expansion of production to meet order demand. Sunny's vehicle monthly production capacity is 8kk.
As of the end of the first quarter, the production capacity of mobile phone lenses has reached more than 30KK/month. And it is still continuing to expand production. (Capacity expansion will help enter the OVM industry chain) It is expected to reach 36KK in 21 years.
3. Touch display business
From the perspective of the industry space, smartphones are basically saturated, and the focus is on touch note-taking tablets and smart wearables. These businesses are expected to maintain an industry growth rate of more than 10%. But overall the proportion of touch displays is not high.
Looking at the competitive landscape, Lianchuang also belongs to the second echelon. And judging from the previous development of enterprises, this industry is essentially a contract processing model, which is not a good business model. The good synergy between and panel manufacturers will help improve the inventory turnover of module manufacturers, thus improving the efficiency of capital use and profitability.
Technically, touch display modules are developing towards integration, and the touch layer has a tendency to be integrated into the cover or display layer.
Based on the company's strategic development, this business will maintain a stable development status in the future and will not experience significant growth.
[To be continued]
The article comes from: Geffey Research Institute
Disclaimer: All opinions in the article represent only the personal opinions of the author and do not constitute investment advice for any party.
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