With the continuous development of the optoelectronic technology application market, optoelectronics has gradually developed and formed the concept of optoelectronics industry , and has gradually become a hot topic for various countries to compete for development. Nowadays, optoelectronic devices have become one of the four major semiconductor segments that are parallel to integrated circuit (IC), discrete devices and sensors.
In a nutshell, the optoelectronics industry is also a level that cannot be ignored for domestic technology companies to break through the "blockade line" of foreign monopoly.
It is worth mentioning that recently, a company focusing on optical communication device products appeared among many science and technology innovation board IPO companies. Zhitong Finance APP learned that the company is named Guilin Guanglong Technology Group Co., Ltd. (hereinafter referred to as "Guanglong Technology"), and on December 15, the Science and Technology Innovation Board IPO was accepted by on the Shanghai Stock Exchange , and the sponsor is Shenwan Hongyuan Securities .
It is reported that Guanglong Technology, founded in 2001, is a professional manufacturer of optical communication devices. It was listed on on New Third Board in May 2016, but it was terminated in March 2020. Its main business is the research and development, production and sales of optical chip series, passive optical devices and subsystem products. Its customers cover many optical device and leading companies such as Zhongji Xuchuang, Guangxun Technology, Sichuan Jiuzhou, Hisense Broadband, Xinyisheng , Huagong Zhengyuan , and large-scale communication system equipment manufacturers such as Huawei , ZTE , and Fenghuo .
As the saying goes, you know autumn with a leaf, and you know it well with a small eye. Therefore, you might as well look at this company, and see where the domestic optoelectronics has gone, and what is the real texture of the enterprise?
domestic substitution is in progress, optical communication industry welcomes the policy "Dongfeng"
The previous article has mentioned that Guanglong Technology is a professional manufacturing enterprise for optical communication devices. From the perspective of application field, it belongs to the optical communication industry.
When it comes to this industry, there is a major positive factor worth mentioning separately - that is, it comes from strong support from national policies.
As we all know, under the competition of high-tech technologies such as Sino-US trade frictions and 5G industry competition, my country has gradually realized the importance of the "rise" of domestic chips. Based on this development background, in order to improve and enhance the technological and product competitiveness of my country's optoelectronics enterprises and ensure the development of new generation information technology, the country and relevant departments have issued a number of industrial support policies.
It is reported that whether it is the "14th Five-Year Plan" development plan of the National Development and Reform Commission, or the "Basic Electronic Components Industry Development Action Plan (2021-2023)" formulated by Ministry of Industry and Information Technology, they all support the development of my country's optoelectronics industry and technology from the national strategic perspective as an important task, and encourage domestic enterprises to seize the development opportunities of downstream application markets such as 5G communication, big data and cloud computing, industrial Internet, artificial intelligence , and strive to improve the independent technology of high-speed optical communication key devices and chips, and accelerate the process of domestic substitution.
, especially the technology development roadmap of the optoelectronics industry, also clarifies the five-year development goals of optical chips and optical devices from 2018 to 2022, and proposes that the country integrates domestic industry, education, research and integration resources to ensure that the domestic production rate of mid- and low-end optoelectronics chips exceeds 60% by 2022, and the domestic production rate of high-end optoelectronics chips exceeds 20%, and domestic optoelectronics device companies must occupy more than 30% of the global market share of optical communication devices" has been achieved, pointing out the direction for the development of my country's optoelectronics industry.
Under this favorable policy background, it is obvious that my country's optoelectronics industry has ushered in a greater development opportunity.
and subdivided into the application field of Guanglong Technology products, we may be able to get a glimpse of more about market increments.
It is understood that Guanglong Technology's main business is mainly divided into three categories: optical chip series, passive optical devices and subsystems. Among them, optical chips cover laser chips, detector chips, TO-CAN products, etc.; passive optical devices include optical isolators, optical switches and other products, and the subsystem series mainly includes optical switch equipment, 5G front-pass optical protection modules and other products. The above products are mainly used in 5G network , optical fiber to the home, data center, network security, industrial applications, laser sensing and other fields.
(Data source: Guanglong Technology Prospectus)
Take the application field of 5G as an example. According to CC's forecast, the next few years will be the peak period for the construction of 5G base station . The capital expenditure of global mobile operators will continue to grow. In 2021, 2022 and 2023, the capital expenditure of global mobile operators for 5G deployment will reach US$76 billion, US$80 billion and US$88 billion respectively. The compound growth rate between 2019 and 2023 will be as high as 36.03%.
Since the large-scale deployment of global and domestic 5G networks will directly bring about large-scale demand for wireless bearer network equipment and optical communication devices, it will also benefit the catching-up development of my country's optical communication industry.
Look at the application field of data centers again. According to Omdia's forecast, the annual compound growth rate of global data center capital expenditure will reach 15.7% from 2020 to 2024. The optical transceiver modules in the data center will evolve to 400G, and by 2025, the global data center 400G optical module will reach US$4.5 billion. In the future, the optical modules in the data center will evolve to 800G and higher speeds and photoelectric co-packaging (CPO).
Since data centers are one of the important application markets of the optical communication industry, their core equipment is servers and network switching equipment. The construction of national data centers will also create a large-scale market demand for optical communication equipment and electronic device , just like the construction of 5G base stations.
Based on the above, it is not difficult to see that under the dual benefits of policies and technology, the current development space of Guanglong Technology is very promising, and it may present an unexpected high growth trend in the future.
's revenue in 2020 was only 273 million yuan, and its scale was "small but not beautiful".
Judging from the performance of core financial data, although Guanglong Technology's industry is promising, its current fundamentals are not "beautiful". In terms of revenue, from 2018 to the first half of 2021, the company achieved revenue of 175 million yuan, 192 million yuan, 273 million yuan and 142 million yuan respectively. The revenue has increased year by year but the scale is still relatively small. In terms of net profit, its net profits during the same period were -5.5876 million yuan, -8.269 million yuan, 14.8498 million yuan and 6.6232 million yuan respectively. The overall performance was relatively volatile and it only showed an upward trend in the past one or two years.
(Data source: Guanglong Technology Prospectus)
In terms of gross profit margin, although the company's gross profit margin level is generally higher than the average value of comparable listed companies in the same industry, the performance of this level does not exceed 30% has not yet reflected the development advantages of technology companies' "high gross profit margin": According to the prospectus data, from 2018 to the first half of 2021, the company's gross profit margin was 26.82%, 26.87%, 29.52%, and 25.49%, respectively, while the industry average was 26.32%, 24.81%, 24.83%, and 25.14%, respectively.
(Data source: Guanglong Technology Prospectus)
In addition, due to the small revenue and net profit scale, the company's cash flow is not very abundant. According to the prospectus data, from 2018 to the first half of 2021, the company's cash and cash equivalent balances at the end of the period were RMB 40.1464 million, RMB 43.2867 million, RMB 15.9961 million and RMB 62.0812 million, respectively.
Judging from the performance of the above core financial data, it is not difficult to find that Guanglong Technology is indeed in a small-scale development state. The company seems to have also realized this. In its prospectus, it stated that for a relatively long time after its establishment, the company mainly focused on products such as optical switch , which have relatively low unit price. Compared with companies in the same industry that mainly produce and operate optical modules and other products with higher unit price, it is relatively weak in scale.
In addition to its small scale, under the intensive study of prospectus , Guanglong Technology seems to need to be wary of operating risks such as excessive accounts receivable and excessive inventory.
Specifically, from 2018 to the first half of 2021, the company's net financing amounts of notes receivable, accounts receivable and receivable were RMB 98.1749 million, RMB 97.9444 million, RMB 153 million and RMB 169 million, respectively, accounting for 56.14%, 50.92%, 56.11% and 119.38% of operating income, respectively, accounting for a relatively high proportion of operating income. With such high accounts receivable, once the company cannot effectively improve the management level of notes receivable and accounts receivable and ensure the progress of collection, there may be situations where the notes receivable and accounts receivable continue to increase, the collection is not timely or even bad debts, which will have an adverse impact on the company's operating results.
In terms of inventory, during the reporting period, the book value of the company's company's inventory was RMB 103.4825 million, RMB 71.0781 million, RMB 99.8715 million and RMB 113.0513 million, respectively, accounting for 39.46%, 27.27%, 37.21% and 27.84% of the net assets, respectively.
At such inventory level, if the customer unilaterally cancels the order, it may cause the net realizable value of the company's inventory to be lower than the cost, which will have an adverse impact on the company's operating performance.
To sum up, it is not difficult to see that although it is in the optical communications industry with an overwhelming potential, Guanglong Technology, which has a "small but not beautiful", still has great development pressure, and this sprint for the IPO on the Science and Technology Innovation Board may be a major way to "decompress".
It is reported that the 753 million yuan raised by the company this time is mainly used for the construction of the entire process process production line of optical chip semiconductors, subsystems and optical devices production and construction projects, and supplementary working capital. Once it is successfully listed, it may further improve its core competitiveness through this fundraising.
