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Author | Changfeng
Process Edit | Cici
On May 24, 2019, Shenzhen Qingyi Optoelectronics listing application for Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange. So far, the list of companies accepted by the Science and Technology Innovation Board has been updated to 111. The subdivided industry to which
Qingyi Optoelectronics is the optoelectronic device manufacturing industry. The company is mainly engaged in the research and development, design, production and sales of mask versions. It is one of the earliest and largest mask version manufacturers in China.
. Equity structure
The company was formerly Shenzhen Qingyi Precision Optoelectronics Co., Ltd. (hereinafter referred to as Qingyi Co., Ltd.), and was jointly funded by Shenzhen Jinhuixin, Hong Kong Meiwei, Guangdong Yiyuan and Tsinghua LCD in 1997.
Company completed the share reform in 2009, and changed from Qingyi Co., Ltd. to Qingyi Optoelectronics as a whole.
As of now, Hong Kong Optical Film directly holds 49.32% of the company's shares, and indirectly holds 43.31% of the company's shares through Suxi Optical Film. Its total holdings of 92.63% of the company's shares, and is the controlling shareholder of the company.
, and Tang Yingmin and Tang Yingnian (the two are brother and sister) are the execution of the will of Tang Xiangqian and the trustee jointly control the voting rights of 92.63% of the company's shares by controlling 100% of the equity of Hong Kong Light Film, and are the actual controllers of the company.
2. The company's business
The main products of the company are mask versions, also known as photomasks, photomasks , photolithography mask versions, mask versions, etc. It is a high-precision tool for the transfer of graphic "negatives" in the downstream industry product manufacturing process, and is a carrier for carrying intellectual property information such as graphic design and process technology. is generally understood, the function of the mask version is similar to the "negative film" of traditional cameras.
mask version is mainly used for mass production of downstream electronic component manufacturing industry. It is a key part of the connection between production processes in the downstream industry and one of the determinants of downstream product accuracy and quality.
company uses a lithography machine to lithography on the raw materials according to the graphics required by customers, and wash away the unnecessary metal layer and glue layer to obtain the finished product of the mask plate.
mask version raw material mask version substrate is a photosensitive blank board that makes micro photomask patterns. Through the photolithography plate making process, fine patterns of micro and nanoscale are engraved on the mask plate substrate to make a mask plate. The role of
mask version on downstream industry production lines is mainly reflected in the use of the designed patterns on the mask version to copy images (circuit graphics) through light transmission and non-transmitting methods, thereby achieving mass production. The mask plate products produced by
can be mainly divided into quartz mask plate, soda mask plate and others (including letterpress, film), according to the material of the substrate.
Company's products are mainly used in flat panel display, semiconductor chip , touch control, circuit board and other industries, and are key tools in the downstream industry product process.
According to the prospectus, the company has established good cooperative relationships with many downstream companies through its own products and services.
In the field of flat panel display, the company has customers such as BOE , Tianma, Huaxing Optoelectronics, Qunchuang Optoelectronics, Longteng Optoelectronics, Xinli, CRIC Panda, and Visionox. In the field of semiconductor chips, the company has developed customers such as SMIC, Intel , Aike, Changdian Technology, and Silan Micro .
. Financial analysis
. Revenue structure
. The company achieved main operating income of 297 million yuan, 302 million yuan and 391 million yuan respectively from 2016 to 2018, showing a stable growth trend. The company's revenue mainly comes from quartz mask plate.
's main product is the quartz mask version, followed by the soda mask version. In the past three years, the company's revenue from quartz mask version accounted for 67.06%, 68.68% and 76.65%, respectively, increasing year by year, accounting for more than two-thirds; while the revenue from soda mask version accounted for 29.47%, 28.86% and 22.20%, respectively, but the proportion has decreased year by year.
In recent years, due to the transfer of downstream customers' demand to quartz mask products, the company has adjusted the production capacity layout of related products accordingly. Therefore, the company's revenue share of quartz mask products has increased year by year, while the revenue share of soda mask products has decreased year by year.
In the past three years, the proportion of revenue from the domestic business revenue has been 78.95%, 72.70% and 74.15% of the main business revenue, respectively, accounting for about 75%. The company's products are mainly sold in China, mainly serving the domestic electronic components industries such as flat panel display and semiconductor chips.
Company's revenue from overseas accounts for 21.05%, 27.30% and 25.85% respectively in the past three years, accounting for about 25%. The company's overseas revenue mainly comes from Taiwan and Southeast Asia.
, cost structure
company's products are mainly composed of material costs, labor costs and manufacturing costs.
The direct material required for the production of the company's product mainly includes mask plate substrates, Pellicle and other auxiliary materials, among which the mask plate substrate accounts for a large proportion of the direct material.
In the past three years, the direct material cost in the company's products accounted for 63.67%, 61.09% and 64.83% of the total cost, respectively, accounting for more than 60%, which is relatively stable. From this we can see that direct material costs are the most important component of the company's product costs.
The labor cost in company products mainly refers to the salary of production employees. In the past three years, the proportion of labor costs in the company's total costs has been 3.32%, 3.48% and 3.44% respectively, accounting for between 3% and 4%, with a low proportion. Therefore, the small fluctuations in labor costs in the company's products have little impact on the total cost.
The manufacturing expenses in the company's products are mainly composed of fixed asset depreciation, production equipment maintenance fees, water and electricity fees, and the salary of employees of auxiliary production departments and workshop managers. In the past three years, the proportion of manufacturing costs of
company's total costs has been 33.01%, 35.43% and 31.72% respectively, accounting for a relatively high proportion. Since the production of mask plates depends on production equipment, the depreciation expenses of fixed assets have a relatively large impact on changes in product costs.
, gross profit margin
0 In the past three years, the gross profit margin of the company's main business has been 31.87%, 28.94% and 29.72%, respectively, showing a trend of decline first and then rebounding. The changes are mainly affected by changes in the company's product structure and the gross profit margins of each product.
The gross profit margins of the quartz mask version in the past three years were 27.11%, 25.04% and 26.54%, respectively, showing a trend of decline first and then rising; the gross profit margins of the soda mask version were 40.68%, 36.59% and 39.91%, respectively, and its gross profit margin levels were basically the same as in 2018 and relatively low in 2017; the gross profit margins of other products were 49.06%, 47.96% and 45.14%, respectively, lowering year by year.
Overall, other products have the highest gross profit margin, followed by the soda mask version, while the quartz mask version has the lowest gross profit margin.
points, the gross profit margin level of the company's soda mask version is similar to that of Luwei Optoelectronics. The trends of the two are consistent, both of which are showing a trend of decline first and then rising; while the gross profit margin level of the company's quartz mask version is between the comprehensive gross profit margin of Fornix and SKE, and the trends are relatively similar.
, period expense ratio
0 Company's total period expenses in the past three years were 55 million yuan, 59 million yuan and 57 million yuan, respectively, accounting for 17.42%, 18.35% and 13.88% of the current operating income, respectively, showing a trend of rising first and then falling.
Among them, the company's R&D expenses in the past three years were RMB 14 million, RMB 16 million and RMB 17 million, respectively, accounting for 4.49%, 4.97% and 4.09% of the current operating income, respectively. Since mask plates are technology-intensive products, the company continues to maintain high R&D investment in high-precision, high-generation mask plate products, mask plate production supporting equipment development and other fields.
It is worth mentioning that the company's R&D expenditure has not been capitalized at all, but has been fully relied on. From this, it can be seen that the company is very cautious about the accounting treatment of R&D expenditure.
The proportion of period expenses in the company except financial expenses to operating income in the past three years is 14.91%, 17.31% and 13.94% respectively, which is generally higher than the period expense rate level of SKE, a comparable company in the same industry. However, the changes of the two are similar, and both show a trend of rising first and then falling.
, operating capacity
0 Company's accounts receivable turnover rates have been 3.60, 3.55 and 3.72 respectively in the past three years, respectively, showing an upward trend, indicating that the company's accounts receivable management level is generally improving.
's inventory turnover rates in the past three years have been 7.03, 6.40 and 6.51 respectively, showing a trend of decline first and then rebounding. The company's inventory management level in 2018 has improved compared with 2017.
Overall, the company's asset operation capabilities are relatively stable, but there is still a certain room for improvement.
, Asset Structure
Company's total assets in the past three years have been 503 million yuan, 612 million yuan and 687 million yuan respectively. The company's asset scale continues to grow with the continuous expansion of the company's business.
The company's non-current assets accounted for 64.68%, 67.01% and 59.95% in the past three years, respectively, which is a high proportion, indicating that the company's asset attributes are relatively heavy.
The company's non-current assets are mainly fixed assets, projects under construction and other non-current assets, among which fixed assets account for nearly 90% of the average proportion of non-current assets.
Since the mask version industry is a capital- and technology-intensive industry, high-standard dust-free workshops and high-precision precision equipment are needed for production. The company's equipment investment scale is large, and the proportion of fixed assets and projects under construction is relatively high. Non-current assets are showing a growth trend as the investment amount of equipment increases.
and debt repayment ability
The company's debt-to-asset ratio (merger) in the past three years has been 14.70%, 23.51% and 22.73%, respectively, showing an upward trend overall, but the overall level of the company's debt-to-asset ratio is relatively low, and the company's debt-to-asset ratio is relatively strong.
Company's current ratio in the past three years was 3.30, 2.81 and 2.44, respectively, and the quick ratios were 2.68, 2.25 and 2.02, respectively, all of which were lower. Although the company's current ratio and quick ratio have slightly decreased due to fixed asset investment, it remains at a high level overall, and the company's short-term debt repayment pressure is less.
4. Conclusion
If the investment project raised by the company can be implemented smoothly, it will further expand the company's production scale, enhance the company's production capacity, enhance the company's R&D strength, thereby improving the company's products' market competitiveness and better promoting the development of the company's business.
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