Today's Science and Technology Board we combed together with Acer Micro, the company specializes in micro and nano direct lithography as the core technology of direct imaging equipment and direct lithography equipment, research and development, manufacturing, sales, and maintenance services, the main products and services include PCB direct imaging equipment and automated systems, pan-semiconductor direct lithography equipment and automated systems, other laser direct imaging equipment and the above products after-sales maintenance services. The main products and services include PCB direct imaging equipment and automated systems, pan-semiconductor direct writing lithography equipment and automated systems, other laser direct imaging equipment, and after-sales maintenance services for the above products, which cover micron to nanometer lithography.
The company focuses on serving customers in the PCB field and pan-semiconductor field in the electronic information industry, and helps customers realize digitalization, unmanned and intelligent development while improving product quality and lowering production costs through excellent products. Novell and Dalian Schonda (a subsidiary of Schonda Technology), Silicon Motion Micro, Nationwide Optoelectronics (a subsidiary of Visionox), Institute of Semiconductor Research of the Chinese Academy of Sciences, Laser Fusion Research Center of the Chinese Academy of Engineering Physics, the Eleventh Research Institute of the China Electronics Technology Group Corporation, the University of Science and Technology of China, Huazhong University of Science and Technology, Guangdong University of Technology, and so on.
In the PCB field, the company provides full-process, high-speed and mass-production direct imaging equipment, with a minimum line width of 8μm-75μm, which is one of the key equipments in the PCB manufacturing process, mainly used for the exposure of line layers and soldermasks during the PCB manufacturing process.
In the pan-semiconductor field, the company provides lithography equipment with a minimum linewidth of 500nm-10μm, which is mainly used in the downstream IC mask plate making and the lithography process of IC manufacturing and OLED display panel manufacturing.
In the field of OLED display panel lithography equipment, in order to further improve the overall production capacity of the equipment, to meet the panel customer's small batch, multi-batch production and R & D needs, the company has successfully developed the OLED lithography equipment automated line system (LDW-D1), LDW-D1 adopts a number of parallel automated production of the LDW X6, which can be realized by a number of independent work at the same time, the entire automated line system includes several independent production lines, and the whole system includes a number of independent production lines. The entire automatic line system includes several independent lithography machines and a common mechanical conveyor, the system through the read code scanning production information for parameter retrieval, real-time monitoring of the operation of each machine and feedback to the customer's MES system, automatically generate production reports and production logs alarm information, the customer can real-time monitoring of the production situation, modify the parameters of the production process, so as to ensure the quality of the product.
The company's other laser direct imaging equipment for screen printing laser direct plate making equipment, the product is mainly used in screen printing plate making field.
Equipment maintenance services for the company's equipment and automatic line system to achieve sales, in the life cycle of the equipment, for downstream customers to provide periodic replacement of key equipment parts, equipment repair, equipment maintenance and other services. In addition, the company also provides a small amount of equipment rental services .
Direct lithography equipment can be divided into PCB direct imaging equipment, pan-semiconductor lithography equipment , of which pan-semiconductor lithography equipment can be further divided into IC manufacturing lithography equipment, IC and FPD mask plate lithography equipment, FPD manufacturing lithography equipment. These different applications have different requirements for the technical level of the lithography equipment.
In the field of PCB, in recent years, with the downstream electronic products continue to high integration, high performance, high portability and other directions, PCB products, high-end upgrading trend is obvious, direct imaging technology has become the current PCB manufacturing exposure process in the mainstream development of technology. In the field of pan-semiconductor, in addition to the mask version of the plate, compared with the mask photolithography, direct writing photolithography in the field of IC front-channel manufacturing lithography precision and capacity efficiency is lower, in the field of FPD manufacturing there are lower capacity efficiency and so on, on the whole, the direct writing photolithography in the field of pan-semiconductor applications is relatively narrow, in small quantities, multi-species pan-semiconductor device production and R & D trial production with comparative advantages, the business volume is small, it is the mask plate, the mask plate, the mask plate, the mask plate, the mask plate, the mask plate, and so on. The business volume is relatively small, is the mask lithography supplement.
PCB direct imaging equipment is one of the key PCB manufacturing equipment, for a long time, China's PCB direct imaging equipment is mainly dependent on imports from Europe and the United States, Japan and other developed countries, the domestic equipment self-sufficiency rate is extremely low.
In recent years, as the country attaches great importance to the development of domestic high-end equipment industry, the global PCB industry to the Chinese mainland region to gather as well as the PCB industry's rapid technological iteration of factors such as the promotion of China's domestic PCB direct imaging equipment industry ushered in the development of opportunities.
The company's self-developed PCB direct imaging equipment and automatic line system has outstanding advantages in unit production cost, exposure accuracy, production efficiency, automation, intelligence and other aspects. The company has a full range of high-speed mass production direct imaging equipment that can cover all PCB product segments, with a high level of exposure accuracy and production efficiency, and can replace the existing PCB traditional exposure equipment to meet the production needs of high-end PCB products represented by IC carrier boards, and has strong product competitiveness in PCB manufacturing. With the advantages of product performance, cost-effectiveness and service capability, the company's PCB direct imaging equipment and automatic line system have been adopted by many well-known PCB manufacturers, and have formed a deep industrial integration with the downstream PCB manufacturing industry. The rapid development of the PCB industry and the continuous upgrading of the PCB product structure will further drive the demand of the upstream PCB direct imaging equipment market, which will continue to promote the technological progress of PCB direct imaging equipment.
Pan-semiconductor lithography equipment is one of the key equipments required for pan-semiconductor manufacturing and mask plate making. In recent years, IC, FPD industry is China's focus on the development of basic industries, its downstream communications, artificial intelligence, Internet of Things, consumer electronics and other broad market demand.
Pan Semiconductor Lithography Equipment
The technology level of pan-semiconductor lithography equipment determines the level of downstream IC, FPD manufacturing, China is the world's largest country in demand for ICs, FPDs, but the core equipment and materials compared to the developed world, there is still a significant gap.
The company's R&D is based on the market demand and development trend of the pan-semiconductor industry, and has made certain breakthroughs in technology and equipment product development. Limited by factors such as production efficiency and lithography precision, the current direct-write lithography equipment is unable to meet the needs of the pan-semiconductor industry's large-scale manufacturing, but because it does not require a mask plate and the use of flexible, in small batches, multi-species pan-semiconductor device production and R & D trial production has a comparative advantage. In addition, in the field of IC, FPD mask plate making, mask plate making lithography process are used in direct writing lithography equipment, the field of equipment is basically monopolized by foreign manufacturers. In this context, the company has developed lithography equipment with lithography precision of 500nm and above through technological research, and has successfully realized the market sales of such equipment to famous scientific research institutes such as Laser Fusion Research Center of China Academy of Engineering Physics, and research institutes under China Electronics Technology Group Corporation; the company launched the domestic lithography equipment automated line system (LDW-LDW) for application in the low-generation production line of OLED display panels in 2018; and the company has also launched a new system of lithography equipment automated line system (LDW-LDW) for application in the low-generation production line of OLED display panels. In 2018, the Company launched a domestic direct-write lithography system (LDW-D1) for application in the low-generation production line of OLED display panels, and successfully passed the validation of the R&D trial production line of a famous downstream display panel manufacturing customer. The company has established a deep cooperative relationship with downstream benchmark customers, and has received customer support in all aspects of the product project, requirements definition, prototype verification, upgrade and iteration, which provides strong support for the company to enhance the performance and industrial applicability of the direct-write lithography equipment.
The current major players in the industry are as follows:
I. Leading domestic direct-write lithography industry
AOpen Microsystems was founded in 2015; the whole company will be changed to a joint stock limited company in 2019; and it will be listed in the Science and Technology Board in 2021.
Second, business analysis
2017-2020, revenue grew from 0.22 billion yuan to 310 million yuan, a compound growth rate of 141.53%, 20 years to achieve revenue growth of 53.47% year-on-year; mother of the net profit from -0.007 billion yuan to 0.71 billion yuan, 20 years to achieve the mother of the Net profit increased by 47.92% year-on-year; non-deductible net profit increased from -0.08 billion yuan to 0.55 billion yuan, 20 years to achieve non-deductible net profit increased by 19.57% year-on-year; cash flow from operating activities were -0.37 billion yuan, -0.02 billion yuan, -0.16 billion yuan, and -0.06 billion yuan, respectively.
By product, in 2019, PCB series realized revenue of 192 million yuan, accounting for 95.14%; pan-semiconductor series realized revenue of 02 million yuan, accounting for 1.04%; and others realized revenue of 08 million yuan, accounting for 3.82%.
In 2019, the company's top five customers realized revenue of 113 million yuan, accounting for 55.89%, of which the first largest customer realized revenue of 72.319 million yuan, accounting for 35.76%.
Third, the core indicators
2017-2020, the gross profit margin 18 years to the high point of 58.78%, and then declined year by year to 43.41%; the period expense rate from 49.90% to 11.38%, of which the sales expense rate decreased from 25.49% to 5.87%, and the management expense rate decreased from 26.68% to 5.34%, and the financial expense rate rose from -2.27% to 0.17%; the profit margin increased from -30.87% to a high of 23.55% in 19 years, and then decreased to 22.91% in 20 years, and the weighted ROE increased from -16.80% to a high of 29.04% in 19 years, and then decreased to 19.05% in 20 years.
IV. DuPont Analysis
Return on Equity = Profit Margin * Asset Turnover * Equity Multiplier
From the graphs and data, it can be seen that the increase in Return on Equity is mainly due to the increase in profit margin.
V. Research and development expenditure
2017-2020H1 the company's research and development expenses were 791.80 million yuan, 16.980 million yuan, 28.545.95 million yuan and 20.150.02 million yuan, respectively, accounting for the proportion of the current year's operating income was 35.70%, 19.45%, 14.12% and 26.55% respectively.
Points of view:
PCB and pan-semiconductor equipment market demand for rapid growth and the huge domestic market space for import substitution.