Today's Science and Technology Board we combed together with Fuxin Technology, the company is one of the few domestic and foreign industry chain of semiconductor thermoelectric technology solutions and applications, the main business for the semiconductor thermoelectric device and its core thermoelectric system, thermoelectric machine application products, research and development, design, manufacturing and sales business.
Semiconductor thermoelectric technology solutions can be widely used in consumer electronics, communications, medical experiments, automotive, industrial, aerospace and defense, oil and gas mining and many other fields. The company's thermoelectric machine application as a technical solution carrier, the success of the semiconductor thermoelectric refrigeration technology and beer machine, thermostatic mattress, frozen milk machine, ice cream machine and many other innovative use of the scene, to achieve the semiconductor thermoelectric technology in the field of consumption of large-scale industrial application, to meet the people to improve the quality of life of personalized needs and the desire for a better life. In addition, the company relies on years of accumulated R&D experience and technology precipitation, and actively expands the semiconductor thermoelectric technology in communications, automotive and other areas of the terminal application market.
Particularly in the field of communications, for the current high-performance micro-thermoelectric devices market is still dominated by international manufacturers or their domestic subsidiaries, the company seized the opportunity of the market demand for high-performance micro-thermoelectric devices brought about by the emergence of the 5G network construction in 2019, and realized technological breakthroughs in the thermal and electrical performance and reliability of semiconductor thermoelectric devices, successfully developed the thermoelectric devices for use in 5G networks, and successfully developed the thermoelectric devices for use in 5G networks. The company has successfully developed a high-performance miniature thermoelectric cooling device used for temperature control of optical modules in 5G networks, and has already supplied a small batch to customers .
The semiconductor thermoelectric technology mainly includes the semiconductor thermoelectric refrigeration technology and the temperature difference power generation technology two application directions, respectively, using the semiconductor material of the Peltier effect (Peltier effect) and the Seebecke effect (Seebeckeffect) to realize the mutual conversion of electric energy and heat energy, is a kind of environmentally friendly refrigeration technology and green energy technology . It is an environmentally friendly refrigeration technology and green energy technology .
According to the data in the report by MarketsandMarkets, the semiconductor temperature difference power generation system market size was $399 million, $426 million, and $460 million from 2017 to 2019, and is expected to reach $741 million by 2025.
According to the data reported by MarketsandMarkets, the external sales market size of semiconductor thermoelectric devices in consumer electronics applications was $105 million, $118 million, and $131 million from 2016 to 2018, respectively, and is expected to reach $231 million by 2024.1-June 2017-2020 From January to June 2017 to 2020, the company's sales revenue of semiconductor thermoelectric devices applied in the field of consumer electronics was 49.8123 million yuan, 56.1521 million yuan, 55.624 million yuan, and 28.8256 million yuan, respectively, and there is still a large amount of stock and incremental market space.
According to the data in the report by MarketsandMarkets, the external sales market size of semiconductor thermoelectric devices in the field of communication applications was $102 million, $111 million, and $120 million from 2016 to 2018, and is expected to reach $174 million in 2024.
In addition to consumer electronics and communications, semiconductor thermoelectric refrigeration technology is also widely used in other fields. In the medical field, it is mainly used for temperature control of various instruments and testing equipment in laboratories such as cold application equipment, portable insulin boxes, mobile medicine boxes, and PCR testers; in the automotive field, it is mainly used for thermal management of car refrigerators, car thermostat cup holders, car temperature-regulated seats, as well as human-machine interaction equipment, power batteries, sensors, and other equipment; in the industrial field, it can be used for the display of cold sources, smoke cooling, CCD image sensor, laser, and other equipment; in the industrial field, it can be used for the cold source of display, smoke cooling, CCD image sensor, and other equipment. In the industrial field, it can be used for precise temperature control of cold source display, smoke cooling, CCD image sensor, laser diode, dew point meter and other products; in the field of aerospace and defense, it can be used for temperature control of detectors and sensors, cooling of laser system, temperature regulation of flight suit, cooling of equipment shell and so on.
According to the different application segments, the semiconductor thermoelectric devices and thermoelectric systems market presents different competitive patterns. According to the market research reports of MarketsandMarkets and Transparency, as well as the relevant business introductions on the official websites of the major companies in the industry, Currently, the market for high-performance semiconductor thermoelectric devices and thermoelectric systems used in communications, automotive, aerospace, defense, and other fields is dominated by Japan's Ferrotec, KELK Ltd. , the current application of communications, automotive, aviation and defense fields such as high-performance semiconductor thermoelectric components and thermoelectric systems market is mainly in Japan Ferrotec, KELK Ltd. The majority of domestic enterprises are still in the technology enhancement stage due to the late start, and there is still a gap between the technology level and the international advanced level.
At present, the main players in the thermoelectric machine application products market for China's domestic enterprises and foreign brand manufacturers set up in the domestic production enterprises. Among them, in the export market, China's domestic enterprises are mainly through the ODM mode for foreign brand manufacturers OEM production, while in the domestic market is mainly used in the combination of ODM and independent brand management mode.
As the thermoelectric machine application market development time is relatively short, is still in the growth stage, all kinds of new technology solutions are emerging, the industry has not yet formed a monopoly effect or has a significant brand advantage of enterprises.
From the downstream application market recognition, in the field of consumer electronics, the company and the domestic and foreign well-known electrical brands SEB, Electrolux, Midea, Japan's fashionable home brand Bruno, the well-known coffee machine brand Yurei (Jura) to establish a good relationship; in the field of communications, the company's latest development of high-performance micro-thermoelectric refrigeration device products have been 2020 to the customer In the field of communications, the company's newly developed high-performance micro-thermoelectric cooling device products have been supplied to customers in 2020.
From the point of view of market share, according to the statistics of Wisdom Research Consulting, the amount of semiconductor refrigeration home-type refrigerator exported from China in 2019 is 228,716,600 U.S. dollars, or about 1,610,120,000 yuan, and the company's export of thermoelectric whole application products in 2019 semiconductor refrigeration home-type refrigerator (including beer machine, Constant Temperature Wine Cooler, Electronic Refrigerator, Frozen Milk Machine) products amounted to RMB 31,657.03 million, accounting for about 19.77% of the total Chinese exports of such products in that year .
The company's thermoelectric machine application, thermoelectric system business in the A-share listed companies and the new three board listed companies have no comparable company, thermoelectric components business and the new three board listed company Fu Lianjing (872240.OC) has a certain comparability.
A well-known domestic semiconductor thermoelectric components manufacturer
Fuxin Technology predecessor Foshan City, Shunde District, Fuxin Refrigeration Equipment Company Limited was established in 2003, the company's main single-stage thermoelectric refrigeration devices, ice gallons, wine cooler refrigerator system, as well as thermostatic wine cooler, electronic refrigerator and other products; 2006 the company was officially renamed as In 2009, the company introduced micro thermoelectric devices and multi-stage thermoelectric refrigeration devices; in 2011, the company successfully researched and developed temperature difference heating devices and battery cabinet system for communication base station; in 2013, the company completed the shareholding system transformation and was officially renamed as "Guangdong Fuxin Science and Technology Company Limited"; in 2014, the company's beer dispenser system (2L) was launched. In 2014, the company's beer machine system (2L), mattress system, thermostatic mattress, 380L large-volume wine cooler, beer machine (2L) listed; in 2015, the ice cream machine system, ice cream machine products successful trial production and quantitative production; in 2016, high-performance temperature difference power generation devices and other new products listed; in 2017, the company's thermoelectric refrigeration technology research and development achievements, successful development of hot and cold cycle devices, high-power thermoelectric refrigeration devices, while the heat pipe static heat generation devices, the heat pipe static heat generation devices, the heat pipe static heat generation devices. devices, at the same time, heat pipe mute system, flue gas cooling system came out, new frozen milk machine and mute refrigerator listed; 2018 dehumidifier system to complete small batch trial production; 2019 high-performance unipolar thermoelectric refrigeration devices, cold source demonstrator system, plant incubator system and energy-saving wine cooler and other products mass production; 2020 the company produces high-end semiconductor thermoelectric refrigeration device reliability to GR-468- CORE and MIL-STD-883 two international advanced test standard requirements, dehumidifier, energy-saving refrigerator development to further enrich the company's main products; 2021 KIC listed.
Second, business analysis
2017-2020, operating income from 512 million yuan to 624 million yuan, a compound growth rate of 6.82%, 20 years to achieve revenue decreased by 0.32% year-on-year; net profit attributable to the mother of the growth of net profit from 0.30 billion yuan to 0.74 billion yuan, a compound growth rate of 35.11%! , 20 years to achieve net profit of 2.78% year-on-year increase in net profit attributable to mother; deducted net profit attributable to mother from 0.31 billion yuan to 0.67 billion yuan, a compound growth rate of 29.29%, 20 years to achieve deducted net profit attributable to mother declined by 6.94% year-on-year; cash flow from operating activities of 0.043 billion yuan, 0.009 billion yuan, 0.130 billion yuan and 0.65 billion yuan, respectively, 20 years to achieve cash flow from operating activities year-on-year decline of 50.00%.
Sub-products, 2020 semiconductor thermoelectric devices to achieve revenue of 0.79 billion yuan, accounting for 12.62%; semiconductor thermoelectric systems to achieve revenue of 144 million yuan, accounting for 23.06%; copper cladding plate to achieve revenue of 0.28 billion yuan, accounting for 4.42%; thermoelectric machine applications to achieve revenue of 354 million yuan, accounting for 56.79%; ceramic substrate to achieve revenue of 0.00 billion yuan, accounting for 0.03%; the whole machine loose, accessories to achieve revenue of 0.19 billion yuan, accounting for 3.08%.
In 2019, the company's top five customers realized revenue of 267 million yuan, accounting for 42.59%, of which the first largest customer realized revenue of 145 million yuan, accounting for 23.17%.
Third, the core indicators
In 2017-2020, the gross profit margin increased from 23.11% to 28.43%; the period expense rate fell to 8.70% in 18 years, and then rose to 10.15% year by year, of which the sales expense rate fell from 5.73% to 4.22%, and the management expense rate rose from 4.42% rose to a high of 5.12% in 18 years, fell to 4.57% in 20 years, the financial expense ratio fell to a low of -0.89% in 18 years, and then fell year by year rose to 1.36%; profitability increased from 5.88% to 12.06%, weighted ROE increased from 15.39% to a high of 25.74% in 19 years, fell to 23.10% in 20 years.
Fourth, DuPont analysis
Return on Equity = Profit Margin * Asset Turnover * Equity Multiplier
From the graph and the data, it can be seen that the increase in ROE in 18 years is due to the increase in profit margins and asset turnover, and the increase in ROE in 19 years is due to increase in profitability and decrease in ROA in FY20 is due to decrease in equity multiplier and asset turnover.
V. Research and Development Expenditures
2017-2020H1 the company's research and development expenses were $18,455,900, $22,815,000, $26,875,000 and $9,875,000, accounting for 3.61%, 3.79%, 4.29%, and 3.96%, respectively.
Points of view:
Semiconductor thermoelectric refrigeration technology with its irreplaceable flexibility, diversity, reliability and other advantages and features, become a key technology to support a number of modern industries, can be widely used in consumer electronics, communications, medical experiments, automotive, industrial, aerospace and defense, oil and gas mining and other fields, with the advancement and promotion of thermoelectric technology, its downstream applications. With the progress and promotion of thermoelectric technology, its downstream applications continue to mature, new products continue to emerge, the market demand shows a year-on-year growth trend. The consumer electronics field is the main practical application direction of the company's current products, and the communication field is the company's future key expansion direction.