With the development of domestic panel technology, thanks to the good domestic investment environment, China has successfully realized the transfer of global LCD panel production capacity, and the domestic LCD industry is rising rapidly.
Liquid crystal display manufacturer Guangxi Tianshan Electronics Co., Ltd. (hereinafter referred to as: Tianshan Electronics) recently submitted a prospectus to the Shenzhen Stock Exchange for listing on the gem. Shen Wanhongyuan is its lead underwriter.
This time, it is proposed to raise 313 million yuan, mainly for the following four projects, of which the photoelectric touch display integrated module construction project and the monochromatic liquid crystal display module expansion project account for about 65% of the total fund-raising. In addition, about 20% of the funds are used to replenish liquidity.
As far as the company's ownership structure is concerned, the company has no controlling shareholder, and Wang Siwei is the largest shareholder, with a shareholding ratio of 19.75%. The co-controllers of the company are Wang Siwei, Fan Xiaoyun and Wang Simi, who together hold 41.06% of the shares.
Global display panel industry chain transferred to ChinaCapacity growth continues to lead the world.
Since 2011, the flat panel display industry has shown a trend of continuous transfer to the mainland. In recent years, with the rapid rise of BOE, Shen Tianma, TCL and other enterprises, the panel technology pattern monopolized by Japanese and Korean enterprises has been broken.In 2017, Chinese mainland became the region with the largest production capacity of high-generation LCD panels in the world for the first time. It has reached 53% of the global production capacity in 2019 and is expected to account for 68% of the global LCD panel high-generation production capacity by 2024.The trend of continuous transfer of panel production capacity to the mainland has also accelerated the accumulation of the industrial chain of the liquid crystal display industry.
From a global point of view, the development of LCD industry has experienced successful research and development in the United States, and gradually transferred to mainland China through the development and growth of Japan, South Korea and other places.At present, China has become one of the largest producers of liquid crystal display products in the world.Liquid crystal display industry has become an important part of China's electronic information industry.
Deep Tianma is its largest customer, and its sales share continues to decline.
Tianshan Electronics is in the middle position in the industry, mainly engaged in the research, design, production and sales of customized LCD screens and display modules in the professional display field. It is a high-tech enterprise with comprehensive supply capabilities such as serialization, scale and rapid response of display modules in the professional display field. Mid-stream manufacturing is also the core of the whole industrial chain, which belongs to technology-intensive and capital-intensive industries.
In terms of industry status, from the perspective of business scale, Tianshan ElectronicThe business scale in 2020 is between Akita Micro, Asia Optoelectronics and Juncheng Technology.And higher than Asia Optoelectronics and Juncheng Technology. Among the main competitors in the same industry, there are differences in their respective focus in the application field; in terms of business model, except for the entrusted processing business of the issuer, there are no other differences; the business scale of the issuer is similar to that of the main competitors.
Tianma Electronics relies on quality products and servicesForm a long-term strategic partnership with Shen Tianma (since 2011). From 2018 to the first half of 2021, Shen Tianma has been the company's largest customer. However, in the past three years, the share of sales revenue of the five major customers, including Shen Tianma, has shown a downward trend.In the prospectus, the company explained that there are three main reasons: (1) in order to reduce customer concentration, the company takes the initiative to adjust the customer structure; (2) due to the tight utilization rate of the company's production capacity, orders with higher gross margins are selected; (3) due to the gradual increase in the company's main customer groups, the proportion of the top five sales gradually decreases.
In addition, the company has established long-term and stable cooperative relations directly or through technical service providers with well-known enterprises in the application fields of the above industries, such as Gree, Haekangwei, Johnson Controls (Johnson controls), LG, Daikin (Daijin), Bticino, Baifu, Youboxun, Yi Lian, VTech, Sagemcom (Sagem), Omron (OMRON) and so on.
The color LCD module contributes half of the income, and the gross profit margin of export is higher, but the sales is relatively low.
From 2018 to 2020 and the first half of 2021, the company achieved revenue of 507 million yuan, 561 million yuan, 615 million yuan and 496 million yuan respectively, increasing steadily over the past three years. The income of its main business mainly comes from the sales of the following three kinds of products: monochromatic liquid crystal display screen, monochromatic liquid crystal display module and color liquid crystal display module, of which the proportion of color liquid crystal display module is rising rapidly. contributed more than half of the revenue in the first half of this year.
From 2018 to the first half of 2021, the net profit of the company was 34.927 million yuan, 38.084 million yuan, 47.851 million yuan and 45.847 million yuan respectively. During the reporting period, the company's comprehensive gross profit margin was 20.91%, 19.44%, 20.05% and 19.00% respectively, with small fluctuations and basically stable.
But compared with its competitors, the company's gross margin is lower, generally lower than the average of comparable companies. The main reasons are as follows: the gross profit margin of export is higher than that of domestic sales, and the proportion of overseas sales of the company is significantly lower than that of its competitors (except Helitai). In the next development, the company will continue to open up overseas markets and appropriately increase the proportion of exports.