The core strategy of Xinya is to sell "medicine". The process plan provided by Xinya is equivalent to prescribing a prescription, and the real money is the product, that is, "medicine". Xinya has established a chain sales platform for process products throughout the country, coupled with the accumulated electronic manufacturing customer resources, forming the company's core competitiveness. Compared to acting for other people's products in the past, the company plans to increase the proportion of self-production in order to achieve higher gross margins and create stronger competitiveness.
There are two ways to realize self-production, one is to develop oneself, and the other is to turn it into one's own through joint ventures and mergers. At present, the company has the highest self-yield of electronic tools, while the biggest focus in the future is the self-production of chemical accessories, including silica gel and solder.
The company's recent announcement shows that important progress has been made in the self-production of silica gel solder. The day before yesterday, the company announced the use of super-raised funds to increase capital and foreign investment in subsidiary Xinya Xinliao Dongguan: 1) to increase the capital of wholly owned subsidiary Xinya Xinliao by RMB 9 million, and the registered capital after the increase is RMB 10 million yuan. 2) work with Hong Kong YouNuo and CEC to increase capital to Dongguan Yunuo Electronic Welding Materials Co., Ltd., the company intends to invest HK $22 million. After the investment, the company accounts for 20% of Dongguan Yunuo, while Hong Kong Yono and CEC account for 70% and 10%. New Asia new materials mainly do electronic silica gel, while Dongguan YouNuo mainly do solder, the two are briefly introduced as follows: _ silica gel: new Asia new materials. Wholly owned subsidiary, the business scope is R & D and sales of insulating electronic silicon materials, RTV silicone rubber and other chemical accessories
Product. At present, Xinya New material has developed a series of high-end RTV high-energy organosilicon materials with heat conduction, bonding and sealing.
Solder: Dongguan Yono. Electronic welding materials and comprehensive solutions integrating product research and development, production, sales and technical services
Ying Shang, Feng should be engaged in the R & D, production and sales of auxiliary materials for electronic welding, such as flux, tin paste, diluent, cleaning agent and heat dissipation paste.
What does the production of silica gel and solder mean to the company? At present, the self-production rate of the company's products is only 29%, mainly electronic tools, chemical accessories and other products mainly rely on agents, and the gross profit margin is limited to 25%. 30%. Silica gel as a fine chemical product, if the gross profit margin of its own brand can reach about 60%, the company has been a silicone agent and OEM for many years, and has rich silicone production capacity, while the company's R & D center has developed corresponding products, which is currently smooth in pilot test, and is expected to be mass produced in the first half of next year, which will lead to a substantial improvement in the company's performance next year. On the other hand, Unuo is of great help to the company to enhance the competitiveness of the product line and improve the electronic auxiliary materials industry chain, to make up for the restrictions imposed by large international manufacturers in the solder and solder product lines for a long time, and greatly improve the deficiencies in cost, logistics, delivery time and technical support, and the gross profit margin is expected to rise to more than 30%. In addition, the company, including instruments, electronic equipment and other production lines, is also expected to increase the self-production rate through the listing platform for R & D and industrial integration. With regard to the threshold and profitability of silica gel, we can see it from the Huitian glue industry, which makes high-iron glue.
It is suggested that we should actively pay attention to the follow-up progress of the self-production of silica gel in Xinya. We believe that once the company's silicone production and customer certification, will greatly improve the company's profitability and valuation. It is predicted that the EPS of the company in 10 / 11 will be 0.35 pound 0.80 yuan, and the company's performance will be more flexible next year. We estimate that if the silica gel has a smooth breakthrough in mass production, the upstream space for EPS will reach more than 1 yuan next year. The current stock price of 27.93 yuan is fully adjusted and the value is apparent, so it is suggested to pay more attention to it.