Domestic SMD piezoelectric adaptive crystal components large manufacturers: since its inception, the company produces piezoelectric quartz crystal resonators, with surface-mounted piezoelectric quartz crystal resonators as the leading products, the current business proportion of more than 80% of the dip resonators accounted for more than 7%. In 2011-13, the company realized sales revenue of 360 million yuan, 34100 yuan and 35100 yuan for piezoelectric quartz crystal resonators, accounting for 2.47%, 2.83% and 3.25% of the global market sales respectively. In 2014, the company achieved 361 million yuan in sales income of piezoelectric quartz crystal resonators, and has become a large domestic manufacturer of SMD piezoelectric quartz crystal components to achieve large-scale production.
The market prospect of piezoelectric quartz crystal components is promising: quartz crystal resonators are in great demand in the fields of communication electronics, automotive electronics and other mobile electronic products and instruments, and are expected to maintain good growth in the future. According to CS&A statistics, the global sales of piezoelectric quartz crystal resonators reached 17.647 billion US dollars in 2013, accounting for 54.07% of the market for piezoelectric quartz crystal components. CS&A predicts that the global sales of piezoelectric quartz crystal components will continue to grow in the next few years, and the sales will remain stable. In 2016, the global market sales of piezoelectric quartz crystal components will reach 16.9 billion, including 15.1 billion resonators.
Mainly adopt OBM and ODM sales model: the company's sales mainly adopt OBM model and ODM model; in 2014, the company's ODM proportion increased from 31.67% to 42.26%, mainly because the company's new revenue in opening up the Korean market in 2014 was mainly ODM revenue.
Reasonable value range: we think the reasonable value range of the company is 6. 8-8. 5 yuan, corresponding to the reasonable valuation range of 20-25 times in 15 years (it is predicted that the annual PE of the company in 15-16-17 is 0.34, 0.38, 0.41 yuan respectively).
Main risks: a sharp decline in product prices, lower-than-expected downstream demand, and so on.
