XIAOMI's ecological circle is booming, and the company's intelligent terminal manufacturing will increase in volume.
Zhuoyi Technology is a leading manufacturer of communication and consumer electronic hardware terminal products in China, whose main products include routers, gateways, smartphones, notebooks, etc. The company is highly competitive in intelligent hardware automation equipment, cost control and customer system.
Under the background of gradual saturation of smart phones, XIAOMI smart hardware and MI mobile phones have shown a strong growth momentum in the whole hardware industry chain, and the company has always been a supplier of XIAOMI mobile power supply, cycling code watch, XIAOMI smart bracelet and other products; at present, XIAOMI mobile phones have cooperated with the company and produced goods, and it is estimated that the company will have a production capacity of 20 million to 30 million mobile phones in 2018 to meet the demand of XIAOMI mobile phones.
The vigorous development of XIAOMI's ecosystem and the strong growth of XIAOMI's mobile phone will drive the company's smart hardware manufacturing business to continue to grow. we judge that the company's smart hardware and smartphone business will enter a new growth cycle and development platform in the next three years.
Quantum dots show that they have entered a period of rapid penetration, and quantum dot materials benefit the most.
Quantum dot LCD TV has significantly improved color performance. Compared with OLED TV, quantum dot TV has the advantages of low cost and long life, so it will be the mainstream technology of TV display in the future. With the upgrading of consumption and the reduction of the cost of quantum dot display, as well as under the leadership of Samsung, TCL, Hisense and other tv giants, quantum dot tv will enter a period of rapid penetration. Quantum dot material is the core material of quantum dot tv, which accounts for more than 50% of the new cost, is the core link of the value chain, and is not affected by the development of packaging technology, and is the most important link to benefit from the trend of quantum dot display.
With a good customer base, the company's independent research and development of quantum dot materials is expected to explode.
The company invests in the QLED material project in Nanchang High-tech Zone, with a total investment of about 1 billion yuan. the company's optoelectronic independent research and development of quantum dot materials is currently smooth, and is expected to produce certain sales performance in the second half of 18 years. The company has cultivated high-quality customers such as Samsung in the field of consumer electronics, has mastered rich experience in the technical research and development of display devices and materials and production processes, and is expected to speed up the industrialization of quantum dot materials by further cooperation with industry chain companies.
Investment suggestion
We estimate that the company's operating income from 2017 to 2019 will be 40.8 billion yuan, respectively, and its net profit will be 0.41 trillion yuan, 202 million yuan, 270 million yuan, respectively.
Risk hint: the progress of quantum dot material industrialization is lower than expected.