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明阳电路(300739)新股询价报告

Inquiry report on New shares of Mingyang Circuit (300739)

華鑫證券 ·  Jan 16, 2018 00:00  · Researches

The company's main business is printed circuit board (PCB) research and development, production and sales, with PCB production capacity of the whole process, products to small batch PCB-based. At present, it has established good cooperative relations with Flex (Flextronics), Jabil (Jepp), ENICS (Anix), Plexus (Belesheng), ICAPE (Aijiapu), W ü rth (Woolt), Adtran, Darktronics (Dake), BMK, JCI (Johnson controls) and other world-famous enterprises. The company is an early overseas layout enterprise in the domestic PCB industry. In order to get close to customers and realize service localization, the company has established a small batch Allegro production base in Germany and sales subsidiaries in the United States and Germany, covering many countries and regions in Europe, America and Southeast Asia.

(1) after long-term independent research and development by the R & D team, the company already has a number of independent core technologies, which are mainly used in the production of high multi-layer PCB boards, HDI boards, rigid-flex boards, flexible circuit boards, high-frequency boards, metal substrates, thick copper plates and many special circuit boards designed and manufactured. Through the application of these technologies, the company improves the quality of products, reduces production costs, shortens the production cycle, meets the needs of different customers, and enhances market competitiveness.

(2) the company has a complete product structure, the products are mainly small batch plates, and cover Allegro, template and a large number of measuring plates. Product types include single / double panels, multilayer boards, HDI boards, flexible circuit boards, rigid-flex panels and other special material plates (mainly including aluminum substrates, high-frequency plates and thick copper plates, etc.). In daily production and operation, the company insists on overseas market-oriented, implements differential competition strategy, meets the individual needs of customers, and the products are mainly based on small batch boards, which to a certain extent avoids the price war and fierce competition with low barriers to product entry.

(3) after years of hard work in the international market, the company has achieved global sales, and its products are mainly sold to Europe, North America and Southeast Asia. Including the United States, Germany, France, Switzerland, Italy, Malaysia, Singapore and other countries, in the global small batch board market to establish a good brand awareness. The construction of the company's talent team adopts the international strategy to attract international professionals to join the company. Overseas sales subsidiaries employ local sales staff to successfully localize sales services, serve downstream customers closely, introduce excellent overseas R & D personnel, enhance and optimize the company's technological R & D capabilities, and respond more effectively to the needs of overseas customers.

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