不过在当时，根据iFixit对iPhone 12 Pro Max的拆解，我们能够看到，处理器、基带及射频芯片、相机模组、屏幕模组、存储芯片占据了成本的70%以上，是绝对大头，但在这些领域，我们能看到的几乎都是美国、韩国、日本供应商。
去年闻泰科技旗下子公司安世半导体（Nexperia）正式收购了英国最大晶圆厂Newport Wafer Fab，闻泰科技特别提到，Newport晶圆厂在车规级IGBT、功率MOSFET、模拟芯片等领域的产能和工艺能力，可以跟安世半导体的产品和工艺能力很好地融合，帮助公司抓住电动汽车时代和AIoT时代的机遇。
▲iPhone 13 Pro与iPhone 12 Pro前置Face ID模组对比，来源：WekiHome
在国内屏幕龙头企业京东方看来，显示技术依旧会多元发展，而小间距LED的商用化普及进程正显著加速。Mini LED、Micro LED都是京东方所说的小间距LED，也就是通过将LED灯珠做的更小，实现更好的屏幕显示效果的技术。
值得一提的是，有很多非屏幕企业也对Mini LED颇有兴趣。比如鹏鼎控股在年报中特别提到，他们已经成为业内少数掌握Mini LED背光电路板技术的厂商，而Mini LED背光板也将成为公司营收及利润成长的新动能。
闻泰科技则认为，Mini LED和Micro LED是显示技术的未来，他们已经成立新型显示技术事业部，专门重点布局这一领域。而安世半导体具备的巨量转移技术也是他们入局的底气之一。目前闻泰科技已经开发出Mini/Micro LED直显和背光产品。
可以看到，来自各领域的不少果链企业都瞄准了Mini LED技术，这一方面也与苹果在Mini LED和Micro LED领域的积极布局有关。可以肯定的是，2022年，Mini LED必然会成为屏幕技术领域的香饽饽。
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Looking back at the smartphone market over the past decade, only sales in the first quarter of 2020, when the COVID-19 epidemic just broke out, were even worse.
Sales volume of Q1 mainland mobile phone market in 2022, source: CINNO
Not long ago, Apple increased its iPhone production by 10 million.On the one hand, they are worried about not being able to sell, and on the other, they are worried that the goods are not enough to sell.
Although the voice of Apple supply chain enterprises “escaping from the fruit chain” has become louder and louder in the past two years, it is undeniable thatWhen everyone doesn’t have enough to eat, the fruit chain still seems to be like a “golden rice bowl”, and it contains more and more gold.
With the end of April, the vast majority of fruit chain enterprises have shown their own 2021 annual reports, many giants have shown beautiful revenue and net profit figures, of course, there are some fruit chain enterprises last year is not easy.
There are not all fruit chain enterprises in the table, and the data are from the official financial report.
Apple is an undisputed technology giant in the consumer electronics industry represented by smartphones, and these fruit chain companies are often the leading players of their own racetrack. Such as Lixun Precision in the field of contract manufacturing, BOE in the field of screen, Shunyu Optics in the field of lens, or Zhaoyi innovation in the field of memory chips.
Fruit chain enterprises have played those new tricks this year.What are the important trends and changes in the industry and technology behind it? How do the giants judge the trend of the industry?Dig deep into more than 30 fruit chain enterprises, consumer electronics industry this year, it is worth fine products.
Welfare of this article：In-depth analysis of Apple’s supply chain, you can reply to the keywords in the official account chat bar [Wisdom 303] package and download.
No less money, no less share price.
It is true that financial data alone can not fully reflect the real situation of the company, but we can get a general idea from these data.How are the fruit chain companies doing in 2021, whether they gain or lose, and how the capital markets vote with their feet.
Looking at the revenue and profit data of dozens of annual reports, one of the most intuitive feelings is that the “gradient division” of mainland fruit chain enterprises is still relatively obvious, or the “gap between the rich and the poor” is relatively significant.
Unit: 100 million yuan
For example, the highest revenue of BOE and Lixun Precision has broken through the 100 billion yuan mark, and the revenue of BOE has reached 219.3 billion yuan.
In addition to these two, there are about 1/3 of the fruit chain enterprises in statistics, their revenue scale is concentrated in 30-50 billion yuan, the rest of the revenue scale is less than 10 billion yuan. The highest revenue is 548 times the lowest revenue, which is quite different.
In terms of net profit, the net profit of BOE alone is more than 25.8 billion yuan, while the net profit of other fruit chain enterprises is less than 10 billion yuan. the net profit of the top 10 fruit chain giants by market capitalization is mostly between 20 and 5 billion yuan.
Unit: 100 million yuan
Although there is a big gap between earning more and earning less, on the whole, “making money” is still the main theme of fruit chain enterprises.
Of the 24 companies that have published annual reports, 23 have seen year-on-year revenue growth, while revenue growth averaged about 19 per cent. In terms of profit, three companies have announced that there will be a net loss, and one has actually made a net loss.
It is worth noting that the decline in net profit or net loss compared with the same period last year is more likely to occur in fruit chain enterprises with relatively small market capitalization, while among the top 10 fruit chain enterprises by market capitalization, 8 have year-on-year growth in net profit, and only two have seen a year-on-year decline in net profit.
Overall, it is still common for fruit chain companies, especially large head players, to earn more and lose less in 2021.
However, the situation in the capital markets is obviously a little more complicated.In 2021, the economic and political situations at home and abroad are complicated, and these factors may have a certain impact on the stock prices of fruit chain enterprises.
In a nutshell, the share prices of 14 of the 31 fruit chain companies have fallen in 2021, with an average decline of about 20%.
Stock price changes of major mainland fruit chain enterprises in 2021, data source: Wind
It is worth noting that the share prices of the two largest fruit chain companies with the largest market capitalization and revenue, Lixun Precision and BOE, both fell by more than 10% during the year. For these giants, the choice of capital markets seems to be more demanding and cautious.
Look at the future through financial reports
Five key trends of consumer electronics industry
In any case, 2021 has passed, whether it is earned or lost, earn more or less, fruit chain enterprises have made great strides into the new year.
2021 is not an easy year for any enterprise. in this year, many enterprises are trying to break through the transformation, and they also have their own in-depth thinking and judgment on the development of the industry.
Behind these 30 thick annual reports, the consumer electronics industry is quietly transforming, and it is very important for every fruit chain player to grasp the key development trends.
1. Master the core technology in order to earn more
In the middle of last year, Apple announced the latest list of TOP200 suppliers, and 12 new manufacturers on the mainland attracted wide attention in the industry.
But at that time, according to iFixit’s dismantling of iPhone 12 Pro Max, we could see that processors, baseband and RF chips, camera modules, screen modules, and memory chips accounted for more than 70% of the cost, but in these areas, almost all we could see were suppliers from the United States, South Korea and Japan.
“data sources: Electronics360, Techinsights, iFixit
In the annual report of fruit chain enterprises in 2021, we can seeCompanies with significant increases in revenue and net profit are mainly involved in screens, optical lenses, memory chips and semiconductor closed testing.
The net profit of BOE is 25.8 billion yuan. Under the revenue of 8.5 billion yuan, Zhaoyi Innovation realized a net profit of 2.33 billion yuan, with a net interest rate of 27.4%.
The net profit of Shunyu Optics is 5.05 billion yuan, which is second only to Zhaoyi Innovation among the top 10 fruit chain giants by market capitalization.
Screens and chips are the core components with high cost in smartphones.And grasp the core parts technology, for the enterprise’s revenue and profits do have positive feedback.
In contrast, enterprises with a decline in net profit or a net loss are more concentrated in the fields of OEM, precision parts manufacturing, structural components and so on.
Lixun Precision, as a smartphone contract manufacturing giant, although the total revenue exceeded 150 billion yuan and achieved 66% year-on-year growth, the net profit was 7.07 billion yuan, down 2.1% from the same period last year, and the net interest rate was 4.6%.
2. 2021 of the mobile phone market welcomes a rebound, but everyone wants to get rid of “mobile phone dependence”.
Although the smartphone market has been sluggish at the beginning of this year, it is undeniable that 2021 is the first rebound in global smartphone shipments after four consecutive years of decline, not only sales, but also a certain increase in sales and average prices. and most fruit chain giants have confirmed this.
Pengding Holdings believes that the impact of the epidemic has gradually slowed down, the global economy has gradually recovered, and global electronic product shipments and sales represented by smartphones have rebounded. Pengding Holdings’ leading products are all kinds of PCB boards, and PCB boards can be said to be one of the most basic parts of all electronic products.
In addition, many fruit chain enterprises have given the statistical data of many market research institutions in the annual report analysis to show that although the overall development of the smartphone market in 2021 is slow, it still maintains a relatively stable state.
But it’s worth noting thatMost fruit chain enterprises have an obvious tendency to “get rid of mobile phone dependence”, while smart cars, VR/AR, smart home, IoT and other fields have become their focus on the new track.
Shunyu Optics mentioned that although mobile phone shipments have increased, the average price of mobile phone camera modules has dropped, due to mobile phone manufacturers starting to “downgrade” terminal products and reducing the proportion of high-end products shipped.
In contrast, Shunyu Optics has a strong interest in VR and automotive. At present, Shunyu has completed the research and development of a kind of VR spatial positioning lens, which improves the key pain points in the industry, such as temperature drift, and improves the stability of spatial positioning.
Even Shunyu’s VR binocular display module has been developed to improve the distortion and chromatic aberration of visual display.
In the field of smart cars, shipments of Shunyu optics’s on-board lenses have increased by about 21% compared with last year, reaching nearly 68 million pieces, and the market share of shipments has reached the first place in the world.
At present, Shunyu is also speeding up on-board products such as lidar, HUD and smart headlights.
As Shunyu judged, the digital economy and green economy have brought new growth space and development opportunities to the optoelectronic industry, among which emerging markets such as autopilot, VR/AR and robot vision have a lot of room for development.
When it comes to VR, how can we get Gore shares, the largest VR factory in the world?
Gregor is the main contract manufacturer of Pico VR head show.
In addition to the VR head display OEM business that we already know, Gore is currently developing precision VR/AR optical devices and modules, as well as wireless lightweight AR glasses. According to the annual report, this AR glasses uses optical waveguides, silicon-based LEDs and other optical and micro display technology, which can process data and carry out wireless communications.
Although Apple’s first-generation AR is expected to be produced by Heshuo, a contract manufacturer in Taiwan, it is also possible for Gore to win some orders with the improvement of contract manufacturing technology and production capacity in the mainland’s AR sector. Just like the iPhone contract manufacturing industry, which was monopolized by Taiwan enterprises in the early years, it has now been eaten up by Lixun Precision.
In Gore’s opinion,In recent years, the development of the smartphone industry is relatively slow, the global technology and consumer electronics industry has begun the transition from the mobile Internet era to the post-mobile era.Under such a general trend, emerging smart hardware markets such as VR/AR, smart TWS headphones, smart wearable devices and smart homes are growing rapidly.
In the field of VR/AR, Wentai Technology, as a contract manufacturer and semiconductor giant, also has new moves. Wentai Science and Technology believes that new energy smart cars, smart things and other industries are showing an accelerated development trend, which is expected to become the main driving force leading innovation and economic growth in the future.
In this judgment, Wentai Technology began to apply its technology and products in vehicle optics, AR/VR optics, notebook computers and other fields.
Last year, Nexperia, a subsidiary of Wentai Technology, formally acquired Newport Wafer Fab, the largest wafer factory in the UK. Wentai Technology specifically mentioned that the production capacity and process capabilities of Newport fab in the areas of automotive specification-level IGBT, power MOSFET and analog chips can be well integrated with Anshi’s products and process capabilities, helping the company seize the opportunities of the electric vehicle era and the AIoT era.
Anshi Semiconductor, a subsidiary of Yuanwentai Technology
Another acquisition of Wentai Technology has also accumulated ammunition for them to move forward on the emerging track. Through the acquisition of Ofeiguang’s Guangzhou Delta Imaging Technology Co., Ltd., Wentai Technology began to formally lay out its optical module business.
Delta is known to have supplied Apple before, so its advanced closed test technology capabilities, the development of some closed test equipment and the ability to supply top customers like Apple are guaranteed.
Wentai said that the follow-up Delta Technology will enter Windows laptops, automobiles, AIoT, AR/VR and other new areas.
It can be said that every important acquisition of Wentai Technology has made it more competitive in the emerging track outside the mobile phone.
In this excavation of the annual report, we also found thatMany fruit chain enterprises that seem to have little relationship with VR/AR are also interested in the VR/AR track.
For example, Pengding Holdings, the leader of PCB, also believes that the meta-universe wave will bring prosperity to the VR/AR industry. In addition, the accelerated development of intelligent cars, the geometric growth of data and the rapid development of AI technology will also promote the rapid growth of demand for server HPC and other related products. Pengding Holdings has room to play in these areas.
Also optimistic about the field of VR/AR and intelligent cars are Lance Technology, LinkedIn and other enterprises. according to the annual report, Linyi Smart has completed the development of the VR project for the first time and began to lay out the VR field.
From optics, semiconductors, contract manufacturing to precision parts, fruit chain companies are making great strides towards a new track other than mobile phones.A transformation of the mobile phone industry is already brewing, while smartphones seem to have fallen out of favor.
3. Can you make it a little smaller, lighter and consume less power?
Behind the weakness of the smartphone market, the lack of attractiveness of products caused by the slowdown in technological innovation is one of the key factors. The era of competing parameters and specifications seems to have passed, not only mobile phones, but also the entire consumer electronics industry, represented by mobile phones, seems to find a new direction in technological innovation.
In the process of carding in depthLightweight, miniaturization, lightweight and low power consumption have become several key words with high frequency in the annual report of fruit chain enterprises.
Comparison of iPhone iPhone 13 Pro and iPhone 12 Pro front Face ID modules, source: WekiHome
Shunyu Optics made it clear in the annual report that they are developing ultra-thin lenses, and in Shunyu’s view, thinning will become one of the important trends in the development of mobile phone lens modules.
Nowadays, the functions of mobile phones are more and more abundant, and more and more parts are needed, but the internal space of the fuselage is limited. At the same time, with the upgrading of consumption, people also put forward higher requirements for the portability and experience of the device, instead of focusing on what the product can do.
In this context, we can also better understand the judgment of Shunyu Optics.
It is worth noting that there are not a few fruit chain enterprises with the same view. Wentai Technology mentioned in the annual report that the packaging requirements of mobile phone camera modules are developing towards miniaturization and low power consumption, and the traditional CSP and COB packaging modes are expected to be gradually replaced by wafer-level integrated packaging technology represented by FlipChip, thus promoting the innovation of lighter and low-power optical modules.
Of course, the field of lightweight and miniaturization is not limited to optical lenses.
In the annual report, Wentai Technology said that advanced processes such as SiP packaging are becoming more and more mainstream and the demand is increasing.
To put it simply, SiP packaging allows component modules to achieve more powerful functions and higher energy efficiency at the same size. Therefore, this technology has high application potential in mobile phones, tablets, notebook computers, AIoT and other fields in the future.
Perspective view of the internal structure of Apple AirPods Pro
4. Hot cake in the screen field: Mini LED
At present, one of the important capabilities of smart devices is that they can interact with people, and the main ways of interaction are sound control and screen touch. The screen has become a necessary component for most smart products.
In many annual reports of fruit chain enterprises, we clearly feelAfter several years of warm-up, Mini LED technology seems to have come to the eve of a rapid outbreak and become a key track in the eyes of many enterprises.
In the view of the domestic screen leader BOE, display technology will still be diversified, while the commercial popularization of small spacing LED is significantly accelerating. Mini LED and Micro LED are what BOE calls small spacing LED, which is the technology to achieve better screen display effect by making LED lamp beads smaller.
It is worth mentioning that many non-screen companies are also interested in Mini LED. For example, Pengding Holdings specifically mentioned in its annual report that they have become one of the few manufacturers in the industry to master Mini LED backlight circuit board technology, and Mini LED backlight panels will also become a new momentum for the company’s revenue and profit growth.
Wentai Science and Technology believes that Mini LED and Micro LED are the future of display technology, and they have set up a new display technology division to focus on the layout of this field. And Anshi Semiconductor has a huge amount of transfer technology is also one of their strength to enter the Bureau. At present, Wentai Technology has developed Mini/Micro LED direct display and backlight products.
It can be seen that many fruit chain companies from various fields are aiming at Mini LED technology, which is also related to Apple’s active layout in the Mini LED and Micro LED fields. To be sure, Mini LED will become a hot spot in screen technology in 2022.
5. Epidemic situation, lack of core and lack of materials are a double-edged sword for fruit chain enterprises.
NowThe capricious epidemic situation, shortage of supply chain, lack of core and complex international environment have become the necessary questions for enterprises.
In the financial reports of almost all enterprises, we can see the words related to the epidemic and the supply chain, and these factors are not unilateral good or bad for enterprises in the consumer electronics industry, but a multifaceted impact.
The negative side is easy to see: repeated global epidemics, “lack of core and material” in the upstream industrial chain, unilateral rise in raw material prices and transportation costs, and persistent downturn in consumer demand.
At the same time, the international environment has become more complex in the past year, with increasing energy shortages, soaring commodity prices and rising inflationary pressures, all of which have made it more difficult for the global economy to recover.
When will the epidemic end? What will be the impact of countries’ attitudes towards epidemic prevention and control? What impact the US interest rate hike will have on the global economy, and whether the deterioration of the situation in Russia and Ukraine will cause global instability, a series of uncertain factors have become a concern for fruit chain giants.
Of course, there are many positive aspects.
For example, for screen giants such as BOE, in the first half of 2021, the housing economy such as telecommuting, telemedicine, online education and online entertainment stimulated the sustained growth in demand for display products, superimposed by factors such as lack of core, lack of materials, shortage of production capacity, and so on. Screen prices have been relatively strong, which also brings them intuitive feedback on net profit.
In the second half of the year, it shows that the demand for products has slowed down, shipping congestion, raw material prices and logistics costs have risen, the willingness to prepare goods downstream has weakened, there has been a structural adjustment for TV products, and IT products have benefited from demand and supply concentration, such as high-end commerce, and the market is relatively stable.
In addition to the screen, in the context of “technology has national boundaries”, chip manufacturer Zhaoyi Innovation also mentioned that the growing demand for intelligent terminals in 2021 and the opportunities for the localization of the integrated circuit industry supply chain are all factors for their better performance.
Wentai Technology also said very frankly that behind the growth of global semiconductors and global power semiconductors in 2021, the rising price of global semiconductor chips and multi-link hoarding of goods in the global semiconductor industry chain are also one of the main driving forces.
The global shortage of semiconductor chips, especially the serious shortage of automotive electronics-related semiconductor chips, has led to a sharp rise in global semiconductor chip prices, especially automotive electronics-related semiconductor chip prices.
Wentai Technology, which focuses on the field of automotive semiconductors, can naturally benefit from it.
Conclusion: setbacks, opportunities, changes
Key words of achievement chain enterprise
By deeply combing the financial statements of important fruit chains, we can see thatThe fruit chain has gradually faded from the attribute of “golden rice bowl” and become more like a “trial ground” for testing the ability of enterprises to transform and survive.
Fruit chain enterprises in the economic environment under pressure, the industry as a whole is weak, most of them still achieved a good performance of financial data. However, there are also many enterprises that need to accelerate adjustment in the throes of transformation after entering the fruit chain to get out of the loss predicament.
与此同时，The consumer electronics industry, represented by smart phones, is brewing many new technologies and industrial development trends.Many technologies that once seemed distant have reached the stage of mass production, and the giants are speeding up the layout of new technologies.
What is more obvious is that the fruit chain giants are actively expanding new areas beyond their original business.VR, automobile, smart home and other fields have become their targets. Instead of “running away”, they use the fruit chain as a pedal to jump into new territory.