当“果链”不再是金饭碗

科技 7个月前 智东西
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30家“果链”企业年报,暗藏机圈变革。智能手机市场在一片哀嚎中度过了2022年的第一个季度,中国大陆7400多万部的销量,与去年相比差了14%。前五大厂商中,OPPO、vivo、小米三家国内头部玩家的销量跌幅均超过了20%。

当“果链”不再是金饭碗

回顾过去10年智能手机市场,也只有新冠疫情刚刚爆发的2020年第一季度销量更差。

▲2022年Q1大陆手机市场销量情况,来源:CINNO

▲2022年Q1大陆手机市场销量情况,来源:CINNO

而前不久,苹果却把iPhone的产量增加了1000万部。一边是发愁卖不出去,一边是发愁货不够卖。

虽然这两年,苹果供应链企业“逃离果链”的声音愈发高涨,但不可否认的是,在大家都吃不饱的时候,果链似乎仍然像个“金饭碗”,而且这含金量越来越足。

随着4月结束,绝大部分果链企业已亮出了自己的2021年年报,不少巨头都秀出了漂亮的营收和净利润数字,当然,也有一些果链企业去年过的并不容易。

▲表中非全部果链企业,数据来自官方财报

▲表中非全部果链企业,数据来自官方财报

苹果是以智能手机为代表的消费电子产业中毋庸置疑的技术巨头,这些果链企业也往往都是所在赛道的头部玩家,如整机代工领域的立讯精密、屏幕领域的京东方、镜头领域的舜宇光学,抑或是存储芯片领域的兆易创新。

果链企业这一年都玩出了那些新花样,背后的产业和技术又有哪些重要动向及变化?巨头们对行业趋势有着怎样的判断?深挖30余家果链企业,消费电子产业这一年,值得细品。

本文福利苹果供应链企业深度解析,可在公众号聊天栏回复关键词【智东西303】打包下载。

01

钱没少挣,股价也没少跌

诚然,单看财务数据无法全面的反映公司的真实情况,但我们可以通过这些数据大致了解,2021年的果链企业们究竟过得怎么样,是赚了还是赔了,以及资本市场是如何用脚投票的。

几十份年报的营收利润数据一眼看去,最直观的一个感受就是,大陆果链企业的“梯度划分”还是比较明显的,或者说“贫富差距”比较显著。

▲单位:亿元

▲单位:亿元

比如京东方和立讯精密最高营收都突破了千亿元大关,京东方的营收更是达到了2193亿元。

而除了这两位,统计中约有三分之一的果链企业,其营收规模都集中在300-500亿元左右,其余营收规模则在百亿元以下。最高营收是最低营收的548倍,相差比较悬殊。

在净利润方面,京东方一家的净利润超过了258亿元,其余果链企业净利润都在百亿元以内,市值排名前10的果链巨头,其净利润在20-50亿元之间居多。

▲单位:亿元

▲单位:亿元

虽然挣多挣少差距不小,但整体来看,“赚到钱了”还是果链企业的主旋律。

在已经发布年报的24家企业中,营收同比增长的企业有23家,而营收同比增长的平均值约为19%。利润方面,目前已发布预告将会有净亏损情况发生的有3家,已经实际发生净亏损的则有1家。

值得注意的是,净利润同比下降或者发生净亏损的情况,更容易出现在市值体量相对较小的果链企业中,而市值排名前10的果链企业中,有8家的净利润为同比增长,仅有两家出现了净利润同比下降。

总体来看,对于果链企业,尤其是体量较大的头部玩家来说,在2021年这一年里,赚多赔少仍是普遍情况。

不过,资本市场的情况显然要更加复杂一些,2021年,国内外经济、政治形势都比较复杂,这些因素可能都会对果链企业的股价造成一定影响。

简单来看,在统计的31家果链企业中,有14家的股价都在2021年年内出现了下跌,并且平均跌幅在20%左右。

▲主要大陆果链企业2021年股价变动情况,数据来源:Wind

▲主要大陆果链企业2021年股价变动情况,数据来源:Wind

值得关注的是,市值和营收规模最大的两家头部果链企业,立讯精密和京东方,股价在年内均有超过10%的跌幅。对这些巨头,资本市场的选择似乎更加苛刻和谨慎。

02

透过财报看未来

消费电子产业五大关键趋势

不论如何,2021年已经过去,不论是赚了还是赔了,赚多还是赚少,果链企业都已经大步走向了新的一年。

2021年对于任何企业来说都是不容易的一年,在这一年里,很多企业都在尝试转型突围,他们也对于行业的发展有着自己的深入思考和判断。

在这30份厚厚年报的背后,消费电子产业正在悄然转型,而把握住关键发展趋势,对每一个果链玩家来说都至关重要。

1、掌握核心技术才能赚的更多

去年年中,苹果公布了最新的TOP200供应商名单,大陆新增12家厂商引起了业内广泛关注。

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。

▲数据来源:Electronics360、Techinsights、iFixit

▲数据来源:Electronics360、Techinsights、iFixit

在2021年果链企业的年报中,我们能够看到,营收和净利润都上涨比较明显的企业所涉及的领域主要是屏幕、光学镜头、存储芯片以及半导体封测。

京东方净利润258亿元,兆易创新在85亿元营收的体量下,实现了23.3亿元的净利润,净利率为27.4%。

舜宇光学的净利润为50.5亿元,在市值前十的果链巨头中,其净利率仅次于兆易创新。

屏幕和芯片是智能手机中成本占比较高的核心零部件,而把握核心零部件技术,对于企业的营收和利润的确都有正向的积极反馈。

而与之相对的,净利润同比下降或者出现净亏损现象的企业,更多集中在整机代工、精密零部件制造、结构件等领域。

立讯精密作为智能手机代工巨头,虽然总营收超过了1500亿元,并实现了66%的同比增长,但净利润为70.7亿元,同比下降2.1%,净利率为4.6%。

当“果链”不再是金饭碗

2、手机市场2021迎反弹,但所有人都想摆脱“手机依赖”

虽然今年开年的智能手机市场表现低迷,但不可否认的是,2021年的确是全球智能手机出货量在经历四年连续下滑后的首次反弹,不仅是销量,销售额和均价都有一定增长,而大部分果链巨头们也都肯定了这一点。

鹏鼎控股认为,疫情的影响已经逐渐趋缓,全球经济逐渐复苏,以智能手机为代表的全球电子产品出货量及销售量均有所回升,鹏鼎控股的拳头产品是各类PCB板,而PCB板可以说是所有电子产品最基础的零部件之一。

还有不少果链企业都在年报分析中给出了不少市场研究机构的统计数据,来说明2021年智能手机市场整体虽然发展缓慢,但还是保持了比较平稳的状态。

但值得注意的是,绝大部分果链企业都有比较明显的“摆脱手机依赖”的倾向,而智能汽车、VR/AR、智能家居、IoT等领域都成了他们聚焦的新赛道。

舜宇光学提到,虽然手机出货量有所增长,但手机摄像头模组的均价却有所下降,背后原因是手机厂商们开始给终端产品配置“降级”,高端产品出货比重下降。

相比之下,舜宇光学在VR和汽车领域兴趣浓厚,目前舜宇已经完成了一类VR空间定位镜头的研发,改善了温漂等行业关键痛点,提高了空间定位的稳定性。

甚至舜宇的VR双目显示模块已经完成了研发,改善了视觉显示的畸变和色差问题。

在智能汽车领域,舜宇光学的车载镜头出货量相较去年增长了约21%,达到了近6800万件,出货市场份额已经做到了全球第一。

目前,舜宇还在加快激光雷达、抬头显示(HUD)以及智能车灯等车载类产品。

正如舜宇所判断的那样,数字经济、绿色经济给光电产业带来了新的增长空间和发展机会,而在这其中,自动驾驶、VR/AR和机器人视觉等新兴市场都有很大发展空间。

提到VR,怎能少得了全球第一大VR头显代工厂,歌尔股份。

▲歌尔为Pico VR头显的主要代工厂商

▲歌尔为Pico VR头显的主要代工厂商

除了我们已经知道的VR头显代工业务,歌尔目前正在研发VR/AR精密光学器件及模组,同时也在研发无线轻量化AR眼镜,根据年报信息来看,这款AR眼镜应用了光波导、硅基LED等光学及微显示技术,可以处理数据、进行无线通信。

虽然苹果的第一代AR头显预计将由中国台湾代工厂商和硕来生产,但随着大陆AR领域代工技术和产能的提升,歌尔争得一部分订单也是有可能的。正如早年间被台企垄断的iPhone代工产业,如今也被立讯精密吃去了一大块。

在歌尔看来,近年来智能手机行业发展相对缓慢,全球科技和消费电子行业已经开始了从移动互联网时代向后移动时代的过渡。在这样的大趋势下,VR/AR、智能TWS耳机、智能可穿戴设备以及智能家居等新兴智能硬件市场增速迅猛。

在VR/AR领域,闻泰科技作为整机代工和半导体巨头,也有新的动作。闻泰科技认为,新能源智能汽车、智能物联等产业都呈现加速发展趋势,有望成为未来引领创新和经济增长的主要动力。

而在这样的判断下,闻泰科技开始将其技术和产品应用在车载光学、AR/VR光学、笔记本电脑等领域。

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。

▲闻泰科技子公司安世半导体

▲闻泰科技子公司安世半导体

闻泰科技的另一场收购,也为他们在新兴赛道前进积攒了弹药,通过收购欧菲光的广州得尔塔影像技术有限公司,闻泰科技开始正式布局光学模组业务。

众所周知,得尔塔此前曾为苹果供货,因此其先进封测技术能力、部分封测设备研制能力以及为苹果这样的顶级客户供货的能力是有保障的。

闻泰科技称,后续得尔塔科技将会入局Windows笔电、汽车、AIoT、AR/VR等新领域。

可以说,闻泰科技的每一次重要收购,都令其在手机之外的新兴赛道中拥有了更强的竞争力。

在这次对年报的挖掘中,我们还发现,不少看似业务与VR/AR关系不大的果链企业,也对VR/AR赛道兴趣浓厚。

比如PCB龙头鹏鼎控股,也认为元宇宙浪潮会带来VR/AR产业的繁荣,此外智能汽车的加速发展、数据几何级增长及AI技术的快速发展也将推动服务器HPC等相关产品需求的快速增长,而这些领域,鹏鼎控股均有发挥空间。

同样看好VR/AR、智能汽车领域的,还有蓝思科技、领益智造等企业,根据年报信息,领益智造,已经首次完成VR项目开发,开始布局VR领域。

从光学、半导体、代工到精密零部件领域,果链企业都在向着手机之外的新兴赛道高歌猛进,一场背靠手机产业的转型,已经在酝酿,而智能手机,似乎已有些“失宠”。

3、能不能再小一点、轻一点,功耗低一点?

智能手机市场疲软的背后,技术创新放缓导致产品缺乏吸引力是关键因素之一。比拼参数、规格的时代似乎已经过去,不仅仅是手机,以手机为代表的整个消费电子产业,似乎都要在技术创新上找到新的方向。

在深入梳理的过程中,轻量化、小型化、轻薄化、低功耗,成为了果链企业年报中出现频率非常高的几个关键词。

▲iPhone 13 Pro与iPhone 12 Pro前置Face ID模组对比,来源:WekiHome

▲iPhone 13 Pro与iPhone 12 Pro前置Face ID模组对比,来源:WekiHome

舜宇光学在年报中明确提到,他们正在研发超薄镜头,而在舜宇看来,轻薄化将成为手机镜头模组发展的重要趋势之一。

如今手机功能越来越丰富,需要的零部件越来越多,但机身内部空间却捉襟见肘。同时随着消费升级,人们也对于设备的便携性、使用体验提出了更高的要求,而不再只聚焦于产品“能做什么”。

在这样的大背景下,我们也能更好地理解舜宇光学的判断。

值得注意的是,有着同样看法的果链企业并不在少数,闻泰科技就在年报中提到,手机拍照模块的封装需求正在朝着小型化、低功耗的方向发展,传统CSP、COB封装模式有望逐步被以FlipChip为代表的晶圆级集成封装技术替代,从而推动更为轻薄和低功耗的光学模组创新。

当然,对轻薄、小型化有需求的领域也不局限于光学镜头。

在年报中闻泰科技称,如SiP封装这样的先进工艺,正愈发成为主流,需求越来越大。

简单来说,SiP封装可以让零部件模组在同样的尺寸大小下,实现更强大的功能和更高的能效。因此这一技术未来在手机、平板、笔记本电脑、AIoT等领域都有较高的应用潜力。

▲苹果AirPods Pro内部结构透视图

▲苹果AirPods Pro内部结构透视图

4、屏幕领域的香饽饽:Mini LED

目前,智能设备的重要能力之一就是可以与人交互,而交互方式主要是声音控制和屏幕触控。屏幕,已经成为绝大多数智能产品必须要有的组件。

在果链企业的众多年报中,我们清晰地感受到,Mini LED技术经过几年的预热,似乎已经走到了快速爆发的前夜,成为不少企业眼里的关键赛道。

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。

当“果链”不再是金饭碗

5、疫情、缺芯、缺料对果链企业来说是把“双刃剑”

如今,疫情反复无常、供应链短缺、缺芯、国际环境错综复杂成为企业的必答题。

几乎在所有企业的财报中,我们都能看到疫情以及供应链的相关字样,而这些因素对于消费电子产业企业来说,都不是单方面的好或坏,而是多方面的影响。

不利的一面大家都很容易看到:全球疫情反复、上游产业链“缺芯少料”、原材料价格和运输成本单边上扬、消费需求持续低迷……

与此同时,国际环境也在近一年来变得错综复杂,能源短缺加剧,大宗商品价格飙升,通胀压力上升,这些都给全球经济的复苏带来了更大的难度。

疫情何时结束?各国对疫情防控的态度会造成怎样的影响?美国加息将会给全球经济造成何种影响,俄乌局势恶化是否会造成全球局势动荡,一系列不确定性因素都成为了果链巨头们担心的事情。

当然,积极的一面也有不少。

比如对于如京东方这样的屏幕巨头来说,2021年上半年,远程办公、远程医疗、在线教育、线上娱乐等宅经济刺激了显示产品需求持续增长,叠加缺芯少料、产能短缺等因素,屏幕价格一直比较坚挺,这也给他们带来了净利润上的直观反馈。

而到了下半年,显示产品需求放缓,海运塞港、原材料价格上涨和物流成本上升,下游备货意愿减弱,TV类产品出现结构性调整,IT类产品得益于高端商务等需求以及供给集中度,市场行情相对稳。

除了屏幕,在“科技有国界”的大背景下,芯片厂商兆易创新也提到,2021年终端智能化需求增长和集成电路产业供应链本土化的机遇都是他们取得较好业绩表现的因素。

闻泰科技也非常坦诚地说,在2021年全球半导体和全球功率半导体增长的背后,全球半导体芯片涨价、全球半导体产业链多环节囤货也是主要驱动力之一。

全球半导体芯片缺货,尤其是汽车电子相关半导体芯片严重缺货,导致全球半导体芯片价格大涨,尤其是汽车电子相关的半导体芯片价格狂飙。

重点布局汽车半导体领域的闻泰科技,自然能够从中获益。

03

结语:挫折、机遇、变革

成果链企业关键词

通过深入梳理重要果链企业财报,我们能够看到果链已经逐渐褪去“金饭碗”的属性,变得更像是考验企业转型求生能力的“试炼场”。

果链企业在经济大环境承压,行业整体疲软的情况下,大部分依然取得了不错的财报数据表现。但也有不少企业需要在进入果链后的转型阵痛中加速调整,走出亏损困境。

与此同时,以智能手机为代表的消费电子产业,正酝酿着众多新的技术及产业发展趋势,许多曾经看似遥远的技术,都已经走到落地量产的阶段,而巨头们对新技术的布局,也是快马加鞭。

更加鲜明的是,果链巨头们都在原有业务之外,积极拓展新的领域,VR、汽车、智能家居等领域都成了他们的目标。他们并非“逃离”,而是将果链作为踏板,跳向新的领域。

& nbsp; & amp; nbsp;

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 articleIn-depth analysis of Apple's supply chain, you can reply to the keywords in the official account chat bar [Wisdom 303] package and download.

01.

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.

02.

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.

03.

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.

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版权声明:智东西 发表于 2022-05-14 10:24。
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