Semiconductor thermoelectric technology solutions can be widely used in consumer electronics, communications, medical experiments, automobiles, industry, aerospace and national defense, oil and gas exploration and many other fields. Among them, relying on R&D advantages, technological advantages and business layout of the whole industry chain, the company has been deeply involved in the consumer electronics application market for more than ten years. With the application of thermal motor as the carrier of technical solutions, the company successfully combined the semiconductor thermoelectric refrigeration technology with a number of innovative use scenarios such as beer machine, constant temperature mattress, frozen milk machine and ice cream machine, and realized the large-scale industrial application of semiconductor thermoelectric technology in the consumer field, meeting the individual needs of people to improve their quality of life and yearn for a better life. In addition, relying on years of accumulated research and development experience and technology precipitation, the company actively expands the terminal application market of semiconductor thermoelectric technology in communication, automobile and other fields.
Especially in the field of communication, in view of the fact that the market of high-performance micro thermoelectric devices is still dominated by international manufacturers or their subsidiaries in China, the company seized the market demand opportunity of high-performance micro thermoelectric devices brought about by the rise of 20 19 5G network construction, achieved technological breakthroughs in thermoelectric performance and reliability of semiconductor thermoelectric devices, and successfully developed high-performance micro thermoelectric refrigeration devices for temperature control of 5G network optical modules, which have been supplied to customers in small batches.
Semiconductor thermoelectric technology mainly includes two application directions: semiconductor thermoelectric refrigeration technology and thermoelectric power generation technology. It is an environmental protection refrigeration technology and green energy technology to realize the mutual conversion of electric energy and thermal energy by using the Peltier effect and Seebeck effect of semiconductor materials respectively.
According to the report data of MarketsandMarkets, the market scale of semiconductor thermoelectric power generation system will be 399 million US dollars, 426 million US dollars and 460 million US dollars respectively from 20 17 to 20 19, and it is expected to reach 7.4110,000 US dollars in 2025.
According to the report data of MarketsandMarkets, from 20 16 to 20 18, the external sales market scale of semiconductor thermoelectric devices in the application field of consumer electronic products was150,000 USD,1180,000 USD and13/kloc-respectively. From 20 17 to 20201-June, the sales revenue of semiconductor thermoelectric devices used in the field of consumer electronics was 49,865,438 yuan +0.23 million yuan, 5,665,438 yuan+0.5265,438 yuan+0,000 yuan, 55,602,400 yuan and 28,822 yuan respectively.
According to the report data of MarketsandMarkets, from 20 16 to 20 18, the external sales market scale of semiconductor thermoelectric devices in the field of communication applications will be120,000,10,000 and/kloc-0,000/20,000 respectively, and it is expected to reach 20,000.
In addition to consumer electronics and communications, semiconductor thermoelectric refrigeration technology is also widely used in other fields. In the medical field, it is mainly used for temperature control of various instruments and testing equipment in laboratories such as cold compress equipment, portable insulin box, mobile medicine box and PCR tester. In the automotive field, it is mainly used for thermal management of vehicle-mounted refrigerators, vehicle-mounted thermostatic cup holders, vehicle-mounted thermostatic seats, and human-computer interaction equipment, power batteries, sensors and other equipment; In the industrial field, it can be used to accurately control the temperature of cold source display instrument, flue gas cooling, CCD image sensor, laser diode, dew point tester and other products; In the fields of aerospace and national defense, it can be used for temperature control of detectors and sensors, cooling of laser systems, temperature adjustment of flight suits, cooling of equipment shells, etc.
According to different application fields, the market of semiconductor thermoelectric devices and thermoelectric systems presents different competitive patterns. According to the market research reports of MarketsandMarkets and Transparency, as well as the related business introduction of official website, a major enterprise in the industry, the high-performance semiconductor thermoelectric devices and thermoelectric systems currently used in communication, automobile, aviation, national defense and other fields are mainly controlled by Japanese Ferrotec, KELK Ltd, Russian RMT, and are in the hands of foreign-funded enterprises such as American Phononic and Gentherm or their subsidiaries established in China. These enterprises have strong technical strength, first-Mover advantage and rich industry experience in related fields. However, most domestic enterprises are still in the stage of technological upgrading because of their late start, and there is still a certain gap between their technical level and the international advanced level.
At present, the main participants in the market of thermal motor application products are domestic-funded enterprises and domestic production enterprises established by foreign brand manufacturers. Among them, in the export market, Chinese domestic enterprises mainly produce OEM products for foreign brand manufacturers through ODM mode, while in the domestic market, they mainly adopt the mode of combining ODM with independent brand management.
Due to the short development time of thermal motor application market, it is still in the growth stage, and various new technical solutions emerge one after another, and no enterprises with monopoly effect or significant brand advantage have yet formed in the industry. In the future, with the increasing functional requirements of thermal motor application products and the higher requirements of developed countries in Europe and America for energy efficiency and environmental protection standards of thermal motor application products, thermal motor application manufacturing enterprises with strong R&D capabilities will gain advantages in market competition and market concentration will gradually increase.
Judging from the recognition of the downstream application market, in the field of consumer electronics, the company has established good cooperative relations with well-known domestic and foreign electrical appliances brands SEB, Electrolux, Midea, Japanese fashion home brand Bruno and well-known coffee machine brand Jura; In the field of communication, the company's newly developed high-performance micro thermoelectric refrigeration device products have been supplied to customers in small batches in 2020.
In terms of market share, according to the statistics of Zhiyan Consulting, the amount of semiconductor refrigeration household refrigerators exported from China in 20 19 was US$ 2,28716,000, or about RMB10/2,000. In 20 19, the product value of semiconductor refrigeration household refrigerators (including beer machine, constant temperature wine cabinet, electronic refrigerator and milk freezer) exported by the company was 316,570,300 yuan, accounting for about 19.77% of the total export value of such products in that year.
The company's thermoelectric machine application and thermoelectric system business are unparalleled among A-share listed companies and New Third Board listed companies, and its thermoelectric device business is similar to that of Fulianjing (872240. OC), a new third board listed company.
First, domestic well-known semiconductor thermoelectric device manufacturers
Foshan Shunde Fuxin Refrigeration Equipment Co., Ltd., the predecessor of Fuxin Technology, was established in 2003. The company mainly deals in single-stage thermoelectric refrigeration devices, freezers, wine cabinet refrigerator systems, constant temperature wine cabinets, electronic refrigerators and other products; In 2006, the company officially changed its name to Guangdong Fuxin Electronic Technology Co., Ltd.; In 2009, the company's micro thermoelectric devices and multi-stage thermoelectric refrigeration devices came out; 20 1 1, the company successfully developed thermoelectric devices and battery cabinet systems for communication base stations; In 20 13, the company completed the shareholding system reform and officially changed its name to "Guangdong Fuxin Technology Co., Ltd."; 20 14 company's beer machine system (2L), mattress system, constant temperature mattress, 380L large-volume wine cabinet and beer machine (2L) went on sale; In 20 15, the ice cream machine system and ice cream machine products were successfully trial-produced and quantitatively produced; In 20 16, new products such as high-performance thermoelectric power generation devices were introduced; In 20 17, the company has made remarkable achievements in the research and development of thermoelectric refrigeration technology, and successfully developed cold and heat cycle devices and high-power thermoelectric refrigeration devices. At the same time, heat pipe mute system and flue gas cooling system came out, and new products such as milk freezer and mute refrigerator came on the market. 20 18, the dehumidifier system completed small batch trial production; In 20 19, high-performance unipolar thermoelectric refrigeration devices, cold source display systems, plant incubation systems and energy-saving wine cabinets were mass-produced; In 2020, the reliability of high-end semiconductor thermoelectric refrigeration devices produced by the company meets the requirements of two international advanced test standards, GR-468-CORE and MIL-STD-883. The development of dehumidifiers and energy-saving refrigerators further enriched the company's main products. Science and technology innovation board listed 202 1.
Second, business analysis.
From 20 17 to 2020, the operating income increased from 5120 thousand yuan to 624 million yuan, with a compound growth rate of 6.82%, and the revenue decreased by 0.32% in 20 years. The net profit of returning to the mother increased from 30 million yuan to 74 million yuan, with a compound growth rate of 35. 1 1%, and the net profit of returning to the mother increased by 2.78% in 20 years. The net profit deducted from non-homecoming increased from 365,438+0 million yuan to 67 million yuan, with a compound growth rate of 29.29%, and the net profit deducted from non-homecoming decreased by 6.94% in 20 years. The cash flow from operating activities was RMB 43 million, RMB 09 million, RMB 654.38+RMB 30 million and RMB 65 million respectively, and the cash flow from operating activities decreased by 50.00% in 20 years.
In terms of products, the revenue of semiconductor thermoelectric devices will reach 79 million yuan in 2020, accounting for12.62%; Semiconductor thermoelectric system realized revenue of 65.438+0.44 billion yuan, accounting for 23.06%; The revenue of copper clad laminate was 28 million yuan, accounting for 4.42%; The application of thermal motor realized revenue of 354 million yuan, accounting for 56.79%; The income of ceramic substrates is 0 billion yuan, accounting for 0.03%; The revenue of spare parts of the whole machine was 65.438+0.9 billion yuan, accounting for 3.08%.
In 20 19, the top five customers of the company realized income of 267 million yuan, accounting for 42.59%, of which the first customer realized income of 654.38+45 million yuan, accounting for 23. 17%.
Third, the core indicators
From 20 17 to 2020, the gross profit rate increased from 23. 1 1% to 28.43%; During the period, the expense ratio decreased to 8.70% from 18, and then increased to 10. 15% year by year, in which the sales expense ratio decreased from 5.73% to 4.22%, and in management fee rate it increased from 4.42% to the peak value of 18, and decreased to 4.02 in 20 years. The profit rate rose from 5.88% to 12.06%, and the weighted return on net assets rose from 15.39% to 19, reaching a high of 25.74%, and fell to 23. 10% after 20 years.
Fourthly, DuPont analysis.
Return on net assets = profit rate * asset turnover rate * equity multiplier
From the figures and data, the increase of 18 ROE is due to the increase of profit rate and asset turnover rate, and the increase of 19 ROE is due to the increase of profit rate, while the decrease of ROE in 20 years is due to the decrease of equity multiplier and asset turnover rate.
Verb (abbreviation for verb) R&D expenditure
The R&D expenses of 20 17-2020H 1 company are 1.84559 million yuan, 228 1.500 yuan, 2,687,500 yuan and 9,857,500 yuan respectively, accounting for 361.
Appearance:
Semiconductor thermoelectric refrigeration technology has become the key technology supporting many modern industries because of its irreplaceable advantages and characteristics such as flexibility, diversity and reliability, and can be widely used in consumer electronics, communications, medical experiments, automobiles, industry, aerospace and national defense, oil and gas exploration and other fields. With the progress and popularization of thermoelectric technology, its downstream application is becoming more and more mature, new products are constantly emerging, and the market demand is increasing year by year. The consumer electronics field is the main practical application direction of the company's products at present, and the communication field is the key expansion direction of the company in the future.