As one of the three liquid crystal material enterprises in China that have mastered the core technology of TFT hybrid liquid crystal, have independent intellectual property rights and successfully realized industrialization, will there be any changes in the road of 800 million years of space-time science and technology innovation board that has successfully submitted registration applications?
Founded in 2004, 800 million Time Space is a high-tech enterprise specializing in the research, development, production and sales of TFT, PDLC, STN and TN liquid crystal materials and special liquid crystal materials. 20 15 became strategic suppliers of BOE domestic liquid crystal materials.
For a long time, the related patents of liquid crystal materials have been monopolized by a few foreign enterprises. The market of mixed liquid crystal materials, which has been deeply cultivated for 800 million time and space, is basically dominated by Merck of Germany, JNC of Japan and DIC. Judging from the reply of 800 million hours to the inquiry letter, although its technical strength still lags behind that of the three major head enterprises, it is already the best in China and has the fastest growth rate.
From 20 16 to 2018,800 million, the performance is amazing-the operating income is132,508,700 yuan, 230,753,900 yuan and 394,032,400 yuan respectively, and the net profit is16,808,300 yuan respectively.
The rapid growth is inseparable from the achievements of R&D and the capacity expansion of 800 million time and space, and also depends on the rise of domestic downstream LCD manufacturers. As the largest customer of 800 million time and space, the revenue contributed by BOE has also increased year by year. From 20 16 to 2018,800 million, 38.09%, 69.30% and 75.5 1% of the revenue came from BOE respectively. In the first half of 20 19, this proportion further increased to 77.52%.
The high dependence on BOE has undoubtedly become the focus of investigation. In the 302-page initial reply, the word "BOE" appeared 350 times, and 800 million hours spent nearly 20 pages explaining the cooperative relationship with BOE, which not only proved the stability of the cooperative relationship, but also tried to prove that the ecology created by BOE would leave enough living space for upstream partners.
From the perspective of market capacity, the market demand of hybrid LCD is closely related to the production of LCD panels. According to the production progress of each production line, it is estimated that the domestic demand for mixed LCD will be 465,438+00,565,438+00 and 590 tons in 2065, 438+09-2026 and 5438+0, respectively, with an average annual growth rate of 20.03% and a large market space. At present, the production capacity of 800 million hours is 50 tons, and it is hoped to complete the plan of expanding the production capacity to 100 tons through listing financing.
However, the data of 800 million time and space in the first half of 2065438+2009 is not very optimistic. According to the prospectus, during the period of 20191-June, the operating income of 800 million hours and hours was 205196,600 yuan, an increase of only 1.56% year-on-year, and the non-net profit was reduced by nearly 20% year-on-year.
The variable of the revenue growth of 800 million space-time is not the cooperation with BOE, nor whether the technology of 800 million space-time is leading, but the decline of the whole LCD panel market. From 20 16, Japanese and Korean panel manufacturers, represented by Samsung and LG Display, began to add more organic light-emitting diode panels, while the LCD market gave great opportunities to the latecomers. China manufacturers, such as BOE and Huaxing Optoelectronics, expanded their production capacity. In 20 18, the global LCD TV panel shipments were in the top five, and China manufacturers occupied three seats.
However, this "barbaric growth" is unsustainable today after three years, and the production capacity of LCD panels has been surplus. Later, organic light-emitting diodes began to eat into the panel market from small screens. Although the overall demand has not been significantly tightened, panel prices are falling and profits are getting thinner and thinner.
The sharp change of market wind direction first hit those panel manufacturers who cut LCD production capacity but failed to gain a foothold in the organic light-emitting diode market. Sharp's mobile phone sales were too low to find a buyer for OLED panels, and it officially withdrew from the mobile phone OLED market in the middle of the year. LG Display, the only one in the market that can provide large-size OLED panels, failed to achieve an increase in OLED production, announced a huge loss in the third quarter, and at the same time reduced costs by firing executives.
Panel manufacturers in China can still find living space through price wars. 2065438+June 2008, Korean media claimed that BOE reduced the living space of other manufacturers by reducing the price of 65-inch LCD panels by 20%. Although this direct and effective strategy can help BOE maintain its market position, in the long run, it is undoubtedly to quench thirst by drinking poison.
In addition, JD.COM is also actively deploying smart things and smart medical workers, but its business scale is far from being a new engine to maintain growth. According to BOE's third quarter financial report, although the revenue increased by 23.4%, the net profit decreased by 45. 18% year-on-year, and the non-net profit loss in the third quarter was as high as 840 million yuan.
Being at the upstream of the industry and highly dependent on BOE, where to go? Although the prospectus believes that if the R&D and innovation of the company's products can't keep up with the market changes, it will restrict the company's development, but it still concludes that the maturity of organic light-emitting diode technology can't compete with TFT LCD panels in a short time, and the production cost and efficiency of Micro LED can't meet the commercial needs. In research and development, does 800 million time and space really sit back and relax?
In terms of R&D, the R&D expenses in the 800 million time-space reporting period were 654.38+0.074 074. 1.99 million yuan, 654.38+0.80992 million yuan and 654.38+0.065438+0.022 million yuan, respectively, accounting for. In the same period, the average R&D expense rates of comparable companies in the same industry were 5.07%, 5.20%, 5.76% and 5.54%, which were relatively low.
In the LCD panel market where the market environment is undergoing drastic changes, 800 million time and space, as a link between the upstream and downstream of the industry, has extremely limited impact on the industry. The initiative of registration success or failure is not in the hands of 800 million time and space.
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