2) According to our calculation, the average power of the standard charger of 20 19 HOVM is 17.9W, which is increased by 29%. We believe that fast charging can solve the pain point of consumers' "battery life". It is estimated that the average power of standard chargers will reach 40W in 2022. 3) Referring to the selling price of Android charger, assuming that the ex-factory price of ODM manufacturer is 1 yuan /w, corresponding to 20 19, the ODM market size of standard charger for Android smart phone will exceed 20 billion yuan, and the market will increase by 14%, 42% and 37% respectively from 2020 to 2022.
In February 2020, Xiaomi released the GaN charger Type-C 65W, which can charge Xiaomi 10Pro(4500mAh battery) 100% within 45 minutes, and is compatible with most Type-C smartphones, laptops and tablets. The volume is only 50% of the standard charger of Xiaomi notebook computer, and the price is 149 yuan.
According to the company's prospectus, in 20 19, the company's mobile phone charger shipments were about1860,000 units, accounting for 10.34% of the global mobile phone charger market. If Apple and Samsung are excluded, the company's mobile phone charger market share is 14.3 1%, and it is a leading enterprise in the charging and storage industry of intelligent terminals.
Focus on smart terminal charging products (chargers, mobile power supplies) ODM, and the downstream areas cover smart phones, smart wear, smart homes and other fields. In 20 19, the company's charger business revenue accounted for 9 1%, and gross profit accounted for 92%.
Unit price and quantity split in 20 18: compared with 20 17, the revenue growth rate in 20 18 was 48.77%, of which (1) the average selling price increased 1.20 yuan, mainly 206438+09.38.
(2) Sales volume: compared with 20 17, it increased by 40.5 million pieces, with an increase of 24.68%, which was mainly due to the increase in the shipments of major new brand chargers such as vivo, LG, ASUS, Nokia and Huawei, and the further promotion and cooperation of major stock customers such as Xiaomi, Amazon and Reliance.
Unit price and quantity split in 20 19: compared with 20 18, the revenue in 20 19 increased by 38.07%, and the average selling price of (1) increased by 2. 16 yuan.
(2) Sales volume: The growth is mainly due to the promotion of the market and the further deepening of cooperation with major stock customers such as Huawei, Nokia, vivo, Amazon and LG.
In 20 19, the company's charger business was RMB 2 1 100 million, which was lower than that of selcon, but its net profit far exceeded that of selcon and tianbao group. In 2020, H 1 was affected by the epidemic, and the income of both Selcon and Tianbao Group declined (Tianbao charger business income decreased by 2%), and the company's income and net profit increased against the trend. In 2020, the company's revenue and net profit will increase by 16% and 64% respectively. Highlight the comprehensive strength of the company.
Market share and the promotion of ASP helped the company step into the fast lane of growth. In 20 18 and 20 19, the company's revenue reached 167 billion yuan and 2.3 billion yuan respectively, up by 44% and 39% respectively, and the company's revenue grew rapidly. The reason is mainly due to the company's successful expansion of new customers (VIVO, Huawei), the promotion of old customers' market share and the promotion of ASP.
The number of new customers has injected new growth momentum into the company, and the company's market share in VIVO and Huawei is still low, which is in a stage of rapid improvement. 1) In 2017, the company's main mobile phone brand customer was Xiaomi, which contributed 240 million yuan to the company; In 20 17, the company cut into VIVO supply chain, and in 20 18, the company cut into Huawei supply chain. The rapid increase of new customers injected growth into the company. In 20 19, the company's main terminal brand customers were VIVO, Huawei and Xiaomi, and HVM contributed 134 billion yuan to the company, accounting for 58% of the company's total revenue. From 20 16 to 20 19, the income of HVM increased to 1 1 100 million yuan, contributing. 2) According to our calculation, in 20 18 and 20 19 years, the market share of the company's chargers in VIVO was 17% and 19%, respectively, and in Huawei it was 1% and 7%. The company's market share is still low, and it is in the stage of rapid improvement.
1. The penetration rate of high-power fast charging is rapidly increasing, and the market scale of ODM for Android standard charger is growing rapidly.
Wired charger, which is a common charger in the market that needs data cable to connect devices, is a kind of device for charging intelligent terminals. The industrial chain of wired charger mainly involves four links: scheme design, parts/raw materials, power management IC and charger OEM.
Scheme design: At present, the mainstream fast charging schemes are Qualcomm, VOOC(OPPO) and Pump Express (MediaTek).
Parts/raw materials: mainly including passive components, MOS tubes, magnetic materials, PCB boards, etc. The main enterprises are Aihua Group (passive components), China Resources Microelectronics (MOS tubes) and Huayuan.
Magnetic industry (magnetic materials), Navitas (gallium nitride materials), etc.
Power management IC: The main enterprises are TI, ADI and Fuman Electronics.
Charger OEM: The main enterprises are Aohai Technology, BYD Electronics, Tianbao, Selcon, etc.
In 2020, fast charging technology will enter the era of 100 watts. In August 2020, both OPPO and Xiaomi new machines were equipped with 120W fast charging, and the fast charging technology officially entered the 100-watt era. According to the data of Xiaomi Lab, it takes only 100W to charge a 4000 mAh battery 17 minutes.
The increase of fast charging quantity drives the price of mobile phone charger to rise rapidly. Taking the retail price of Huawei chargers as an example, the fast charging price of 18W is 49 yuan, the fast charging price of 22.5W is 98 yuan, and the fast charging price of 40W is 159 yuan. With the increase of fast charge, the price of charger rises rapidly.
1) At present, the company has four production bases in Dongguan, Suichuan, Jiangxi, India and Indonesia, with an annual production capacity of10.8 billion chargers. In 20 19, the capacity utilization rate of the company's charger products reached 95%, and the capacity utilization rate in peak season exceeded 100%. 2) In 2020, the company successfully went public and raised RMB 65.438+0.2 billion, of which RMB 900 million is planned to be invested to expand production. It is estimated that after the project is put into production, the capacity of new chargers will be 65.438+0.4 billion pieces/year, the capacity of wireless chargers will be 5 million pieces/year, and the capacity of intelligent fast charging will be 65.438+0.2 million pieces/year, with a corresponding contribution of 2.2 billion yuan.
Ongoing patent projects and R&D projects.