In this IPO, Beidi New Materials plans to issue no more than 25 million shares to the public, raising about 589.4 million yuan, which is mainly used for the construction project of polymer thin film material industrial base for 5G high-frequency communication, the production project of quantum dot composite film for display, and the production project of quantum dot composite film for display. Among them, 65.8 million yuan is planned to be used for the construction project of new materials R&D center in Beidi, which is particularly eye-catching. Since its establishment, Beidi New Materials has always attached importance to scientific research investment, and at the same time opened up market space with excellent high-tech products and services.
Founded in 2008, Beidi New Materials is a high-tech enterprise engaged in the production, arrangement and sales of R&D and functional polymer membrane materials in the fields of new display and 5G communication. In the field of new display, all kinds of optical films produced by the company have been widely used in LCD TVs, desktop monitors, notebook computers, car monitors and other terminal display devices; In the field of 5G communication, the company's reserve product liquid crystal polymer film (LCP) is an excellent carrier for high-frequency signal transmission, which can be processed into flexible printed circuit boards (FPC) and widely used in antenna modules of 5G terminal equipment.
In terms of subdivision, the main business of Beidi New Materials currently covers two major fields: optical films and communication materials. Among them, the optical film business belongs to the optical film subdivision industry for LCD display in the functional polymer film material industry, and the communication material field belongs to the LCP film subdivision industry in the functional polymer film material industry.
In the flat panel display market, although the organic light-emitting diode display technology is developing rapidly at present, compared with LCD display, its technology is not mature enough. Liquid crystal display has continuously improved its comprehensive performance and maintained its mainstream position through technological innovations such as MiniLED backlight technology, quantum dot backlight technology, solid color hard screen technology and flexible display.
At present, the market demand for LCD panels is still strong, which promotes the accelerated growth of related thin film industry chain companies. According to IHS data, global display panel shipments in 20 18 were 3.827 billion pieces, up 3.43% year-on-year. Under the background that emerging technologies such as 5G promote the ubiquity of display scenes and the expanding application scope of display devices, it is estimated that by 2022, the global display panel shipments will continue to grow, reaching 3.999 billion pieces. Among them, TFT-LCD has mature technology, low cost and wide application range. It is estimated that by 2022, the global shipment of TFT-LCD panels will be 2.545 billion pieces, accounting for about 64% of the global display panel shipments.
Source: Biddy New Materials Prospectus
Basic optical diaphragm, composite diaphragm, quantum dot diaphragm and other products are mainly used in the field of liquid crystal display. According to the prospectus, the downstream end customers of Beidi's new material quantum dot film products are mainly TCL Group, Hisense Group and Xiaomi. In 2020, the output of quantum dot films will be 486,300 square meters, and in 20021year, the output of quantum dot films will be 892,200 square meters, ranking among the top in the industry.
In the field of communication materials, LCP films have been widely used in many fields, such as electronic appliances, automobile industry, aerospace and so on, among which electronic appliances belong to the most important application end of LCP films. In the smart phone market, LCP is the material with the lowest dielectric loss and the strongest comprehensive advantages in the field of engineering plastics, and mobile phone terminals will still be widely used in the future. According to the research of Wanlian Securities, the application rate of LCP film in mobile phones was 9% in 20 18 years, and gradually increased to 10% in 20 19 years, and it is expected to reach 20% in 2022.
Source: Biddy New Materials Prospectus
In addition, LCP antenna also has obvious advantages in unmanned and wearable device applications, and it is expected to achieve high-speed penetration in the future, further increasing the market demand of LCP.
In fact, since 20 13, Beidi New Materials has been focusing on the research and development, production, finishing and sales of functional polymer film materials, forming a series of products such as basic optical films, quantum dot films, composite films, etc., and taking LCP films as reserve products, keeping up with the general trend of development in the field of display and 5G communication. Thanks to this, the company has developed rapidly in recent years.
From 20 19 to 20021year, Beidi New Materials seized the favorable opportunity of the development of the downstream consumer electronics industry, expanded its production capacity and diversified its products in time, and achieved operating income of 464 million yuan, 599 million yuan and 842 million yuan respectively, with a compound annual growth rate of 34.72%. The net profit returned to the mother was 25.2288 million yuan, 33.7989 million yuan and 46.48.10.2 million yuan respectively, with a compound annual growth rate of 35.73%. During the reporting period, the operating income of Beidi New Materials maintained a rapid growth trend, and its profitability was also constantly strengthened.
Behind Beidi's leading new materials market and rising performance year by year, the company has continuously increased its investment in scientific research, improved its research level and enhanced its core competitiveness.
According to the prospectus, from 20 19 to 202 1 year, the company's R&D expenses were 2423190,000 yuan, 26,687,500 yuan and 36,626,900 yuan respectively, increasing year by year. Up to now, Bedi New Materials has obtained patents 100, including 33 invention patents (30 in China, 2 in South Korea and 0/0 in the United States) and 67 utility model patents (5 1 0 in China, 8 in Japan and 8 in Germany). The above patents cover product design and technology. After years of accumulation, the company is in the leading position in business scale, R&D strength and technical level.
In this IPO, the funds raised by Beidi New Materials were invested. In addition to the new production projects such as the construction project of Beidi New Materials' 5G high-frequency communication polymer film material industrial base and the production project of quantum dot composite film for Beidi New Materials' exhibition, 65.8 million yuan is reserved for the construction project of Beidi New Materials' R&D center.
Company executives have repeatedly stated in public that in the future, Beidi New Materials will continue to strengthen its core technology advantages, bring into play the economic benefits of large-scale production, implement diversified business layout, strengthen the construction of independent brands and continuously expand its marketing network, seize the opportunity of global industrial restructuring, and strive to become an industry leader in the field of new display devices and LCP materials as soon as possible.
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