Annual report series of special analysis of TMT company (15): Tektronix (839448): Significant growth in performance + net operating cash flow growth Actively lay out 3D AOI field

Annual report series of special analysis of TMT company (15): Tektronix (839448): Significant growth in performance + net operating cash flow growth Actively lay out 3D AOI field

The annual report series (15) of the special analysis of TMT company: The company released the 2018 annual report and realized operating income1.

96 ppm, a 75-year increase.

08%; net profit attributable to mother 5447.

0.6 million yuan, an increase of 71 in ten years.

49%.

In 2018, the company’s technology continued to innovate. Two new products occupied the market and the market share increased significantly. Therefore, the performance increased significantly.

Net cash flow from operating activities was 4,070.

30,000 yuan, an increase of 1643 in ten years.

37%, the reason is that the company’s revenue has increased significantly, and the repayment situation is better.

A cash dividend of 4 yuan (including tax) will be distributed to all shareholders for 10 shares based on undistributed profits.

(Company Annual Report) Based on aviation, aerospace, automotive electronics, smart phones, tablet computers, home appliances, industrial control and LED and other industries: the main business is the development and production of 3D non-destructive optical visual inspection system software and hardware in the manufacturing of electronic assembly industry, Sales and value-added services, the main products are used in automotive electronics, consumer electronics, industrial control, communication terminal equipment, household appliances, computers and peripheral equipment manufacturing and other electronic assembly manufacturing fields.

The company generates 北京桑拿洗浴保健 revenue by distributing and selling high-speed 3D solder paste inspection systems and providing services directly.

Due to increased R & D efforts this year, new product orders continued to increase.

At present, the company’s customers include large-scale customers in industries such as Skyworth, BYD, Hang Sheng and multiple electronic assembly manufacturers, covering South China, East China, North China, Fujian, Southwest, and Northwest China; products are exported to Europe, Taiwan, Vietnam, India, MalaysiaAnd so on.

With a complete product line, a broad customer base, and stable product performance, Sytec has won praises from many customers.

(Company annual report, the company’s official website) Domestic first-class SPI suppliers will continue to focus on SPI products in the future: As the SPI supplier with the highest 杭州桑拿网 production and sales volume in China, Sitech has basically reached the international first-class equipment in terms of basic product performanceThe level of specific performance has exceeded the performance of imported product companies.

Beginning in 2015, Sitech SPI products have entered Super Foxconn, BYD and other super SMT plants.

At present, the company is still actively expanding sales areas, adjusting the layout of the Chinese route, effectively grasping the benefits of SMT manufacturers relocating to the Mainland, transforming the expansion of the sales landscape, and communicating and cooperating with customers in Europe and Southeast Asia.

In the future, the company will also actively deploy, from equipment suppliers to solution providers, and strive to maintain a leading position in the domestic SPI equipment industry.

Committed to the development of new products and entering the 3D AOI field: the company’s market positioning, based on 3D SPI products, expands and consolidates the existing and potential markets for surface-mount production lines in the electronics assembly industry.

There is no doubt that foreign manufacturers have introduced 3D AOI technology which surpasses the 2D AOI widely used in the domestic market and also occupies a certain market share.

Therefore, the company is committed to research and development of new products 3D AOI. With the rapid development of related industries and the increasing demand for visual inspection equipment in electronic assembly production lines, the company will rely on its own product and sales channel advantages to actively create 3D AOI products and strive to make 3D The commissioning of AOI products has brought growth to the company’s operating income.

Actively participate in various electronic assembly exhibitions and expand the global market layout: Since 2011, the company has participated in the Shanghai NEPCON exhibition, Shenzhen NEPCON exhibition and industry annual conferences, and actively participated in a series of related exhibitions and industry conferences.

In 2018, the company’s marketing plan plans to establish a dealer channel in Southeast Asia (Malaysia) and a dealer channel in North China.

As of December 2018, the company’s cooperation with distributors in India, Vietnam and Malaysia has been actively launched and is continuously progressing.

In addition to continuing the layout of the existing market, the company has entered the American market.

In the future, the company will continue to move forward with the goal of global deployment.

Revenue is based on equipment and system sales, and demand for customized production and maintenance increases.

In the profit model, through continuous research and development of equipment to meet customer specific process and technical characteristics requirements, use its own brand, technology and service advantages to obtain orders, and then produce and sell high-speed 3D solder paste detection system to direct customers and distributors.

According to the different needs of customers, the company develops, designs and produces high-speed three-dimensional solder paste detection system platforms with specific parameters, and obtains product sales revenue on a platform basis.

For large electronics manufacturers with existing military assembly of electronic assembly production lines, the company uses direct sales to sell products; for other customers, the company uses sales distributors to sell products.

With the increase of the actual production equipment and the accumulation of time, the customer’s demand for equipment maintenance has gradually increased, and the technical service of equipment will also become an important aspect of the company’s gains.

Investment suggestion: As of the latest company market size is 9 trillion, PE is 16.

5X, it is recommended to pay attention.

Risk reminder: risk of policy change, risk of new product development, risk of customer concentration

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