Dongtian Micro: Industry-leading coating technology level, raising investment to help achieve breakthroughs in production capacity_Products_Company_Components

Original title: Dongtian Micro: Coating technology level industry-leading fundraising to help production capacity achieve breakthroughs

Author: Shi Ziyan

In recent years, with the continuous improvement of people’s consumption level, the global consumer electronics market demand has grown rapidly and iterated rapidly. As the upstream industry of the consumer electronics industry, the importance of the optical optoelectronic components industry has become increasingly prominent. Coupled with the gradual maturity of the domestic consumer electronics market and the further improvement of industrial concentration, companies in the field of related optical optoelectronic components have ushered in a good opportunity for development.

In this context, Dongtian Micro (301183.SZ), a high-tech enterprise specializing in the research and development, production and sales of precision optoelectronic thin-film components, officially opened its subscription on the GEM on May 13, and issued a total of 20 million shares in its initial public offering. The subscription price is 22.92 yuan per share. Public information shows that Dongtian Micro has self-developed and production capacity for coating materials. Its main products are camera filters and optical communication components, which can be widely used in consumer electronics, vehicle cameras, security monitoring equipment, and optical communication signal transmission, Data centers and other application terminal fields. In the future, with the help of consumer electronics and optical communication dual-track dividends and the capital market, Dongtian Micro is expected to open a new growth cycle and achieve leapfrog development.

Downstream market demand is growing rapidly

Take multiple measures to build a rapid response advantage

As a filter for filtering the infrared band, the infrared cut filter can eliminate the influence of infrared light on imaging. It is an important component of the camera module and an essential component of a high-performance camera.

According to IDC, Counterpoint, Guoyuan Securities and other statistics, from 2019 to 2021, the global smartphone shipments were 1.371 billion, 1.292 billion and 1.355 billion respectively, and the average number of cameras on a single smartphone was 3.43 and 3.70 respectively. According to this, it can be estimated that the global infrared cut filter market size in 2019-2021 will be 4.703 billion, 4.780 billion and 5.555 billion respectively, showing a steady upward trend. It can be seen that with the continuous iteration of mobile phone shooting functions, the requirements for the number and performance of mobile phone cameras are rising, which will directly drive the market demand for infrared cut-off filters.

Infrared cut-off filter is the core product of Dongtian Micro. From 2019 to 2021, the revenue was 216 million yuan, 345 million yuan and 260 million yuan respectively, accounting for 76.07%, 75.29% and 64.42% of the total revenue, respectively. It is stable and is the company’s main source of income. It can be seen that with the rapid development of downstream applications such as smartphones, the company will continue to benefit.

At the same time, in order to meet the needs of downstream customers more quickly and effectively, the company has made a strategic layout of production bases. It has established production bases in areas where industries are concentrated in Central China, East China, and South China, which is convenient in acquiring customer needs, delivering products, and responding to customers. sex. In terms of production and manufacturing, with years of accumulated experience, the company has formed a flexible production method with rapid response, thus effectively solving the problem of rapid product changeover and multi-batch production. At the same time, through the implementation of this fundraising project, the company will build a new production base in Nanchang, and its surrounding areas will gather many well-known domestic module manufacturers such as OFILM, Tongxingda, Shengtai Optical, etc., to further enhance the company’s rapid response to customer needs ability.

Rich product types radiate many application fields

High-quality customer resources lay a solid foundation for business development

It is understood that Dongtian Micro has carried out extensive and in-depth product layout in the downstream through continuous enrichment of product types. In the field of consumer electronics, the company has formed a product line represented by camera filters. At present, the company’s comprehensive strength ranks in the forefront of the industry. The original product “high-strength ultra-thin blue glass infrared cut filter (IRCF)” independently developed by the company, with its unique and superior product performance, has been successfully installed in the camera modules of major models of well-known brands such as OPPO and Transsion.

In the field of biometric filters, thanks to the continuous increase in the penetration rate of the full screen of mobile phones, Dongtian Micro’s optical under-screen fingerprint recognition filter products have been applied to mainstream mobile phone brands. In addition, the company has successfully broken through the narrow-band filter (TOF) lens filter production process with higher design and production requirements and more difficulty. At present, the products have been widely used in Huawei’s flagship mobile phone MATE, P series and other products.

In addition, the company is also actively carrying out product layout in the field of optical fiber communication, and continues to carry out new product research and development and process improvement. In 2021, the optical communication business revenue will account for 11.24% of the total revenue, which has become an important source of income for the company. As an important component of optical fiber communication equipment packaging, TO cap products have successfully completed the product design and molding process, and achieved mass production and large-scale shipments. At the same time, the company also supplies difficult aspheric tube caps. According to the prospectus, the company has successfully completed the aspherical design and molding process of aspheric tube caps, and has achieved small-scale trial production.

Not only that, passive optical fiber network optical device (EPON/GPON) filter, as an important optical device of optical fiber access network, can realize photoelectric conversion, and the company has also made achievements in this product. As the core component of the optical device, the company’s optical device filter allows the passage of optical signals in specific bands and avoids optical signal interference. The film system design is relatively complex, and is widely used in 5G base stations and data centers.

With high-quality product quality and quick response capabilities, Dongtian Micro has been recognized by many customers in the industry. At present, the company has entered the supply chain of world-renowned camera module manufacturers and smartphone brand manufacturers, and established domestic and foreign well-known camera module manufacturers such as OFILM, Qiutai Technology, Truly Optoelectronics, Sunny Optical, Shengtai Optical, Tongxingda and other domestic and foreign well-known camera module manufacturers. Direct long-term and stable cooperative relations, products are widely used in smartphones of well-known brands such as Huawei, Xiaomi, OPPO, vivo, TRANSSION, Samsung, Honor, etc.; optical communication components products have cooperated with Suzhou InnoLight, a subsidiary of Zhongji InnoLight, China The 13th Institute of Electronics has established long-term and stable cooperative relations with Mai Teda and Ruigu Optical Network. High-quality customer resources have also laid a solid foundation for the sustainable development of the company’s business in the future.

Industry-leading coating technology level

Fundraising projects help capacity expansion

Since its establishment, Dongtian Micro has always adhered to technological innovation as the core growth driving force and continuously improved its research and development capabilities. At present, the company is one of the few companies in the industry that has the full production process of film system design, self-production of coating materials, coating, silk screen printing, laser cutting, assembly, etc., and has large-scale production capacity, and the coating technology level is in the leading position in the industry . In addition, the company has advanced magnetron sputtering coaters, and is one of the few companies in the industry that has the ability to mass produce and sell CWDM narrowband filters with more complex film structures. The company applies the self-developed coating materials to the film system design, so as to better improve the coating process. transform.

From 2019 to 2021, Dongtian Micro’s R&D expenses will always account for about 6% of the current revenue, and it will continue to maintain high-intensity R&D investment. The company will also use the raised funds to invest in the construction of the optical R&D center to enhance R&D strength. . In the research and development work, on the one hand, Dongtian Micro continues to innovate and optimize the existing technology, and fully empowers the product process. After years of accumulation, the company has gained a lot and now has 70 patents, including 9 invention patents and 61 utility model patents.

In this IPO, the funds raised by Dongtian Micro will be mainly used for the construction of optical product production bases, the construction of optical R&D centers and to supplement working capital. Among them, after the company’s optical product production base fundraising project is completed and put into production, it will achieve an additional production capacity of 260 million infrared cut filter components and 35 million optical communication components, thereby effectively increasing the company’s production capacity and promoting performance growth.

From the perspective of industry development trends, the rapidly growing market demand in the downstream industry has created a good soil for the high-quality development of Dongtian Micro. Judging from the company’s development history, the company has firmly grasped the opportunity of rapid growth in market demand and achieved its own development and growth. As the saying goes, those who observe the trend are wise, and those who control the trend win. From the perspective of the company’s development strategy, the company may gradually expand the application fields of related products by increasing R&D and innovation, continuously create new performance growth points, and achieve continuous improvement in business scale and profitability.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

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