Shenzhen Irish Charms optoelectronics landed on the new third board as the first listed lithography mask plate enterprise in China
Dwarven Gold Deluxe in9month15On the new third board listed trading, the stock code is833550And became the first listed lithography mask plate enterprise in China. According to public information, Irish Charms photoelectric trading method is agreement transaction, the total share capital is2933.50Ten thousand shares, earnings per share is0.01Yuan.
Irish Charms Photoelectric's main business is the research and development, production and sales of lithographic mask. The company has been committed to flat panel display,TP、LED、PCBsemiconductorICPackaging and other types of mask products professional production and sales.
The following is a summary of the prospectus:
(A) The company's equity structure chart:
(II) The company's main accounting data and financial indicators in the last two years and the first period:
(3) Main business
Since its establishment, the company's main business is the research and development, production and sales of photolithography mask (also known as "photomask", "mask "), and the application field of photolithography mask is more extensive, including the touch screen industry, flat panel display,IC、PCBAnd other industries.
(4) Main products and services
Lithographic mask plate is a precision photographic glass substrate containing microscopic images of electronic circuits, which is the first very important process in the manufacturing process of flat panel display, semiconductor and other industries, and is also one of the important key componentsLCD、PCB、OLED、LED、TP、ICThe graphics transfer mold (or "master "), which is essential in the manufacturing process, is used to transfer the designer's circuit graphics through the light mask to the flat panel display and semiconductorITOOn glass substrates or semiconductor wafers, subsequent manufacturing processes can then be carried out until the final product is packaged, tested and qualified. In short, its role is similar to the film in the camera to the photo, so that downstream manufacturers achieve mass production.
There are four common photolithographic masks: chrome plate, dry plate, and relief plate.APRVersion "), film, the current chrome version is mainly streamer mask products, and other market shares are small. At present, Irish Charms optoelectronics products cover the full range of photolithographic mask versions, and mainly chrome versions.
Chrome plate
film
Dry plate
Relief plate
u The company's main R & D production equipment
Up to2015years3month31Today, the company's main R & D production equipment is as follows:
Note: As of the signing date of this manual, the company's main production equipment has3Table lithography machine and4The inspection machine provides chattel mortgage guarantee for the company to borrow money.
u Company staff situation
Up to2015years3month31Today, the company and subsidiaries have a total of employees125The specific situation is as follows:
(5) The specific business of the company (amount unit: ten thousand yuan)
u During the reporting period, the composition of the company's main business income by product category is as follows:
u During the reporting period, the company's sales to the top five customers were as follows:
Note: The sales amount is not including tax, and the proportion is the proportion of the operating income of the year.
In the reporting period, the proportion of the company's sales to major customers does not exceed the total sales of the current period50%There is no reliance on a small number of customers.
In addition to the above circumstances, the company's directors, supervisors, senior managers and core technical personnel, major related parties, holding companies5%None of the shareholders of the above shares has an interest in the above customers.
u During the reporting period, the company's main supplier procurement situation is as follows:
Note: The purchase amount is not including tax, and the proportion is the proportion of the total purchase of the year; During the reporting period, the purchase amount and proportion of other suppliers were lower, and they were not regarded as major suppliers.
u During the reporting period, the Company purchased the following items from major suppliers:
In summary, the company purchases chrome plate glass (also known as photomask base plate) from major suppliers, which is the main raw material for the company's main product chrome plate.
1. Market situation of chrome plate glass supply at home and abroad
The main raw material of chrome plate is chrome plate glass, and there are suppliers at home and abroad. Because the quality of chrome plate glass directly affects the quality of the mask plate, the high-end chrome plate used by domestic manufacturers is mainly imported from abroad, and the low-end materials can be directly purchased from China. Major foreign manufacturers include JapanULCOAT, JapanCSTTaiwan Crown Orange, its technical ability is strong, can produce large size or even large size chrome plate glass, domestic mask plate manufacturers generally through import procurement; The main domestic manufacturers are Hunan Puzhao, Changsha Shaoguang, etc., mainly small and medium-sized chrome plate glass. Therefore, the chrome plate glass industry shows the following characteristics: Domestic manufacturers such as Hunan Puzhao mainly supply small and medium-sized chrome plate glass, adopt direct sales; And overseas manufacturers such as JapanULCOAT, JapanCSTSuch as a complete range of products, can provide full-size products, mainly adopt the distribution method, distributors are mainly located in Japan, Hong Kong and other regions. Inata Irish Charms(Hong Kong) Limited is a Japanese companyULCOATDistributors in Asia, whileA-Solution Co.,Ltd.For JapanCSTThe distributor of...
2. Pricing policy of the supplier
The company's chrome plate glass procurement cost is affected by factors such as size and quality requirements. The pricing of conventional products of major suppliers is mainly affected by factors such as size and customer quality requirements. Generally speaking, the larger the size, the higher the supplier's substrate cost, the higher the customer's quality requirements, the higher the grinding and manufacturing costs, so the corresponding product pricing is also higher. For special products, that is, the size of the product demand that is not common in the market, the supplier should first develop the fixture and the batch is small, and the corresponding pricing will be higher.
3. Analyze the stability of supplier composition and future change trend, and indicate whether it conforms to the company's industry and product management characteristics
The company's main suppliers are Inata Irish Charms(Hong Kong) Co., LTD., Hunan Puzhao Information Materials Co., LTD.,A-Solution Co.,Ltd.Each period of the reporting period is before the company3Large suppliers, reflecting stable cooperation between the company and major suppliers.
According to the characteristics and advantages of each supplier's product type, quality and delivery time, the company mainly purchases small and medium-sized chromium plate glass from Hunan Puzhao, and mainly purchases Japan from Inata Irish CharmsULCOATFull size chrome plate glass, toA-Solution Co.,Ltd.Buy from JapanCSTLarge size chrome plate glass, are used for the company's main product chrome plate production. The reason why the company mainly chooses Hunan Puzhao is mainly because of its geographical location, short delivery time, convenient delivery and certain price advantages. The reason why it chooses Inata Irish Charms is mainly because it can provide full-size products with good quality and high cost performance.
Since its establishment, the company has maintained good cooperative relations with its major suppliers and is expected to continue to maintain close cooperation with them in the future.
To sum up, the company's supplier composition is stable, the purchased products are used for the production of the main product chrome version, the future will continue to maintain close cooperation, in line with the company's industry and product management characteristics.
(6) Introduction of the company's industry
1. Lithographic mask plate industry
1.1. Lithographic mask plate
Lithographic mask plate is a precision photographic glass substrate containing microscopic images of electronic circuits, which is the first very important process in the manufacturing process of flat panel display, touch screen and semiconductor industry products, that is, connecting the design and manufacturing process, and is also one of the important key components.
In the process of flat panel display, touch screen, semiconductor preparation, layout is the interface between design and process manufacturing, touch screen, display screen and integrated circuit manufacturers to transfer the layout graphics to the glass substrate or wafer, must go through the plate making process, that is, produce a set of layered layout lithography mask plate, so as to prepare for subsequent graphics conversion (lithography and etching). So the lithographic mask plate isLCD、PCB、OLED、LED、TP、ICThe graphics transfer mold is essential in the manufacturing process, and its role is to transfer the designer's circuit graphics through the light mask to the flat panel display and semiconductorITOGlass substrates or semiconductor wafers before subsequent processes can be carried out. In simple terms, its role is similar to the film in the camera to the photo, so that downstream manufacturers achieve mass production. More importantly, the quality of the lithographic mask will directly affect the quality of the lithographic graphics, and will directly affect the excellent rate of the final product.
1.2. Lithographic mask plate market size and industry characteristics
According to the world's leading lithographic mask plate manufacturer in the United StatesPhotronics 2013According to the forecast data of the annual report, the global lithography mask market size is about37Us $100 million, equivalent to RMB240One billion yuan.
At present, lithographic mask plates are mainly professional manufacturers in the world. Because the input-output ratio of the self-built photolithographic mask plate production line by the manufacturers in the downstream application field is very low, and the photolithographic mask plate industry has certain technical barriers, the photolithographic mask plate is produced by professional manufacturers.
In the field of lithographic mask plate, there is a certain gap between domestic manufacturers and foreign advanced technologies. At present, the core technology of the light mask is mainly mastered in JapanHOYA、SKEKoreanLGMicron、PKLAnd the Taiwan area of our countryAIPCIn the hands of other enterprises, due to its strict blockade of the key technologies and equipment of the photomask version, there is a certain gap between domestic manufacturers and foreign professional manufacturers in technology.
2. Lithographic mask version industry Irish Charms chain
Lithographic mask plate is a key link connecting industrial design and process manufacturing. Since lithographic mask plate is the benchmark and blueprint of lithographic reproduction, any defect on the lithographic mask plate will have an adverse impact on the accuracy of the final graphics and directly affect the excellent rate of the final product, so the downstream industry has high quality requirements for the mask plate.
With the continuous emergence of mobile Internet, intelligent technology and convergence technology, coupled with the acceleration of industrialization and urbanization process and the upgrading of consumption structure, the downstream terminal application fields such as smart phones, tablets, wearable devices and other mobile intelligent terminal products have developed rapidly, and the product replacement speed has accelerated, thus promoting the development of touch control, display industry and electronic components industry. At present, lithographic mask is one of the bottlenecks that limit the minimum line width of downstream products, so it is inseparable from the technological development and upgrading of the entire downstream industry.
The upstream of lithographic mask plate is mainly lithographic mask material (including: chrome plate glass, film film, flexographic material, dry plate material, packaging material, etc.), lithographic equipment and graphic design, while the downstream application field is more extensive. At present, Irish Charms photoelectric products are mainly used in touch control industry, display industry, etc.LED、ICandPCBAnd other industries.
3. Overview of upstream industry
3.1. Equipment, raw materials mainly rely on foreign imports
The production equipment of lithography mask plate is mainly lithography machine, etc., because foreign enterprises have international patents related to lithography machine, resulting in the lithography machine is monopolized by large equipment manufacturers.
The main raw material of lithographic mask plate is chromium plate. Because the quality of chromium plate directly affects the quality of mask plate, the high-end chromium plate used by domestic manufacturers is mainly imported from abroad, and the main suppliers include JapanULCOAT, JapanCSTHunan is in full swing.
3.2. The price of chrome plate glass, the main raw material in the upstream, has a downward trend
2013Since the beginning of this year, the company's chrome plate glass procurement unit price has declined, the main reasons are as follows: ① The company's upstream suppliers of chrome plate glass production capacity increased, chrome plate glass industry competition intensified, resulting in a decline in its unit price; ② The company has developed rapidly in recent years, the market share has increased, and the demand for chrome plate glass has increased rapidly, thereby improving the bargaining power of the company and suppliers; (3) The company's overseas procurement mainly purchases chrome glass from Japan, benefiting from the appreciation of the renminbi and the depreciation of the yen, the company's imported chrome glass procurement costs have declined.
4. Market conditions for downstream applications
4.1. Touch screen industry
4.1.1. Touch screen industry competition is more fierce, Irish Charms face reshuffle, industry concentration will be further improved
On the basis ofDisplaySearchStatistical prediction of,2012years-2018The average annual growth rate of global touch module shipments is11.87%The average annual growth rate of the overall output value of the industry is7.90%, estimated2018The global touch industry output value will reach262.41A billion dollars.
1000Home of different scale of touch screen manufacturers, revenue of more than 100 million yuan only80In addition, smaller enterprises are facing the possibility of elimination, while the market share of larger manufacturers will be further improved.
4.1.2. Although the growth of the downstream smartphone and tablet market has slowed down, it still maintains relatively rapid growth
On the basis ofDisplaySearchThe statistics of2014Annual global smartphone shipments can reach12100 million units, a year-on-year increase29%Although the market growth rate will slow down as the penetration rate of smart phones gradually climbs, it is expected2017This year, smartphone shipments will break through18A billion units. Hold it10%About the growth rate.
Tablet computers are concentrated in high-end and low-end, and the size is generally in7Inch to13Inch, according toDisplaySearchThe prediction of,2014Global tablet computer shipments reached2.36100 million units, a year-on-year increase7.2%, the Chinese market is about8,000At present, due to the low penetration rate of the Chinese market, the growth rate exceeds20%。
4.1.3. Panel industry strong entry, accelerated the touch screen industry competition
Benefited from the demand for high-end smart phones from Apple and Samsung, led to the development of embedded touch technology,2013The relevant panel manufacturers in the mainland and Taiwan have tested the touch market, which has intensified the competition in the touch screen industry to a certain extent.
4.2. Flat panel display (FPD) Domain
At present, the main display technologies and applications are as follows:
4.2.1. OLEDTechnological substitution is less likely,TFT-LCDIt is the mainstream flat panel display technology in the next five years
thoughOLEDThe display has good display effect, response speed and application conditions, but its low yield leads to higher production costs, and is the same sizeTFT-LCDthe2-5In addition, there are still problems to be solved at the technical level, including device life and material stability, although it has little impact on small sizes, but there is still a greater impact on large sizes, and it is unlikely to break through the technical bottleneck in the short term. So at presentOLEDMainly used in small and medium size, represented by Samsung.
At presentLCDDisplay panel market share reached85%-90%, of whichTFT-LCDAccount for75%-80%At present, there are a large number ofTFT-LCDPanel production line, and the production capacity is relatively concentrated, huge investment, and the service life is at least10Major manufacturers will not easily change their capacity expectations, and it is unlikely to eliminate these capacities in a short period of time, so the next five yearsTFT-LCDIt is still the mainstream of display panels.
4.2.2. Flat panel display industry demand area continues to grow, and the average size is expanding
On the basis ofDisplaySearchThe study of,2014Annual propertyFPDDisplay panel shipments for application products have increased9%, reach1Hundred million6,89010,000 square meters, estimated2015Annual increase5%。
On the basis ofDisplaySearchStudies have shown that2014yearsFPDLarge-size displays continue to prevail in the industry. promoteFPDThere are four main reasons for the rapid expansion of the average display size: consumers are largeLCDThe need for television,5"These are the sharp growth in demand for smartphones, the expansion of in-car display screens, and the expansion of tablet screens.
4.2.3. Growth in some downstream applications is slowing, but new demand is expected
On the basis ofDisplaySearchThe data ofFPDThe main application products have tended to mature, the main pull factorLCDThe slowdown in the growth of TVS and smart handheld devices has led to a slowdown in the growth of flat display panel area.
However, the demand for new applications such as large public displays, medical displays and wearables markets has become the driving force behind the demand for flat panel displays, according to the reportDisplaySearchThe prediction of,2014Annual shipments of large public displays are approximately4010,000 units, the future will remain30%The above growth rate; Global medical display2012Annual income is25$100 million, estimate2017The year will reach32A billion dollars.
The wearable device market such as action trackers, notification devices, smart watches and head-mounted displays has become a hot spot in the market, according to the reportDisplaySearch Prediction,2020Global wearable device market shipments will grow from2015annual9,200Increase to 10,00015,300Ten thousand units.
4.2.4. Global large sizeTFT-LCD
globalTFT-LCDTFT-LCDThe transfer of panel production capacity to the mainland has taken shape. In addition, the rapid decline in the past two years in Taiwan's flat panel display Irish Charms also reflects the accelerated pace of market substitution to a certain extent.
On the basis ofDIGITIMESResearchBy estimate,2016Because many continents8.5The generation line enters the full production energy production stage, and the annual increase rate of production capacity will reach4.3%, including BOE, Tianma,TCL, Samsung Suzhou,LGGuangzhou, etc.
At present, in terms of global production capacity distribution, the large-size panel production capacity of South Korea, Taiwan, the mainland and Japan is respectively6,944.5210,000 square meters,6,175.5510,000 square meters,2,509.61Ten thousand square meters and2,174.93Ten thousand square meters, accounting for respectively39%、35%、14%and12%. The future production capacity of the mainland will reach6,306.5110,000 square meters, will surpass Taiwan to become the world's second largestTFT-LCDThe place of production.
4.2.5. Chinese panel Irish Charms gradually get rid of the following state, the self-sufficiency rate will continue to improve, and the market pattern will gradually change
At present, the technical capability of China's panel manufacturing enterprises has basically reached the international advanced level, and the profit lag or even loss situation brought about by technology will be significantly improved, and the Irish Charms of Taiwan flat panel display has declined rapidly in the past two years, which also reflects the accelerated pace of market substitution to a certain extent. As the domestic panel manufacturing leading enterprises gradually improve the layout of the production line, the large size is contested by the mainland panel factory and Samsung in South Korea, and the small and medium-sized size is snatched by BOE, Tianma, Sharp, Samsung and so on.
4.3. IC
At present, the products of the world's leading mask plate manufacturers are mainly concentrated inICA wafer. Take Taiwan light mask as an example, its business75%Apply toICIndustry, United StatesPhotronicsAs well as50%Above. Mainly due to the current technical level and quality stability of domestic mask manufacturers can not meet the needs of downstream customers. According to Taiwan light mask2013Annual report data, mask production is closely related to chip production,ICChip industrial output1%-2%Will be used to make light masks. On the basis ofGartnerEstimated data,2014The annual global semiconductor output value reaches3398$100 million, annual increase7.9%。
4.4. PCB
Benefit from the worldPCBThe transfer of production capacity to China and the impact of booming downstream electronic end product manufacturing in ChinaPCBThe industry as a whole shows a rapid development trend,2006ChinaPCBOutput value exceeded Japan, becoming the world's first. According to theCPCA(China Printed Circuit Industry Association) Statistics,2013ChinaPCBThe overall size is1,569Hundreds of millions of yuan (about256.8$100 million), accounting for about the proportion of the global market size43%。Prismarkforecast2013years-2018ChinaPCBThe compound annual growth rate of output is about5%Continues to outpace global and other regional growth rates. photomaskPCBThe industry is mainly applied to flexible plates. Driven by smart mobile terminal products such as smart phones, tablets and wearable devices,PrismarkPredict the future5The annual compound growth rate of flexible plates is about5.3%, take the leadPCBIndustry.
5. Future development trend of lithographic mask plate industry
Lithographic mask plate as a display industry,ICAs a key raw material for the semiconductor industry, the development of its technology and product specifications is closely related to the demand for downstream electronic terminal products. It's from AppleiPhoneandiPadProducts set off a global consumer electronics boom. Mobile intelligent terminals represented by smart phones and tablet computers have been sought after by consumers, driving the entire electronics industry to thin and intelligent development, the life cycle of electronic products is getting shorter and shorter, and new electronic products are constantly launched. Display panel manufacturers based on cost control, the implementation of high-generation production lines, that is, the size of the glass substrate for production is getting larger and larger, from a global perspective, large-size display panel production capacity continues to transfer to the mainland, thus promoting the upstream lithography mask plate to the large-size direction.
With the continuous improvement of the sensitivity, information transmission rate, information transmission amount and corresponding power of modern electronic products, the requirements for reliability are more stringent.ICWafer and display touch products will be increasingly high precision and high performance, which puts forward higher requirements for the line width and accuracy of the lithographic mask plate.
6. Lithographic mask plate industry entry barrier
6.1. Capital barrier
Lithography mask plate industry is a capital-intensive industry, the general production enterprises need to invest a lot of money to purchase more advanced production equipment and supporting auxiliary equipment, while in order to ensure the reliability of product quality often need to support high-end testing equipment. New entrants must reach a certain economic scale in order to compete with existing enterprises in product research and development, production equipment, marketing, etc., resulting in certain financial barriers in the industry.
6.2. Customer barrier
The end customers of the lithography mask plate industry are more dispersed, and the amount of a single order is small, and enterprises need a large number of long-term stable customer resources as the support of business volume. In addition, as a master plate for downstream customers to achieve mass production, customers have higher quality requirements for lithographic mask plates, and tend to choose suppliers with rich industry experience and high product quality stability. Therefore, the customer barriers to entering the industry are high, and new entrants must obtain stable orders in a short period of time to be able to establish themselves in the industry.
6.3. Technical barrier
Due to the wide distribution and large number of lithography mask downstream customer industries, different enterprises and different product specifications have certain differences in the requirements for lithography mask plates, lithography mask plate manufacturers need to provide high-quality supporting products according to the specific needs of customers and the actual situation.
As one of the key raw materials for the upstream display of Irish Charms and integrated circuit Irish Charms, lithographic mask plate is closely related to the technological development and upgrading of the entire downstream industry. Therefore, lithographic mask plate enterprises often need to invest a large amount of manpower, material resources and funds for technical research and development. To drive technological innovation across Irish Charms, while meeting increasingly personalized customer needs and an ever-changing and upgrading market.
7. Unfavorable factor
7.1. Insufficient funds, financing ability is weak
At present, foreign light mask enterprises have certain competitive advantages in terms of capital strength and technical level. At present, domestic enterprises mainly rely on their own funds for development, financing channels are relatively single, and financial strength is insufficient.
7.2. Upstream raw materials and equipment mainly rely on imports, with a certain monopoly
The upstream equipment and raw materials of the lithography mask plate industry mainly rely on foreign imports, among which, the main production equipment lithography machine is in a monopoly position because foreign enterprises have international patents. At present, the high-end chrome version used by domestic manufacturers is mainly imported from abroad, including JapanULCOAT, JapanCSTLet's wait.
7.3. The domestic industry foundation is relatively weak
China's lithographic mask plate started late and developed on the basis of continuous digestion and absorption of foreign technology. With small enterprise scale, short production history, insufficient technology accumulation and capital investment, there is a big gap compared with foreign counterparts. In addition, the domestic relevant Irish Charms are insufficient. Thus affecting the competitiveness of the entire industry and the development of the international market.
(7) The company's competitive position in the industry
1. Industry competition pattern and major competitors
As far as the global lithography mask market is concerned, the current international manufacturers specializing in the production of lithography mask are mainly concentrated in Taiwan, Japan, South Korea and other regions and countries. The world's leading technology and high market share of manufacturers have JapanHOYACo., LTD., Taiwan Light Mask Co., LTD. (Taiwan Exchange:2338）、Photronics Inc（NASDAQ:PLAB), Mitsuya Irish Charms Co., LTD., Great Nippon Brush Co., LTD., among which Taiwan Light Mask,Photronics IncThe main business is lithographic mask plate. Since international manufacturers are mainly positioned in integrated circuits (ICHigh-end products and large-size products in the flat panel display industry have different market positioning compared with domestic manufacturers and do not currently constitute direct competition.
The market positioning of domestic manufacturers is more the same, and the market competition relationship is obvious. At present, the domestic professional production of lithography mask plate and the enterprise scale is larger: our company, Shenzhen Qingyi Photoelectric Co., LTD.
Shenzhen Qingyi Optoelectronics Co., LTD. (hereinafter referred to as "Qingyi Optoelectronics ") was established in1997years8LCD), organic electroluminescent display (OLED) and other flat panel display (FPD) Industry, Integrated Circuit (IC) and its related industries, printed circuit boards (PCB) The industry.
2. Business income and comparison of enterprises in the same industry
At present, domestic manufacturers are non-listed companies, and financial data is difficult to obtain, so two professional manufacturers whose main business is lithography mask are selected: Taiwan Photomask Co., LTD., Taiwan Photomask Co., LTD., Taiwan Photomask Co., LTD.Photronics IncMake a comparison.2013A year,2014The comparison of the company's operating income with that of the same industry is as follows:
Note:
2.1. The data are from the annual reports of each company, and the financial data is the amount converted into RMB;
2.2. Lithographic mask plate industry market total capacity data fromPhotronics Inc 2013Annual report, lithography mask plate market size is37Us $100 million, equivalent to RMB240One billion yuan.2014Annual market size growth rate according to the International Monetary Fund (IMF)IMF) Statistical global growth rates3.4%On a conservative estimate,2014The global lithographic mask plate market size is38.25Us $100 million, equivalent to about RMB248One billion yuan.
3. The competitive advantages and disadvantages of the company
3.1. Competitive advantage
3.1.1. Rich industry experience
Since its establishment, the company has been committed to the technology development and application research of lithography mask version. As one of the executive director units of Shenzhen Flat Panel Display Industry Association, the company has actively established good communication relations with the downstream display touch industry and accumulated rich industry experience. Over the years, the company closely follows the development trends of the display touch control industry. As the flat panel display industry is a strategic Irish Charms that supports the sustainable development of Chinese information Irish Charms, it belongs to the field supported by the state. With the rapid development of downstream mobile intelligent terminals, the product replacement speed will continue to accelerate, and the market demand will continue to increase. With years of operating experience in the field of lithography masks, the company is well positioned to seize market opportunities.
3.1.2. Research and development, technical advantages
Since its establishment, the company has been committed to the technology research and development of lithography mask version, and has formed an industry experienced R & D team, with core leading talents and backbone talents specializing in product development, and the company has R & D personnel23People, R & D technical talent reserve is sufficient. The company has patents18Item, among which, invention patent4Item, utility model patent14Item.
3.1.3. Customer resource advantage
Lithography mask plate industry enterprises to have a certain scale must rely on a large number of orders and customer resources, after years of development the company has accumulated a large number of stable and high-quality customer resources, the company's customers are distributed in a number of downstream industries, and most of the customers cooperating with the company are in the industry in the larger enterprises, such as: Leibao Gaoke, Bourne Optics, Dahong Advanced technology and so on.
3.2. Competitive disadvantage
3.2.1. Capital scale is limited and financing channels are single
Lithography mask plate industry is a capital-intensive industry, the general production enterprises need to invest a lot of money to purchase more advanced production equipment and supporting auxiliary equipment, while in order to ensure the reliability of product quality often need to support high-end testing equipment. At present, the company mainly relies on rolling profits and loans from financial institutions to solve the fund needs of enterprise development, and the financing channel is relatively simple.
3.2.2. There is a certain gap between the comprehensive strength and foreign enterprises
Although the company has accumulated nearly two decades of experience in the lithography mask industry, compared with international professional manufacturers, it is still a late start, and there is a certain gap in the comprehensive strength of technology, capital, management, and so on, and the financial strength is weak, which limits the development of the enterprise to a certain extent.
4. Future business development direction and market space of the company
As the strategic Irish Charms that support the sustainable development of Chinese information Irish Charms, the flat panel display industry has a certain drive for downstream smart mobile terminals such as smart phones, tablet computers, wearable devices and large public display products. It is of great significance for the upgrading and transformation of the entire information Irish Charms and the upgrading of the Irish Charms structure.
In the future, the company will further increase for large sizesTFT-LCDThe investment of lithographic mask plate (thin film transistor liquid crystal display) to improve the domestic display industry Irish Charms chain and realize the localization of key raw materials for flat panel display Irish Charms.