On May 16, Crown Stone Technology (605588, SH) held its 2021 annual General Meeting of Shareholders.
At the meeting, wang Shunli, the secretary of the board of directors of the company, said in response to the reporter's questions of the "National Economic Daily" that the company currently has 10 polarizing film processing lines, with an annual output of 35 million pieces, but because the size of the company's polarizing film is different, the total area of the statistics.
As for the development trend of OLED industry, General Manager Men Fangfang said that OLED still has a growth period of 5-10 years. In the future, the company will expand and extend the whole product chain, including upstream raw materials, so as to improve the ability to resist risks.
The overall gross margin decline was due to an increase in the proportion of polarizer sales
According to the 2021 annual report, Guanshi Technology realized revenue of 1.397 billion yuan, up 26.34% year on year, and net profit of 98.6561 million yuan, up 8.71% year on year; According to the first-quarter report of 2022, the company achieved a revenue of 389 million yuan, up 4.49% year-on-year, and a net profit of 22.2 million yuan, down 3.27% year-on-year.
On May 12, 2021, Guanshi Technology was listed on the main board of The Shanghai Stock Exchange. At that time, the ipo prospectus had listed Hengmingda (002947.SZ), Anjie Technology (002635.SZ), Zhicheng Power (300686.SZ) and other comparable companies in the industry. According to the 2021 annual report, the net profits of hengmingda, Anjie Technology and Zhichun have declined significantly. The first quarterly report of 2022 shows that the net profit of Hengmingda and Anjie Technology increased sharply again.
Compared with the ups and downs of the performance of comparable companies, the net profit of Guanshi Technology has been relatively stable. In this regard, Door Fangfang said, because each enterprise customer structure and product structure is different, and Guanshi Technology has a variety of products such as polarizer, functional devices, industrial chain is longer, so the ability to resist risks is relatively strong.
Reporters from National Business Daily noted that in 2021, The overall gross profit margin of Guan Shi Technology declined, and the polarizer inventory increased by 106.21% year on year, and the output, sales and inventory of special adhesive materials declined year on year.
In this regard, The chief Financial Officer Pan Xinyue said that the company's semiconductor display device business includes a variety of products such as polarizer, functional devices, among which the gross margin of polarizer is low, but the overall sales proportion is rising, so the overall gross margin has a certain decline; The increase in polaroid inventory is due to a significant increase in the number of orders in the first quarter, so some stock up in advance, and raw materials are also relatively tight.
"The demand for special adhesives, which are mainly used in automotive and home appliances, will also decline in downstream industries in 2021 due to core loss." Pan Xinyue explains.
The OLED industry still has 5-10 years to grow
According to Display Research and Zhiyan Consulting, China's production capacity of polarizer will be about 201 million square meters in 2020, which is still not enough to fully meet the domestic demand for polarizer, but with the joint efforts of a large number of domestic manufacturers such as BOE and Huaxing Optoelectronics, it is expected that China's production capacity of polarizer will reach 447 million square meters in 2023. Can fully meet the domestic demand for polarizer.
At the general meeting of shareholders, Secretary Wang Shunli said that the company has 10 polarizing processing production lines, the annual output of 35 million pieces, and because the size of the company's polarizing pieces is different, did not carry out statistics on its total area. In 2020, the company's products accounted for about 4.50% of the global LCD TV polarizer market share, and the sales in 2021 increased by 27.31% year on year, the future will be based on the actual demand of downstream customers for polarizer products, reasonable planning capacity.
Recently, a news that "Apple is developing a non-polarizing OLED" spread throughout the display industry. In November 2021, TCL's Huaxing Optoelectronics showed the world's first 8.01 inch 60Hz non-polarizing AMOLED folding screen. According to industry reports, the polarizing technology is one of the ultimate solutions for ultra-thin OLED panels.
In this regard, Fang Fang said that the company's polarizer is mainly used for LCD, not involved in OLED, but functional devices are mainly used for OLED, with the progress of screen folding technology, the company's functional devices are also in conjunction with related products.
"OLED still has 5-10 years of growth ahead of it," he said. "In the future, the company will expand its product chain, including upstream raw materials, to make it more risk-resistant." "Said Door Fangfang.
