Jiwei Network News Not long ago, the new third board company Shunyu Seiko issued an announcement on the application for public issuance of shares and listing on the Beijing Stock Exchange for the record and its progress. According to the announcement, Ningbo Shunyu Seiko Co., Ltd. signed the "Counseling Agreement on Ningbo Shunyu Seiko Co., Ltd.'s Public Offering of Shares to Unspecified Qualified Investors and Listing on the Beijing Stock Exchange" with Debon Securities Co., Ltd. on January 11, 2022.
According to public information, the business scope of Sunny Seiko includes: precision, multi-cavity injection molds and automotive interior functional parts development, production and sales. At present, the company has become a mold supplier for customers such as Shanghai GM, North American General Motors, Ford, FAW-Volkswagen, Yanfeng, Faurecia, Johnson and other customers, and is also a product supplier for customers such as GM, FAW Car, SAIC Volkswagen, FAW-Volkswagen, Mazda and other customers.
Interestingly, because the company and the domestic optical / optoelectronic industry leader Sunny Optics "the same name", it is easy to link the two, mold supplier Sunny Seiko plans to land on the North Stock Exchange news has also caused more attention in the industry.
The head enterprises have integrated mold resources
In fact, from the perspective of the shareholding structure of Shunyu Seiko, there is no direct connection with Shunyu Optics. Jiwei Network also asked its internal employees for verification on this matter, and the other party said: "The bosses of the two companies are different, and Shunyu Seiko does not belong to the Shunyu Group. ”
According to the Tianyancha APP information, the shareholders of Sunny Seiko include ningbo Zhongyu Investment Management Partnership (limited partnership) and Ningbo Wanshun Investment Management Partnership (limited partnership), as well as five individual shareholders, including major shareholder Ni Wenjun.
Among them, the major shareholder Ni Wenjun not only personally owns 47.16% of the shares of Shunyu Seiko, but also indirectly holds 2.9% of the shares of the company through Ningbo Wanshun Investment Management Partnership (Limited Partnership), while Ni Wenjun also holds the shares of many subsidiaries of Shunyu Seiko directly or indirectly.
(Image source: Tianyancha)
It is worth noting that although the company's major shareholder Ni Wenjun's information does not show that he holds a position in Shunyu Optics, the author checked the data and found that Ni Wenjun participated in the election of the fifth committee of the COMMUNIST Party of China Shunyu Group held by Shunyu Optics in 2019, and was elected deputy secretary of the fifth committee of the Communist Party of China Shunyu Group, and the secretary of the committee was Ye Liaoning, who was then the chairman of the board of directors and secretary of the party committee of Shunyu Group Co., Ltd.
(Image source: Screenshot of the official website of Sunny Group)
Some industry insiders pointed out: "In fact, the connection between the two is very reasonable, although not all enterprises engaged in optical and optoelectronic product manufacturing will build their own mold factories, but the first-line large factories basically have their own mold production lines, and the production capacity is more or less only." Some analysts who have long been concerned about Hong Kong stocks told the author that the relationship between Sunny Optics and Sunny Seiko may be off-balance sheet investment.
For the above-mentioned industry insiders, Jiwei Network learned from the industry after verification that at present, the head manufacturers involved in the optical and optoelectronic industries in China, including AAC Technology, Goertek and other enterprises have laid out mold production capacity, providing molds, brackets, structural parts, etc. for their own optical lenses or optoelectronic module products.
Differentiation and cost-effectiveness are equal
The victory or defeat between the masters is often determined by the details.
A R & D personnel in the optoelectronic module industry told Jiwei Network: "For first-line large factories, it is harmless to grasp the resources of mold factories, and the benefits to parts manufacturers are mainly reflected in the two aspects of product and cost." ”
Taking the smartphone industry as an example, the market share of terminals and supply chains is highly centralized, and several leading manufacturers have divided most of the orders of first-line mobile phone brands, especially in high-end product lines. Whether it is the optical or optoelectronic industry, the more advanced the product, the more stringent the requirements for accuracy and tolerance.
"Whether it is a high-end optical lens assembly or a camera module, the final product has a combination tolerance, that is, the sum of the tolerances of all parts, and this numerical size will directly affect the yield and effect after calibration. Especially for lenses and lenses, mold accuracy has a key impact on the tolerance size of each piece, and these small gaps can often highlight the product differentiation of flagship mobile phones and high-end AR/VR. ”
"Of course, terminal brands cannot blindly pursue tolerance limits, which will greatly increase costs, so for low-end products, cost performance is the primary condition." In addition to achieving further upgrades in high-end products, another advantage of mastering mold resources is the control and price advantage of low-end costs. The practitioner said.
As the market growth space of mobile phone parts is gradually compressed, manufacturers have to empower performance through other means, and one of the most common choices is the vertical integration of business of upstream and downstream parts of the main products.
The same is the example of the three companies mentioned at the beginning of the article, which have also been committed to strengthening business integration in recent years. "Sunny Optical business system covers optical lenses, modules, chips, software algorithms and other links, Goertek in addition to the whole machine assembly (AR/VR), but also has a layout in optical components, AAC Technology subsidiary Chengrui Optics products cover optical lenses, camera modules, VCM motors and other major components"
The integration of business systems and product lines can not only improve the yield of mass production of component products, enhance product stability and uniformity, but also strengthen cost control and transform into product price advantages.
The above practitioners pointed out that in fact, it is not limited to the mobile phone industry, in today's very popular car, medical and other fields, if it is not a more advanced product, there will be cost pressure, especially components. Under this premise, suppliers can integrate more resources, and there is no doubt that they will benefit. Parts with details such as molds are more important for first-line manufacturers, because they are now in the first camp, and excellence is the best way for these companies to achieve growth. （Lee）