Preface
Shenzhen MTC Co., Ltd. was established in April 2005, and through continuous technological innovation, the company continues to innovate, enrich the product structure and improve the product system. Since 2015, MTC has moved towards a broader market, from enterprise business to consumer business, from industry to Internet, and vigorously developed its two independent brands: Fengxing Internet TV and MTC Lighting. MTC's excellent supply chain management capabilities and the layout of the whole industry chain are the solid backing of popular Internet TV and MTC Lighting. At the same time, MTC is actively entering the semiconductor industry and laying out LED epitaxial wafers and chips. With the successful completion of the Nanchang LED Chip Industrial Park, MTC will master the core technology and open up all links of the entire LED industry chain.
Revenue and net profit for the past year
From 2019 to 2023, MTC achieved revenue of 13.302 billion yuan, 20.186 billion yuan, 22.538 billion yuan, 15.028 billion yuan and 17.167 billion yuan respectively. The year-on-year growth rates were 3.35%, 51.75%, 11.65%, -33.32% and 14.23%.
From 2019 to 2023, MTC achieved net profit of 1.120 billion yuan, 1.763 billion yuan, 333 million yuan, 1.146 billion yuan and 1.588 billion yuan respectively. The year-on-year growth rates were 152.05%, 57.44%, -81.12%, 244.13% and 38.61%.
The main business direction of MTC is the design, R&D, production and sales of LCD TVs, set-top boxes, LED components and components, network communication terminals and Internet entertainment products.
In 2023, the revenue structure of each product of MTC is shown in the figure above, and the revenue of multimedia audio-visual products and operation services will be 12.663 billion yuan, accounting for 73.76% of the total revenue in 2023; The revenue of the LED industry chain was 4.504 billion yuan, accounting for 26.24%.
During the reporting period, the overall operation of MTC's business in different regions is shown in the figure above. In 2023, overseas income will be 9.431 billion yuan, accounting for 54.94%; The domestic revenue was 7.736 billion yuan, accounting for 45.06% of the total.
Top 5 customers and suppliers
The sales volume of the top five customers and the proportion of the top five suppliers in 2023 are shown in the figure below:
In 2023, the sales of the top five customers of MTC will total 8.476 billion yuan, accounting for 49.37% of the total annual sales. Among them, the sales of the first customer were 5.023 billion yuan, accounting for 29.26% of the total annual sales.
In 2023, the procurement volume of the top five suppliers of MTC will total 4.158 billion yuan, accounting for 27.32% of the total annual procurement. Among them, the procurement amount of the first supplier was 1.324 billion yuan, accounting for 8.70% of the total annual procurement.
R&D investment over the years
According to the data reported by MTC, from 2019 to 2023, MTC's R&D investment will be 296 million yuan, 472 million yuan, 555 million yuan, 630 million yuan and 704 million yuan respectively. The year-on-year growth from 2019 to 2023 will be 25.05%, 59.60%, 17.63%, 13.41% and 11.75%, respectively.
As of the end of 2023, the company has a total of 1,479 R&D personnel, accounting for 11.75% of the company's employees. In 2023, the company's R&D expenses will be 704 million yuan, accounting for 4.10% of the company's operating income.
The total market capitalization of MTC shares
Shenzhen MTC Co., Ltd. was listed on the SME Board of the Shenzhen Stock Exchange in June 2010 with the stock code 002429.
From the perspective of market value from 2020 to the present, the market value of MTC reached the highest of 34.495 billion yuan on August 25, 2020, and the lowest was 13.852 billion yuan on April 26, 2022. As of June 5, 2024, the total market value of MTC was 23.133 billion yuan.
Profitability analysis
From 2019 to 2023, the gross profit margin of MTC shares is shown in the figure below. In 2023, the company's gross sales margin will be 18.83%.
Operational capability analysis
In the past five years, the inventory turnover rate of MTC is shown in the figure below. In 2023, the inventory turnover ratio is 5.67 times.
Solvency analysis
From 2019 to 2023, the asset-liability ratio of MTC is shown in the figure below. In 2023, the debt-to-asset ratio is 43.02%.
Core competitiveness
1. Perfect R&D system brings continuous innovation power to the company
The company focuses on technological innovation and product application, builds a market-oriented technological innovation system, continues to carry out core technology research, promotes the industrialization of scientific and technological achievements, cultivates innovative talents and improves independent innovation capabilities, laying a solid foundation for the company to maintain a technological leading edge close to the market.
The company has set up R&D centers in Shenzhen, Beijing, Wuhan, Nanchang and other places, adheres to the market-oriented R&D strategy, accurately invests in R&D, builds core technology competitiveness, and has mastered and reserved a number of core technologies in the manufacturing fields of smart display products, communication products, LED products, etc., such as 4K/8K, full-spectrum health lighting, ultra-high light efficiency, flip small pitch, Mini/Micro LED, etc.; In the field of Internet joint operation business, Fengxing Online has accumulated many years of experience in multiple directions such as multi-screen video client, video playback, video operation management, video advertising service, distributed CDN video transmission cloud and big data support technology, and is one of the leading enterprises in the industry to achieve the ultimate in video comprehensive technology.
2. Continue to improve the level of automation and informatization, and create efficient operations and high-end intelligent manufacturing
The company has advanced engineering technology, production equipment and management mode, through the information system combined with automation equipment, coupled with the design and transformation of the management process and production process according to local conditions, and fully integrates R&D, procurement, production, cost, inventory, distribution, transportation, sales, finance and other links, so that the company can efficiently complete daily operations. The company has a strong enterprise resource management system, on the basis of optimizing CRM (customer relationship management system), PLM (research and development system), OA (process and mobile office system), HR (human resources system), continuous improvement of MES (manufacturing execution system) and SAP (enterprise management platform), the introduction of international and domestic leading high-end manufacturing equipment, the whole process to promote lean, information, automated production, a large number of AGV, manipulator, slide line, automatic packaging, Automatic palletizing and other automated equipment replace manual operation, and the most advanced testing equipment in the industry is introduced in the testing and inspection process, which greatly shortens the delivery cycle and ensures the stability of product quality.
Third, the scale advantage of leading the industry
The company has built large-scale production bases in Shenzhen, Nanchang and Zhongshan, with high production concentration and intensive management, which can achieve rapid response and upstream and downstream cooperation, facilitate the simplification of personnel and improve quality control capabilities. Large-scale production and sales enable the company to reduce procurement and transportation costs, further creating the company's cost advantage. At the same time, each business segment has the scale of leading the industry, which provides strong support for the company to occupy a favorable position in the market.
I love the audio network summary
MTC said that in 2024, the company will continue to focus on existing businesses to ensure the stable operation of its core business. At the same time, we will continue to deepen technological innovation, take quality as the guide, and promote the coordinated development of the entire LED industry chain. The company will make full use of its advantages in the vertical integration of the industrial chain, increase the market share of all links, especially the Mini LED market, and promote the company to gradually realize the technological breakthrough and commercial application development of all links of the micro LED industrial chain.
Tips: The above information is for reference only and is not intended as a suggestion to enter the market; Investment is risky, and you need to be cautious when entering the market.
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