#记录我的2024#
Combined with the production situation and the turnover rate of fixed assets, we can draw two development directions for domestic PCB enterprises:
1. Focusing on specific segments, such PCB manufacturing enterprises have relatively few fixed assets and a high turnover rate of fixed assets
The core of this kind of enterprise is the need to subdivide the top technology in the industry, and only by occupying the high point in the field can it have the right to speak, and the representative companies are: Eaton Electronics (focusing on consumer electronics and automotive electronics), Kinwong Electronics (FPC)
2. Focus on the field of communications.
Such enterprises need a large amount of fixed assets, because communication technology is a fast-iterating industry, and the higher-speed PCB equipment needed to produce 5G can only be put into new production lines.
This track will lead to a low turnover rate of fixed assets, but the advantage is that the industry has a large market share, and it can win by volume, on behalf of the company: Shennan Circuit.
There is another important factor that affects PCB production, and that is - environmental protection policy.
Looking back at the PCB industry chain from the United States to Japan, and then from Japan to South Korea and Taiwan, the main PCB production area is Chinese mainland
There are many factors that are transferred, but one of the most important is environmental protection.
After 2018, we can directly observe the impact of environmental protection policies on PCB companies through the "tax and surcharge" items on the financial statements
However, at present, we can only see the importance of environmental protection to PCB production from the environmental protection equipment supporting the construction project.
Under the environmental protection policy, the concentration of the PCB industry will be improved, the ineffective production capacity will be gradually eliminated, and the situation of the strong will be strengthened, which will be a good thing for large enterprises
In 2017, after the tightening of environmental protection policies, compared with the previous year, the gross profit margin of the entire industry increased by 0.07%
From 2015 to 2017, the sales amount of Shennan Circuit to the top five customers accounted for 40.46%, 47.35% and 38.13% of the main business revenue respectively, of which the sales to the largest customer, Huawei, accounted for 20.18%, 29.09% and 22.44% respectively
The downstream of Shennan Circuit is mainly B-end customers, and has cooperated with Huawei, ZTE, etc. for more than ten years.
For such large customers, Shennan Circuit adopts VMI mode
Under this model, Shennan will send the finished products to the customer's warehouse according to the order demand, and the company will recognize the revenue after the customer actually receives it
It is slightly different from the consignment model we have previously analyzed in the automotive industry chain, where the upstream and downstream enterprises do not communicate with each other, while the VMI model is managed by suppliers, and the upstream and downstream information is shared, which is easier to manage inventory. In the financial report, there will be a large number of "shipped goods" in the inventory
If the actual settlement price of the issued commodity is lower than the initial quotation when the order is issued, it will affect the profitability of Shennan
From 2015 to 2017, Shennan Circuit issued commodities of 189 million yuan, 343 million yuan, and 449 million yuan, accounting for 29.49%, 39.43%, and 39.56% of inventory, and the proportion has an upward trend, which shows that Shennan's dependence on large customers has been strengthened
Predict the follow-up and listen to the next breakdown
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