"1. Changes of mobile phone industry in the trend of 5g technology change
In the early stage of the production of smart phones, the shell materials are engineering plastics mainly made of PC and ABS. The advantages of engineering plastics are durability and color diversity, more mature processing technology and lower processing cost. In 2010, the double-sided glass mobile phone was launched. In addition to the well-known iPhone 4, the representative models include Sony l36h, l39h, xl39h, M51 and lgnexus4. After 2012, aluminum alloy casing has gradually become the mainstream of mobile phone casing due to its comprehensive advantages in appearance and practicability. With the gradual application of 5g and wireless charging technology, the development of mobile phone backplane may be differentiated in the future. In terms of high-end mobile phones, with the gradual listing of multiple double-sided glass mobile phones such as Xiaomi 6, Huawei glory 9 and Samsung Galaxy S7, apple is also expected to use double-sided glass cover on the new generation of mobile phones, The double-sided glass cover will be further confirmed as the mainstream technical route of high-end smartphone shell; In terms of low-end mobile phones, plastic mobile phone cases are expected to rise again based on the comprehensive consideration of cost price, 5g signal and wireless charging technology.
At present, the metal back cover is still dominant in domestic mobile phones. According to the domestic mobile phone shipments in May 2017, Huawei glory 8 Youth Edition is the only mobile phone model on the list that adopts double-sided glass design. Xiaomi mix and Jinli m2017 use ceramic and leather products as their back cover materials respectively, while the back covers of other mobile phone models are made of aluminum alloy. With the new generation of Apple mobile phones using the technical route of "double glass cover plate + metal middle frame", the leading position of this technical route in medium and high-end mobile phones will be further confirmed, and the penetration rate of medium and high-end brand mobile phones will be further improved in the future; Considering the price and cost factors of low-end thousand yuan machine, the unit price of glass cover plate is about 90 yuan, the unit price of aluminum alloy middle frame is 150 yuan, the unit price of stainless steel middle frame is 220 yuan, and the traditional plastic casing is only dozens of yuan. Although several models use plastic casing at present, it is unlikely to break out in a short time from the investigation of the industrial chain, and it may rise in the future. Plastic casings are mainly used in abrasive manufacturing, injection molding and other processes. The technology and industrial chain are relatively mature, with abundant production capacity and less new equipment.
5g technology is the mainstream trend of the industry in the next 3-5 years and a new generation of mobile communication standard after 4G. Wireless communication technology is usually updated every 10 years. 3G began to mature and commercial in 2000, and 4G technology matured and commercial in 2010. In 2013, the EU allocated 50 million euros to accelerate the development of 5g mobile technology, which opened the prelude to the research and development of 5g technology. Compared with 4G technology, the peak rate of 5g technology increases by tens of times, from 100MB / s of 4G to tens of g / s. In other words, more than 30 movies can be downloaded in one second, and the number of user connections that can be supported has increased to 1 million users / km2, which can better meet the massive access scenarios such as the Internet of things. In May 2014, Samsung took the lead in announcing that it had developed the first mobile transmission network based on 5g core technology, and said it would promote 5g network before 2020. The three major domestic operators have also formulated a plan to start the commercial use of 5g network in 2020, and will start the construction and related testing of the test network as soon as 2017. 5g requires a higher bandwidth for signals. Increasing the bandwidth must increase the frequency, and a higher frequency band means a shorter wavelength, that is, the band close to infrared, and the short wave diffraction ability is poor. It is necessary to set up a micro base station and use MIMO technology on the mobile phone to access multiple antennas or antenna arrays. The mobile phone antenna is generally installed on the upper part of the mobile phone. For signal protection, the mobile phone is required to avoid using metal back shell as much as possible, and glass is a better choice for industrialization.
Wireless charging is also the main technical route of mobile phones in the future. Wireless charging uses radio energy transmission technology to transmit energy with magnetic field, so it does not need to use wire connection, and gets rid of the shackles of cables on the user experience. Wireless charging technology has the characteristics of convenience, safety and high space utilization, and can solve the problem of short service life of smart phones. Wireless charging technology is mainly divided into four technical implementation methods: magnetic induction, magnetic resonance, power plant coupling and microwave wireless transmission technology, in which inductive coupling is the mainstream technology. The metal back cover of the mobile phone has strong interference to the wireless charging signal and low charging efficiency, while the glass back cover can be penetrated unimpeded by electromagnetic waves.
In general, the glass backplane has less attenuation to 5g signal and wireless charging signal, the glass quality has been greatly improved and the yield is also high. It is the best choice for industrialization. The processing cost of engineering plastics is relatively low and easy to color, but the sensory experience is not as good as that of glass and metal materials. The texture and luster of metal material is better than that of plastic. It is lighter than glass and has strong fall resistance. However, it is difficult to have both corrosion resistance and strength, especially for signal attenuation.
Table 1: comparison of main materials and performance of mobile phones
The popularity wave of 5g to be launched in 2019 will open up new space for the upstream industry of mobile consumer electronics.
2. The leading position of plastic structural parts is stable
In the tide of mobile phone shell, one company played an important role. It landed on the gem in 2010, which is now Jinsheng smart. Guangdong Jinsheng Intelligent Group Co., Ltd., founded on April 11, 2003 and listed on the gem of Shenzhen Stock Exchange on May 20, 2010, is the first GEM listed company in Dongguan. At present, the company's main business has formed three modules, including consumer electronics precision structure business, high-end equipment manufacturing business and intelligent manufacturing service business.
It wrote in its prospectus that "the company is a leading supplier of domestic consumer electronics precision structural parts products and services. The company focuses on the R & D, design, production and sales of precision molds and precision structural parts in the field of consumer electronics, drives the overall business development with local technological breakthroughs, gradually forms the technology leading ability in various business stages, and wins the comprehensive competitive advantage. The company is an industry leader in technology development, production scale and fast service. It mainly provides structural parts products and services such as high-precision mold R & D, injection molding and surface treatment for mobile phones, 3G data network cards and MP3 / MP4, which are the largest categories of consumer electronic products in the world. "
From the beginning of listing, the company has been the leader of domestic plastic precision structural parts. In terms of production capacity, there are almost no other competitors except Foxconn and BYD, and its downstream customers are mainly domestic well-known manufacturers such as Samsung, Huawei and ZTE.
Table 2: major domestic enterprises of plastic precision structural parts
The company has such a leading position in the industry. On the one hand, the company has continuously invested in R & D. since its listing, the company's R & D expenses have basically been in the range of 4-5% of its revenue. Thus, the technical advantages of "point to area" differentiation are formed in the four production stages of mold manufacturing, injection molding, surface treatment and processing and assembly, so as to maintain the leading technology. Through the breakthrough in the design of mold gate runner and cooling system, the molding cycle of mobile phone shell products in the industry is raised from about 21 seconds to 14 seconds to 15 seconds, which greatly reduces the production cost and improves the efficiency. In addition, the company attaches importance to the research of production process and industrial engineering. According to the principle of ergonomics and on-site accurate calculation and analysis, the company carefully debugs each post configuration and each station layout, continuously improves the action rationalization level of employees and the balance rate of production line, enhances the flexibility of production line, and can adapt to the different requirements of a variety of products. Each production unit has an engineering department, which is specially responsible for the improvement and commissioning of the production process and production line, so as to improve the equipment utilization and optimize the labor combination to keep the cost ahead.
On the other hand, it has a lot to do with the company's excellent supply chain management level. The company pursues lean production, continuously improves the production process and manufacturing process, shortens the manufacturing time and in-process product inventory, reduces lob loss, shortens the production cycle by 30% and improves the assembly production efficiency by 227%. It can widely carry out order and non-standard production according to the actual needs of customers, and effectively combine personalized orders with large-scale production, To maximize the comprehensive utilization of materials and shorten the production cycle. Of which:
(1) The company implements the real-time procurement mode. By integrating the production plan and material demand plan, the factory information flow is synchronized with the supplier, and the logistics information is changed from push logistics to pull logistics. While ensuring to meet the production and delivery needs on time, the company's ordering, distribution and other processes become flexible and efficient, reducing the company's inventory backlog risk.
(2) The company establishes a professional supplier inventory management mode. The company has established a solid supply chain partnership with major suppliers and signed a consignment cooperation agreement with core suppliers. Suppliers keep inventory in the company's warehouse and collect and settle in real time when production demand arises, so as to shorten the procurement cycle, improve supply elasticity and reduce inventory risk.
(3) The company has formulated a qualified supplier system. The company carries out classified management on suppliers, regularly reviews suppliers from nine aspects, implements the last elimination system, the survival of the fittest, and constantly optimizes the supply network. Promote the systematic management of "one standard" for major third-party manufacturers, and carry out unified planning, unified guidance and unified assessment and evaluation from supplier on-site management, quality and cost control, so as to reduce the total cost of the supply chain, improve the stability of the supply chain and lay the foundation for the sustainable, stable and healthy development of the company.
(4) The company provides fast logistics and distribution services. In order to meet the customer's delivery demand, the company actively promotes the do (deliveryorder) management mode, establishes a logistics supply chain from quarterly and monthly material preparation to weekly production preparation and daily delivery according to the ERP system instructions, vertically integrates the company's internal and external resources according to the above requirements, and delivers the goods to the designated place on time according to the customer's demand, so as to realize high efficiency, high quality and low cost, Create higher value for customers.
The above are the company's style as an industry leader. However, the development road is not always smooth. With the change of the trend of mobile phone back cover materials, the final growth rate of Jinsheng Plastic plate slows down. Since 2018, affected by the downturn of domestic macroeconomic environment, Sino US trade war, decline in smartphone shipments and poor financing environment, the company's consumer electronics precision structure business has continued to be greatly impacted.
3. Acquire genesis, focus on the upstream and join hands with the leader
At this time, Jinsheng's management made a major decision to acquire Shenzhen Genesis Machinery Co., Ltd.
Genesis specializes in the R & D, production, sales and service of automation and intelligent precision machining equipment. It is a national high-tech enterprise focusing on the R & D, application and service of medium and high-grade CNC machine tools and automatic production lines in the intelligent equipment manufacturing industry. It is in a leading position in the industry in terms of market share, customer resources, scale effect and after-sales rapid response. Its high-end equipment manufacturing business achieved a cumulative profit of about RMB 1.194 billion from 2015 to 2017, becoming the main profit source of listed companies; During this period, genesis paid various taxes of 985 million yuan and purchased more than 1.4 billion yuan for small and medium-sized enterprises in Shenzhen, making a positive contribution to the regional economic development. In the downturn of the external economic situation, genesis still achieved a net profit of RMB 268 million in the first three quarters of 2018
The main product of Genesis is CNC, which is a computer digitally controlled machine tool. CNC lathes are mainly used for large-scale processing of parts. Their processing methods include turning outer circle, boring, turning plane and so on. In the process of metal parts processing, NC drilling and tapping machine is needed. As an important precision parts production equipment, CNC is the upstream of the company on the one hand, and the company also has a perennial accumulation of understanding of the industry; On the other hand, as the growth rate of the company's main business slows down, and the upstream equipment side has a diversified downstream, which has a stronger ability to respond to the industry trend. The company makes a decisive decision to transfer the cooperation with Genesis to the upstream, and gives the financing capacity of the capital market to genesis, which is in urgent need of capital in the growth, so as to form a win-win situation.
Genesis has outstanding advantages in the field of consumer electronics segmentation. Its R & D and production of high-speed drilling, milling and tapping equipment can compete with the world's leading Japanese FANUC and Japanese brother companies in terms of technical level, production and marketing scale and service capacity.
In the field of CNC drilling and tapping machines, genesis's current competitors are mainly overseas brands, Japan FANUC and Japanese brothers. Domestic competitors include Runxing Technology (acquired by East China Heavy Machinery), Jiatai CNC and taiyiyingtuo. Foxconn, Taiwan Kecheng and Samsung, the world's largest drilling, tapping and milling enterprises, mainly purchase from FANUC and brothers, The parent companies of domestic listed companies BYD electronics, Changying precision, Shengli precision and Jinsheng intelligent are mainly purchased by domestic enterprises, and a small part of them are purchased from FANUC, Japan.
Genesis has obvious competitive advantages in the high-speed drilling and tapping machine market, with a domestic market share of 30%. Since the beginning of 17 years, the income of other companies in the industry has declined, and the company has increased significantly by 65.87%, but it has declined slightly due to the influence of the industry in 18 years.
Genesis not only has a large volume, but also has a medium gross profit margin, which reflects the competitiveness of the brand. Before Runxing technology was acquired by East China heavy machinery, the gross profit margin was the first in the industry, and Genesis's gross profit margin has been maintained at more than 35%.
In addition, genesis not only consolidates its existing competitive advantages, but also constantly seeks incremental space in the metal processing market. As the glass bonding technology is not yet fully mature, the high-end brands of smart phones will widely adopt the combination of metal middle frame and double glass. The metal middle frame has strong support, complex structure, high process difficulty, and the product price is significantly higher than that of ordinary metal precision structural parts. Its processing still needs CNC drilling machine. At the same time, the metal middle frame adopts stainless steel, which has harder material, more complex design and higher precision requirements. Compared with stainless steel, ordinary aluminum alloy can be processed by stamping and forging, while stainless steel can only be processed by CNC. For the stainless steel middle frame, a complete steel plate is hollowed out on the CNC drilling and tapping machine, and finally the integrated stainless steel middle frame is left. A total of more than 30 kinds of cutting tools and hundreds of highly demanding processing processes are required. The processing efficiency is low and the processing time is longer, so more CNC drilling and tapping machines are required, The extensive use of metal middle frame will bring the incremental market of CNC drilling and tapping machine. Genesis is developing CNC drilling and tapping machines that are more suitable for stainless steel processing and have higher efficiency. It is expected to take the lead in occupying the domestic market of CNC drilling and tapping machines for stainless steel metal middle frame.
In terms of overseas development, genesis has established an overseas marketing department to expand the foreign market of CNC machine tools and other equipment products, strive for more market share and maximize the substitution of imports. In September 2017, the company participated in the German Hannover machine tool exhibition, one of the four major machine tool exhibitions in Europe, which is currently the largest and most authoritative professional exhibition in the field of molds and machine tools in the world. Genesis appeared with a number of high-end intelligent equipment, reflecting its confidence in the international competitiveness of products. At the same time, with the help of the exhibition platform, it is conducive to further improve the brand image and enter the overseas market. At present, the company is actively negotiating orders with foreign customers, and the future development of this business deserves attention.
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