HJKJ(SZ:000818)2022-12-03 09:48Group 1: Company Overview - Hangjin Technology Co., Ltd. focuses on military electronics, with a product system primarily consisting of "3+1" products, including anti-fuse FPGA, non-volatile memory SRAM+EEPROM, and bus interface SG320 [3][4] - The anti-fuse FPGA is exclusively supplied by Changsha Shaoguang, with high demand in aerospace and military applications, leading to a supply shortage [3][4] Group 2: Product Details - The current contract amount for the three main products (anti-fuse FPGA, non-volatile memory SRAM+EEPROM, and bus interface SG320) exceeds 200 million yuan, indicating a supply-demand imbalance [4][6] - The SG320 bus interface is crucial for information transmission in military vehicles and is expected to expand into naval and missile applications [4] Group 3: Financial Performance - In 2017, Changsha Shaoguang achieved a revenue of 255 million yuan and a net profit of 7.122 million yuan; in Q1 2018, revenue was 26.03 million yuan with a net profit of 16.3 million yuan [5][6] - The accounts receivable for Hangjin Technology in 2017 amounted to 228 million yuan, with a significant portion attributed to military enterprises [6] Group 4: Research and Development - Changsha Shaoguang currently employs 19 personnel dedicated to design, with over 60 involved in R&D activities [6] - Key R&D focuses include system-in-package (SIP), digital isolators, and high-performance graphics processors (GPU), with the latter expected to achieve mass production within 1-2 years [5][6] Group 5: Future Outlook - The company anticipates that the high gross margin of its chip products will be maintained over the next 3-5 years due to controlled production costs and increasing domestic demand for military electronics [7] - Hangjin Technology supports Changsha Shaoguang through management, talent acquisition, and financial backing for future chip projects [8]