麦捷科技(300319) - 麦捷科技调研活动信息

Company Overview - Established in 2001, listed on the Shenzhen Stock Exchange in 2012 [2] - Revenue grew from RMB 1.31 billion in 2011 to RMB 33.18 billion in 2021, with a compound growth rate of 36.78% [2] - Main products include magnetic components (e.g., integrated power inductors, wire-wound inductors), RF components (e.g., LTCC filters, SAW filters, BAW filters), and LCM display modules [2][3] Production Capacity - High-end small-size inductors: 6 billion units/year [3] - LTCC RF components: 2.5 billion units/year [3] - SAW filters: 3 billion units/year [3] - Custom magnetic devices: 140 million units/year, with plans to expand by 24 million units/year [3] Market and Industry - Downstream applications include communication networks, consumer electronics, cloud computing, new energy, IoT, industrial control, and security equipment [3] - Consumer electronics market experienced a downturn in Q3 2022, with global smartphone shipments revised down to 1 billion units from an initial forecast of 1.4 billion units [3][4] Product Development - Integrated inductors account for 15-16% of revenue, approximately RMB 500 million in 2021 [4] - Advantages of integrated inductors include better structural design and electrical performance, with applications in smartphones and automotive electronics [4] - SAW filter production capacity is 300 million units/month, with high utilization rates [5] New Energy and Automotive - New energy business accounts for 10% of Xingyuan Electronics' revenue and 20-30% of Jinzhichuan's revenue [4] - Focus on automotive electronics and energy storage, with products like OBC, DC/DC, and drive inverters [4] - Key customers include BYD, Aptiv, Inovance, and Megmeet [5] Future Plans - BAW filter samples expected in Q4 2022 [5] - Mini-LED production line to be established in 2023 [6] - Expansion of automotive electronics building to increase output by RMB 700 million to RMB 1 billion [3] Challenges - SAW filters lag behind Japanese and American competitors in terms of product variety and quality yield [5] - Mini-LED production faces challenges due to immature equipment and high costs [6]