麦捷科技(300319) - 麦捷科技调研活动信息

Company Overview - Shenzhen Micron Technology Co., Ltd. was established in 2001, primarily producing electronic components such as inductors and filters. The company was listed on the Shenzhen Stock Exchange in May 2012 [3] - The main products before IPO were multilayer inductors and LTCC filters, with IPO funds primarily used for winding inductors development [3] - In 2016, the company raised funds to develop integrated inductors and SAW filters, starting differentiated competition with similar companies [3] Financial Performance - The company experienced a turning point in Q3 2019, attributed to the profit contributions from two fundraising projects [3] - Approximately 850 million RMB was raised in late 2016 for the development of SAW filter packaging technology and MPIM small-sized inductor production projects [3][4] - The monthly shipment of integrated inductors reached around 100 million units, with demand exceeding supply since Q3 2019 [4] Product Development - Integrated inductors are crucial for power management, especially in high-current, low-power consumption applications. They are increasingly used in high-end smartphones from brands like Samsung and Apple [4] - The SAW filter project began in 2014, with production starting in 2016. The domestic market's supply is currently dominated by foreign companies, with a market space for over 40 SAW filters per 4G smartphone, priced between $0.1 to $0.2 each [4][5] - The company aims to increase SAW filter production capacity to 100 million units per month by next year [4] Growth Drivers - The core growth logic includes benefiting from the 5G industry development, with integrated inductors already introduced in base stations and servers. The demand for LTCC filters in 5G base stations is significant, with one macro base station requiring 416 filters [5] - The number of 5G base stations is expected to grow from less than 500,000 this year to 1.5 million next year, representing a substantial profit growth source for the company [5] - The acceleration of domestic substitution for imported components due to the US-China trade war has led to increased orders for domestic products, with major clients like Huawei and OPPO seeking local suppliers [5][6] Production Capacity and Future Plans - The company is actively preparing for capacity expansion due to the current saturation of orders and the increasing demand for inductors [6] - The production yield for SAW filters is over 90%, with a dedicated R&D team working on new filter technologies [7] - The company is currently leasing facilities but is constructing a new smart park expected to be operational next year, which will house new production lines [7] LCM Product Performance - The LCM product line, primarily produced by a subsidiary, has successfully transitioned from white-label clients to brand clients, ensuring stable orders and reducing bad debt risks. Revenue for LCM is around 500 million RMB for the first three quarters of the year [7]