SMEI(SZ:300456)2022-12-03 10:48Group 1: Company Overview - Beijing Nawei Technology Co., Ltd. focuses on sensor technology, closely integrating with the Internet of Things and military electronics industries [1] - The company aims to become a leading private technology enterprise with high competitive barriers, developing MEMS, guidance, and aerospace electronics as core businesses [1] Group 2: MEMS Business Development - MEMS accounted for 56.04% of the company's total revenue by 2018, having been a significant business segment since 2016 [2] - The company is constructing an 8-inch MEMS line in Beijing, with ongoing stable operations and increasing market orders from its subsidiary Silex [2] - The MEMS business benefits from high demand in global markets, including biomedical, communication, industrial, and consumer electronics [2] Group 3: Impact of Trade Relations - The company’s MEMS operations are primarily based in Europe and North America, and have not been affected by the US-China trade tensions [3] - Equipment for the Beijing MEMS production line is sourced from reputable suppliers in Europe, Japan, and the US, with procurement progressing smoothly [3] Group 4: Navigation Products - The company offers a range of inertial navigation products, including laser, fiber optic, and MEMS systems, with varying precision levels [3] - Advantages in the navigation field include mastery of core algorithms and a complete industrial chain from sensors to integrated navigation systems [3] Group 5: Military and Civilian Business Segmentation - The revenue composition of military and civilian businesses is approximately 50% each, with potential for civilian business to increase in the future [4] - Specific details about military clients and equipment are sensitive and cannot be disclosed [4] Group 6: Accounts Receivable Management - As of the end of 2018, accounts receivable were significant, primarily due to large clients in defense and maritime sectors, with no overdue bad debts reported [4] - The company plans to focus on accounts receivable recovery while expanding its business [4] Group 7: Shareholding Structure - The top three shareholders hold 45.56%, 13.75%, and 7.61% of the company, respectively, with employee shareholding at approximately 20% at the time of listing [5] - A restricted stock incentive plan was implemented in 2017, accounting for about 2% of total equity [5]