(Reporter/Author: Open Source Securities Renlang)
1. Generate photon+regulating photon coordinated layout, components turn to integrated merchants gorgeously
As the technical capabilities of “producing photons” and “regulating photons” gradually mature, the company has become a leading enterprise in high -power semiconductor laser industry.
The company was established in Xi’an in September 2007 and is a leading company in the laser industry.
Starting from semiconductor laser, the company continues to focus on the research and development of basic science of photon technology, and has continuously expanded to potential applications such as advanced manufacturing, medical and health.
In 2008, the company launched semiconductor laser products for the first time. Since then, the company has continued to invest in the field of semiconductor laser, continuously accumulating core technologies, and led relevant national standards in 2015. The industry has a leading position in the industry.
In 2017, the company’s mergers and acquisitions of German lid -optical components, photon application modules, and system R & D and manufacturer Limo, combined their own ability to “produce photons” with the ability of Limo “controlling photons” to further enhance the technology in the field of micro -optical. The strategic layout of “producing photons” combined with “regulating photons”, micro -optical technology has continued to grow.
In February 2018, the company’s German Limo was awarded the “Oscar in the Optical Industry Oscar” Prism Awards. With continuous technological research and development and innovation, the company continues to be solid laser, optical laser manufacturers and scientific research institutes, core component component manufacturers, laser radar enterprises, medical cosmetic equipment, industrial manufacturing equipment, semiconductor and flat flats display equipment Manufacturers and other provide core components and application solutions, and products are gradually applied to advanced manufacturing, automotive application, medical health, scientific research, information technology and other fields.
1.1, generate photon+controlling the coordinated layout of photon, photon technology solution provider water
The company has established nine core technologies around “generating photons, regulating photons, and providing photon technology application solutions”, and its integration capabilities have been continuously improved. Plan provider transition.
The company combines the technical capabilities of “producing photons” and “regulating photon”, and has successively developed and improved the semiconductor laser component business and laser optical component business.
Its main products include open devices, optical fiber coupling modules, medical beauty devices and modules, industrial application modules, beam counter -direct conversion series products, etc.
Among them, open devices are encapsulated based on single or multiple laser diode chips, which are mainly used in solid laser pumps, and are ultimately used in scientific research, industrial processing and medical imaging fields.
In addition, the company’s independently developed common crystal bonding technology, thermal management technology, interface materials and surface engineering technology, breaking through the bottleneck caused by the high power semiconductor laser component power of the high -power semiconductor laser component, greatly improved the heat dissipation capacity of semiconductor laser components Increase product performance and reliability, broaden the application field for the company’s products, and obtain widely recognized customers.
As the technical capabilities of “producing photons” and “regulating photons” gradually mature, and gradually realize the production and sales of corresponding components, the company began to focus on improving its own integration capabilities.
The company has gradually transformed from upstream component suppliers to midstream photon application module suppliers and comprehensive solutions providers to achieve vertical integration of business. Among the four major businesses of the company’s semiconductor laser, laser optics, automotive applications and optical systems, the company’s products have increased significantly in the form of modules and components.
For example, in automotive application business -related products, the company’s current products are combined with a number of core technologies to sell external sales in the form of modules.
Among them, the lidar surface light source module integrates the light source and surface light beam plastic components to produce surface light spots pulse laser, which can be provided to the laser radar whole manufacturer for its smart driving medium -range laser radar products.
The improvement of the company’s integration capabilities has enhanced the company’s diversification, and the market competitiveness of the product has also been improved simultaneously.
According to the company’s announcement, the company’s car application business revenue continues to rise, and the integrated module product brings considerable income to the company. In addition, through this transformation, the company has a closer contact with customers under the industry chain. It is more convenient for the company to understand the downstream market changes, efficiently adjust the R & D and production rhythm, and further enhance the company’s competitive advantage.
1.2. High -power semiconductor lasers break the foreign monopoly abroad, “no technology” helps improve performance
The company’s 120kW high -power semiconductor laser breaks the monopoly of foreign companies, “non -rigidized technology” aid for power production, and its product performance has been greatly improved.
Semiconductor laser is a core component of solid laser and fiber laser, and its performance directly determines the quality of terminal laser equipment. With the expansion of the field of laser applications, the market’s requirements for laser power have gradually increased, and the demand for high -power laser manufacturers and laser manufacturers for high -power lasers has further expanded.
At the beginning of the company, the company focused on the research and development of high -power semiconductor lasers. It was widely recognized in the industry and took the lead in the formulation of a number of national standards for major national science and technology projects and semiconductor laser.
The 120KW semiconductor laser developed by the company has made my country the third country that can prepare a hundred kilowatt semiconductor lasers after the United States and France. It is expected to break the monopoly of foreign companies in this field in the future and further improve my country’s semiconductor laser industry.
At present, the company’s high -power semiconductor laser products are applied to major projects of national inertial constraints known as “artificial sun”.
In terms of process design and improvement, the company looks for a breakthrough from the traditional universal high -power semiconductor laser bonding interface raw material metal. It uses AUSN synthetic materials instead of metal crickets and creatively uses “non -铟 technology”.
疲 Welds have heat fatigue, and are prone to defects such as electrical migration and electrical migration under high current, affecting the reliability of semiconductor lasers.
By using the gold tin welded key between the substrate materials and the insulation materials, the company solves the problem of poor reliability and short service life due to high -power semiconductor lasers caused by thermal fatigue, electricity migration and oxidation.
Each of the laser stacking arrays produced by the company can work at higher temperature and higher output power, and the overall volume becomes more compact. The weight after packaging is only 2.3 grams.
The company also independently developed the process technology to prepare the gold tin thin film interface materials to achieve batch production.
1.3, micro -lighting wafer cost reduction and light field uniform technology are the world’s leading technology, and the application scenarios have further expanded
The company acquired Limo in May 2017, which was blessed by its photon regulation ability, and the technical synergy further improved.
Founded in 1992, Limo is located in Dortmund, Germany. It is the world’s leading micro -optical supplier.
In the 25 -year corporate development process, Limo provides refracting micrLight and optical plastic surgery systems for various types of laser, establishing a global market leader in the field of refraction of micro -light.
With the core competitiveness of combining optical design with laser system and material processing technology, Limo has become an important and reliable provider of professional laser solutions in various industries.
On May 9, 2017, the company announced the completion of the acquisition of Limo in Germany, and officially incorporated Limo’s photon regulation technology into its own technical system, further enhancing the comprehensiveness of the company’s technology coverage.
Because beam quality is one of the key factors that are currently widely used in the market to restrict high -power semi -conductive laser. Micromygromy and beam plastic surgery technology can make the photon emitted by the laser properly used in the need for the need beam quality.
The company’s acquisition of LIMO can effectively combine its own semiconductor laser packaging technology with the world’s leading micro -optical and light beam plastic surgery technology owned by Limo to exert its synergy effect, provide customers with high custom laser solutions, and develop semiconductors to the greatest extent. The market application potential of laser.
1.3.1, deeply cultivated laser optical for many years, high -precision, strong and stable photon regulation technology is the world’s leading world
Limo has been cultivating laser optical for many years. It has the world’s leading photon regulatory technology. The beam conversion system effectively increases its capacity by 30%. The Limo nano -level precision refraction type microscopic array (ROE) technology can be achieved at zero -dimensional (point), one -dimensional (line), and two -dimensional (surface) three dimensions of various types of laser beams. Meet different application needs. Compared with other diffraction optical components (DOE), the micro -optical products formed based on this technology have no zero -level diffraction effect, and the utilization rate of optical energy exceeds 90%.
At the same time, the micro -optical products produced by the company can achieve two -dimensional or even three -dimensional freedom of micron -level and nano -level structures on any glass material, and realize the functions of fast axis, slow axis compression, beam coupling such as laser, and other functions. The quality of laser beam is greatly improved.
In addition, the beam conversion technology can convert semiconductor laser fast axes with extremely asymmetric light beams with asymmetric light beams into two directions with light spots with basal beam quality.
Based on this technology, Limo develops a beam conversion system, which can convert Gaussian profile into a line light spot of up to 1000mm and 30µm wide, and its brightness is far more than the light spots within the width of 50µm widely used in the industry.
While the brightness has been greatly improved, the beam conversion system also increases the production capacity by 30%, and at the same time significantly extends the service life of the laser, improves the processing speed, and can directly and flexibly transform the manufacturer’s production system as a tool module.
Core technologies such as optical field uniform technology have laid the foundation for the company’s development of light field uniformizers and beam converters. The key parameters of laser optical products are significantly better than overseas giants in the same industry.
The light field uniform device is an important core device for a number of optical high -end devices such as the optical carved machine, which can evenly illuminate the beam of the standard molecular lasers in the optical carciers on the processed processing circuit wafers.
The light field uniform device developed by the company adopts wafer -level synchronous structured laser optical manufacturing technology on the upper and lower surface of the micro -optical wafer to process the micro -nano structure. Highly evenly, so as to realize the uniform exposure of laser beam on the surface of semiconductor wafers to ensure that the optical engraving function is high -precision to complete the semiconductor wafer processing and integrated circuit chip manufacturing.
The company’s optical field uniformizer has excellent performance. It is applied to the major domestic optical carved research and development projects and prototypes, and enters the supply chain of manufacturers such as ASML and TSMC.
According to the prospectus, the company is significantly better than multiple international giants in many key parameter indicators such as beam converters and light fields.
Among them, the company’s beam converter produced by the beam conversion technology, the remaining launch angle of the fast shaft is not greater than 6 mm. It is significantly lower than the Swiss FISBA and Edmund Optics in the United States under the same Pitch, which has a beam conversion effect better than the latter two.
In addition, the company -developed solid laser annealing (SLA) UV light spot system has been delivered to the first prototype in 2020. It is expected to break the global advantage in this field in the past ten years in the past ten years. New solution for polycrystalline silicon degradation technology.
In the future, as the company gradually accelerates to the midstream expansion process, the company’s products are expected to develop more widely used application scenarios.
1.3.2, 12 -inch glass micro -light school wafer unique manufacturers in the world, the cost of unit costs decreases significantly
WAFER-Level’s core technology helps the company becomes the only manufacturer of 12-inch glass micro-light wafer in the world, and the large-scale application of high-precision glass micro-optical devices is as soon as possible.
The company achieves a unique processing process of WAFER-Level through the wafer-level synchronous structured laser optical manufacturing technology (Wafer-Level) to achieve a maximum 12-inch (300mmx300mm) glass micr-light, and the same structure can be achieved on the same wafer. Micrology of different structures can also be achieved.
In addition, this technology makes the microstatic structure device formed in the wafer. During the unit time, it can produce a larger glass of glass micro -optical wafer, which greatly improves production efficiency.
With this technology, the company has become the only supplier in the world that can stabilize the 12 -inch glass micro -gloss wafers in the world. It can produce 25,000 standard -sized high -precision FAC lenses with only a glass of microfitting wafers.
At the same time, the mass production of 12 -inch glass micro -light wafer has greatly reduced the cost of glass micr -light devices. For the first time, it is close to low -cost polymer optical devices, so that high -precision glass micr -light devices can be sensitive to prices. Realize large -scale applications in the field.
2. The demand for material processing and light carvings continues to expand, and the potential of the vehicle sensor needs to be developed urgently
Laser is a comprehensive system composed of a large number of optical materials and components. It is located in the core center of the entire laser industry chain. It is mainly composed of four parts: optical system, power system, control system, and mechanical mechanism. Incentive sources), gain medium (working material) and resonance cavity and other optical device materials.
The photon generated by absorbing the gain medium of the energy of the pump source. It continuously reflected in the optical resonance cavity and moved to the reciprocating movement, which continuously enlarged, and finally shot a laser through a reflector to form a laser beam.
The performance of the laser often determines the quality and power of the laser equipment output beam, which is the core component of the downstream laser equipment.
The global laser industry is expected to continue to benefit from the growth of downstream laser equipment. Material processing and photocalism are still the largest application areas. Develop opportunities.
Laser equipment has an irreplaceable role in promoting my country’s economic transformation and upgrading, and its market demand is broad. As an indispensable laser component for laser equipment, the laser industry will continue to benefit.
According to Laser Focus World data, from 2015 to 2020, global laser sales revenue increased from US $ 9.71 billion to US $ 16.01 billion, and CAGR was 10.52%. The market size is expected to reach US $ 18.48 billion in 2021, a year -on -year growth rate of about 15%.
At present, my country’s low and medium -power laser core components have basically completed domestic alternatives, and high -power semiconductor laser core components have domestic replacement futures. Domestic laser manufacturers have mastered most of the device manufacturing technologies, but some core devices such as high -power semiconductor laser chips are still dependent on imports.
Foreign laser leading companies, such as US coherent companies, American IPG Optoelectronics, NLIGHT, and French Lumibird, etc., rely on the integration of the entire industrial chain to achieve low cost, high performance and high stability.
According to Laser Focus World data, in the field of global laser applications in 2019, material processing and photoresia are the main global laser application market, accounting for 40.94%; in the remaining application areas, the market size of the laser market in the instrument and sensor industry is growing rapidly. In 2016, US $ 615 million increased to US $ 1.441 billion, and CAGR was about 23.72%, leading by other industries.
In recent years, with the rapid development of subdivided industries such as laser radar, 3D sensing, biomedical instruments, the market size of the instrument and sensor market is expected to further expand, thereby driving market demand for laser components and related optical application modules and solutions to increase market demand growth. Essence
2.1. The proportion of optical fiber laser continues to increase. Lights is the highest -end application scenario of laser inscriptions
The material processing and photoresal industry are the largest industries in the field of laser downstream applications, and the proportion of fiber lasers has continued to increase. The laser involved in the material processing and the optical carved industry is mainly industrial laser, including laser for all types of metal processing (welding, cutting, annealing, drilling); Lasers that repair, drilling); laser for all materials marked; and laser for processing (cutting and welding organic matter, rapid molding, micro -processing and grating manufacturing) for processing of other materials.
From 2016 to 2019, the market size of laser in the global material processing and photocalism industry increased from US $ 4.142 billion to US $ 6.142 billion.
According to the forecast of the Foresight Industry Research Institute, this scale will rise to US $ 6.669 billion in 2020, and the CAGR will be 7.74%, showing a stable growth trend. In the field of material processing, due to the advantages of high reliability, good stability, and high quality of the beam, fiber lasers have continuously improved the performance of cutting power and thickness, occupying half of the rivers and mountains.
According to Laser Focus World data, from 2013 to 2019, global optical fiber lasers accounted for the industrial laser market, which increased year after year, from 33.8%to 53.3%.
Stable, high -precision light source control and light field uniform technology will directly affect the performance of the optical carvings and play an important role in chip manufacturing.
The chip manufacturing process is complicated, mainly including chip design, chip production, packaging production, cost testing and other links.
The ingredients of the chip are wafers, and the ingredients are silicon refined from the quartz sand clock. It usually needs to be purified to 99.999 % of the purity. Subsequently, these pure silicon will be made into a silicon rod, becoming a quartz semiconductor material for manufacturing integrated circuits, and slices into chip production to make specific wafer.
The thinner the wafers, the lower the cost of production, but the requirements for craftsmanship have also increased.
After a series of processes such as cutting and polishing, the wafer enters the front procedure, and the photocardiac is the key link. Lights are a graphic transfer technology that removes the graphics on the mask plate to the silicon wafer with a light -taggian resistant (or photoresal gum).
In the actual process, a chip needs to go through dozens of lithography to complete. According to the Prospects of Jingrui Technology, photocalism is the core of chip manufacturing, and its cost accounts for 30%of the overall processing cost, and the time consumption takes about 40%-60%of the overall processing time. As a key device for this step, the light carved machine has also become one of the most important equipment for chip manufacturing, and it is also the most restricted upstream core equipment in the domestic integrated circuit industry.
The manufacturing of high -end light -engraved machines is more difficult. At present, only four companies in the world have the ability to provide them. Among them, the Dutch ASML company supplied by Zhuoguang Technology is the largest and most advanced optical carciers equipment manufacturer.
Because the accuracy of the chip is related to the efficiency of the light source, the stability of light and accuracy, and the high technical barriers that rely on experience accumulation, this type of technical barrier is high. The leading technological leadership has a significant advantage and high barriers.
2.2. The first year of the car -loading of car laser radar has arrived, and the laser launch module lives a key position
Intelligence, intelligent replacement of electricization has become the development direction of automobiles in the next stage. High -end autonomous driving equipped with advanced sensors is the focus of domestic autonomous manufacturers to take the help of intelligent curve overtaking.
Among them, laser radar has become the mainstream choice for most of the vehicle manufacturers due to its long detection distance, high detection accuracy, fast response speed, less affected environmental interference, and approximately all -weather work.
Laser radar technology routes are diverse, mainly including mechanical laser radar represented by Velodyne, semi -solid laser radar represented by Luminar, Faleio, DJI, Huawei, etc., as well as the solid -state laser in the bottleneck period of excellent performance but technology. radar.
Compared with leading manufacturers such as Tesla, in the context of software and algorithms, other vehicle manufacturers are more inclined to choose lidar+high -precision maps as L3 -level autonomous driving solutions.
With the entry of cross -border players such as Huawei and DJI, while greatly improving the performance of laser radar, it effectively reduces the cost to 10,000 yuan. In the first year of the radar, the inflection point of large -scale mass production is coming.
Laser radar is mainly divided into four parts: laser emission module, scanning system, receiving module and information processing. The cost of launch and receiving module accounts for 60%.
The transmitting module includes an incentive source, laser, beam controller and transmitting optical system; the scanning system can realize the function of changing the space beam in the form of a laser beam through the form of rotating motors, scanning mirrors, accurate lens and narrow belt filters (Flash laser radar solutions It does not include scanning schemes); the receiving module is mainly photoelectric detectors; the back -end information processing part is inseparable from the amplifier, FPGA (main control unit) chip, and analog chip. Control and data processing and transmission.
According to the heart of the car, the launch and receiving module account for about 60%of the cost of laser lightning. The micro -optical devices required in the launch module include laser quasi -direct element devices, coupling components, beam pattern conversion components, light field uniform beam beams, etc.
The performance of these devices will directly affect the formation of laser light sources, laser radar beam detection distance, resolution, and uniformity, which is the key to the technology of the entire launch module.
Among them, laser, as one of the core devices of the vehicle laser radar launch system, is evolving from Eel to VCSEL.
The choice of laser needs to consider the actual application environment, technical solutions, performance requirements, and cost requirements.
At present, common lasers mainly include semiconductor transmission laser (EEL), semiconductor vertical cavity laser laser (VCSEL), and fiber laser.
Eel has the advantage of high -turn power density as a light source, but the emitting surface of the Eel laser is located on the side of the semiconductor wafer. The process steps of cutting, flipping, coating, and cutting are required in production. Method with circuit board integration.
At the same time, each laser needs to be hand -made independently. The handicrafts of the workers of the production line are highly dependent on, and the production cost is high and the consistency is difficult to guarantee.
Different from Eel, the light source emission direction of VCSEL is perpendicular to the chip. On the one hand, it can be tested directly on the wafer of the wafer. The test cost is lower than that of Eel. On the other hand, most of the VCSEL uses direct modulation. The performance and mass production capacity in the field of sensing are even more prominent.
In recent years, a number of VCSEL laser companies at home and abroad have developed multi -layer VCSEL laser. According to the Hesai Science and Technology Prospectus, the multi -layer VCSEL laser has increased the density of light emitting power by 5-10 times.
In the future, VCSEL is expected to gradually replace Eel as the mainstream laser component.
ADAS and driverless have become the main application scenarios in the downstream of lidar, with a wide range of laser radar market space.
The downstream application fields of laser radar are widely divided into unmanned, high -end auxiliary driving, service robots and networking industry. With the advancement of laser radar in the car field, the laser radar market in the field of testing and high -precision map surveying and mapping will usher in the peak, and passenger car production production will become the main development direction in the future.
According to FROST & Sullivan forecast, the fields of high -level auxiliary driving, unmanned driving, networking and service robots in 2025 accounted for 34.64%, 26.30%, 33.81%, and 5.26%of the total scale of the laser radar market, respectively. In 2025, the global lidar market size will reach US $ 13.54 billion (equivalent to nearly 100 billion yuan), and the CAGR of 2019-2025 is 64.5%.
At the same time, according to our estimates, the size of the front -mounted high -line laser radar market for L3 or above in 2025 will exceed 10 billion yuan. Considering that the penetration rate of high -end autonomous driving is still low, and the application demand in the fields of drones, Internet of Vehicle, and other fields is expected to continue to release with the decline in the laser thunder cost. It is expected that my country’s laser radar market will exceed 100 billion in the future.
2.3, DMS growth potential is considerable, VCSEL’s performance advantages are prominent, it is expected to become the mainstream solution
DMS (Driver Monitor System, driver monitoring system) can detect driver’s driving fatigue, distraction and other dangerous behaviors. When the driver’s attention cannot be kept on driving, DMS reminds the driver in time.
Under the trend of automotive intelligence, the safety of vehicles has attracted more than the attention of vehicle companies and terminal consumers.
VCSEL has the characteristics of beam concentration, light spots symmetrical, etc., with significant performance advantages. It is gradually promoting in the 2D and 3D sensor solutions. The scale is expected to expand with the increase in DMS penetration.
DMS actively obtains the driver’s eye state, head posture, yawning, calling, smoking, etc. And use deep learning algorithms to analyze the information obtained, judge the current status of the driver, and achieve the purpose of driver monitoring.
At present, there are three main types of near-infrared light sources that can provide DMS cameras with 800-1000Nm bands, namely infrared LED, infrared LD-EEL and VCSEL. Among them, infrared LED has become the current mainstream plan due to low cost, easy installation, and high industrial maturity.
However, the LED does not have a resonant cavity, and the beam is divergent. More currents must be entered to overcome the loss, so the power consumption is high. At the same time, LED resolution is also limited due to its unable to modulate quickly.
Car companies and suppliers continue to explore new light source technology.
Compared to infrared LEDs and Eel, VCSEL’s output light is more concentrated, the light spots are more symmetrical, and the temperature drift and cavity reflectance also dominate. VCSEL can also achieve a two -dimensional array.
At present, light source suppliers are developing VCSEL light sources technology, which are developed by car, and are expected to gradually be promoted in the future.
According to the data of Zosiqi Research, in 2019, the number of passenger cars for the active DMS system in my country was 10,170 units, an increase of 174%year -on -year, while the installation volume in the first quarter of 2020 reached 5,137 units, an increase of 360%year -on -year. Essence
According to Yole consulting prediction data, starting from 2022, the 3D perceived DMS system began to load, and by 2024, the 3D camera will usher in a period of rapid growth.
It is expected that the DMS capacity in the new car market will increase from 4.5 million in 2020 to 57.6 million units in 2025, of which 80%of the 2D camera scheme accounts for 80%, and the 3D camera solution accounts for 20%.
3. The sales income of components has increased steadily, and the growth momentum of modular integration will be added
3.1. Semiconductor laser integrated module sales growth, lithography products are expected to become new income growth points
The company’s “producing photons” and “regulating photons” has become more and more advanced, laying a solid foundation for the production and sales of components and modules, and the order of semiconductor laser integrated modules is expected to continue to grow.
Based on the concept of “photon application solutions”, the company has continuously strengthened the competitiveness of its products, and has achieved continuous performance growth in major product lines such as open devices, optical fiber coupling modules, medical beauty devices and modules.
In terms of integrated module, the company’s VSILK series professional laser hair removal module and Fariy series professional laser non -invasive lipolytic module products have been mass -produced since 2018. Important customers are favored, orders continue to grow, and income increases accordingly.
With the further improvement of the company’s integration capabilities and the continuous expansion of downstream customers, the company’s product revenue is expected to continue to increase. The scale effect on the formation will further reduce the unit cost and increase the company’s profit level.
From 2017 to 2020, the company’s main business revenue of semiconductor laser business was 161.3325 million yuan, 215,358,600 yuan, 21,249,200 yuan, and 9,545,900 yuan, accounting for 62.45%, 61.34%, 64.53%, and 64.53%, respectively. 36.58%.
At the same time, the company continues to invest in and expands high potential for emerging businesses. Its prefabricated Jinxi thin film ceramic thermal sinking products have begun to obtain batch orders for domestic and foreign optical laser manufacturers, which will become the company’s new business growth point of the company’s semiconductor laser business in the future. Among all kinds of laser, semiconductor lasers have the best energy conversion efficiency, and also have the advantages of small size and long life.
With the continuous development of beam plastic surgery technology, semiconductor laser technology continues to break through the power, efficiency, brightness, and modulation rate, the quality of the beam quality of the application range of the semiconductor laser can be greatly improved, so that semiconductor lasers can be directly applied to laser equipment directly to laser equipment The fields are further expanded.
According to Laser Focus World, the global semiconductor laser market size in 2020 was US $ 6.724 billion, an increase of 14.2%year -on -year. The company is expected to continue to benefit with the leading position of high -power semiconductor lasers.
The scale of the company’s beam accuracy conversion series of products has continued to expand. The light -engraved light field uniformizer has entered the ASML supply chain of the Netherlands, which is expected to become a new income growth point.
The company’s laser optical business income mainly sells the income of laser -related products, mainly includes related products such as beam accuracy conversion series and optical field uniformizer.
From 2017 to 2020Q3, the company’s sales of laser -optical related products revenue was RMB 68,900,900, 11,182,100 yuan, 94.071 million yuan, and 136,661,200 yuan, accounting for 26.67%, 31.38%, 28.57%, and 52.34%of the main business income, respectively Essence
The continuous growth of the company’s business revenue mainly benefits the fiber laser market that develops at high speed.
Although fiber laser companies usually use their own pump Puyuan, the company provides them with in -depth cooperation with such enterprises to provide them with a series of direct -conversion series products to expand the income scale of the business accordingly. With the further expansion of the fiber laser market, the sales revenue of the company’s beam direct conversion series products is expected to increase.
At the same time, the company has now entered the supply chain of ASML, the world’s largest light carved machine manufacturer, and provides a light carved light field uniform device for its upstream suppliers. More important significance.
With the wafer -level synchronous structured laser optical manufacturing technology and light field uniform technology, the company also effectively reduces production costs and improve product performance while achieving large -scale mass production. It is expected that for a long time, chip demand will still be at a high level, the company is expected to continue to benefit, and the income and gross profit margin will be increased simultaneously.
According to the company’s announcement, from 2017 to 2020, the gross profit margin of the company’s semiconductor laser business and laser optical business was generally upward. In 2019, the company’s merger and acquisition integration of subsidiaries Limo highlights the synergy effect, and the gross profit margin of the laser optical business has been significantly improved.
In the future, with the continuous development of the company’s technology and the improvement of production technology, the product yield is expected to continue to rise, and the gross profit margin of related products will be further improved.
3.2. Lidar radar launch module solution provider, obtained multi -party cooperation to accelerate the development of the car business
The company’s automotive application related products and services can be divided into three levels, namely the microstiner component, the launch end light source module, assembly manufacturing service and solution.
Among them, as a micro -optical component supplier, the company provides unique micro -optical components for a variety of automotive application industries including lidar; as a light source module and module supplier, the company is a number of customers and partners in the automotive industry. Provide modules based on EEL and VCSEL and other light sources, which mainly include the wire optical spots light source module applied to the semi -solid -state scanning lidar technology route and the surface light spots light source module applied to the Flash solid -state laser technology route; as a solution, as a solution For service providers, the company provides customers with laser radar emitting end light source modules, and batch assembly manufacturing services for laser radar machines.
3.2.1. The large -scale mass production of solid lidar emission modules, Huawei’s investment accelerated laser radar business takes off
Based on the production of photons and controlling photons, the company actively expands to midstream, keeping up with the development trend of automotive intelligence, and cutting into the vehicle laser radar supply chain.
While repeated technological breakthroughs in semiconductor laser business and laser optical business, while bringing steady growth income to the company, the company keeps closely follow the trend of smart vehicles, seize market opportunities, and actively deploy automobile business.
Unlike the upstream industry of laser, the midstream industries mostly provide photon application modules and systematic solutions.
In 2017, the company officially confirmed that the automotive application market will focus on lidar applications as the future strategic market.
Based on the accumulation of technology and product accumulation in the field of semiconductor laser and micro -optical fields, the company actively carried out the research and development of automotive -level technology of automotive innovation application scenarios such as smart driving laser radar and smart cockpit driver monitoring systems. Quality management system certification, the German automobile industry association VDA6.3 process review, with core capabilities such as design, development, reliability verification, and mass production of car -level laser radar laser launch modules.
Since 2016, the company has begun to develop a peak power solid lidar light source module, and has obtained a batch supply contract in 2019.
In 2020, the company has completed the development of automated production line construction and product reliability verification, and the product has entered the phase of mass production climbing and delivery.
After the project is completed, the company will be the first supplier to achieve large -scale production of solid lidar laser transmission modules in the industry.
Flash face light source laser module AL01 product series is a typical product of the company. It has unique advantages such as peak power, large viewing angle, high integration, and vehicle regulations. Core component of a car lidar system.
The company’s positive progress in the automotive application industry has also attracted Huawei, which has frequently moved in the field of smart automobiles in recent years.
In September 2020, Hubble, Huawei Holdings, invested in 2 million shares issued by the company for 50 million yuan.
Huawei’s smart automobile business has accelerated, and it is expected to help the company’s laser radar business take off after the company.
Relying on its deep ICT technology reserves, Huawei has accelerated the expansion of smart automobile business in recent years. It has gradually moved from the business exploration period (2013-2015) and the cooperative research and development period (2016-2019) to the product landing stage (2019- to the present).
In 2020, Huawei carried three major computing platforms CDC, MDC, VDC, Hongmeng operating system, AR-HUD, lidar, seven-in-one power drive system, TMS, cloud service Octopus and other products with smart cars incremental suppliers The identity appeared at the Shanghai Auto Show and raised the car business to a strategic position.
Huawei has developed lidar since 2016. In 2021, Huawei announced that its car -level laser radar was the first to be equipped with BAIC ARCFOX Polar Fox HBT.
The mid -length lidar released by Line 96 released by Huawei has not only improved significantly compared with other laser radar in the industry, but also reduced production costs from tens of thousands of dollars to less than 1,000 US dollars, leading the cost of lowering costs and efficiency in the laser radar industry. the trend of.
At present, Huawei has achieved cooperation with many car companies including BAIC, Changan, and GAC as a Tier1 supplier to promote the development of the smart automobile industry.
Huawei invested to the company as a lidar Tier 1, which is conducive to the company’s further in -depth laser radar market and expand the scale of laser radar -related component products.
3.2.2, cut into Velodyne and other Robotaxi product supply chains, the laser radar business is the next city
With the technical accumulation and mass production capabilities in the field of lidar, the company has reached cooperation agreements with Velodyne Lidar, Luminar, Ford ARGO AI, etc. The product will be applied to multiple Robotaxi products.
As of the end of September 2020, the company has reached cooperation intention or establishing cooperation projects with many well -known companies in North America, Europe, and Asia, including Velodyne Lidar, Luminar, and Ford’s well -known driverless company, ARGO AI Wait.
As of the end of October 2020, the company has delivered more than 5,000 sets of laser radar application products. Among the company’s cooperative customers, Velodyne is an old American laser radar manufacturer. It is a representative company of mechanical lidar. Its products include 32-line lidar HDL-32E, 64-line laser radar HDL-64E, etc.
In recent years, with the trend of lidar solid -state, it has gradually become a topic of high industry popularity, Velodyne has also laid out solid -state lidar. In November 2020, the latest solid -state lidar Velarray H800 was released. Micro-Lidar Array Array Architecture (MLA) is designed specifically for automotive-grade performance.
According to the official website of Velodyne, the Velarray H800 structure is compact and has a long -range perception of up to 200 meters and a vast field of view. It is designed for the high -end driving assistance system (ADAS) and autonomous driving safety navigation and anti -collision applications.
In February 2021, Velodyne announced a strategic cooperation with Beijing’s main line technology, which will jointly develop the next generation of independent heavy trucks, and confirm that it will be equipped with the Velarray H800 sensor, which is expected to accelerate the commercialization process of driverless trucks in the Chinese logistics market. Compared to Velodyne, Luminar is a rising star in the field of lidar.
As a leader in the world of 1550 nanometer -solid -state laser radar, Luminar has attracted more customers in the field of passenger cars and Robotaxi. It first officially signed a years of supply agreement with Volvo Motors. Use lidar sensors.
In March 2021, Luminar reached a cooperation with SAIC Group, which plans to install Luminar’s Lidar sensors and software on its new R brand car.
In May of the same year, Luminar and Pony Zhixing jointly released an integrated autonomous driving sensing system, equipped with the IRIS series of lidar to achieve a 360 ° comprehensive multi -sensor fusion scheme to empower Robotaxi.
The gradual amount of lidar in the field of Robotaxi is expected to promote the sales scale of company laser radar -related products and further increase the company’s revenue.
The company tightly set the market demand for the configuration of the DMS, integrated the car -level VCSEL chip, and has sent samples to many customers in Europe and Asia Pacific, and will enter the mass production stage in the future.
Under the requirements and traction of European and domestic laws and regulations in recent years, DMS has gradually become the mainstream configuration of commercial vehicles and passenger cars, and the penetration rate will be further improved.
The DMS scheme with the VCSEL light source has gradually matured, and it is expected to seize the market share of the DMS solution based on the camera -based solution.
The company closely follows market demand. It has released the AT01/AT02 series VCSEL light source module. It integrates car -level VCSEL chips and unique car -level glass beam uniformized diffusers. Integrated business customers will send sample verification. It is expected to enter mass production in the future. In the future, it is expected to expand the breadth of the company’s automotive application business to bring revenue growth to the company.
3.3, IPO fundraising expansion, adding microstropic applications and lidar launch module projects
In February 2021, the company declared an IPO in the science and technology board. The funds raised will be put into the industrialization project of micro -optical and application projects and laser radar launch modules, which is expected to accelerate the pace of expansion in the midstream field.
On February 4, 2021, the company declared an IPO on the science and technology board. According to the company’s prospectus information, the funds raised this time will be used for Zhuoguang Technology Dongguan Microsciences and Application Projects (Phase I), Lidar Launch Module Industrialization Projects, R & D Center Construction Projects and Supplementary Fund Fund Projects. The funds received 101.2145 million yuan, and the total investment of the project was RMB 10.3175 million, of which 7,147.423 million yuan was invested in the first year, and the second year of investment was RMB 31,709,200.
The four projects invested by the company’s fundraising funds are closely related to the current business. Among them, Zhuoguang Technology Dongguan Micrology and Application Projects (Phase I) will help the company to improve the production capacity of laser optical components.
According to the company’s prospectus, the project is an expansion and upgrade on the basis of the company’s own production capacity. It will build a laser optical component production base. The annual production capacity is 26 million yuan in laser optical components of the annual output. Yuan.
During the implementation of the project, by introducing advanced machinery and equipment at home and abroad, new production lines, and improving the level of manufacturing technology, the company can achieve scale effects to reduce costs, thereby increasing profits and further consolidating its own market competitiveness.
After the project is reached, the production capacity of the company’s laser optical component production line will be further improved, and the company will better meet the company’s market demand for the increasing market demand for laser optical components at home and abroad in the future.
According to the company’s prospectus data, the internal return rate of the project after tax was 21.21%, and the recovery period of static investment after tax was 6.10 years (including the construction period).
The industrialization project of Lidar Launch Module is set up to focus on the development of the smart automotive industry and achieve the goal of strategic development goals. As an emerging business produced by the combination of semiconductor laser and laser optics, car laser radar is one of the key products of the company’s strategic layout in recent years. The company has cooperated with multiple automotive -level suppliers to develop related technologies for its vehicle laser radar system.
By producing innovative laser radar launch modules and optical components, the company is expected to seize highlands in this field and obtain first -mover advantages.
The funds raised by the company will be used to build a laser radar launch module production base. By introducing a series of advanced production and testing equipment at home and abroad to recruit and equipped with corresponding production and technical personnel to achieve the industrialization of the company’s laser radar launch module products In order to better meet the market’s demand for vehicle laser radar launch modules, accelerate the development of the company’s laser radar business, and further expand the scale of laser radar business income.
The design capacity of the company’s laser radar launch module is 3,069,917 unprecedented laser radar launch modules. It is expected to achieve an average annual sales income of 29,840,700 yuan after production. 7.54 (including the construction period).
4. Risk prompt
The technical progress of photon application module is less than expected, and the prosperity of industries such as smart cars has declined.
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