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Ruichuang Micro-nano (688002): Overview of the new shares of science and technology board


Ruichuang Micro-nano (688002): Overview of the new shares of science and technology board
Market space: The military market is breaking through. The military and civilian markets are expected to expand to the infrared imaging downstream market. The military and civilian markets are divided. The military market is expected to break through by 2023, and the global military infrared market will reach 107.US $ 9.5 billion, the global civilian infrared market size will reach 74.$ 6.5 billion development trend: technological innovation, application growth in civilian applications, localization trend. Technological innovation is developing in the direction of small pixel pitch, wafer-level packaging, ASIC integration, etc.-With wafer-level packaging, 3D packaging is gradually maturing.It can realize the packaging process of first overall packaging and cutting; ASIC chip integration instead of PCB circuit board level component integration significantly changes the size of the imaging module and reduces the cost of mass production. The rapid growth of demand in the emerging civil field-automotive assisted driving,The domesticization of emerging consumer electronics and the Internet of Things has become a future trend. Many applications of non-refrigerated focal plane detectors in the military field have been imposed by the United States on China. Since 2006, domestic commercial companies have begunResearch and development of infrared detectors, including competitive layout of Ruichuang Micro-Nano, Dali Technology, Gaode Infrared and North Guangwei: the sales market is mainly in North America, and domestic companies have a low global market share. The global military infrared camera market is in North America.Around 50%, the market share of Europe and Asia is closely followed. The global infrared market is mainly supplied by foreign companies.The main three domestic manufacturers are Gaode Infrared, Dali Technology and Ruichuang Micro-Nano, which have a low share in the international market. Company advantages: high-tech market doors, company technology advantages, and internal leading infrared imaging industry.Gao-At present, only a few countries in the world, such as the United States, France, Israel and China, have mastered the technology of uncooled infrared chip design. Major foreign suppliers have certain export restrictions on themselves. The company has independent research and development capabilities for a small number of feasible detectors in 成都桑拿网 China.One of the companies that achieved mass production. The company’s technology and R & D strength in the uncooled infrared field is strong-the company focuses on technology research and development, has been approved as the lead unit to undertake major nuclear science and technology projects, and has achieved many industry breakthroughs. The company’s 12 microns 1280 × 1024The product is the first million-level digital output infrared MEMS chip in China. Both 12-micron 640 × 512 detectors and 17-micron 384 × 288 detectors can achieve digital output. Ceramic packaging and wafer-level packaging are the first public disclosure in the domestic industry.release.At present, the company has the comprehensive independent development capabilities of chips, detectors, movements and complete machines. At present, it has been 深圳桑拿网 authorized a total of 87 patents involving infrared imaging sensor thermal materials, device structures and processing technologies, and 14 integrated circuit layout design rights. Compared with international market benchmarks, the previous military market is still in the stage of vigorous catch-up.The application of early infrared thermal imaging cameras in the previous military field is in a rapid upgrading stage, which belongs to the sunrise industry and has a huge market capacity.In the context of the country’s active promotion of military informatization and the modernization of weapons and equipment, the company has mastered the research and development and production of non-refrigerated infrared detectors, which are the key components of infrared imaging equipment, and has successfully achieved domestic substitution of core components for infrared thermal imaging.European and American advanced technology monopoly and product embargo.In the future, the domestic military infrared market will continue to grow rapidly. According to Maxtech International data quoted in the prospectus, in 2014 the global military infrared thermal imaging system market, North America accounted for 50%, Europe accounted for 18%, Asia’s current market share accounted for 12%, huge market space in the future. Risk Warning Technology and Product R & D Risks-If the company’s technology and products cannot maintain the existing leading position or the failure of new project research and development, it will lead to reduced profits or even substitution, which will have a significant adverse impact on the company’s continued profitability. Risk of loss of core technical staff-If the loss of existing core technical staff occurs, it may adversely affect the company’s profitability. Risk of high concentration of major customers-If some customers are in poor operating conditions and reduce the purchase of company products, the company’s operating income growth will be affected by interference; excessive customer concentration will also have a certain adverse effect on the company’s bargaining power. The risk that accounts receivable cannot be recovered-the rapid growth of accounts receivable has affected the company’s cash flow situation and increased the company’s demand for business operating funds.With the expansion of the company’s business scale, the accounts receivable may increase further. If the accounts receivable cannot be repaid on schedule or bad debts occur, the company will face the risk of reduced liquidity.