The Xiaomi new product launch conference ended last Thursday. Although it has been a week, its popularity is still high. In particular, the Xiaomi Mi 8 transparent exploration version, which leads the "world's first pressure-sensitive screen fingerprint", has attracted widespread attention in the industry. According to the mobile phone report online, the main supplier of the fingerprint recognition module under the screen of the Xiaomi Mi 8 Transparent Discovery Edition is OFIL Technology! At the same time, OFILM is also one of the suppliers of Xiaomi's new camera module!
OFILM Technology is a leading domestic manufacturer of precision optoelectronic thin-film components and a global leader in fingerprint modules and camera modules. Its main products are touch screens, camera modules, fingerprint recognition modules, etc. The company has grown into a diversified An international platform-based enterprise with simultaneous business development, and will continue to strengthen its technology and market layout, which will then be transformed into a driving force for the company's continued growth.
Last year's revenue broke the 30 billion yuan mark for the first time, an increase of 26.34% year-on-yearOn June 1, OFILM Technology issued the "Announcement on the Correction of Accounting Errors", and at the same time issued the corrected "2017 Annual Report" and "2018 First Quarter Report".
According to the annual report, OFILM achieved operating income of 33.791 billion yuan in 2017, a year-on-year increase of 26.34%. The net profit attributable to shareholders of listed companies was 823 million yuan, a year-on-year increase of 14.43%. The return on assets was 9.71%, a year-on-year decrease of 1.16 percentage points.
From the perspective of revenue in the past three years, OFILM achieved revenue of 18.498 billion yuan and 26.746 billion yuan in 2015 and 2016, respectively, and net profits attributable to listed companies were 478 million yuan and 7. 1.9 billion yuan. From this point of view, OFILM Technology has achieved outstanding performance in recent years. Its revenue and net profit have maintained a good growth trend for three consecutive years, and last year's revenue broke the 30 billion mark for the first time!
Figure 1 OFILM's revenue and net profit in the past three years (unit: 100 million yuan)
In addition, from the perspective of last year’s single-quarter revenue, OFILM’s revenues in Q1, Q2, Q3, and Q4 were 6.193, 8.928, 9.336, and 9.334 billion yuan, respectively, attributable to listed companies The shareholders' net profits were 1.91, 4.30, 4.02, and -200 million yuan respectively. It can be seen that OFILM Technology maintained a steady growth trend in its revenue in the first three quarters of last year, but by the fourth quarter, its revenue and net profit showed a downward trend, and its net profit even showed negative growth. The main reason was that the full screen was launched at the end of last year. Due to the trend, the development of mobile phone front fingerprints is blocked, which affects the shipment of fingerprint identification modules.
Figure 2 OFILM's 2017 single-quarter revenue and net profit (unit: 100 million yuan)
It is worth mentioning that in the first quarter of this year, OFILM’s revenue and net profit growth trend turned for the better. According to the author’s inquiry, OFILM achieved operating income of 7.558 billion yuan in the first quarter of this year, a year-on-year increase of 22.06%; net profit attributable to shareholders of listed companies was 295 million yuan, a year-on-year increase of 55.01% .
On the whole, OFILM’s revenue broke the 30 billion mark for the first time last year, a huge increase. The main reasons for its revenue growth are the following: On the one hand, it has given full play to its advantages in optical innovation and design, and its camera business has achieved rapid growth. The global market share has steadily increased; on the other hand, continue to leverage on the industry's leading advantages in the touch field, grasp the industrial opportunities of the return of plug-in touch solutions under the OLED trend, and continue to improve product quality and customer service capabilities, and the touch business of major international customers The yield rate has been steadily improved, and the profitability has been continuously strengthened.
In addition, the industrial layout of the smart car business has achieved initial results. It has created a one-stop solution for automotive smart in core areas such as smart central control, assisted driving, and body electronics. It has become a core supplier of smart products and services for many domestic auto manufacturers.
The cost control and scale advantages of the fingerprint business are highlighted, and the under-screen fingerprint recognition solution is actively developedIt is worth mentioning that last year, OFILM's fingerprint recognition business continued to exert its industrial chain resource integration effect, and its cost control and scale advantages were further highlighted.
In terms of specific data, OFILM’s sensor products achieved operating income of 5.296 billion yuan, a year-on-year decrease of 23.64%, and a gross profit margin of 13.52%, an increase of 3.52% year-on-year, mainly due to the company's optimization of products. Structure, vertical industry integration advantages are further highlighted, gross profit margin has increased, but with the continuous penetration of the capacitive fingerprint recognition module market from high-end to low-end, market competition intensified, product price decline and other comprehensive factors, revenue declined year-on-year .
The author found out in the annual report that OFILM entered the field of biometrics in 2014 and built the largest fingerprint recognition module factory in Asia. At the end of 2016, it has the largest single-month shipment in the world, and its current domestic market share is about 50%.
According to relevant data, in May 2015, OFILM’s fingerprint products were officially mass-produced, with 20 million units shipped throughout the year; in 2016, Ofil Technology’s fingerprint modules had shipped nearly 200 million units, and the sales volume was astonishing; The shipments in 2017, according to Rising Sun Big Data, have reached about 220 million. In addition, as of the end of the reporting period, its capacity for capacitive fingerprint identification has reached 32kk/month.
Judging from the shipments of fingerprint modules in the first quarter of this year, according to the rising sun big data, OFILM Technology is far ahead with 40.5kk shipments and remains firmly at the top of the list.
Figure 3 OFILM's fingerprint module shipments in the first quarter of 2018 (unit: kk)
As far as the current market is concerned, in terms of fingerprint identification modules, in addition to the American company Authen Tek, which provides products for Apple, the world’s major capacitive fingerprint identification module manufacturers are OFILM Technology and Crucial Tek of South Korea, domestic listed companies Among the companies involved in the fingerprint recognition module industry are Qiu Ti, Holitech, Speed ​​and Truly.
Under the guidance of the full screen trend, OFILM has leveraged its advantages in the composite industry of touch and fingerprint modules, and has achieved mass production of optical and ultrasonic fingerprint recognition solutions, and has become the main mobile phone product equipped with new fingerprint recognition solutions that has been launched. Suppliers, such as vivo X21's fingerprint recognition under the screen, etc. In the future, with the release of industry demand, the company will take advantage of its technical card slots and scale, and is expected to start a new round of rapid growth in the fingerprint identification industry.
In fact, there were rumors earlier that Huawei Mate 11 will also adopt an off-screen fingerprint solution, and the fingerprint recognition module is provided by OFIL Technology. At the same time, on May 24, OFILM stated on the interactive platform that Huawei is the company's largest customer, accounting for more than 20% of revenue. From this point of view, OFILM Technology has reached a cooperation with Huawei, the leading domestic mobile phone brand, and its future profit margins can be imagined! In addition, in addition to Huawei, OFILM has established long-term and stable cooperative relations with Xiaomi, OPPO, vivo, Samsung and Lenovo!
On the whole, when the full screen is popular, the price of fingerprint recognition chip is dropping repeatedly, and the traditional capacitive fingerprint recognition solution is difficult to adapt to the market trend. Under this situation, OFILM's fingerprint recognition module business failed to promote revenue growth last year. However, OFILM has actively developed new technologies for under-screen fingerprint recognition based on its many advantages, and it has been successfully commercialized. It has established stable cooperation with major customers such as Huawei. In the future, it will promote the fingerprint recognition market to open a new chapter!
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