Online article of listed companies in China.
1. Company profile
Changchun Hypruns Technology Co., Ltd. (hereinafter referred to as "Hypruns" or the Company) is mainly engaged in the research and development, production, sales and purification services of OLED evaporation material technology. The company's products and services are divided according to the nature of materials, mainly organic materials business and inorganic materials business: among them, the organic materials business is the sales of light extraction materials and functional materials (electronic functional materials, hole functional materials, luminescent functional materials), as well as the purification services of organic evaporation materials generated by customers in the production process;The inorganic materials business includes the sale of cathode evaporation materials and crystal packaging materials.
OLED evaporation material is the core functional material that enables OLED panels to achieve luminescence, which determines the display quality of OLED panels, has high purity and consistency requirements, and its quality and quality directly affect the performance, yield and stability of OLED panels.
OLED evaporation materials are used in the vacuum evaporation process of OLED panels, that is, in the vacuum chamber, the OLED evaporation materials are heated to sublimate into molecular level vapor, and uniformly adhere to the substrate according to the preset device structure. Therefore, panel manufacturers have high purity and impurity consistency requirements for this kind of materials, and the purity of the company's main products can generally reach the 4N level (purity 99.).99%)。
Second, the industry prospects
According to the "Industrial Classification of the National Economy" (GB T4754-2017) issued by the National Bureau of Statistics, the company's industry is "C manufacturing - C39 computer, communication and other electronic equipment manufacturing - C3985 electronic special materials manufacturing".
As an important part of the information industry, display technology has always played a very important role in the development of information technology. From TVs and laptops to mobile phones and tablets, they are all inseparable from the support of display technology. With the development of display materials, display technology has also developed from the original cathode ray tube display technology (CRT) to flat panel display technology (FPD), and then extended to plasma display (PDP), liquid crystal display (LCD), organic light-emitting diode display (OLED) and other technical routes.
From the perspective of application fields, the demand side of OLED display panels is dominated by mobile terminal devices, and multiple application scenarios such as computers, tablets, and wearable devices are developing together. According to the statistics of the China Business Industry Research Institute, in the downstream application field of OLED panels, the mobile OLED market dominated by wearable devices such as smartphones and smart watches accounts for nearly 80%, of which smartphones account for about 73%, which is currently the largest OLED application market. In the future, with the improvement of market recognition, the proportion of OLED screens in TVs and wearable devices will increase year by year.
With the rapid development of a new generation of information and communication technologies such as mobile Internet, Internet of Things, cloud computing, and big data, the market demand for consumer electronics and smart home products such as smartphones, tablets, and wearable electronic devices continues to grow as application platforms and terminals.
The domestic OLED material industry is expected to usher in a broad development space for localization, and will maintain a high level of profitability in the future. Evaporation material providers that have corresponding technical reserves, mass production capabilities, and have entered the first chain of panel enterprises have obvious first-mover advantages, and are expected to fully benefit from the wave of OLED material localization in the future.
3. Industry policy
The main laws, regulations and policies of the industry are conducive to the business development of issuers. On the one hand, OLED materials belong to the semiconductor display materials in the new material industry, which are in line with the national "14th Five-Year Plan" strategic planning direction, one of the new material directions of the national key development, and also a strategic emerging industry supported by the state.
On the other hand, OLED display technology, as one of the mainstream display technologies in the future, has been strongly supported by national policies in recent years and has been included in the core industry of the digital economy. Policies and regulations such as the "13th Five-Year Plan" national strategic emerging industry development plan also clearly encourage the development of domestic OLED display technology, and the rapid expansion of the domestic OLED industry scale will fully benefit the material industry in the upstream of the OLED industry chain.
Fourth, industry competition
At present, there are high patent barriers for OLED organic evaporation materials, and the competition pattern is controlled by manufacturers in the United States, South Korea, Japan and Germany. According to the data released by CCID Think Tank in March 2020, domestic companies account for a relatively low proportion in the field of OLED evaporation materials, of which general-purpose layer materials such as electronic functional materials and hole functional materials account for about 12%, and luminescent functional materials account for less than 5%.
Among them, Korean companies such as Tokuyama Metal, LG Chem, and Samsung SDI, Japanese companies such as Toray, Hodogaya Chemical, and Idemitsu Kosan, and foreign manufacturers such as Merck KGaA, Germany, have monopolized most of the patent layout and market share of electronic functional materials and hole functional materials. In the luminescent functional materials, the United States UDC and Dow, Samsung SDI, Japan Idemitsu, LGC, JNC, SFC and other companies occupy an absolute dominant position in red luminescent materials, green luminescent materials and blue luminescent materials respectively.
With the increasing maturity of the domestic OLED industry and the gradual increase in the shipment of domestic OLED panels, many domestic enterprises have begun to enter the OLED evaporation material industry relying on their resource advantages or technology accumulation, forming a situation of coexistence of various formats.
The comparison between the company and comparable companies in the same industry is as follows:
Fifth, the core competitiveness
1) Technological innovation advantages.
As of December 31, 2022, the company has obtained 119 domestic patents in the field of OLED evaporation materials, including 108 invention patents. As of December 31, 2022, the company had 59 R&D personnel, accounting for 35 of the total number of employees54%。During the reporting period, the company's R&D expenses were 1,820840,000 yuan, 2,53800000000000000000000000000000000000390,000 yuan, accounting for the proportion of operating income respectively. 28% and 1067%。Technological innovation capability is the guarantee for the company to achieve long-term development in the OLED material industry.
2) Advantages of quality control.
The company adheres to quality control as the guarantee to ensure the advancement and stability of the quality of evaporation materials. OLED evaporation material is the final usable state material used for panel evaporation, and its quality directly determines the production yield and performance of OLED panel. The company always attaches great importance to product quality control, and has invested a lot of resources to strengthen quality construction and realize the quality management of the whole production process. Through the quality control of the whole cycle of R&D and production, the performance of OLED evaporation materials delivered by the company.
It can effectively meet the needs of downstream customers, so as to further consolidate the company's customer satisfaction and market share.
3) The customer chain has high barriers and obvious advantages in customer resources.
The company adheres to the market demand-oriented, and has established a good customer reputation and market brand in the long-term cooperation with downstream panel customers, and its main customers include BOE, Tianma Group, Huaxing Optoelectronics, Hehui Optoelectronics and other major domestic OLED panel manufacturers. The stable cooperative relationship with downstream high-quality customers has laid a solid foundation for the company to further increase its market share and promote the localization of evaporation materials.
Sixth, the situation of public opinion
Recent hot articles on public opinion:
Negative public opinion is mainly focused on:
1. There is no shortage of money, and Li Xiaohua, the actual controller of hard fundraising, has frequent suspicions.
2. The core competitiveness of Hyprun is insufficient, and it relies heavily on BOE, and the fundraising and investment projects cannot withstand scrutiny.