Author: Xu Youyou.
On December 14, China's local RF and microwave MLCC track leader - Dali Cap (**301566SZ) officially entered the preliminary inquiry stage, and will simultaneously carry out offline issuance subscription and online subscription on December 20. It is reported that the number of Dali Cap's public offering is 60.01 million shares, accounting for 15 of the total share capital after the issuance00%, the raised funds will be arranged around the main business investment, after deducting the issuance costs, it is planned to invest in the "high-end electronic components industrialization phase I project", "information upgrading and transformation project", "marketing network construction project" and so on.
Judging from the financial data, Dali Cap is still in a period of rapid development. According to the prospectus, from 2020 to 2022, the company's operating income will increase by 21.6 billion yuan increased steadily to 47.7 billion yuan, with a compound annual growth rate of nearly 50%;Net profit increased from 49.07 million yuan to 17.7 billion yuan, with a compound annual growth rate of more than 90%, showing a good momentum of development.
According to market analysts, as a scarce local target that has been among the forefront of the global RF and microwave MLCC market, under the continuous development of downstream industries and the tide of domestic substitution, with the significant advantages of technology and customers accumulated in the past, and with the help of the capital market, in the long run, Dali Cap's follow-up performance growth potential is expected to be further released.
The electronic components industry has taken advantage of the situation
MLCC is growing rapidly in subdivisions
Since the 90s of the 20th century, industries such as network communications, consumer electronics, automotive electronics and industrial control have grown vigorously. At the same time, with the transfer of international manufacturing to China, China's electronic information industry has achieved rapid development. Taking advantage of this, as an important part of the electronic information industry, the scale of the electronic components industry is also expanding and expanding.
It is worth noting that capacitors are essential basic electronic components in electronic circuits, and large-scale capacitor configurations are required in almost all electronic devices. According to different media, capacitor products are divided into ceramic capacitors, aluminum electrolytic capacitors, tantalum electrolytic capacitors and film capacitors. According to the data in the Dali Cap prospectus, in 2021, ceramic capacitors accounted for more than 50% of the above four major capacitor markets, and ceramic capacitors can be mainly divided into single-layer ceramic dielectric capacitors (SLCC) and multi-layer ceramic dielectric capacitors (MLCC), of which the market size of MLCC accounts for about 90% of the entire ceramic capacitor, known as the "rice of the electronics industry", which plays a very important role in the electronics industry.
It is understood that MLCC is mainly used in automobiles, mobile phones and other communication equipment, computers, consumer electronics, home appliances and other products, and is one of the world's largest and fastest-growing chip components. Paumanok data shows that in 2021, global MLCC shipments will be about 516 trillion, a year-on-year increase of 639%, and the compound growth rate of global MLCC shipments from 2012 to 2021 reached 955%, the growth rate is still fast. The "2023 edition of the China MLCC Market Competition Research Report" (hereinafter referred to as the report) also pointed out that with the increase in the penetration rate of 5G, automotive electronics, and the Internet of Things, the demand for MLCC and the scale of the industry will continue to grow, and it is expected that by 2027, the global MLCC market size will reach 1,316$8.4 billion.
In China, another significant feature of the development of MLCC is the urgent need for localization. At present, the main RF and microwave MLCC (one of the key branch products of MLCC) in China's domestic market is still a foreign company, and Chinese companies have a low market share in the domestic market. With the gradual acceleration of the localization process, domestic RF and microwave MLCC manufacturers will face greater development opportunities. As an important manufacturer of national high-frequency microwave MLCC, Dali Cap's main business and its development strategy are in line with the national industrial policy orientation, and its products also belong to the subdivided industry fields encouraged by the independent and controllable realization of the advanced manufacturing industry chain.
Domestic leader + international market "wave breaker".
Multiple advantages to build a strong comprehensive strength
Since its establishment, Dali Cap has focused on the R&D, manufacturing and production of RF and microwave MLCC. The above-mentioned "report" pointed out that in the global RF and microwave MLCC market in 2022, the company's market share ranked 5th among global enterprises and 1st among Chinese enterprises.
Compared with foreign enterprises, the whole process of Dali Cap's RF and microwave MLCC product production is carried out in China, and under the guarantee of product quality and cost, it has strong competitiveness in the international market, which is not only exported to the United States, Japan, Europe and other developed countries with advanced electronic component production technology, but also with the help of its own international market position, to gain a first-mover advantage in domestic localization competition. Moreover, with the acceleration of the localization process of the domestic electronics industry chain, the company's localization advantages have been further strengthened. According to statistics, the demand for RF and microwave MLCCs in the Chinese market has accounted for about 60% of the world's demand, making it the world's largest RF and microwave MLCC market.
The leading market share is inseparable from Dali Cap's solid technical advantages. Whether it is raw material formulation, capacitor structure design or co-firing, Dali Cap has mastered key technologies. Not only that, the company has also successfully grasped the control process of tolerance, capacitance, withstand voltage and other parameters of RF microwave porcelain dielectric capacitor products, and transformed and adjusted the standardized equipment according to the process, which can meet the customer's needs for reliability, consistency, delivery cycle and quality, and realize the adaptation of manufacturing processes, equipment and materials, and finally form a solid technical barrier.
Today, Dali Cap has become an influential supplier in the field of RF and microwave MLCC in the international market, and its products have entered the first-class system of well-known manufacturers in communications, medical, rail transit and other industries, and have also achieved complete military quality, and have established stable business relationships with well-known customers in related industries in its downstream corresponding application fields. The company's customers include not only domestic mobile communication main equipment manufacturers, but also world-renowned high-end medical equipment manufacturers such as Philips and Siemens, as well as scientific research units such as China Electronics Technology Group.
The above-mentioned market participants pointed out that the MLCC industry like Dali Cap is "the local champion + the 'wave breaker' in the international market", and is one of the many leaders in China's march towards a manufacturing power. As the development of the electronic components industry enters the "deep water area", the company is expected to further run out of the growth "acceleration", and its investment value will gradually become prominent, and the performance after listing is worth continuing to pay attention to and track.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.