Release date：2021-12-29Author source：KinghelmViews：367
At the end of 2008, a Foxconn girl left a selfie in her iPhone, which was popular all over the world
Why does China produce 70% of the world's mobile phone cameras
But there is no well-known manufacturer?
If you ask nowThe biggest selling point of high-end mobile phonesWhat is it? There is no doubt that it is comparable to a cameraPhotographing function, behind this is increasingly expensiveCamera module, in the new iPhone flagship, the camera module costs as much as $73, making it more expensive than a chip.
Mobile camera is a $30 billion market, and 90% of its value is highly concentrated in three parts:Module, lens and image sensor (CMOS)。
1. The image sensor (CMOS) is the most upstream of the camera industry, which is the fattest and largest cake in the whole industry chain. The market scale is more than 15 billion US dollars and has a high profit margin of 50%.
2. There are certain technical barriers in the lens Market in the middle reaches, with a gross profit of up to 70%. Sometimes it is more profitable than being a sensor. The market size is almost $4-5 billion, much smaller than the image sensor.
3. Assembly of the most downstream lens module,It is a coolie that employs a large number of people to package lenses, chips and other parts.Although the market is equivalent to the lens, the profit margin is only 1 / 5 of the lens.
From the data, China produces 70% of the world's cameras, but in the camera market, we are still familiar with Leica in Germany, Sony in Japan and other brands.Why is there no well-known manufacturer in China? This needs to find the answer from the industrial chain pattern.
The module is undoubtedly the world of Chinese enterprises. The world's about 5000000000 camera modules have produced over 7 Chinese mainland China products.But this is a capital and labor-intensive industry. In short, no matter how hard you work, you are afraid of local tyrants. If you have money, you can kill them.
OufeiguangIt only entered the camera module industry in 2013, but by raising sufficient funds from the capital market and expanding production in large quantities, Taiwan enterprises, as an old gun in the industry, were defeated by the scale effect. In 2016,Only three years after entering the industry, the number of modules in the world has reached the first.
In 2017, Sony, which disdained the 1.5% net profit margin of camera module business, decided to focus on the development of image sensor (CMOS). Therefore, seeking to sell the module business in South China, oufeiguang took the opportunity to spend a huge sum of more than US $200 million on this business.
However, the successful production expansion and acquisition did not allow oufeiguang to gain a firm foothold. Just a year later, the mainland connector giant Lixun precision acquired Taiwan Guangbao's camera module business, entered this market and successfully entered Huawei's industrial chain. The already low profit camera module market is likely to usher in a new round of battle.
This fierce battle is determined by the lack of technical barriers in the module industry，It can be predicted that with the increase of China's labor cost, oufeiguang is likely to face the challenges of enterprises in Southeast Asia and India in the future.
In the field of camera module, there are many heroes competing for the deer. You come and I go. It's not lively. However, the number of players decreases suddenly in the lens field.
Compared with modules, lens is a profitable business。Accounting for more than 30% of the market shareTaiwan enterprises in ChinaLargan, although its annual revenue is only RMB 10.88 billion, only 1 / 4 of that of oufeiguang, its profit is as high as RMB 5.3 billion, more than twice the combined net profit of oufeiguang in the past five years.
However, the old optical giant in mainland ChinaShun YuAt present, it has launched an impact on this field。 Before 2009, sunny optics could only produce low-end lenses, and the quantity was not large. However, it has successively acquired Korea's power optics and Japan's Konica Minolta optical instruments. With the gradual improvement of its technical strength and the increasing R & D investment, the situation has begun to turn around.
In the past five years,Shunyu opticsIn the lens field, it is growing rapidly at an average annual rate of more than 50%, and the current market share is close to 25%. Despite the rapid growth of market share, the gross profit margin of daliguang is still nearly 30 points higher than that of Shunyu. It is also an absolute advantage in the field of high-end lens, and the war continues.
The mainland delegation is still quite competitive in the duel between the two sides of the lens, and the situation is more embarrassing with the image sensor on the next level.
Image sensor is the core of the whole camera。Sony, which sells the downstream module business and keeps the upstream, is the absolute overlord in this field, accounting for more than 40% of the market, and has a net profit of more than US $1 billion every year.
Sony holds the most patents for image sensors and seeks defeat alone in the high-end mobile phone market. Since the iPhone 4S, the iPhone has never used an image sensor other than Sony.Huawei's P30 camera function is amazing all over the world. It relies on the imx600 series sensors jointly developed by Huawei and Sony, Huawei's flagship mate series is also a customized Sony sensor.
Key points of mobile phone manufacturers' publicity: image sensor
Therefore, Huawei and apple compare camera functions, butIn fact, it is two pieces of Sony's CMOS that beat their own people.
Next to Sony is SamSung of South Korea, which accounts for 20% of the market. There are also many amazing works. For example, the recently released Xiaomi cc9 Pro is known as 100 million pixels, which is realized by Samsung's isocell bright HMX photosensitive chip. Chinese enterprises lack the right to speak in this field, and the main representative manufacturers areGekewei, sibicoIt's hard to wait for the hall of elegance and be fried by a sharesFu HanweiStill inExternal R & D stage。
Gekewei and sbico are CMOS sensors that mainly focus on the low-end market. In terms of quantity, the shipments of these two companies, especially gekewei, are very large, even surpassing Sony in volume, and can sell more than 100 million pieces in a month. However, because the unit price is too low, it is even classified as "others" in the statistical chart of the market calculated by sales amount,It can be seen that in the field of picture sensors,The high unit price brought by leading technology is an overwhelming advantage。
In this technology fortified field, China has only got one ticket:Successfully acquired Howell technology.
Howell technology is an American enterprise that invented CMOS. However, in the face of the attack of Japanese and Korean enterprises, Howell technology has gradually retreated to the third place in the industry. Chinese consortia seized this opportunity to buy Howell technology at a price of US $1.9 billion in 2016 and sold its shares to Weill in China this year.
Now we can answer why China produces 70% of the world's mobile phone cameras, but there is no well-known manufacturer:Because consumers and manufacturers are not stupid. Knowing the CMOS sensor behind the lens is the real decisive factor.
As can be seen from the above, in the field of optics, enterprises such as oufeiguang and Qiu Ti technology have ostensibly produced most cameras, but they are doing splicing work, and the net profit margin is not much higher than Foxconn. Therefore, they have not been formed in the hearts of consumers like Sony and LeicaBrand cognition。
It can be said that in the mighty camera war, the mainland ostensibly bought Japanese assets with its left hand and defeated Taiwan's opponents with its right hand.On the surface, it dominates the camera market, but the enterprises that really go out of Foxconn are only Shunyu optics.
Made half the world's screen
To know the benefits of the Nobel Prize
If the camera is the selling point that attracts consumers' attention, the screen is the most important product that consumers use the longest.A good screen with bright colors and delicate pictures is the most basic pass for high-end mobile phones. The screen on this year's iPhone 11 Pro also cost a full $69, isn't itThe second most expensive part on the phone。
The screen is widely used. In addition to mobile phones, televisions and computer screens, it is also indispensable. The relevant markets add up to more than 200 billion US dollars, more than the total revenue of Boeing and Airbus selling aircraft in one year,It can be said that screen is a pillar industry at the same level as large aircraft.
of course,This big market is also divided into upstream and downstream
1. Upstream are materials and equipment, with an average gross profit margin of 50%, mainly including glass substrate, luminescent materials, evaporation machine and other core materials and equipment.
2. The downstream is the end product, and the gross profit margin is generally about 15%, sometimes down.It mainly includes three terminal products: cover glass, display panel and touch panel.
At present, China mainly focuses on downstream end products。 The cover glass is responsible for protecting the screen, the display panel is responsible for image display, and the touch panel is responsible for sensing the user's fingers. They are stacked like three layers of a sandwich to form a mobile phone screen.
Three main terminal products of the screen
stayCover glass and touch screenThese two markets, due toThe threshold is not highBasically, it is a civil war among Chinese enterprises, andProfits are getting lower and lower。
The faucet of the cover glass isLansi Technology, but trembling on thin ice. One side is half a peerOufeiguangandHelitaiKeep adding yards. One side can't hit eight polesBYDandRuisheng TechnologyThe high-profile announcement of entry has simply turned Lansi technology from the profit king of the gem when it was listed into a loss making enterprise in early 2019.
The cross-border oufeiguang is also suffering. As the boss of the touch screen, the profit margin of the touch screen has also been cut down with the entry of competitors such as Heli Tai. It is a last resort to enter the glass cover plate and camera module. However, cross-border multi line operations also brought pressure from all sides. When product sales were difficult in 2018, the stock price and finance were both thunderous.
However, the cover glass and touch screen industries are mainly worried about making money, while panel enterprises have to worry about making moneyI can't go back, Ben。
On the traditional LCD screen, the Chinese mainland has increased from less than 4% in 2010 to nearly 40% now, and the BOE can make up 20% of the market.Behind this growth is BOE's huge capital consumption,Since 2012, BOE has invested nearly 200 billion to expand production capacity, of which nearly 70 billion has been borrowed from the stock market. Continuous additional issuance and dilution have made BOE's share price not exceed the listing price for more than ten years.
The product surplus brought about by the Tianliang expansion of production has led to an avalanche in the price of LCD panels. Even with the government's nearly 10 billion subsidy, BOE's cumulative net profit in these eight years is only 20 billion, less than 1 / 10 of the investment. When BOE planned to beat its rivals with a price war, Samsung realized its card position on the emerging OLED screen to make money.In 2017 alone, Samsung's panel business profit exceeded 30 billion, more than BOE's 10-year catch-up.
When Chinese manufacturers focus on expanding production, Samsung expects that thin, flexible and self luminous OLEDs will be the future trend. Bought out the evaporation machine of Canon Tokki in Japan in advance, and signed an exclusive agreement on fine metal mask with greater Japan printing. Without the key production equipment of evaporation machine and fine metal mask, the pursuers can hardly catch up by burning money alone.I can only watch Samsung lie and earn OLED yuan, but I fight in the quagmire of LCD price.
Unlike the tragic fight at the terminal,The field of materials and equipment upstream of the panel is somewhat exaggerated, which is basically a paradise for American and Japanese enterprises.
In China's exclusive cover glass industry, the glass substrates used to make cover glass are basically dominated by the United States and Japan。For example, more than 90% of the glass plates of Lansi technology are gorilla glass purchased from Corning. Someone once posted on the Internet and asked, "isn't Apple's screen glass American? I think it's made in China."In fact, China only controls the process of cutting and grinding glass plates into glass pieces.
As for the mainland's attack on Taiwan's touch market,Three materials of touch screen:Glass substrate, pet substrate and ITO target, the basic production of glass is mainly in the hands of the United States, Japan and South Korea,The base material and target material were dictated by Japan. Among them, the ITO target and raw material I are the key rare earth indium owned by China. However, due to the lack of processing, the high-end ITO target should be purchased from Japanese companies such as Japan energy, Dongsu and Mitsui mining.
The upstream of the display panel is monopolized by Japanese enterprises.
In the manufacturing process of display panel, the key equipment to determine the quality is Canon Tokki of Japan.This key equipment produced only 7 equipment in 2017, including 5 by Samsung and one by BOE and LG. This directly leads to the mainland's inability to quickly catch up with South Korea in OLED capacity, and cannon Tokki is just a small enterprise with more than 300 people in Japan.
As the most important processing link of the panel, another core device is the metal mask. The high-grade mask is produced by only one printing company in Japan, Samsung signed a buyout agreement with it early, and BOE did not rush to buy until the agreement expired in 2017. OLED panels rely heavily on luminescent materials, of which 70% of the blue light materials with the highest gross profit margin are supplied by Japanese oil enterprises.
It can be said that although Japanese enterprises failed in the downstream industry of panel, they made a lot of money in the upstream materials and equipment by expanding production in China.A large number of invisible champions suffer from minor disasters and diseases, and the big factories with tens of billions of downstream will be on fire.
Why can China counter attack in the panel terminal market, but it is difficult in the upstream?
The reason is very simple. In the terminal market with mature technology and emphasis on asset investment, whoever can use the scale effect to minimize the price is the winner。 According to the data in the third quarter of this year, the price of TV panel decreased by 30% year-on-year and the price of mobile phone panel decreased by about 15% year-on-year. Obviously, this is a naked price war, and any small-scale and high-cost manufacturers will eventually be swept out of the battlefield.
Relying on the world's second-largest financial market and government subsidies, the mainland is enough to launch large-scale investments that other competitors are afraid of.For example, since 2009, BOE has raised as much as 66.7 billion in fixed increase funds and 10 billion in government subsidies, and then started an intensive crazy investment in a production line burning US $4.5 billion every year.This kind of advance like a bulldozer is not comparable to several other East Asian rivals.
Upstream materials and equipment can not solve the problem by burning money and price war，We need to start from the most basic theory, try and error step by step, and explore the most suitable materials and the best equipment. Even if you burn money, it is difficult to achieve immediate results, and it is not a visible burning of money. It also requires significant investment in basic theory.Ren Zhengfei, Ma Huateng and other famous entrepreneurs' attention to basic science is indeed targeted.
In recent decades, Japan has gainedThe number of scholars awarded the Nobel Prize in chemistry reached 7 and the Nobel Prize in physics reached 11, the emphasis on basic theory has become the most important guarantee for strong R & D strength.If anyone asks what the Nobel Prize is of practical use, the strength of Japanese materials is the best answer to this question.
Generally speaking, the panel terminal industry won by China has a certain technical and capital threshold, but it mainly depends on imported equipment and processing. It is helpless for a bunch of Chinese manufacturers to hurt each other in industries with a net interest rate of less than 5%.
Made a car battery
But I didn't make money for mobile phone batteries
If the screen and lens are the parts that can directly catch the attention of consumers, thenThe battery is the most influential part of the consumer experience, ultra long standby and "charging for five minutes and talking for two hours" are the pursuit of mobile phone battery all the time.
Battery is a market with a scale of more than 30 billion US dollars, mainly divided into upstreamConsumer cellAnd downstreamBattery Module。
1. Downstream battery moduleAfter purchasing the cell, glue the cell, the protective plate and the shell, and paste the trademark to make a plug and play battery. The gross profit margin of this part is only about 10%. After deducting the expenses, the net profit is flying close to the ground at 3-4% all year round. It is an industry that needs to turn off the lights and eat noodles if it is slightly careless.
2. Upstream consumer cellThe industry belongs to a mature market, with an annual shipment of about 4 billion cells, accounting for half of the value of the battery market, and the gross profit margin is as high as 20% - 40%, which is very profitable.
Consumer cell market monopolized by the four giants
mainlandXinwangda、Desai batteryThe business mainly focuses on the hard work of downstream battery modules. The reason is simple. Terminal electronic products need to be matched nearby. This also means that once the production capacity of downstream electronic product assembly is transferred, the order of battery module will also be transferred.
Battery module enterprises will run, but the core cell enterprises are basically camped in Japan and South Korea。 ATL, LG Chemical, Samsung SDI and Murata occupy more than 60% of the market share.
It is a pity that ATL new energy was originally founded by Chinese people, but it was acquired by TDK of Japan in 2004 and became a subsidiary of Japanese enterprises. At present, only Tianjin is the largest domestic consumer cell manufacturerPower GodandCoslight, mainly forDomestic machine。
In addition to the battery, the change of charging mode is also an important trend. Especially with the continuous popularization of wireless charging technology, the industry believes that this is a market with a scale of 10 billion US dollars in the future.
However, in the downstream market of wireless charging, it is not Desai battery and xinwanda, the two male battery modules, but those from connectorsLixun precision。
If we want to summarize China's consumer electronics battery industry, the results may be surprising.In the case that China has a strong power battery industry chain, the two giants of consumer electronics battery modules are still just a replica of Foxconn, just package the purchased cell. In terms of horizontal business expansion, it has not been able to compete with Lixun precision,The real is that old Foxconn is robbed of his job by small Foxconn.
Why subvert my
Is this the connector?
Acoustic components are mainly composed ofEarpieces, speakers, and microphones, it is composed of three main parts markets.
Earpieces and speakers are relatively traditional acoustic parts, while microphones are products with certain semiconductor properties, involving chips. For example, the emerging MEMS microphone is made of encapsulated chips,It is the most popular acoustic device. Its shipment has increased 18 times in 10 years and sold 5 billion pieces a year。
In terms of earpieces and loudspeakers, due to the extremely complex assembly of acoustic components, Chinese manufacturers still need to rely on a large number of manual rather than automatic instruments in the era of the rise of intelligent machines. Therefore, Chinese manufacturers have developed rapidly,Ruisheng technology and goer acoustics once occupied most of the market share. Guangruisheng technology has a revenue of 8.7 billion yuan a year。
But thisThe labor-intensive industry at the bottom of the threshold will inevitably attract the pursuit of Chinese peers.In 2017, after Lixun precision took a stake in Meilv, an acoustic manufacturer in Taiwan, it snatched orders across the border. Just a year later, the profits of Ruisheng technology fell by 29%, and the profits of goer acoustics also fell by 59%. The shares of both companies were halved. Lixun also grabbed a new hot acoustic market, with 70% of orders for Apple's airpods headphones, but goer and Ruisheng were helpless.
In terms of the most high-end MEMS Micro microphone, China's two giants of loud learning ostensibly compete with Lou electronics of the United States.
Lou's electronics in the United States was once the overlord of MEMS microphone. In 1969, after the launch of Apollo 11, astronaut Neil made a speech from the moon, which was amplified by Lou's acoustic equipment. It has the reputation of an old microphone manufacturer and is also the inventor of MEMS microphone. At present, it occupies nearly half of the MEMS microphone market.
On the Chinese side,The emerging Goethe acoustics is the second largest manufacturer with a market share of 18%, followed by the old acoustic manufacturer Ruisheng technology, with a market share of 13%.
On the surface, Chinese manufacturers seem to be on an equal footing with established American manufacturers in a few years, but in fact Lou electronics can independently design core MEMS chips, while goer shares and Ruisheng technology must be purchased from upstream Infineon and OMRON.The so-called MEMS is actually one-third of the world of European and American chips. Even if Goethe starts to have a small number of MEMS chips leaving the factory, it can not change the pattern.
It should be said that the two giants of acoustics have gone deep into the upstream of acoustics in many fields, but on the one hand, the core chip has not made a breakthrough and still depends on the upstream. On the other hand, the cross-border instant messaging is fierce and aggressive, which also reflects that the threshold of the industry is far from expected,The so-called acoustic overlord is still a few moments away from Foxconn.
When combing the industry leaders one by one, we will find a subtle phenomenon:Every seemingly industry leader is a generalist with a vague face.
Camera leader oufeiguang, lens module business accounts for only 61.85% of revenue, and traditional strong business touch film accounts for 20.51%.
Ruisheng technology, the leader of acoustics, only accounts for 48.18% of the revenue of acoustic devices, and the proportion of motor, glass and other later businesses in the revenue also reaches 40.04%
Touch giant helitai, the touch business only accounts for 47.32% of revenue, but the camera module is as high as 20.44%.
Lansi technology didn't cross the border, but there was a long line of people who crossed its territory. BYD, Lianchuang electronics and Dongxu optoelectronics are eyeing. Even the sound giant Ruisheng technology has brought 3D curved glass in its recent investment of 12.8 billion.
Of course, the most amazing thing is the full audience of instant precision, starting from the connector, sweeping the wireless charging module, entering the acoustic headphones and components, and making some camera modules by the way.In fact, the market value of this apple industrial chain giant across multiple fields has been close to three Lenovo groups, and the expected net profit in 2019 is equivalent to seven Lenovo groups.
Therefore, netizens should not always compare Lenovo with Huawei. The correct comparison object of Lenovo, a computer assembly factory, may be companies in the industrial chain of Huawei and apple.In terms of market value, BOE is equivalent to 2 Lenovo, Shunyu optics is equivalent to 1.9 Lenovo, Lansi technology is equivalent to 0.8 Lenovo, and goer acoustics is also 0.8 Lenovo.So it looks more matched,The eighteen line stars should not rub the TFboys's heat. The right target should be tiktok.
According to the traditional theory, it should beThe more specialized the company, the stronger the product competitiveness。 In China, Lixun precision, which has the most cross-border, has become the biggest winner. Its market value is higher than that of the leading companies in the cross-border field. It can be justified that everyone here is a garbage expression bag. But when you think about it carefully, it doesn't cross the border. Isn't everyone's spelling precision assembly? Lixun is good at this.
The truth behind this embarrassment is:A large part of the so-called strong made in China is far from a technical moat. What maintains their appearance is their processing and organization ability.
Many leaders have begun to try to“made in China”Fill in four words: Shun Yu, who cut into the lens, Xinwangda, who put into operation the cell, and Goethe, who tried MEMS chips. They are trying to get rid of the dilemma that the market share is as high as 70% and the net profit is not even 5%.
If we comb the financial reports of leading electronic parts manufacturers, we can find that there are two echelons of Chinese parts manufacturers:
The second echelon: behind the bright market share, Foxconn enterprises
thisThis situation often occurs in companies with a high proportion of production modules. On the surface, the revenue growth is high, which is known as the industry leader. But the net interest rate is less than 4%, and the R & D expenditure is only 1% - 2%.
For example, the net profit margin of xinwanda and Desai batteries has fallen below 4%, while oufeiguang continues to win the first place, the profit margin has also fallen all the way, falling below 3% in 2015, and the loss occurred in 2018 due to the violent thunder of radical market strategy. It can be clearly seen that even if these module integrators take a step higher than mobile phone assembly, they are likely to lose in the fierce competition in the future.
The first echelon: a three-star enterprise that has stepped away from assembly
Such enterprises began to have a high R & D expenditure to continuously improve the process level and ensure the profit margin. The profit margin can often reach 7% - 8%, and the R & D can also exceed 5%.For example, the R & D expenditure of Lixun precision reached 7% of its revenue, while Lansi technology exceeded 5%.
Further up, we will enter the manufacturing field of basic components, and the net profit margin will rise sharply. In this deep-water area, it is difficult for Chinese enterprises to be called an organic Legion.
More than half of China's leading electronics companies are below the 4% net profit red line
To sum up, the conclusion is clear:The golden decade of China's electronics industry has been brilliant and successful, but Foxconn has only half a foot.
In the future, it must be an era of great differentiation of electronic processing enterprises. The cross-border stock war with module processing capacity will come to an end, and several enterprises with the strongest processing organization capacity will defeat most of their competitors; The successful winner who cuts into the upstream will open a new growth curve, and the gap between the two legions will be farther and farther,Finally, Foxconn belongs to Foxconn and Samsung Electronics belongs to Samsung Electronics.
This also means the end of the "golden decade" and the opening of the "golden decade": enterprises that can go out of Foxconn mode still have ten times the growth space; unableEnterprises that get rid of the fate of low value-added will always turn around in situ.
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