Magetech: SAW filter shipments increased, gross profit margin increased significantly

On July 15, Magetech said in an investor survey that the subsequent expansion is gradually being implemented in accordance with the production plan of the fundraising project. After the fundraising project is fully put into production, it is expected that the annual production capacity of integrated inductors will increase by 2.5 billion, the annual production capacity of LTCC filters will increase by 1.1 billion, and the annual production capacity of SAW filters will increase by 1.4 billion. "At present, the shipment scale of the company's SAW products is increasing, and the process control has been strengthened, so the gross profit margin has increased significantly in the first half of the year."

In addition, its RF filters are mainly divided into two categories: SAW and LTCC, covering low, medium and high frequency bands. Specific products include filters, duplexers, frequency dividers, combiners and antennas. Among them, TF-SAW filters are currently in the trial production stage and have not been mass-produced, so the time is to be determined. In terms of customers, filter products currently cover almost all mainstream mobile phone manufacturers in China, and are also supplied to some communication module manufacturers, and the layout is gradually expanding. 

As for the reasons for the increase in the shipment share of integrated inductors, it said that it was mainly due to the current prosperity of the domestic electronic components industry, strong downstream demand, and continued increase in customer recognition of the company's products; at the same time, the company itself is also constantly expanding its production capacity, and its supply capabilities have been trusted and recognized by leading customers, and the company's products are also steadily increasing their market share. 

So, in addition to integrated inductors, do ordinary inductors still have a trend of increasing both in quantity and price? Magetech believes that from 2020 to 2021, other types of inductors have the same trend of increasing both in quantity and price as integrated inductors, but there are fluctuations on a month-on-month basis. 

As for subsidiaries, Jinzhichuan's main products are high-frequency transformers, and its service objects are concentrated in the field of communication base stations. Affected by external trade policies, the current base station construction is not as expected, which has a certain impact on Jinzhichuan. However, Jinzhichuan is also actively expanding into the field of new energy, and its overall revenue remains stable; Xingyuan Electronics' main products are LCM modules. This year, the industry is booming, and Xingyuan Electronics is in good operating condition.

In terms of the year-on-year trends of integrated inductors, SAW filters, and LTCC filters, the overall trend of the main products of Magetech this year is still good, and a significant year-on-year increase can be seen in the first quarter report that has been disclosed. In the next two years, with the continuous increase in the production capacity of the raised funds, the company will strive to have a better performance in terms of operations, but at the same time, it must also take into account the possible demand fluctuations in some downstream industries (such as the mobile phone sector), which will have a certain impact on the company's business. Therefore, the company's future development trend can be generally summarized as long-term improvement and steady growth. 

At the same time, in the second quarter, Maxjet Technology generally continued the development trend of the first quarter, with both production and sales remaining stable; internal research and development continued to explore new products, new materials and new processes; actively maintained healthy communication with customers; external market expansion work also made progress, and in the future it will focus on strengthening the layout in emerging fields such as automotive electronics.