[国投机械] Research Feedback on 民爆光电 (夏芝精密):

English summary

Today we organized a research visit to 厦芝精密, where Chairman 刘 of 厦芝 exchanged ideas and led a tour of the production base. The relevant content is summarized as follows: 1. Shipments. In June, shipments were 20 million units, with an average price exceeding 1.7 yuan per unit, of which products with 30x and above were about 3 million units (accounting for 10%). Cumulative shipments in 26Q2 exceeded 50 million units, a sequential increase of over 40% from 26Q1. July capacity is expected to reach 26 million units, with an average price near 2 yuan; 2. Key customers. In June, shipments to 胜宏 accounted for 10%, 华通 10%, and 深南 5%, ramping up quickly. Testing of 30X and above high-magnification products for customers such as 东山, 景旺, 方正, and 红板 is in the final stage, with mass production expected in August-September. 3. Capacity expansion. In April, newly expanded capacity was 1.5 million units/month; in May, 1.9 million; in June, 3.5 million; in July, an estimated 6 million. Monthly incremental capacity continues to increase! By the end of the year, monthly capacity is expected to exceed 50 million units, approaching 60 million units. 4. Equipment supply assurance. ...