Jingfang Technology (603005): The CIS boom boom leads to fruition

Jingfang Technology (603005): The CIS boom boom leads to fruition

Event: Jingfang Technology released the 2019 performance forecast: It is estimated that the net profit attributable to shareholders of listed companies will be about 102 million to 99 million yuan in 2019, an increase of 43.

41% to 53.


In the fourth quarter, net profit attributable to shareholders of listed companies was approximately RMB 50.08 million to RMB 57.08 million.

  The sensor market is growing rapidly 杭州桑拿网 and wafer-level encapsulation is on the rise.

With the rapid development of consumer electronics, the Internet of Things, and automotive electronics, image sensors, biometric sensors, and other components as the “eyes” of mobile devices and the “interfaces” and “intermediaries” of the Internet of Everything are gradually ushering in a golden period of development.
In 2019, IC Insights said that during 2018-2023, the compound annual growth rate of image sensor CIS and metering volume will reach 8 respectively.

7%, 11.


As chip complexity and integration continue to increase, traditional packaging technologies have become increasingly difficult to meet increasingly stringent packaging requirements. As a middle-level process for integrated circuits, wafer-level packaging has the dual role of wafer manufacturing and chip packaging.Technical 深圳桑拿网 characteristics can be widely used in chip packaging of the sensor market.

As a world leader in wafer-level packaging, Jingfang Technology leads the industry in both customer structure and technology accumulation, and is expected to deeply benefit from the rapidly growing sensor market.

  Consumption, security, vehicle synergy, CIS packaging supply and demand seek.

Since the second half of 2019, through the recovery of the consumer terminal market, multi-camera lenses have further expanded, and CIS has presented a tight supply and demand situation.

In addition, the gradual recovery of the security market has also joined the CIS snatching war, and the company’s many years of cultivation and layout of automotive CIS have gradually opened the market, resulting in an already relatively tight supply gap.

According to the current supply and demand structure of CIS packaging, we believe that the short-term situation of the CIS supply chain is difficult to eliminate in the short term, which will provide strong support for Jingfang Technology’s production capacity, product prices and gross net profit margin.

  The 100-foot club has taken a step forward and actively expanded its production and thickened its performance.

In the foreseeable future, whether it is a mobile phone camera, security, in-vehicle or biometrics, its market size will usher in rapid growth, which will also place further demands on the company’s capacity scale.

In order to meet the growing market demand, the company announced on December 31, 2019 that it plans to raise funds for integrated circuit 12-inch TSV and heterogeneous integrated smart sensor module projects.

After completion, it will have an annual production capacity of 180,000 pieces, and it is expected to increase the total annual profit1.

600 million.

With the successful completion of the fundraising project, the company’s production capacity will be significantly expanded, which is conducive to maintaining its leading position in technology and scale, as well as the ability to accept orders from major customers, and the company’s performance will further increase.

  Anteryon integration is smooth, and 3D sensing is worth looking forward to.

In January 2019, the company acquired the Dutch Anteryon company to lay out the 3D sensing field, taking advantage of the domestic market and industrial resource advantages, and combining Anteryon’s more than 30 years of photoelectric sensor system technology, to form a complementary and synergistic industry through strong cooperation.

In essence, the company strives to transplant its leading design and manufacturing technology and build a production line in Suzhou to achieve mass production.

Looking into the future, with 5G-scale applications, the AR / VR and 3D sensing industry will usher in spring. Anteryon’s WLO component, as one of the core components of 3D sensing modules, is expected to show its strength.

Jingfang Technology’s forward-looking layout and card position at the current point of time will try to catalyze a new profit growth pole.

  Earnings forecast and investment rating: Overweight rating.

In the short-to-medium term, consumption, security, and vehicle-borne high-boom CIS chip packaging is the most solid performance guarantee of Jingfang Technology; in the long term, the currently actively promoting biometrics and 3D sensing will open up a new world for the company.

It is expected that the company will achieve net profit1 from 2019-2021.

07, 4.

27, 5.

3.7 billion yuan, corresponding to PE 165 in 2019-2021.

88, 41.

58, 33.

05 times, giving the company an overweight rating.

  Risk warning: CIS boom is less than expected, new production capacity is less than expected, and 3D sensing market demand is less than expected