Shengyi is one of the largest copper-clad laminate enterprises in China ， Technological strength leads the industry ， Annual output exceeds 100 million square meters . The company headquarters is located in Dongguan City ， But the subsidiary covers the whole country ， Its products are sold worldwide . The company's products ， ccl ， （ Copper Clad Laminate ） ， It is a plate-shaped material made of fiberglass immersed in resin and then covered with copper foil ， Printed circuit board （ PCB ） One of the essential materials . In the past year ， Increased market demand ， The new production capacity of Shengyi Technology has been put into operation ， Make the company's performance grow rapidly . The total assets of the company have also significantly increased due to the listing of Shengyi . In the short term ， The industry in which the company operates has strong cyclicality ， Mainly due to the uncertainty of upstream raw material prices and changes in market conditions . however ， In the long run ， Due to the overall development and rapidly increasing usage of downstream electronic products ， The future of the company's products will be very bright .

Product Research ：

Copper clad laminates are divided into two types: rigid copper-clad laminates and flexible copper-clad laminates . Rigid copper-clad laminates can be further subdivided into paper substrates ， Fiberglass cloth substrate ， Composite substrates and other products ， Among them, paper substrates are relatively basic products ， Applied to household appliances, etc ， And the application of fiberglass cloth substrate is more extensive . Flexible copper-clad laminates are more commonly used for flexible connections ， The process is slightly different ， Stronger potential for future development .

The most advanced technology in the copper-clad laminate industry currently is high-speed copper-clad laminates and high-frequency copper-clad laminates ， Because it is widely used in 5G ， High value-added fields such as automotive electronics . All companies in the industry ， Including Shengyi ， They are all developing towards high-speed and high-frequency copper-clad laminates ， I hope to enhance profitability and reduce the cyclical nature of the company's performance . The market for high-speed copper-clad laminates is larger than that for high-frequency copper-clad laminates ， The competitive barrier of high-frequency copper-clad laminates is stronger ， More complex technology . Rogers, an American company, holds a 64% market share in high-frequency copper-clad laminates ， But the domestic market is also striving to catch up .

Data analysis ：
Compare with companies in the same industry ShengyiThere are many advantages in terms of business data management .
1. Rapid income growth ： In the past decade ， The company's revenue has increased nearly fourfold ， Obtained a compound growth rate of 14% ， Far superior to other competitors . This consolidates the position of Shengyi Technology in the industry .
2. Profit growth smoothing cycle ： As a company in a cyclical industry ， The profit data of Shengyi Technology shows no significant fluctuations ， We need to compare industry data to see the profit cycle clearly . Shengyi Technology's compound growth rate of 23% and its stability have effectively balanced the cycle over the past few years .
3. Continuous growth in gross profit margin and net profit margin ： The company's gross profit margin has increased from around 15% ten years ago to nearly 28% ， Net profit margin increased from around 8% to 15% . This reflects the improvement in the company's operating conditions and the progress brought about by its development .
4. Strong profitability ： The company's ROE leads the industry ， On average, nearly 20% in the past five years ， Extremely rare for the copper-clad laminate industry . This reflects the strong profitability of the company's products .
5. Stable dividend distribution ： The company's dividends are higher and more stable compared to other competitors ， Lower risk for investors ， More security .

comparative analysis ：
Compared to companies in the same industry ， The growth of Shengyi Technology is significantly stable . Although this represents a limited proportion of performance growth for the company during the industry's upward period ， But this ensures the long-term stable development of the company ， Looking at it over an extended period of time ， The company's growth rate is ahead of its peers . The company's industry-leading technology also makes its profitability extremely strong ， Gross profit margin and ROE continue to grow while other companies remain stagnant . The continuous differentiation of company quality within the industry will give Shengyi Technology the best prospects



Source: Snowball
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