環旭電子(601231.SH):SiP業務的份額變化對公司的影響還比較有限
格隆匯10月26日丨環旭電子(601231.SH)接受特定對象調研時表示,近年來,在公司生產的SiP模組的各個細分領域裏面,有不同的新供應商參與競爭。從商業模式的角度來看,客户是希望供應商結構上面有一定的競爭,以降低成本,但在整個份額分配上,還是保持了主供應商和第二供應商各自合理的份額分配。從過去幾年的競爭狀況來看,公在通訊類、手機相關的模組方面,公司持續保持着主要供應商的地位;智能手錶的模組方面,因客户導入了第二供應商,公司不再是唯一供應商,從這幾年競爭的結果來看,公司依然穩固第一供應商的位置。
SiP業務的份額變化對公司的影響還比較有限,最主要還是終端市場的需求影響更顯著。如果後續公司主要客户的產品在市場銷售層面上或者在技術創新層面上帶動銷售能夠有更好的表現,或是推出新的具備市場領導力的產品,這對公司的SiP業務也會有顯著的帶動作用。
此外,公司一直在拓展SiP模組新的業務機會,比如安卓系的智能手機就具備廣闊的業務前景。在智能穿戴產品方面,無論是手錶、耳機、XR產品,這些都是將來公司可以去努力拓展的業務方向。
公司在2020年底設立了MCC(微小化創新中心),過去幾年成績斐然。2023年MCC設計相關產品的營收,總量受需求端的影響有一定的下降,但在這之前都保持了持續較快的增長。展望未來的2-3年,SiP在智能手機、智能穿戴設備方面,相信會有更多的市場拓展機會。
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