Technological power starts with upgrading lenses

January 18, Dongyang.

The group's annual summary meeting originally scheduled for January 6 was postponed for 12 days because Kang Chi was really unavailable during this period. It was not until the date of his return from Dalian was determined that Zhang Qing officially issued the notice.

After Kang Chi got off the plane, he briefly inspected the production situation at Pangu Base. After confirming that Datang Heavy Industries engineers were cooperating with Bai Niu to manufacture Silver Crane as planned, he rushed to Datang Heavy Industries by car.

When he entered the conference room, it was already full of people.

"Hello, Mr. Kang!"

"Brother Kang, long time no see!"

"Welcome Mr. Kang!"

"..."

After seeing Kang Chi come in, everyone stood up immediately and welcomed him with warm applause. Kang Chi actually didn't know most of them, and even some were old acquaintances who didn't have many opportunities to meet.

Kang Chi hadn't seen Fang Qiming in Dongyang for several months.

After smiling and nodding to everyone, Kang Chi waved for them to sit down, and then under the guidance of Zhang Qing, he sat in the middle of the first row. As Kang Chi sat down, this scene made everyone in the group excited. The highly anticipated summary meeting finally began.

The annual summary meeting is a time to take stock of the company's achievements over the year, so everyone is curious about how the group has developed after another year of rapid development, and whether they have kept up with the pace of brother companies...

As the first company established in the group, although Daqin Optics is not large in size, it has always had a son-like status in the group.

Everyone knows that making cameras is not profitable, but Kang Chi, who has a unique passion for cameras, often goes out to promote Daqin Optics in person. Therefore, Fang Qiming naturally became the first group executive to speak on the stage today.

After years of hard work, Fang Qiming is now completely different from the young boy he was when he was just starting out. He has the unique temperament and calmness of a leader all over his body.

However, when he glanced at the hundreds of elite executives present and saw Kang Chi sitting in the audience, his eyes couldn't help but feel a little dazed.

The bus stop that winter became the place that changed his destiny.

Kang Chi's voice, "Do you want to consider having sex with me?" still lingers in his ears.

If he had not met Kang Chi, he would not know where his life would have gone.

But he was very sure that it would definitely not be as glorious as it is now...

After nodding with gratitude and reverence to Kang Chi, Fang Qiming quickly entered the reporting state, opened the PPT and started Daqin Optics' work report.

"Daqin Optics is currently divided into five major business segments, namely consumer digital cameras and lenses, mobile phone lenses, EUV lithography machines, security surveillance cameras, and other optical products such as sights, microscopes, and astronomical telescopes."

"Last year, Daqin Optical's consumer-grade digital cameras and lenses business achieved a total annual sales of 21.144 billion."

"Among them, 1.213 million camera bodies were sold, with total sales of 11.045 billion yuan, including 987,000 units in Wu'an and 226,000 units in Tongwu, with sales of 4.934 billion and 6.102 billion respectively."

"In terms of camera lenses, a total of 4.1076 million units were sold, with total sales of 10.109 billion yuan, of which 3.1584 million units were sold for the Hero mount and 949,200 units for the Hero mount, with sales of 6.313 billion and 3.796 billion respectively."

"In terms of the mobile phone lens business, last year's actual shipments were 33.93 million units, with actual sales of 9.138 billion, of which 28.9 million were high-end cameras. The mid-to-low-end cameras were developed relatively late and were affected by production capacity. The shipment volume is only 5.03 million units, but there are currently more than 30 million orders in the backlog. Of course, there are still more than 20 million orders from Wucheng, so the market space and potential for mobile phone lenses is still very large."

"In terms of lithography machines, a total of 24 Qinguang One units were delivered last year, with total sales of 23.76 billion. This number is expected to double this year as production capacity increases."

"The remaining security surveillance camera business, as well as other optical product businesses such as sights, microscopes, and astronomical telescopes, will not be analyzed one by one because the product models are relatively complex. The total annual sales of these two sectors were 3.789 billion, of which The largest amount of 1.708 billion is the 500,000 sets of sights purchased by the military."

[Total sales 57.831 billion, net profit 17.867 billion]

This is the final report card given by Daqin Optics.

This person's transcript immediately shocked all the executives in the room!

The average monthly turnover of Daqin Optics the year before last was only over 30 million yuan, and the annual sales were less than 500 million yuan.

But with the technological breakthrough of photolithography machines, after being able to build cameras by ourselves, the data in all aspects increased by almost a hundred times, which is indeed a bit exaggerated.

If this trend continues, it is estimated that Daqin Optics' revenue this year will reach the threshold of 100 billion.

And compared with other companies, Daqin Optics' flow and profitability have always been very stable and healthy, with basically no debt. The only loan was the 60 million that Kangchi borrowed when he founded Dahan Silicon Industry...

To give a more intuitive example, although Huawei's total global sales in 2022 reached more than 600 billion RMB, its net profit was only 35.6 billion. Therefore, if you look at profitability alone, Daqin Optics is almost half Warwick for 22 years.

Of course, Warwick's profits in 2022 were so low because that year was their most difficult year, and most of the money they earned was invested in research and development. Their financial statements last year have not been made public, but they must have skyrocketed across the board.

Most of Daqin Optics' R\u0026D costs have been covered by Kangchi. Coupled with the 56% profit margin of the lithography machine business, Daqin Optics' report card can be so impressive.

After Fang Qiming finished his report, everyone immediately gave him warm applause.

The next one to take the stage was Ming Yuhan.

Kangchi once had a secretary-general who was a year younger. Although his performance is not amazing, his abilities are relatively balanced. For a company like Dahan Silicon Industry that focuses on production management and basically does not need to consider expanding its territory, it is completely sufficient. , so he has been promoted by Zhang Qing to become the CEO of Dahan Silicon Industry.

Dahan Silicon's product structure is also very simple, that is, selling silicon wafers. Its current monthly production capacity is stable at 2.6 million wafers, and its annual sales are 21.42 billion.

"... After spinning off the R\u0026D department, Dahan Silicon's profitability has been significantly improved. The net profit margin has increased from 29.79% the year before to 41.9%. Last year's net profit was 8.974 billion. The company currently still has 13.43 billion in debt that has not been repaid. clear."

Ming Yuhan finally concluded: "As the demand for large-size silicon wafers from domestic semiconductor companies continues to rise, Dahan Silicon plans to expand production to 3 million wafers per month this year, and is expected to repay all the costs in the first quarter of the next year. loan."

Will the 23.45+5 billion loan be repaid in the year after next?

This time point is much faster than Kang Chi originally expected.

After all, Dahan Silicon Industry was a white wolf with nothing at the time and swallowed up Silicon Information with a market value of more than 20 billion. Now, as long as one year passes, it can basically be completely digested.

Moreover, the current Dahan Silicon Industry has an annual profit of 8.974 billion. Compared with Silicon Information, which was barely supported by blood transfusions from Shanghai Silicon Industry, its value is not at the same level at all.

For companies with stable profits, the valuation is generally equal to five to ten times the profit of the previous year. Kangchi and other companies are industry leaders, so if he wants to sell, he will calculate it based on ten times the maximum amount. It is estimated that capital is rushing for it.

So based on this calculation, the valuation of Dahan Silicon Industry is at least 80 to 90 billion.

As for companies like Daqin Optics, which still have a lot of room for growth, multiplying by 30 times the profits, let alone ten times, would definitely be too low!