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Yurko and buhler Inc.

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Zr Hf alloy
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Gold watch patent Yurko

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So much fits inside the tiny 3D-printed AMLOY-ZR01 amorphous metal housings, requiring dexterity and refined fine motor skills. This is the first step in assembly before they’re packaged and shipped across the world, to you!

— Sennheiser India (@SennheiserIndia) July 4, 2023

[808mark]

So the new rational LIQUIDMETAL platform is here. Thanks Pay. Let’s hear some more news .
Appreciate it.
What is this site. And where have I been.
Stuck at the ihub LQMT liquidmental site
wishing something better for LQMT that just doesn’t seem come true.
Can’t help but wonder did I make a huge mistake 10+yrs ago accumulating my position in LQMT for the prosperity of my family’s future? I may never know the answer as time just flashes by and so many others are prospering from investing in real companies.
Not sure what to think anymore about LQMT as a business decision. Semi scared to think of the future truth of any of this but I will hold LONG as year 11 continues of my investment.

[PayMEmf]

In-app reading
What's the beginning? This Chinese company actually got stuck in the neck of the American military giant Loma!


2023-05-27 19:14HenanLovers in the field of history, dynamic creator
The Sino-US trade war has long evolved from an economic war to a science and technology war. With its strong scientific and technological strength, the United States has launched a crazy all-round suppression of Chinese high-tech companies. Even its followers, Japan, South Korea and other countries, have begun to impose strict restrictions on China's high-tech field under their pressure.
The technological restrictions in the United States have greatly constrained the development of some Chinese high-tech enterprises. Even some high-tech enterprises have to press the pause button, and some enterprises have to disband the R&D team. It can be said that the restrictions of the United States on China in the high-tech field have made many Chinese high-tech enterprises miserable. What they expect and can rely on can only be a breakthrough in their own domestic substitution.

How to counter the sanctions of the United States? In fact, we don't have many cards to play. After all, as an old technology power, the United States holds many technology cards. These cards give it the means of technological hegemony, while other countries can only deal with it passively.
As for the resource-intensive means proposed by many people to restrict the export of rare earths, the actual role is not as big as expected. If we want to restrict the United States equally, we must have the means it does not have.
Just when many large companies were helpless about the sanctions against the United States, there was a small Chinese company that was unknown, but the world's top military giant in the United States, Lockheed Martin, was dejected and hit Loma's neck. Because this material produced by this Chinese company is unique in the world and a necessary material for many Loma's products, it is now refused to be provided to Loma.

Up to now, Loma has not found a way to crack it, and can't find an alternative product at all. It has to lower its head and find this company, hoping to raise its noble hand, let Loma go, and provide some continued materials.
Originally, during the normal trade between China and the United States, the two countries had nothing to do with each other. You have me and I have you. Everyone does business peacefully. It's very good.
But over the years, the United States has not thought so. All day long, it is thinking about how to limit, delay and hinder China's development in the high-tech field, so that the United States can always be on China in these fields. In order to do this, relying on normal trade means alone, the United States felt that it could not achieve its own goals, so trade wars and science and technology wars came one after another, all of which were aimed at China and killed it. There is only one purpose, which is to interrupt the momentum of China's development in the high-tech field, so that China will always follow the buttocks of the United States. If you want to surpass the United States, you can't even think about it.

Various sanctions and restrictions of the United States are constantly hitting China. China, which is unwilling to be bullied and surrenders, will naturally fight back.
We have also begun to restrict the export of some key rare strategic materials to the United States. These rare strategic materials are not only rare earths, but involve many fields.
What makes the American military giant Loma feel uncomfortable this time is a Chinese company called Yi'an Technology, which has liquid metal processing technology, which is unique in the world and has always been the supplier of Loma.

After the implementation of the equivalent countermeasures, Yi'an's liquid metal material was included in the export restriction list. As a responsible Chinese technology company, it is necessary to support the national measures. As a result, Loma can no longer buy the liquid metal of this Chinese company.
At the beginning, Loma didn't care. It was just a kind of metal material, and there were plenty of inventory. Even if it's used up, won't it solve the problem if you just find another one? You don't have to hang yourself in this company.
The ideal is very full, and the reality is also very skinny. When this liquid metal material was about to run out, Loma began to look for alternative companies all over the world to produce this material for it, but not one could find it! Because except for this Chinese company, other companies in the world can't produce this thing at all, and there are not even substitutes with similar performance!

Now, Loma was in a hurry and put the idea on Yi'an Technology Company. Loma Company put down its figure and sent a letter to Yi'an Company, describing the small grievances in his heart, saying that he used the material of Yi'an Company, and the products he produced were not at the weapon level. Please ask Yi'an Technology to raise your hand and supply some materials.
This letter from Loma Company was not actually written in the name of Loma, but was made through a company called RMS Company to avoid China's export restrictions.
This letter is written to Dongguan Yihao Metal Materials Technology Co., Ltd., a subsidiary of Yi'an Technology.

Of course, we are not fools. With a look, the little tricks of the Loma company showed their original shape. Naturally, the request of this intermediary company was strictly rejected.
This happened in September 2021, when the trade war between China and the United States and the scientific and technological war was in full swing. The rejection of Chinese companies has undoubtedly made Loma extremely uncomfortable.
This example also shows that we are not without any countermeasures against the sanctions of the United States in the high-tech field. As long as we support the development of high-end technology companies with independent intellectual property rights, we can not only break through the sanctions of the United States to a certain extent, but also impose sanctions on the United States.
Although this kind of counterattack may not hurt the United States, it can let Americans know that we are not without the power to fight back.


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Q&A from 2016…

Yi'an Technology: Liquid Metal Technology Seminar

Category: Corporate Research Institution: Zhongtai Securities Co., Ltd. Researcher: Zhongtai Securities Research Institute Date: 2016-04-20

Q: Now that CNC is very mature and capable of large-scale production, what is the difference between large-scale production of liquid metal and production of line parts?

A: It depends on what you are comparing with. If compared with ordinary stretched products, liquid metal is absolutely expensive, because the material of liquid metal is about 200 dollars a kilo. When we die-cast liquid metal, almost 90% of the finished products can be made. So compared to expensive labor, mass production in this area is much cheaper. We make a box by ourselves. If it is not complicated, we have more than one hundred RMB. If it's more complicated, it's less than two hundred dollars. If you consider the liquid metal from the beginning of the design, the cost will be more advantageous than the current aluminum alloy.

Q: Is there a difference in consistency between small batch production and mass production later?

A: It can be said that there is almost no difference, because we are relying on molds to produce. Our die life is considered to be 30,000 to 40,000, and the appearance of the three or four thousand is almost the same, of course, some parts of the small part of the parts, We may need post-processing, such as grinding. However, they are basically accurate and reproducible. We like to compare the liquid metal and powder metallurgy, powder metallurgy will probably have a shrinkage of 22% to 24%, and the lateral shrinkage and the vertical shrinkage are not the same, the shrinkage of the liquid metal is somewhat different, about 1000 2.5 to 3.5 parts per thousand is very controllable, so the reproducibility of liquid metal is very good.

Q: Our technology is very advanced at present, but from the perspective of promotion, it is a difficulty that needs to be overcome. How can this problem be solved in the future?

A: Last year we started to promote small products. Now we are starting to promote some of the larger products. This mainly involves the process of customer recognition. It has been developing well so far. When it comes to the promotion of large-scale products, there is no A certain point in time, but we are now operating at a higher rate.

Q: The cooperation between Yi'an and the Chinese Academy of Sciences and liquidmetal actually puts some of the liquid metal-related intellectual property rights in the hands of material costs, materials technology and equipment. At present, the relative status is relatively high, but it still faces some technical competition. What is the overall strategy for intellectual property?

A: Liquidmetal has about 128 patents on the side. The 128 patents protect almost all formulas or similar formulas that can be expected. Therefore, others cannot sell liquid metal to the United States. They must have liquid metal authorization. Just because liquidmetal itself has sufficient protection for intellectual property.

Q: Yi'an did not position itself as a production-oriented enterprise. Rather, it was a kind of integration of resources, linking technology and industry to the level of liquid metal. In the future, the company wanted to be a production-oriented enterprise. In the past, do a resource-integrated enterprise?

A: In the production-oriented enterprises, Yi'an is a very small company. Small companies like Apple and Samsung do not divide the market into our hands. We don't have enough machines to produce, and we don't have enough capacity to manage. A lot of machines, so we are looking for partners to do products together, we teach you how to do it, tell you the recipes, tell you about machinery, equipment, materials, etc., Yian only has a dozen or twenty machines, YiAn as a demonstration Units communicate with each other through familiar companies such as Apple and Samsung.

Q: At present, the mobile phone frame cannot be completely replaced with liquid metal. What is the company's expectation of infiltration of this kind of product?

A: At present, only we can make liquid metal mobile phone borders, but a slightly better mobile phone brand can't find a single supplier, we need to shop around, and our current size is still too small to carry such a huge market. So we are actively promoting other companies to develop liquid metal products, because we have a limited scale, so we hope to make it a plate, an industrial chain, there are twenty to thirty companies to promote its development, from raw materials, machines Equipment, processing, and application, if only relying on Yi'an Technology, will go very slowly and require the joint efforts of everyone;

Q: During the long-term research of new materials, we discovered that if there is a special application direction for new materials, it will develop faster. This situation generally has two characteristics. First, after its use, its overall cost will drop a lot, so that downstream companies will have a strong driving force. The other is that the entire market must be large enough. At present, everyone's concern is in the mobile phone casing, but I think that liquid metal does not have much comprehensive cost advantage in comparison with aluminum alloy (the current iPhone's shell material) in the mobile phone casing, so in addition to the mobile phone casing field, there are Are there other fields that meet the above two characteristics?

A: Actually, apart from the two points you mentioned just now, one of the more special features of mobile phones is that Jobs pushed liquid metal before he died, but it was not really successful (only the pin used was liquid metal). If the liquid metal phone case can be made, then there is a clear advertising effect in the field of application of Apple, a gimmick (the use of new materials will often become a new selling point for mobile phone products). At present, consumer electronics can make liquid metal grow fastest. First, because of its large number and wide demand, and second, the existence of Jobs and Apple's mobile phone makes this market full of star effects, so when a mobile phone shell is produced, there will be a market effect in one or two years. Even if the price is expensive, the consumer electronics market can accept it. Taking Xiaomi as an example, Xiaomi 4 talked about the story of a stainless steel tour at the product launch event and became its main selling point at that time. The cost of millet 4 stainless steel has just started to be 250, and has been reduced to 200 after continuous improvement and mass production.

And my liquid metal shell only 180 dollars, after the price will be lower, compared with stainless steel 304, whether it is price or forcing, liquid metal shell is undoubtedly in a leading position. In addition, in the field of mobile phone housings, the strength of liquid metal is higher than its use value. The high strength of aluminum alloy is only 400pa, and the liquid metal is also as low as 1000pa. Therefore, it is not necessary to use such advanced materials as liquid metal. I have never put consumer electronics on the top of the list of liquid metal applications. My personal focus is on the automotive side, including automotive shafts, fasteners, locks, etc. This is no less than consumer electronics.

Q: I am a company with on-board display. Considering that our car displays will grow bigger and bigger in the future, when will liquid metal frames with more than 10 inches display be made?

A: We should be able to do it, but liquid metal has a very low price/performance ratio for on-board displays. Liquid metal is a selling point for mobile phones, but it is not for on-board displays. It is difficult for you to pay for this premium. A small box for a mobile phone costs 180 yuan, but the box on a car display screen costs 1,000 yuan. Not only is the price too expensive, consumers are reluctant to pay, and even if the cost is lowered later, the value of liquid metal to the value of the on-board display is also increased. Very limited

Q: The domestic patent environment is still rather harsh. How are we laying out patents in the country? How many?

Liquid metal itself has a huge patent pool. How to achieve effective docking?

A: We have only a dozen or so amorphous patents in China. However, our patents can be used out. Other companies have heard that there are 70 to 80, but their patents are not easy to use. And our domestic patent is even better than Liquid metal. We have a patent that can produce antibacterial effect after adding appropriate amount of silver in liquid metal. Basically 99% of E. coli can be eliminated in wearable equipment, medical treatment and electronics. The field has broad prospects. Liquid metal has been making liquid metal for more than 20 years, and has more than 120 patented technologies in foreign countries, covering all aspects of mobile phone housings. Joining Liquid Metal can guarantee that we will be in a superior position in foreign intellectual property litigation in the future;

Q: YiAn Technology has more than 20 devices, but it cannot meet the needs of some large 3C manufacturers. Soon the equipment is the bottleneck of industrial development?

A: No, at present, we have already found three cooperative companies for materials and equipment manufacturing companies. If everyone pushes forward together, the bottleneck is not a problem. Because Yi'an Technology is a research and development company, there is no advantage in equipment production. In the future, we will jointly set up a joint venture company with related materials and equipment manufacturing companies. We will control the company's shareholding, grant intellectual property, and sell it to everyone to jointly expand this market.

Question: The biggest characteristic of liquid metal is its high strength and high hardness. This feature is a waste of mobile phone casings. It should actually be used in applications where space is limited but where bearing capacity requirements are relatively high. However, current mechanical designers do not understand this material. We need to introduce some similar standards and production manuals. Do we have plans in this area?

A: Lqmetal has set industry standards in the United States, so we need to do the same in China. At present, the development of industry standards still needs at least one year. We are constantly promoting this. This is very necessary, and it is an entirely new way for us to grasp the initiative in the development of the industry.

Q: To vigorously promote the marketization of liquid metal, we must find many partners, but there will be technical risks, how to protect the company's intellectual property?

A: Actually, it is difficult to protect intellectual property in China. On the one hand, we must promote this matter because the development of liquid metal requires the entire industry chain as a support (only one can produce hard-to-market, hard-to-make money). On the other hand, , As the first liquid metal manufacturer in China that can produce mobile phone cases, we have this sense of mission to cultivate it. If it succeeds later, this will be a highlight in the development history of the entire liquid metal industry. It is not just money that can be measured. Q: Please tell us about the phase change process. A: For example, glass is neither too nor solid, glass is glassy, ??and the phase change will take a long time. For the same reason, if the amorphous alloy is applied more than 300 degrees, it will change, and the phase will not necessarily change, but the shape will certainly change and the mechanical characteristics will change.

Q: Just mentioned injection molding, injection molding is generally applied in the plastic field, what is the difference with die casting?

A: It is really a die-casting process, but because it cannot be called die-casting, it is called injection molding.

Q: With respect to consumer electronics products, consumers are looking for a thin, but zirconium-based liquid metal is heavier than other similar products in terms of weight. How to solve this problem in the future?

A: I use the door axis of the car as an example. A door has two axes, about 400-500 grams per axis. We can't use amorphous materials yet. Let's explore feasibility first. The strength of the amorphous alloy is about 2.5 times that of the high-strength steel, and the amorphous proportion is about 6.5, the iron is 7.8, and the weight is 20%. Taken together, it means that 1/3 volume of amorphous can replace 1 volume of high strength steel. 4 kg of 4 doors, plus 6 kg at the front of the car, can theoretically reduce 4 kg. Because the strength of its unit is much stronger than other varieties, this is the basis for weight loss.

Q: What about consumer electronics products such as mobile phones?

Answer: The reason is the same. We are now making 0.8mm, but 0.3mm is enough. If we do it thin enough, we have enough strength.

Q: We know that there are many times when some good materials are applied on a large scale, depending on the cost of the materials themselves due to economies of scale. The company promotes the liquid metal in large scale nationwide and globally. This idea is very good, but when will it become a reality?

A: This is our intention. It is also an important idea for us to acquire LQMT because it has a close relationship with Apple. Both parties share a research and development team. Apple did not use liquid metal before because no one made it. Now we have made it. We must discuss with them before the end of this year. Of course, it is expected that it will strongly demand that the company's products can only be supplied to it. I have reservations. Because there are already many excellent mobile phone manufacturers in China, they will not buy out to Apple or any other mobile phone manufacturers. However, we will soon talk to Apple and we may not be able to reach cooperation because the differences are still quite large.

Q: After the large-scale promotion of this industry, there may be problems with the upgrading of materials. The next generation or the next generation will emerge and be replaced with other new materials. Will this hinder the determination of large-scale investment in the industry?

A: This is a relatively macro topic, but I personally think that at the beginning of the outbreak, there will be no large-scale purchases. There will be only a small amount of purchases at the beginning, and after the maturity of research and development will continue to increase, so the risk will not be great. .

Q: The biggest promotion area for liquid metal in the future is the automobile?

Answer: The application in the automotive field takes two or three years. We are fortunate to have a T-precision car company that began to cite our products last year. This company is more interesting. It The products are both automotive and consumer electronics. The consumer electronics field has a benefit, and it has a higher degree of acceptance of new things.

Q: Are companies in the military industry involvede?

A: Because I am a Hong Kong person, I don't have easy access to the military. I can find a metal company and they have a lot of relevant experience.

Q: Currently, there are three main directions for the liquid metal technology reserve. The first one is the band shape. This is already mature. The second is the bulk amorphous material we are currently making, and the other is the powder. One of the directions for powder applications is 3D printing. Can you tell us about this?

A: There are two uses of powder, one is a surface coating, with wear, corrosion and other functions, there is a 3D printing. We have a company, Liaoning Jinyan Liquid Metal Technology Co., Ltd., which accounts for 70% of the company and 30% of the Institute of Metals of the Chinese Academy of Sciences. Liaoning Liquid Metal has a subsidiary called Shenyang Jinyan New Material Preparation Technology Co., Ltd., which is engaged in 3D printing from powder production to final product preparation, but has not yet been promoted. We recently received 3 million yuan from the Guangdong Provincial Government to fund scientific research in this area. The real application will probably be early next year. We will focus on materials, supply powder to customers, we will not do printing, and the technical content is too low.

Q: Is it a liquid metal powder?
Will the characteristics of amorphous alloys be maintained during 3D printing?

A: It is also done, and the performance in terms of strength is still excellent. In 3D printing, we use special cooling methods to meet the forming conditions, so the printed material is still liquid metal, which is also the difference between us and ordinary 3D printing.

[PayMEmf]

https://m.gsmarena.com/huawei_watch_ultimate_specifications_price_availability-news-57983.php

“Global pricing will be announced at a later stage.”

I guess we wait on apple

[jaybiscuit]

You are really crazy. Take care.

[Saving Grace]

Central Banks are finished.

Fiat dollar and Euro are now worthless.

All short sellers may be screwed.

Margin calls must be in gold.

Good Luck

[jaybiscuit]

Bad news over at ride board, with links too. revirement équitable

[Saving Grace]

Do you mean All the spam. Sneaking Alpha? LoL Real traders know sneaky alpha is a paid shill. When Sneaking Alpha bashes a stock, I buy it. Sneaking Alpha has never been right about anything and is a good indicator to buy the stock a paid shill bashes.

I made sure they know the truth about the real fraud now that QFS is now in control since TUE.

That means Tuesday. QFS is in control as many are soon to find out. Everything!

The entire market and all exchanges.

[jaybiscuit]

Nah…they’re looking at the fraud over at RIDE. Link below:

https://seekingalpha.com/article/4416672-lordstown-sec-inquiry-raises-concerns

[Saving Grace]

That the SEC needs to see...

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Secretary Dong, please give feedback on the progress of magnesium bone nail and Zhuzhou 6100t die-casting machine!
ccninfo798665· 2023-02-02· Source Website
Yi'an Technology Pay attention to 2023-02-02
Hello! Thank you for your interest in the company. The company's magnesium bone nail clinic is coming to an end, and the 6100T die-casting machine has been installed and debugged. Thank you!

http://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=1379479785258041344

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Changying midframe materials 2016

https://www.cmpe360.com/p/29308


Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.


Author ab
DECEMBER 1, 2016
Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.

With the approach of the 5G era, companies in the industry have laid out relevant nodes in the industrial chain. The relevant person in charge of Changying Precision said that he was optimistic about the advantages of the industrial nodes of metal middle frames. In the process of the industrial development of "metal shell + metal middle frame" to "metal middle frame + double-sided glass" in the industry, 7 series aluminum, stainless steel and even titanium alloys will need higher processing technology barriers and higher value metal middle frames. In order to maintain the strength of the fuselage and support for the large screen, this will significantly improve the value space of the metal middle frame industry. At the same time, because it will take some time for the arrival of the 5G era, the company will patiently do a good job in traditional business while actively grasping the new trend of metal frames.

The middle frame is not a border, and the value space will be improved.
Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.
Since the market has paid attention to the design scheme of 3D glass or ceramic back cover + metal middle frame, it has begun to worry about the future of the metal housing market. In the general understanding of investors, the middle frame is the rectangular frame of the mobile phone case, and the materials and processing time used will be less than that of metal housing products. In fact, the middle frame is not a simple quadrilateral frame. The middle frame supports and carries core components for the whole mobile phone. There are many different requirements from strength to structure and heat dissipation.



For example, in the figure below, in addition to the metal frame in the exterior part, there are also a large number of complex internal structures, and the processing difficulty and time even exceed those of ordinary metal enclosures. At present, the value of the metal enclosure of mid-range smartphones is generally 120-150 yuan, while the value of metal middle-frame components with aluminum alloy is about 150-180 yuan, and the value of metal middle-frame components with stainless steel is more than 200 yuan. The industrial trend of new material back cover + metal middle frame will highlight the value space of metal middle frame products.

Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.

Metal medium frame + double-sided glass may become a new opportunity
Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.With the advent of the 5G era, metal middle frame + double-sided glass may become a mainstream design scheme, which will significantly increase the demand for metal processing. Changying Precision said that with higher technical threshold and rich processing experience, the company's gross profit margin and market share of metal parts are expected to increase. New materials in the appearance of concern in the market include 3D glass, ceramics, sapphire, etc. Although 3D glass, ceramics, sapphire and other materials have good anti-interference and cater to the trend of new transmission methods such as wireless charging and 5G, the relatively brittle physical characteristics make the yield of holes and holes in materials very low, and it is very unlikely to be used as a middle frame component of mobile phones with various interfaces. Zirconia ceramic materials are difficult to process, the product price is extremely high, and the batch price is more than 700 yuan or higher. It can only be a niche product and difficult to become the mainstream. If glass is used as the front and rear panel of the mobile phone, you need to use harder metals such as 7 series aluminum, stainless steel and even titanium alloy to maintain the strength of the fuselage and support for the large screen. There are higher technical barriers to the processing of high-hardness metals. The product design and process complexity are increased, and the processing time is longer, which improves the added value of the middle frame. Changying Precision said that with its rich experience in mass production of high-hardness metal processing, the company is expected to give full play to its advantages to improve the gross profit margin of metal parts and strive for higher market share.





The 5G era still needs to wait patiently.
Changying Precision: The value space of metal middle frame in the 5G era will be significantly improved.
Recently, some industry companies said that because the base station antennas in the 5G era may be arranged in arrays, the antenna form of mobile phones and other terminals is still under research and development, but due to space constraints, it is unlikely to use array placement. The exterior design scheme of metal middle frame + double glass is a definite option. The integrated metal rear shell may be upgraded to a new form of low-cost form such as an integrated metal non-metallic composite rear shell, or a multi-seam metal rear shell. Plastic and ceramic rear housing are also options. Therefore, in the 5G era, the metal middle frame of the mobile phone will be the mainstream, and the rear shell will appear in many forms such as metal non-metallic composite rear shell and non-metallic rear shell. In this regard, industry analysts believe that although the concept of 5G has become a hot spot in the market, it will take time and repeated demonstration to improve the theory of relevant technologies to truly popularize their application. According to the current known parameter configuration of iPhone 8 and Huawei Mate9, it can be seen that the shells of these two new products are still made of metal. The time for the full popularity of 5G networks nationwide in China is leading technology is uncertain. 5G standards have not yet been issued, and global popularization requires more long-term patience. At the same time, 3D glass, ceramics, sapphire and other new materials need a certain growth process from technology to productivity and mass production scale. Within three to five years, metal shell + metal middle frame is still the mainstream trend in the smartphone industry. While patiently waiting and laying out the 5G era, Changying Precision will actively carry out traditional business, and seize the opportunity to develop the advantages of the metal middle frame industry in the process of technological upgrading.



In addition, Changying said that it is very concerned about the ceramic appearance market and has been developing the grinding process of zirconia ceramics. If there is a large-scale market demand, the company can also respond quickly and keep up in time.

Source: Shanghai Securities News · China Securities Network

Attention, friends in the mobile phone case processing industry chain! If you are engaged in the mobile 3D glass industry, you might as well join the mobile 3D glass industry chain communication group. Please press the QR code to add the editor's WeChat: aibanggaofenzi004 and note "3D glass"

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https://mp.weixin.qq.com/s?__biz=MzA3Njk4NTgyMA==&mid=2651748143&idx=1&sn=c10c436c3c52ff27ca959647d64e6d01&chksm=84a2339cb3d5ba8ad9a7df3610b8b0f5e7acd7fa8d3f14143dc26e0a40a1512fe50d11c505a2&scene=27

2) Aluminum-based and magnesium-based liquid metals have been used in lightweight materials, especially aerospace. With the development of lightening of automobiles, high-speed rail transit and aerospace technology, researchers have begun to focus on the research of high-strength and low-density materials: aluminum-based liquid metals are stronger than steel, but the density is less than 40% of steel; the compressive strength of magnesium-based liquid metals can reach 900~1200MP. a, the density is less than 25% of that of steel.

[jaybiscuit]

This post is a goldmine of great info.

[PayMEmf]

Sea of clouds

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=128184319

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Stock Code: 002182 Stock Abbreviation: Yunhai Metal Announcement No.: 2022-18
Nanjing Yunhai Special Metals Co., Ltd. Announcement on the Expectation of Daily Related Party Transactions in 2022
The Company and all members of the Board of Directors warrant that the contents of the announcement are true, accurate and complete, and that there are no false records, misleading statements or major omissions.
I. Basic information on daily related transactions
Nanjing Yunhai Special Metals Co., Ltd. (hereinafter referred to as the "Company" or "Yunhai Metal") and its holding subsidiaries are expected to cooperate with the shareholding subsidiary Chaohu Yian Yunhai Technology Co., Ltd. (hereinafter referred to as "Yian Yunhai" in 2022 due to daily production and operation needs. ”), the company’s shareholder Baosteel Metal Co., Ltd. and its subsidiaries (hereinafter referred to as “Baosteel Metal”) have daily related transactions involving the purchase of raw materials, products or sales of products from related parties.
The 7th meeting of the 6th Board of Directors of the Company reviewed and approved the "Proposal on Daily Connected Transactions in 2022", which still needs to be submitted to the 2021 Annual General Meeting for consideration.
Regarding the proposal of this connected transaction, the independent directors of the company issued a pre-audit opinion expressing their agreement to submit it to the board of directors for deliberation, and expressed the independent director's opinion.
The estimated total amount of the above-mentioned daily connected transactions in 2022 is RMB 1,530 million, and the actual amount of daily connected transactions in 2021 is RMB 1,359,443,700.
2. Routine related transactions in 2021 Actual occurrence of daily related transactions in 2021
Unit: 10,000 yuan
For details, please refer to "Yunhai Metal: Announcement on Routine Connected Transactions in 2021" on http://www.cninfo.com.cn on April 21, 2021
Related party transaction content
Actually happened
amount of the same kind
Business ratio
(%)
Difference between actual amount and estimated amount (%)
associated person
Amount actually incurred
Estimated amount
Disclosure date and index
Related party transactions
Procurement of raw materials from related parties
Yian Purchasing
1,699.85
10,000
0.26%
-83.00%
sea ??of ??clouds
product

Baosteel
metal purchase
and customs
liaison material
manage
Subtotal
Yian sells Yunhai products
Baosteel
130,903.64
190,000
19.75%
-31.10%
For details, please refer to "Yunhai Metal: Announcement on Routine Connected Transactions in 2021" on http://www.cninfo.com.cn on April 21, 2021
For details, please refer to "Yunhai Metal: Announcement on Routine Connected Transactions in 2021" on http://www.cninfo.com.cn on April 21, 2021. For details, please refer to "Yunhai Metal: Announcement on Routine Connected Transactions in 2021" on http://www.cninfo.com.cn on April 21, 2021
Sell ??products and merchandise to affiliates
metal sales
132,603.49 200,000 20.01% -33.70%
3,188.06 10,000 0.39% -68.12%
152.83 5,000 0.02% -96.94%
3,340.89 15,000 0.41% -77.73%
and related products
manage
Subtotal
The company's board of directors
Related party transactions actually occurred
Situation is more than expected
Description of large differences (eg
Be applicable)
1. The actual amount of products sold to related parties is less than 80% of the estimated amount. The main reasons are: the decline in the business volume of the related parties, which led to the decline of the company's sales of products to related parties compared with the estimated amount; 2. The actual amount of purchases from related parties is less than the estimated amount by 80% % Main reasons: The supply of raw materials by related parties is insufficient than expected; the demand for raw materials or products purchased by the company decreases.
The independent director of the company
Frequently connected transactions actually issued
Situation and Expected Existence
Explanation of major differences
(if applicable)
After verification, the company's actual daily connected transaction amount in 2021 is different from the estimated value. The reasons are reasonable, and there is no violation of relevant systems and approval procedures, and there is no behavior that damages the interests of the company and shareholders.
3. Prediction of daily connected transactions in 2022
Related party transactions
Related party transaction content
Related party transactions Pricing principles
Contract signing amount or estimated amount
Amount incurred as of the disclosure date
Amount incurred in the previous year
related person
Procurement of raw materials from related parties
Baosteel Metals and Purchased Materials Related Companies Materials
Subtotal
Yi'an Sea of ??Clouds
buy product
market price market price
3,000
140,000
143,000
542.51
28,875.54
29,418.05
Unit: 10,000 yuan
1,699.85
130,903.64
132,603.49

Yi'an Yunhai sells products
market price market price
5,000
5,000
10,000
1,382.40
201.17
1,583.57
3,188.06
152.83
3,340.89
to associates
Sales Products, Baosteel Metals and Sales Products
Product Affiliate Product
Subtotal
4. Basic information of related parties
(1) Chaohu Yian Yunhai Technology Co., Ltd.
1. Basic situation
Name: Chaohu Yian Yunhai Technology Co., Ltd.
Registered capital: 370 million yuan
Legal representative: Tang Tie Zhuang
Address: Zhuke Village Committee, Xiage Town, Chaohu City, Hefei
Date of establishment: March 16, 2015 Business scope: research and development of new alloy materials; production and sales of magnesium alloy and aluminum alloy light alloy precision die castings.
(For projects subject to approval according to law, business activities can only be carried out after approval by relevant departments) 2. Affiliate relationship
The company holds a 40% stake in Chaohu Yian Yunhai Technology Co., Ltd. and is a shareholder. The connected relationship complies with the conditions stipulated in Article 10.1.3 (3) and (5) of the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange.
3. Analysis of contract performance capability
The main financial data of Yian Yunhai in 2021 are as follows (unaudited): 2021 operating income is 111,185,800 yuan;
Net profit in 2021 - RMB 21.9562 million
As of December 31, 2021, the total assets were 502,332,500 yuan; as of December 31, 2021, the net assets were 295,245,000 yuan. Chaohu Yian Yunhai Technology Co., Ltd. has good assets and operations. Chaohu Yian Yunhai Technology Co., Ltd. is not a dishonest executor.
(2) Baosteel Metal Co., Ltd. 1. Basic information
Name: Baosteel Metal Co., Ltd.

Registered address: No. 3962, Yunchuan Road, Baoshan District, Shanghai
Legal representative: Wang Qiangmin
Registered capital: RMB 4,054,990,084 Unified social credit code: 913101131322330413 Type of enterprise: limited liability company (wholly state-owned) Business scope: engaged in import and export of goods and technology; establishment of enterprises and related consulting services
(except brokers); real estate management, property management and supporting services within the scope of the transferred land use right; sales of metal materials, auto parts, machinery and equipment; manufacturing of metal materials, auto parts, machinery and equipment; production and sales of steel products; construction steel Technology development, technology transfer, technical service, and technical consultation in the application field; technology development in the fields of photovoltaic, solar thermal, photovoltaic, wind energy, bioenergy, clean energy, carbon fiber, and new energy storage materials technology; industrial investment; entrepreneurship Investment; sales of chemical raw materials and products (except hazardous chemicals, monitoring chemicals, fireworks, civil explosives, precursor chemicals); food distribution; general contracting of environmental pollution control projects; cleaning services; environmental protection equipment and related fields Design and sales of automation control systems; engage in technology development, technology transfer, technical services, and technical consultation in the field of environmental pollution control and related information technology; engage in technology development and technical consultation in the field of food and beverage; compressed gas and liquefied gas: non-flammable The above gases do not include highly toxic, specific types of hazardous chemicals. Involving a special license to operate with a license. Dangerous chemicals are not allowed to be stored in the above-mentioned business premises; mechanical equipment rental. (Projects subject to approval according to law can only carry out business activities after being approved by relevant departments)
2. Relationship
Baosteel Metal holds a 14% stake in Yunhai Metal and is a shareholder of the company. The related relationship complies with the conditions stipulated in Article 10.1.3 (4) and (5) of the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange.
3. Analysis of contract performance capability
The main unaudited financial data of Baosteel Metal in 2021 are as follows:
The operating income in 2021 is 13,179,909,332.47 yuan;
The net profit attributable to owners of the parent company in 2021 is 420,117,020.28 yuan; as of December 31, 2021, the total assets are 18,247,575,449.84 yuan; as of December 31, 2021, the net assets are 9,400,761,156.09 yuan.
Baosteel Metal Co., Ltd. has good assets and operations.
Baosteel Metal Co., Ltd. is not a dishonest person subject to execution.

V. Pricing Policy and Pricing Basis for Related Party Transactions
The related party transactions between the company and its subsidiaries and related parties are based on the fair pricing principle based on market prices. Acts that harm the interests of the company and other shareholders.
6. Purpose of the related transaction and its impact on the listed company
The company's expected daily connected transactions in 2022 are all normal operating activities, which are conducive to the company's business development. The company is independent from related parties in terms of business, personnel, finance, assets, institutions, etc., and related transactions will not affect the independence of the company and its subsidiaries. The above-mentioned related transactions account for a small proportion of similar transactions and will not cause the company to rely on related parties.
7. Signing of the related party transaction agreement
The related-party transactions between the company and its subsidiaries and Yi'an Yunhai and Baosteel Metals are carried out in the form of orders or small-value contracts according to each purchase demand for related products in accordance with the framework agreement model. In 2022, a framework agreement has not been signed for the connected transactions between the company and its subsidiaries, Yian Yunhai and Baosteel Metal, and will be signed after the approval of the general meeting of shareholders.
8. Prior approval of independent directors and independent opinions expressed
Regarding the proposal of this connected transaction, the independent directors of the company issued a pre-audit opinion expressing their agreement to submit it to the board of directors for deliberation, and issued the independent director's opinion: the company and its subsidiaries and Chaohu Yian Yunhai Technology Co., Ltd., Baosteel Metal Co., Ltd. and their affiliates The day-to-day sales (purchasing) business incurred by the company is due to the normal production and operation needs of the company. The pricing of related transactions is based on the principle of marketization, which fully reflects the principle of fairness and fairness, and will not cause adverse effects on listed companies and small and medium investors. and losses. The procedures for deliberating and voting on the proposal by the board of directors of the company are legal and valid. We agree to this connected transaction and submit it to the company's 2021 annual general meeting for consideration.
9. Documents available for inspection
1. Resolutions of the seventh meeting of the sixth board of directors;
2. Independent directors' pre-audit opinions on daily connected transactions in 2022, and independent directors' independent opinions on related matters;

Special announcement.
Nanjing Yunhai Special Metals Co., Ltd. Board of Directors
March 16, 2022

http://static.cninfo.com.cn/finalpage/2022-03-16/1212578454.PDF

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Mag batteries yunhai q&a

http://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=1020359813439352832

A few days ago, some netizens asked: How many Dong companies can account for in the US battery market in the future? Secrets of Guigong Magnesium Battery. Research and sales as a whole? Answer: Magnesium batteries are not enough, thank you company. We will work with universities to study magnesium hydrogen storage materials. I would like to ask whether the current non-mass production of magnesium batteries means that Yunhai Metal's company has not mass-produced, or does it mean that there is no enterprise mass-produced at present? Magnesium batteries and magnesium hydrogen storage materials should have two concepts of glass, right? I feel that the previous answers are mixed up. Can you tell me more about the company's research results, scope, and direction in detail? If you keep it secret, you can understand it. thank you very much! ! !
llcyatm· 2021-10-06· source website
Yunhai Metal Follow 2021-10-06
Advantages of magnesium batteries: 1) It is the world's largest producer of primary magnesium, accounting for 70% of the global market. As a global source of primary magnesium and magnesium, China's primary magnesium battery has the advantages of sufficient competition, price and international market; 2) The melting point of magnesium is as high as about 650, so it is safer; 3) Magnesium branches will not appear during the charging and discharging cycle of magnesium batteries Crystal, the key to a more secure stage is to find a suitable current solution and energy. Enabling the rapid transmission and storage of magnesium 2+ will be the key to obtaining high-power magnesium batteries. With the development of hydrogen energy, hydrogen storage materials for magnesium-based batteries can also play a role. It has excellent hydrogen absorption and desorption performance, which can achieve great capacity consolidation. Hydrogen storage, long-distance transportation at room temperature and pressure.
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Looking at the future of mobile phone appearance materials from the release of the new iPhone - the value of the middle frame of the mobile phone is prominent, and the era of liquid metal middle frame is coming.
Recently, Apple held a new product launch conference at the Jobs Theater, which launched iPhone 8, iPhone 8 Plus and iPhone X, as well as the third generation of Apple Watch and other products.

This time, Apple skipped the previous S enhancement series and directly launched the iPhone 8/8 Plus. The main change in appearance is that the back cover is replaced with a glass panel, which is officially called the strongest and most durable glass panel so far. The back tempered glass is finished with a 7 layer stain process. With it, there is a new gold color matching in addition to space gray and silver; after replacing the metal material of the previous generation with glass, the iPhone 8 is still 7000 series aluminum as a metal middle frame.
iphone X

Official release date: November 3, 2017
Recommended index: ??????

Of course, the most eye-catching is the iPhone X (Ten) that debuts as one more thing, which Apple officials say is the future of the smartphone in the next 10 years.
Its biggest highlight is that it is rumored to unanimously adopt the "full screen" design and use OLED material for the first time. It uses innovative folding and circuit stacking technology, so that this OLED screen can accurately fit the curve of the body in the form of a full screen, so as to achieve a satisfactory round touch.

Like the iPhone 8/8P, the iPhone X has a glass panel on the back cover, which is the strongest and most durable glass material on the iPhone so far. Its reinforcement layer is 50% thicker than before.

Unlike the former, the iPhone X replaced the middle frame material and the 7 series aluminum alloy with stainless steel, which Apple called "surgical grade". In addition, on the space gray model, the "physical vapor deposition" process is still used to ensure that the color of the stainless steel frame is consistent with the glass color.

Every time Apple uses a new process, it will become a vane for mobile phone development. This time, Apple's return to the appearance material matching of double-sided glass + metal middle frame will lead the transformation of the whole industry.

The appearance material and structural change history of iPhone




The future development trend of mobile phones brings changes to mobile phone structure and materials.


1. Full-screen technology is popular

The full screen is called the last technological innovation point of the mobile phone industry before the arrival of 5G. The reason why full-screen has become an industry hot spot is mainly that full-screen products are more in line with users' needs for video playback and display interface. The benefits of using a full-screen mobile phone are self-evident. The first is to maximize the visual effect, and the second is to optimize the grip.





Because of the full screen design, the screen module will extend to the upper and lower ends of the whole machine, which will greatly reduce the main net space left for the antenna. If the metal shell is still used, the mobile phone signal will be greatly affected. At the same time, the borders on all sides will become narrower and narrower, and the requirements for the strength of the frame in the mobile phone will also be higher and higher, and the requirements for falling and pressure resistance will be higher.

Because of the full screen design, the screen module will extend to the upper and lower ends of the whole machine, which will greatly reduce the main net space left for the antenna. If the metal shell is still used, the mobile phone signal will be greatly affected. At the same time, the borders on all sides will become narrower and narrower, and the requirements for the strength of the frame in the mobile phone will also be higher and higher, and the requirements for falling and pressure resistance will be higher.

2. Wireless charging is gradually mature, and the iPhone has become a tipping point.
With the iPhone 8/8P this time, the iPhone X is standard with wireless charging, which is bound to promote the wide application of wireless charging in smartphones. However, due to the shielding effect of the metal case, mobile phones with metal bodies generally cannot support wireless charging function. Even if this function is added, their wireless charging efficiency will be greatly reduced. Therefore, if mobile phone manufacturers follow Apple's example and add wireless charging function to new phones in the future, they will inevitably give up the metal shell and use glass or ceramic shells instead.
Because of the full screen design, the screen module will extend to the upper and lower ends of the whole machine, which will greatly reduce the main net space left for the antenna. If the metal shell is still used, the mobile phone signal will be greatly affected. At the same time, the borders on all sides will become narrower and narrower, and the requirements for the strength of the frame in the mobile phone will also be higher and higher, and the requirements for falling and pressure resistance will be higher.



3. In the future, 5G mobile phones will dominate the absolute mainstream.

5G is undoubtedly the focus of the mobile phone industry. For smartphones, improving load computing and supporting various scenario applications to improve the full-scene experience ability will become the focus of the next stage of development during the migration of 4G to 5G.
It is expected that the global sales of 5G mobile phones will reach 100 million by 2021, and the mainstream 5G mobile phone market will be in developed countries in North America and Asia-Pacific.


The remarkable feature of 5G signal is that the signal transmission speed is faster (10-100 times that of 4G), which greatly facilitates people's lives!


However, 5G also brings at least two changes to the structure of mobile phones: first, due to the addition of 5G signals, mobile phones have more RF functions and larger volume, requiring new internal component design; second, 5G puts forward higher requirements for the signal transmission capacity of mobile phone shells, and large-scale MIMO promotes the base stations to use multiple antennas. The complexity of its antenna makes the appearance material type of mobile terminal equipment require a trend of transformation from metal to non-metal.

Under the trend of 5G communication, wireless charging and full screen, the process of demetallization of the appearance of mobile phones has begun. The trend of demetalization will reconstruct the entire mobile phone appearance industry value chain. Under the leadership of Apple, the appearance structure of mobile phones has developed from monomer to "sandwiches", and the double glass/ceramic + metal middle frame scheme of appearance materials will become the mainstream.

Glass ceramic back cover triggers market fusion
The value of the middle frame of the mobile phone is prominent.

2.5/3D glass has a very beautiful appearance and texture, which is expected to become an important back cover solution. In addition, after years of development, the performance of glass materials has been greatly improved;
In terms of cost, the yield of 2.5D glass is relatively high, with a price of about 25 yuan and a price of 3D glass of about 75 yuan, which has a significant cost advantage over other ceramics, sapphire and other non-metallic materials. In terms of production capacity, glass processing capacity is not scarce, and there are many existing manufacturers and potential entrants. Glass floor is the first to popularize with comprehensive advantages such as performance, cost and production capacity.

The electromagnetic performance under 5G of ceramic materials has obvious advantages, such as wear resistance, skin-friendly, good airtightness, good electromagnetic shielding, excellent performance, and is favored by mobile phone manufacturers. At present, it is subject to cost and production capacity. As a large-scale enclosure product, it is still a niche application. The reduction of cost brought about by the improvement of ceramic material technology level is the key. With the improvement of yield and production capacity, it is expected to become one of the mainstream non-metallic materials.


Under the new situation, the design route of double-sided glass/ceramic + metal middle frame in the future is in a dominant position, and the penetration rate of middle and high-end brand mobile phones has gradually improved. The industrial trend of new material back cover + metal middle frame will highlight the value space of metal middle frame products. The middle frame of the mobile phone is an important part in the structure of the sandwich of the mobile phone. It supports and carries the key parts of the core components. It has many requirements in terms of strength, structure, heat dissipation and other aspects.

The dispute over middle frame materials
Liquid metals become the mainstream

Aluminum alloy has always played the leading role in the middle frame material of mobile phones, but with the requirements of full-screen technology, wireless charging and 5G, the space requirements for the metal middle frame are getting narrower and narrower, and the strength requirements for the metal middle frame are also higher. Aluminum's protection against glass is insufficient, and its own strength is not enough to make it easy. Deforming squeezes the glass, causing the glass to be fragile.


Comparison of performance of aluminum alloy and stainless steel middle frame



Compared with stainless steel or aluminum alloy middle frame, liquid metal has performance and price advantages. The strength of liquid metal frame is much higher than that of stainless steel and aluminum alloy. The most obvious advantage of this material is high strength, high hardness and high wear resistance. While light and thin, it can also protect the mobile phone from shocks and screen breaks. Damage.

In addition, liquid metals are molded once by injection molding, which can meet the molding requirements of some complex structures. Because its molding process is close to "net forming", it requires fewer post-processing, which can effectively reduce the post-processing cost. At present, the price of a liquid metal mobile phone is about 120 to 150 yuan, which is cheaper than the stainless steel frame and aluminum alloy integrated molding frame.


Analysis of the advantages and disadvantages of liquid metals and stainless steel

1. Net molding technology



1) Liquid metal molding process is simple, process stability is strong, consistency is good, and the process yield can reach more than 85%.

2) The molding cycle is 70s~90s, with a high production capacity, and each machine can produce 1,000pcs a day.

3) Because mold molding can accurately control the deformation of the product, the later process can meet the plane degree requirement without shaping. In addition to the above 11 forging processes, the stainless steel process needs to add at least 3 tempering processes, and it is still difficult to ensure a plane degree of 0.1.

4) The processing allowance is only 0.15mm~0.2mm, which greatly reduces CNC time, improves the efficiency of the post-process and reduces the cost.

5) Adopt vacuum molding technology, the surface dense layer is thicker, generally up to 0.3~0.4mm, polishing process can be achieved.

2. Streamlined CNC

Comparison of CNC machining cycles of stainless steel and liquid metal



Liquid metals adopt net molding technology, and the CNC time is only 40% to 50% of the stainless steel scheme. If some product structure is optimized from the design stage, the CNC time can be controlled within 1200s.

3. Comparative analysis of the whole process of liquid metal and stainless steel


The full-screen and wireless charging trend led by the iPhone, especially the arrival of the future 5G era, liquid metals with excellent performance and cost advantages have matured a wide range of application conditions on the middle frame of mobile phones, and liquid metals will become one of the mainstreams of terminal devices in appearance materials.
At present, some domestic enterprises and units have the R&D and production capacity of liquid metal mobile phones, including Yi'an Technology, Dongyu Yihao, Changzhou Shijing, Liaoning Jinyan, etc.
The figure below shows the middle frame prototype of liquid metal of Yi'an Technology. As an early enterprise in the industry to carry out liquid metal research and development, Yi'an Technology has the world's largest production line for the production of zirconium-based amorphous alloys, and has achieved industry-leading advantages in the application research and industrial transformation of block amorphous alloys. At present, the company has provided many well-known domestic mobile phone brand manufacturers with samples of liquid metal mobile phone middle frame.

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In the second half of the year, mobile phone giants pushed forward foldable new machines, benefiting MIM parts and chain suppliers.
According to Taiwan's Electronic Times today, mobile phone manufacturers such as Xiaomi, OPPO, vivo and Samsung are planning to launch new foldable smartphones in Q3.

Among them, Xiaomi has previously launched the Mix Fold for about 10,000 yuan, and plans to launch a new foldable smartphone in the second half of this year, which may be lower than Mix Fold. Oppo has launched the foldable concept model Oppo X 2021 and is expected to commercialize it later this year.

Samsung has decided this year not to launch a high-end Note series, but to focus on foldable smartphone series such as Galaxy Fold and Galaxy Z Flip. At the end of March, it was reported that Samsung was developing another double-fold mobile phone, * which may have been launched by the end of this year. At the same time, Samsung also plans to increase the shipment of foldable mobile phones to more than 10 million units per year.

It is worth mentioning that at the end of April, some media quoted industry sources to point out that Huawei also plans to launch three new foldable smartphones in the second half of 2021, which will aim at the entry-level market at a low price to stimulate demand and sales.

In this way, in addition to Apple, several mobile phone brand giants may gather in the foldable mobile phone market in the second half of the year, and the relevant industrial chain is in good condition.

Foldable mobile phones become the next innovative selling point. The new super replacement cycle will start.

New models of foldable smartphones continue to be launched, and 2021 is expected to be an intensive year in the history of folding screen mobile phones. Industry insiders believe that the era of folding screen mobile phones may really come.

Under the foldable wave, institutions are optimistic about future shipments. Digitimes Research predicts that shipments of foldable smartphones worldwide are expected to reach 7 million this year, which is higher than the estimate of 2.8 million a year ago. Qunzhi Consulting is even more optimistic about this market. It is expected that the global shipment of foldable mobile phones is expected to exceed 10 million in 2021, approaching 11 million. Strategic Analytics previously predicted that global shipments of foldable smartphones will increase from less than 1 million in 2019 to 100 million in 2025.

Tianfeng International believes that after 5G, folding phones are the next innovative selling point of high-end mobile phones. And the fast-growing folding mobile phone market has become a must-have place for soldiers of major mobile phone brands. Folding mobile phones are expected to drive the next super replacement cycle of high-order mobile phones.

Downstream demand volume Domestic manufacturers have the opportunity to take the lead

With the rapid growth of the folding mobile terminal market, companies related to the industrial chain are expected to usher in opportunities.

The first is the panel. According to Omdia, shipments of foldable display panels are expected to increase from about 4.2 million to 73.6 million units in 2020-2027, with a market penetration rate of 4.91% and a CAGR of 150%. Among them, flexible AMOLED is favored by intelligent terminals because of its multiple advantages such as high contrast, high color reduction effect, bending, foldability, better durability, etc.

Xu Tao's team, an analyst at CITIC Securities, also believes that the foldable AMOLED flexible screen is a * large cost increment of folding screen mobile phones. It is recommended to pay attention to TCL technology and BOE A.

BOE has entered the Samsung electronic supply chain for the first time in March, and will supply flexible OLED panels for some models of Samsung folding mobile phones from the second half of this year. BOE will also operate its sixth generation flexible third OLED production line from October, with a production capacity of 48,000 baseboards/month in the stage, the second and third The phase will be put into production in March and October 2022, respectively, and each phase will increase the production capacity of 16,000 substrates per month.

Another domestic panel faucet TCL Huaxing also supplies folding screens for Motorola Razr mobile phones and AMOLED curved screens for Xiaomi;

In addition, the main plant of Shentianma's 6th generation flexible AMOLED production line project has been capped at the beginning of the month. It is expected that the equipment will be moved into work in the second half of this year and put into production in 2022.

Weixinnuo Kunshan 5.5-generation flexible AMOLED production line and Gu'an 6th generation flexible AMOLED production line have been mass-produced, and Hefei 6-generation flexible AMOLED production line is expected to be put into production this year.

Industry analysts are also optimistic about the localization trend of flexible AMOLED panels, believing that China has strong strength in the field of flexible AMOLED, the production yield of mainstream manufacturers has entered the range of 65%-90%, and the production cost is approaching LCD, which is expected to usher in an increase in orders and shipments.

The second is UTG. Wang Pingyang, an analyst at Soochow Securities, believes that UTG glass has remarkable advantages in bending characteristics, water and oxygen barrier performance, material performance, etc., and will become a new generation of folding screen technology solutions.

Among domestic manufacturers, Changxin Technology * has obvious advantages, and the thinning production capacity and market share of the panel are the first in China, and the leading position is significant. Vog Optoelectronics has mastered the thinning technology of photoelectric glass in China, with a prominent market position. Kaisheng Technology's business covers research and development and development such as TFT glass thinning, flexible ITO conductive film and so on. Sales, it is also planned to invest 1.025 billion yuan to build the second phase of the UTG project.

There is also a chain. The above-mentioned research report of Soochow Securities believes that the chain is the core precision component of the folding screen, and it is also the part with high scientific and technological content * in the folding screen.

Dongmu Co., Ltd. has become an important supplier of MIM parts and merciproc chain supplied by Huawei; Changying Precision actively layouts the development of folding mobile phone hinge systems and parts; Precision Technology is mainly engaged in the research and development and sales of MIM core components products, and has accumulated high-quality customer resources such as Apple and Samsung.

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Huawei's folding screen new machine is sold out in seconds. Who is the core component supplier behind it?
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Economic Observer Reporter Zhang Bin At 10:08 on February 25, Huawei MateX2 officially went on sale, with a price starting from 17,999 yuan. Before the sale, Huawei's official mall, JD.com and other e-commerce platforms had made about 5 million reservations. After the launch of the sale, Huawei's official mall, Tmall, JD.com and other e-commerce platforms showed that this new product was instantly "second light".
The MateX2 launched this time is Huawei's third-generation folding screen mobile phone. On the other end of the hot spot market, in the capital market, more attention is which core component suppliers of this mobile phone may become a hot island for investment.
Wang Fang, chief analyst of Minsheng Securities Electronics Industry, believes that the trend of folding screens is unstoppable, and the chain and screen are still the key directions of upgrading.
Yu Chengdong, managing director of Huawei and CEO of consumer business, said at the press conference on February 22 that MateX2 is equipped with a new double-helix water drop chain, which ensures the flatness of the folding screen after expansion and the aesthetics after folding, and achieves the seamless part of the folding chain.
Yu Chengdong said at the press conference that this double spiral water drop chain uses carbon fiber composite materials and high-strength steel. Among them, the carbon fiber composite material used to support the door panel of the ard chain reduces the weight by 75%; the strength of super steel can reach 2100MPa, which is 50% higher than the steel used in the B-pillar of high-safety cars; and the hardness of the zirconium-based liquid metal used in the central axis of the ard chain has tripled.
Chen Hang, an analyst at Founder Securities, believes that Huawei's MateX2 will accelerate the popularization of folding machines. The Huawei MateX2 inward folding scheme released this time will be the beginning of the epoch-making period when the OLED folding screen enters the volume period, opening up a huge industrial imagination space. The chain is the most critical functional part to realize foldable mobile phones, and it is also the most technological part of the folding screen.
In the field of ? chain, analysts of major securities firms will Changying Precision (300115. SZ), Yi'an Technology (300328). SZ), Dongmu Shares (600114). SH), intensive research technology (300709. SZ) etc. are included in the scope of concern. Many investors are very concerned about who is the core supplier of the double-helix water drop chain carried by MateX2?
Who is the MIM supplier?
Founder Securities said that the core technology of folding screen mobile phones is foldable screen, chain and operating system. There are many parts used in the folding screen chain, which has the characteristics of high complexity, high folding life requirements and high product reliability requirements. The cost of BOM (material list) mainly includes MIM (metal injection forming parts) precision processing, liquid metal raw materials, module assembly, etc.
Dongmu Co., Ltd.'s main business is divided into three major sectors: powder metallurgical pressing parts (PM), metal injection forming parts (MIM) and soft magnetic composite materials (SMC). In 2019, Dongmu Co., Ltd. decided to quickly enter the field of MIM through extensional mergers and acquisitions. In August 2019, the company acquired a 61% stake in Dongyu Huajing for 110 million yuan. In December of the same year, the company bought another 14% stake in Dongyu Huajing for 25.2 million yuan, with a shareholding ratio of 75%. In February 2020, the company acquired a 75% stake in Fuchi Hi-Tech for 1.039 billion yuan. Through these two mergers and acquisitions, Dongmu Co., Ltd. can quickly enter the consumer electronics industry and realize the company's strategic layout in the MIM industry.
Dongmu Co., Ltd. said in its semi-annual report in 2020 that during the reporting period, due to the adjustment of the sales strategy of consumer electronics international mainstream brands and related projects related to specific models of domestic mainstream brands, the sales of consumer electronic products reached 518 million yuan, accounting for 39.18% of the company's main business revenue, of which Fuchi Hi-Tech 20 The operating income from January to June 20 years was 473 million yuan (Fuchi Hi-Tech was included in the company's consolidated statement in March 2020, and the operating income from March to June was 378 million yuan).
In addition, in the first half of 2020, Dongmu Co., Ltd. registered and established Lianyungang Fuchi Intelligent Manufacturing Technology Co., Ltd., a wholly-owned subsidiary of Fuchi High-tech, Jiangsu Province, in Lianyungang City, and signed the Investment Agreement on Land Projects in Lianyungang Economic and Technological Development Zone with the Management Committee of Lianyungang Economic and Technological Development Zone in August of that year. It is proposed to use its own or self-financing to purchase 210 mu of land use rights in Lianyungang Economic and Technological Development Zone for the construction of the "Consumer Electronics Precision Parts Automation Production Line Project", with a total investment of 1 billion yuan. It is proposed to register and establish Guangdong Fuchi Intelligent Manufacturing Technology Co., Ltd. in Dongyu City to integrate MIM and consumer electronics. South China Production Base.
According to media reports, after acquiring Dongyu Huajing and Fuchi Hi-Tech, Dongmu Co., Ltd. has become the largest supplier of MIM parts for Huawei's mobile phones and the core supplier of Huawei's second folding screen mobile phone MateXs chain.
In response, the reporter of Economic Observer called Dongmu Co., Ltd. on February 24 to inquire that relevant people in its securities department said that the technology company of folding screen mobile phone chain can do it, and Huawei is also a customer of the company, but it is not clear whether it has supplied MateX2.
The person also said that in terms of MIM parts of foldable screen mobile phones, the company has cooperated with major domestic mobile phone manufacturers, and has supplies to major domestic mobile phone manufacturers. It said that the company was optimistic about the MIM industry, otherwise it would not have spent a lot of money to acquire Fuchi Hi-Tech and build a production base in Lianyungang.
Wang Huajun, an analyst at Zheshang Securities, believes that according to IHSMarkit's forecast, the global folding screen market shipments in 2020 will be nearly 5.2 million units, and it is expected to exceed 50 million units in 2025, and the compound growth rate from 2020 to 2025 is about 57%. DisplaySearch expects that folding screen mobile phones will bloom in 2021. Samsung, Xiaomi, vivo, OPPO and Google will all have folding screen mobile phones. Dongmu Co., Ltd., as one of the two oligarchs in the domestic MIM industry, is expected to continue to benefit.
Who is the supplier of liquid metal?
The cost of MateX2 chain BOM (material list) also includes liquid metals. Liquid metal belongs to amorphous alloys, also known as metal glass. It is a new metal material with glass, metal, solid and liquid characteristics. Because there are no defects such as dislocation, lamination, grain boundary, etc., amorphous alloys show special mechanical characteristics, and their bending strength, tensile strength, elastic deformation, etc. are better than common materials. Liquid metals have been widely used in consumer electronics, new energy vehicle products, headphones, etc., and have begun to show broad application prospects in intelligent manufacturing, high-end sports equipment and aerospace.
When Yi'an Technology was surveyed by institutional investors in December 2020, it said that the company's liquid metal products have been applied in batches in folding mobile phone chains, mobile phone optical brackets, door locks, acoustics and other products. The company provides two liquid metal chains for the largest mobile phone terminal customers in China. The liquid metal FaceID brackets and camera modules produced by the company have been supplied in batches to well-known domestic mobile phone manufacturers such as Xiaomi and OPPO, and liquid metal locks are exclusively supplied to Tesla. The company is the only enterprise in the world that applies liquid metals to the automotive industry.
According to the annual report of Yi'an Technology, the company's liquid metal products from 2016 to 2019 were 31.3085 million yuan, 53.8357 million yuan, 67.4526 million yuan and 72.881 million yuan respectively. In the first half of 2020, "the company's liquid metal product sales revenue was 70.9788 million yuan, an increase of 71.25% compared with the same period last year. The company has also been looking for and nurturing partners to jointly expand the liquid metal market. Yi'an Technology said in December 2020 when it was surveyed by institutional investors.
Recently, Yi'an Technology said in response to investors' questions on the investor interaction platform many times that the company provides liquid metal enamel chains for the largest mobile terminals in China, but does not explicitly provide liquid metal chains to Huawei.
On February 24, the reporter of Economic Observer called Yi'an Technology. Relevant people from its Securities Department said that we are now providing liquid metal chains to major domestic mobile phone manufacturers, but due to confidentiality regulations, which specific company is not convenient to disclose. The liquid metal chains of the previous generations of the largest mobile phone manufacturer in China are also supplied by us. However, the company's liquid metal is not directly handed over to the mobile phone manufacturer, but to the downstream manufacturer for assembly, and the finished product is handed over to the mobile phone manufacturer after assembly. The person did not disclose which company the downstream manufacturer of liquid metals is.
The above-mentioned relevant people from the Yi'an Science and Technology Securities Department also said that the performance of the company's liquid metal products in 2020 is not bad, better than in 2019. For details, please refer to the 2020 annual report released later. If the customer's market is not affected by other factors, the company's liquid metal products will also have a good development this year (2021).
In addition, Yi'an Technology has also signed cooperation agreements with many companies and governments to expand the industrialization scale of liquid alloys. According to the company's announcement, in July 2019, Yi'an Liquid Metals, a wholly-owned subsidiary of the company, signed a project investment framework agreement with the Qingxi Town People's Government of Dongyu City, with a total investment of 380 million yuan to jointly build a liquid metal project. In March 2020, the company and Sanxiang New Materials (603663). SH) Sanxiang Zirconium and Magnesium, its industrial fund, signed a project cooperation investment agreement to jointly invest in amorphous alloys (liquid metals) projects with a registered capital of 100 million yuan at a ratio of 40%:60%.
It is worth mentioning that Yi'an Technology intends to list the liquid metal business separately." If there is an opportunity, the company certainly wants to use the platform of the capital market to do a good job in the liquid metal industry. Yi'an Technology said in December 2020 when it was surveyed by institutional investors.
The trend of folding screen is irresistible?
2019 is the first year of folding screen products, and since then, major brand manufacturers have followed up and released them one after another. As far as product form is concerned, the folding form of mainstream folding screen mobile phones in the current market is roughly divided into three types: horizontal external folding, horizontal internal folding and vertical folding. At present, Samsung? GalaxyZFold series mainly focuses on horizontal inverted folding, GalaxyZFlip? The series mainly focuses on a portable vertical folding scheme.
The electronic team of CITIC Construction Investment believes that folding screen will become the general trend of the development of the smartphone market in the future, and the folding screen products of many manufacturers will be released one after another in 2021. Under the leadership of Samsung, Huawei and other brands, the folding screen market has initially completed consumer education. At the same time, it has made major breakthroughs in mass production, application ecology and other difficult problems, and is about to usher in rapid growth. Apple is also actively carrying out research and development of folding screen products.
CITIC Securities also continues to be optimistic about the trend of folding mobile phones. It said that according to Omdia's forecast, the shipments of foldable display panels from 2020 to 2027 will be about? 4.2 million units are expected to increase to 73.6 million, with a market penetration rate of 4.91% and a CAGR of 150%. Huawei MateX2 adopts an internal folding scheme this time. The multi-form folding screen scheme will coexist for a long time, corresponding to different diversified needs (multi-functional VS portable, etc.).
Chen Hang, an analyst at Founder Securities, believes that the Huawei MATEX2 internal folding plan released this time will be the beginning of the epoch-making period for OLED folding screens to enter the volume period, opening up a huge space for industrial imagination.
Wang Fang, chief analyst of Minsheng Securities Electronics Industry, believes that the trend of folding screens is unstoppable, and the chain and screen are still the key directions of upgrading. Foldable mobile phones break the screen-to-body ratio limit at one stroke. Foldable mobile phones are the most important upgrade direction of the appearance of smart phones in the next three years. Compared with ordinary mobile phones, the cost of BOM of folding mobile phones has increased by about 30%, including 70% in display screen costs, and the cost of batteries and rotating shafts has increased by 120%. With the gradual reduction of future prices, terminal sales are expected to increase significantly, bringing a new round of growth to the industrial chain.

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Yian Technology (300328.SZ)
R&D and upgrade-magnesium aluminum alloy, liquid metal, and medical magnesium materials work together
Securities Research Report | First Coverage Report May 26, 2021
Core Aspects:
Industry leader in the fields of magnesium aluminum alloy, liquid metal, and medical magnesium materials. The company has a complete magnesium-aluminum alloy industry chain, based on its main business, has a position in the fields of liquid metal and medical magnesium materials, and builds a new growth point for the company. Its subsidiaries Yihao Metal and Meian Medical are the company’s "main battlefields" for liquid metal and medical magnesium materials.
Liquid metal will bring about the third material industrial revolution, and the company masters formulas and core patents for die-casting. Liquid metal (also known as amorphous alloy) has excellent physical and chemical properties such as high strength, high hardness, wear resistance, and corrosion resistance. With the advancement of die-casting technology, it currently has the potential for mass production and has the ability to form complex structures at one time. The cost efficiency advantage is significant. The company holds the core patents of liquid metal formulas and process equipment. LQMT (United States), a subsidiary of Hong Kong Liquid Metal Co., Ltd., which is 100% owned by the chairman, has played a synergistic role with the company to consolidate the company's leading position in Liquid Metal. The zirconium-based liquid metal material has been officially selected as an important material for the hinge of Huawei's second-generation folding screen mobile phone Mate Xs. With the promotion of zirconium-based metal applications, the company's product market has a broad space.
Biodegradable medical magnesium alloys benefit orthopedic patients, and the clinical and industrialization process is advancing steadily. Magnesium is a major element of the human body, which can be degraded and absorbed after implanted in the human body, avoiding the pain and risk of secondary surgery, and its mechanical properties are close to that of human bone tissue; and magnesium ions can promote bone formation and accelerate the rate of bone formation, and the cost is lower than traditional titanium alloys Material, so it has obvious advantages in orthopedics applications. The company's domestic clinical trials of high-purity magnesium bone nails are steadily advancing, and they have successfully obtained the EU CE certification and the right to enter the EU market. In the future, they will open up a tens of billions of blue ocean market.
Hold (first time)
Stock information
Industry Industrial Metal
Closing price on May 25 (yuan) Total market value (million yuan) Total share capital (million shares) Of which free float (%)
30-day average daily trading volume (million shares)
6.33 4,370.38 690.42 98.61 5.18
CSI 300
Stock price trend
64% 48% 32% 16%
0% -16% -32% -48%
Yian Technology
New energy vehicles accelerate the process of lightweight vehicles, and join hands with Yunhai Metal to create an aluminum-magnesium alloy “Yangtze River Delta + Pearl River Delta” layout. Magnesium aluminum alloy is a lightweight structural material for automobiles. At present, new energy vehicles generally have problems such as overweight and short cruising range. Increasing the proportion of lightweight materials in the entire vehicle is an effective way to increase the cruising range of new energy vehicles. The development of the new energy vehicle industry, The introduction of national policies such as environmental protection will accelerate the process of automobile lightweighting. In 2020, the second phase of the company’s “Chaohu Yi’an Yunhai Light Alloy Precision Die Casting Production Base Project” will be completed (the first phase will be put into production in 2017), achieving stable supply of raw materials and the location advantage of the “Pearl River Delta + Yangtze River Delta” dual center layout. Enter the supply chain of well-known domestic and foreign customers such as BYD and Tesla.
Investment advice: The company’s liquid alloy masters the core formula and equipment patents, and the zirconium-based liquid metal cuts into the core mobile phone manufacturer’s supply chain. It is expected to open up the company’s business profit growth point; on the other hand, the company’s new energy vehicle light
We have accumulated rich experience and R&D advantages in quantitative materials, and our products have successfully entered the supply chain of well-known customers at home and abroad, and are expected to enjoy incremental market gains in the future. The company has accumulated and first-in-class advantages in the industrialization of medical magnesium alloys, and the industrial value of magnesium alloys is expected to be realized after the clinical promotion of medical magnesium alloys. We expect the company’s net profit attributable to the parent company to be 0.41, 0.55, and 74 million yuan in 2021-2023, corresponding to 107.4, 80.0, and 59.1 times of PE. Considering that the company’s current business is still in the early promotion stage, there is still uncertainty in subsequent performance growth. The first coverage is given a "hold" rating.
Risk warning: orders for related new materials are lower than expected; the industrialization of liquid metal is not as expected; the performance of the main business of magnesium and aluminum alloy is not as good as expected; the clinical application of medical magnesium alloy is slower than expected.
Author
2020-05 2020-09 2021-01
2021-05
Analyst Wang Qi
Practicing Certificate Number: S0680521030003 Email: [e-mail] Research Assistant Liu Simeng Email: [e-mail]
Related research
Financial indicators 2019A 2020A Operating income (million yuan) 1,025 945 Growth rate yoy (%) 4.0 -7.8 Net profit attributable to parent (million yuan) 103 16 Growth rate yoy (%) 90.2 -84.3 EPS latest dilution (yuan/share) 0.15 0.02 Return on net assets (%) 5.8 1.2 P/E (times) 45.7 290.4 P/B (times) 3.6 3.6
2021E 2022E 2023E
1,188 1,524 1,905 25.6 28.3 25.0 41 55 74 151.5 34.2 35.4 0.06 0.08 0.11 3.0 3.9 5.1 107.4 80.0 59.1 3.6 3.5 3.4
Source: Wind, Guosheng Securities Research Institute
Note: The stock price is the closing price on May 25, 2021. Please read the statement on the last page of this report carefully

May 26, 2021
Financial statements and key financial ratios
Balance sheet (million yuan)
Fiscal year 2019A 2020A 2021E 2022E 2023E
Income statement (million yuan) Accounting year operating income
Operating costs Operating taxes and additional operating expenses
Management costs
R&D expenses
Financial expenses
Asset impairment loss
Other income
Gains from changes in fair value
Net investment income
Asset disposal income
operating profit
Non-operating income
Operating expenses
The total profit
Income tax
Net profit
Minority shareholder gains and losses
Net profit attributable to the parent company
EBITDA EPS (yuan/share)
Main financial ratio
Fiscal year
Growth capacity Operating income (%) Operating profit (%) Net profit attributable to the parent company (%) Profitability
Quick ratio
Operating capacity
2019A 2020A 2021E 2022E 2023E
1025 945 1188 1524 1905 809 748 933 1190 1486 7 6 9 11 14 59 37 44 55 67 83 85 101 125 150 57 71 59 76 95
2 5 14 27 47 -8 -11 3 2 -8
9 12 0 0 0
0 0 0 0 0
2 1 1 1 1 36 -1 0 0 0 46 -11 26 39 55 52 30 24 28 33 0 1 1 1 0 97 19 49 66 88 12 1 5 6 8 85 18 44 59 80 -19 1 3 5 6 103 16 41 55 74 162 94 133 181 229 0.15 0.02 0.06 0.08 0.11
2019A 2020A 2021E 2022E 2023E
4.0 -7.8 25.6 28.3 25.0 16.5 -123.9 337.6 49.2 42.8 90.2 -84.3 151.5 34.2 35.4
21.1 20.8 21.5 21.9 22.0 10.1 1.7 3.4 3.6 3.9 5.8 1.2 3.0 3.9 5.1 5.3 1.2 2.6 3.5 4.2
28.0 30.2 41.8 47.8 56.3 -4.1 -1.1 18.5 32.3 53.2 2.22.21.51.31.1
Current assets 1019 Cash 329 Notes and accounts receivable 321 Other receivables 84 Prepayments 6 Inventories 210 Other current assets 69 Non-current assets 1011 Long-term investments 0 Fixed assets 622 Intangible assets 40 Other non-current assets 349 Total assets 2031 Current liabilities 474 Short-term borrowings 108 Notes and accounts payable 228 Other current liabilities 139 Non-current liabilities 94 Long-term borrowings 56 Other non-current liabilities 38 Total liabilities 568 Minority shareholders' equity 147 Share capital 460 Capital reserves 462 Retained earnings 390 Attributable to shareholders' equity of the parent company 1316 Liabilities and shareholders' equity 2031
Cash flow statement (million yuan)
Fiscal Year 2019A
Cash flow from operating activities 108
Net profit 85
Depreciation and amortization 65
Financial expenses 2 Investment loss -2-1-1-1-1 current ratio
977 1323 1491 364 353 453 329 488 560 46 117 92
8 10 13 165 290 308 65 65 65 1112 1246 1424 23 45 68 743 856 1013 48 49 50 298 295 294 2089 2568 2915 435 888 1187 136 447 740 213 336 365 86 104 82 196 186 205 93 97 110 103 89 94 632 1074 1392 166 170 174 690 690 690 232 232 232 369 396 432 1291 1325 1348 2089 2568 2915
1996
566
750
169
16
431
65
1627
90
1185
48
304
3624
1817
1182
510
125
223
127
95
2039
181
690
232
480
1403
3624
2020A 2021E 2022E
2023E
Gross profit margin (%) Net profit margin (%) ROE(%) ROIC(%)
Working capital changes
Other operating cash flow
Cash flow from investing activities
Capital expenditures
Long-term investment
Other investment cash flow
Cash flow from financing activities
short-term loan
Long term loan
Increase in common stock
Increase in capital reserve
Other financing cash flow
Net increase in cash
-32 96 -10 13 -129 -173 196 157 -20 -60 47 -76 -4 15 -22 28 -37 37
0 230 0 -230 55 -51 -25 41
-196 -65 -210 0 0 0 -209 -269 -302 112 156 181 -23 -23 -23 -120 -136 -144 -65 -34 -45 -14 2 -2
4 13 17
0 0 0
0 0 0 -55 -50 -60 -337 -191 -330
1.6
0.15
P/E 45.7 P/B 3.6 EV/EBITDA 29.6
1.7 1.1 0.9 0.8
0.5 0.5 0.6 0.6 2.9 2.9 2.9 2.9 3.4 3.4 3.4 3.4
0.02 0.06 0.08 0.11 0.30 -0.09 0.16 0.02 1.87 1.92 1.95 2.03
290.4 107.4 80.0 59.1 3.6 3.6 3.5 3.4 51.5 38.7 29.5 24.9
205 -63 112 18 44 59 73 76 92 5 14 27
17
80 Solvency
100 Gearing ratio (%) 47 Net gearing ratio (%)
Turnover rate of total assets
Accounts receivable turnover rate
Accounts payable turnover rate
Index per share (yuan) Earnings per share (latest dilution) Operating cash flow per share (latest dilution) 0.16 Net assets per share (latest dilution) 1.91 Valuation ratio
0.5 2.8 3.2
Source: Wind, Guosheng Securities Research Institute
Note: The stock price is the closing price on May 25, 2021
P.2
Please read the statement on the last page of this report carefully

Content directory
1. Yian Technology: Industry leader in the fields of magnesium aluminum alloy, liquid metal, and medical magnesium materials............................. ................................................5 1.1 The company is a pioneer & leader in the global large-scale magnesium-aluminum alloy die-casting industry... .................................................. ...5 1.2 Yi'an Technology's core competitiveness-technology research and development and industrial integration work together............................... .................................................. ...7 1.3 The three major business segments go hand in hand and continue to improve the industrial chain layout........................ .................................................. .........7 1.4 Operating income has declined for the first time since its listing, and the volume of liquid metal has risen sharply......................... .................................................. ................8
2. Liquid metal will bring about the third material industrial revolution... .................................................. ........................10 2.1 Liquid metal has the potential to replace traditional alloys, and the company continues to expand downstream applications.......... .................................................. .........10 2.2 Liquid metal folding screen hinges open new market space............................. .................................................. .......................12 2.3 The production of bulk amorphous alloys is relatively difficult, and large-scale bulk amorphous alloys still need technological breakthroughs...... .................................................. 13 2.4 The company's amorphous alloy is in a leading position in China........................ .................................................. ............14
3. Biodegradable medical magnesium alloys benefit orthopedic patients... .................................................. ...18 3.1 Biodegradable medical magnesium alloys have obvious advantages in orthopedic applications... .................................................. ...18 3.1.1 Compared with traditional titanium alloys, stainless steel and other alloy materials, magnesium alloys have significant advantages... .................................................. ...18 3.1.2 High purity magnesium VS magnesium alloy: single element, stable degradation rate ... .................................................. .........19 3.2 The successful clinical trials of medical magnesium bone nails will open up the tens of billions of medical equipment market...... .................................................. ...19 IV. New energy vehicles support the magnesium-aluminum light alloy business sector............................... .................................................. .................................. 21 4.1 Lightweight cars open up the market space of magnesium-aluminum alloys, and new energy vehicles are expected Accelerate the lightweight process................................... 21 4.2 Yi'an Yunhai Project is completed, "Realizing the Yangtze River Delta + Pearl River Delta" layout....... .................................................. ...23 V. Earnings Forecast and Investment Recommendations... ..................................... .................................................. ...24 5.1 Earnings forecast assumptions........ .................................................. .................................................. ..................... 25 5.2 Investment advice......................... .................................................. .................................................. .........26 Risk Warning.......................... .................................................. .................................................. ................................ 26
Chart catalog
Chart 1: The company has a wide range of downstream applications... .................................................. .........5 Chart 2: Zhuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission is appropriate Ann Technology Real Holdings East................................... ..........................6 Chart 3: Based on magnesium-aluminum alloy die-casting as its main business, it will use liquid metal and medical magnesium materials to build new growth .................................................. ...7 Chart 4: The company's operating income has declined (100 million yuan) .......... .................................................. ............................8 Exhibit 5: 2020 The company's net profit attributable to its parent has dropped sharply (100 million yuan) ... .................................................. .....8 Chart 6: The company's liquid metal revenue accounts for about 13% (%) of the company's revenue ........... .................................................. ...9 Chart 7: Liquid metal receivables increase rapidly (million yuan)............. .................................................. ................................................9 Chart 8: In 2020, the company's liquid metal will contribute 33% of gross profit (%) ... .................................................. ..........9 Figure Table 9: The company's R&D investment continues to increase (ten thousand yuan)...................................... .................................................. ........................10 Figure 10: R&D expenses as a proportion of operating income have risen steadily (100 million yuan) ........ .................................................. ..........10 Chart 11: Domestic and overseas revenue share (%) .. .................................................. .................................................. ...10 Exhibit 12: The gross profit margin of overseas business in 2020 is lower than domestic (%)... .................................................. .....10 Chart 13: Liquid metal mechanical properties are better than common materials... .................................................. .................................................. ........11 Figure 14: A wide range of applications for liquid metals............ .................................................. ........................................12 Figure 15: Huawei Mate Xs triggers a folding screen Mobile phone blowout... .................................................. 12 Chart 16: Smartphone shipments enter the platform period (100 million units) ... ............ .................................................. .......13 Chart 17: Folding screen mobile phone market has entered a period of rapid growth (US$100 million).......................... .................................................. ...........13 Chart 18: Bulk amorphous alloy production process............................ .................................................. .............................................14 Chart 19: Appropriate Antech's strategic layout of liquid metal............................................ .................................................. .......................16
May 26, 2021
P.3 Please read the statement on the last page of this report carefully

May 26, 2021
Figure 20: The company is actively deploying liquid metal formulas and process equipment patents...... .................................................. ...16
Chart 21: Vacuum Die Casting Patent... .................................................. ..................................... 17
Chart 22: Continuous Rotary Die-casting Molding Equipment... .................................................. ...............................17
Figure 23: Estimated production capacity of the industrialization expansion project of amorphous alloy precision structure construction... .................................................. .....17
Chart 24: Magnesium is close to the mechanical properties of human bone tissue... .................................................. ........................19
Figure 25: The first case of pure magnesium bone nail applied to femoral necrosis with vascularized bone flap transplantation.............................. .................................................. ...19
Chart 26: Common joint fractures........................................... .................................................. ........................................19
Figure 27: 99.999 high-purity magnesium bone nail........................................... .................................................. ....................................20
Figure 28: Market scale of trauma physiotherapy consumables field (100 million yuan) ... .................................................. .................20
Figure 29: The proportion of my country's aging population continues to rise (million people) ................................... .................................................. ...............20
Figure 30: The amount of magnesium used in domestic bicycles still has a lot of room for growth... .................................................. .....................twenty one
Figure 31: Magnesium alloy has the advantages of light weight and high density............ .................................................. ......................twenty one
Figure 32: The amount of aluminum used by bicycles in my country (kg) is lower than the level of foreign companies... .................................................. ..................twenty two
Chart 33: The amount of magnesium used in bicycles in my country (kg) is lower than the level of foreign companies... .................................................. ..................twenty two
Figure 34: my country's new energy vehicle sales and growth rate (10,000 units) ... .................................................. ......................twenty two
Chart 35: The company's magnesium-aluminum alloy equipment... .................................................. ................................twenty three
Figure 36: The company's auto parts products... .................................................. ..................................... twenty three
Figure 37: Yi'an Yunhai Light Alloy Precision Die Casting Production Base Project Estimated Capacity ... .................................................. ..twenty four
Figure 38: Forecast of company profit and main cost subjects (100 million yuan) ........................... .................................................. ..............25
Exhibit 39: Valuation Table of Comparable Companies... .................................................. .........................................26
P.4 Please read the statement on the last page of this report carefully

Chart 1: The company has a wide range of downstream applications
1. Yian Technology: Industry leader in the fields of magnesium aluminum alloy, liquid metal, and medical magnesium materials
1.1 The company is a pioneer & leader in the global large-scale magnesium-aluminum alloy die-casting industry
The company is one of the earliest companies in the world to deploy large-scale magnesium-aluminum alloy die-casting equipment, and has a complete industry chain of magnesium-aluminum alloy research and development, design, production and sales. On the other hand, the company's card slots are deployed in the fields of liquid metal and medical magnesium materials, building a new growth point for the company. Yian Technology was established in May 1993, specializing in the research and development, design, production and sales of magnesium alloy, aluminum alloy and other light alloy precision die castings, mainly used in 3C, LED, medical equipment, auto parts, power tools, Industrial accessories and other fields. On the basis of the original business scale, the company currently focuses on the development trend of new material industries such as liquid metal, biodegradable medical magnesium alloy, new energy vehicles, 5G, etc., intensifies scientific and technological research and development, and actively expands the layout of new products and new businesses. , To achieve a systematic combination of technology and products to enhance the company’s endogenous growth momentum; the company’s liquid metal products have successfully entered Huawei’s supply chain system; medical magnesium bone nails have begun domestic clinical trials and are expected to gradually begin market launch.
May 26, 2021
Source: Yi'an Technology Company's official website, Guosheng Securities Research Institute
P.5
Please read the statement on the last page of this report carefully
The legal representative of the company is Yang Jiedan, the actual controller is the State-owned Assets Supervision and Administration Commission of Zhuzhou Municipal People’s Government (Zhuzhou State-owned Assets Supervision and Administration Commission), and the controlling shareholder is Zhuzhou State-owned Assets Holding Group Co., Ltd. Public offering of 50 million shares, after the transfer of 78.75 million shares of the company held by Yian Industrial, the accumulated shareholding ratio of the company is 27.97%. The second largest shareholder is Hong Kong Yian Industrial Co., Ltd., with a shareholding ratio of 20.41%. Founded in 1984, the legal representative is Li Yangde, the current chairman of Yian Technology.
Zhuzhou International Investment Corporation was established in January 2010. Its business scope is investment and operation of state-owned assets; investment and operation of urban infrastructure and rural infrastructure construction. It actively develops key projects around Zhuzhou’s "four cities and three bases" and 100 billion industrial clusters. Equity investment, etc. Up to now, there are 35 invested companies, including 7 wholly-owned subsidiaries. Inion Technology can take advantage of Zhuzhou SDIC's holdings to promote the manufacturing industry of Zhuzhou SDIC and the company's liquid metal and new energy vehicle lightweight metal production.
Manufacturing technology is better integrated.

May 26, 2021
Subsidiaries: Yi'an Technology has 18 domestic holding subsidiaries for scientific research, processing, production, and sales. Among them, Chaohu Yi'an Yunhai cooperates with the parent company to further deepen the use of magnesium aluminum alloy lightweight materials for automobiles; Yihao Metal and Mei'an Medical are the companies The "main battlefield" for liquid metal and medical magnesium materials: (1) Yihao Metal Material Technology Co., Ltd. (60% shareholding): Mainly engages in the smelting, processing and post-processing of amorphous alloy materials; (2) Mei'an Medical Equipment Co., Ltd. (100% shareholding): Responsible for R&D, production and sales: medical equipment, magnesium, aluminum alloy materials, magnesium alloy biological materials; (3) Opto Industrial Materials Co., Ltd.: mainly produces new organic silicone materials, Sales and research; (4) Yian New Material Research Institute Co., Ltd.: Responsible for the research and development and technical services, technical consultation, technology transfer, and new alloy materials of nano materials and liquid metals; (5) Chaohu Yian Yunhai Technology Co., Ltd.: Production and sales of magnesium alloy and aluminum alloy light alloy precision die castings.
Chart 2: State-owned Assets Supervision and Administration Commission of Zhuzhou Municipal People's Government
Source: wind, Guosheng Securities Research Institute, date as of May 13, 2021
Development history: Based on the main business of magnesium-aluminum alloy die-casting, we will use liquid metal and medical magnesium materials to build new growth. The company was established in 1993, based on magnesium-aluminum alloy die-casting equipment, and currently has 4200T and 3500T large-scale die-casting equipment. Based on its own industry, Yian Technology continues to explore new areas. The company is the earliest enterprise in the industry to conduct liquid metal research and development. It has focused on liquid metal research and development and industrialization for 10 years. In 2014, Yihao Metal was established and it was the first to go offline that year. This liquid metal dual card tray has opened up new growth space for folding screen liquid metal hinges, new energy auto parts, 3C, and medical equipment. In addition, in 2008, the company began to develop 99.999% high-purity magnesium for orthopedic implants. In 2010, Mei'an Medical Devices Co., Ltd. was established to be responsible for the development and production of magnesium alloy biomaterials and medical devices. The company’s degradable magnesium bone internal fixation screws have been received by the European Union. CE certification and actively promote sales, and the domestic clinical trials of medical magnesium bone nails have been steadily promoted.
P.6
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Chart 3: Based on magnesium-aluminum alloy die-casting as its main business, it will focus on liquid metal and medical magnesium materials to build new growth
May 26, 2021
Source: Company announcement, Guosheng Securities Research Institute
1.2 Yi'an Technology's core competitiveness-technology research and development and industrial integration work together
The company's founder and chairman Mr. Li Yangde laid the company's core competitiveness driven by technological innovation and R&D. Mr. Li Yangde graduated from Tsinghua University with a master's degree in management. He also serves as a doctoral supervisor at the University of Science and Technology Beijing and Shanghai Jiaotong University. He is also an adjunct professor at Huazhong University of Science and Technology and Ningxia University of Science and Technology, a visiting professor at Xiangfan University, and a distinguished professor at Jiamusi University. He has published more than 10 academic papers and a number of invention patents. And it has established close ties with top scientific research institutes such as the Chinese Academy of Sciences, Shenyang Institute of Metals, Changchun Institute of Applied Chemistry, and Shenzhen Advanced Institute.
In 2016, Hong Kong Liquid Metal Co., Ltd. controlled by Li Yangde, Chairman of Yian Technology, invested in Liquidmetal (Liquidmeta, LQMT) in the United States. Li Yangde became the chairman of the company and currently owns 46% of the shares in LQMT.
1.3 The three major business sectors go hand in hand and continue to improve the industrial chain layout
The company takes liquid metal, biodegradable medical magnesium alloy, and magnesium-aluminum automotive products as the three key business sectors. It has a complete industrial chain and can provide customers with integrated mold design and manufacturing, die-casting molding, precision CNC processing, spraying, and testing. Service capability. The product range includes: consumer electronics, high-end LED curtain walls, medical equipment, auto parts, communication equipment, large structural parts, etc. In terms of magnesium and aluminum alloys, the company has 4200T and 3500T and other large-scale die-casting equipment, which has greater advantages in the integrated molding of large-scale parts of new energy vehicles; in terms of liquid metal, as an early liquid metal research and development enterprise in the industry, it has Full-process capabilities such as liquid metal synthesis design, smelting, mold processing, machining, and vacuum die-casting. It has the largest amorphous alloy production line in China; in terms of medical magnesium alloys, the company's medical magnesium bone nails have obtained the EU CE certification and are steadily advancing in China Clinical Trials.
Since its establishment, the company has always adhered to the development idea of ??scientific and technological innovation. By the end of 2020, the number of R&D personnel reached 394. It has established the Guangdong Light Alloy Engineering Technology Research and Development Center, the Guangdong Academician Expert Workstation, and the Guangdong International Science and Technology Cooperation Base. At the same time, the company has continuously strengthened the "production, study and research" cooperation between universities and research institutes. The company has obtained a total of 192 patents and 49 new ones in 2020. It has built technical barriers through patent layout, continuously increased R&D investment, and increased R&D expenses by more than 20%.
P.7
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May 26, 2021
1.4 Operating revenue has declined for the first time since its listing, and liquid metal volume has risen simultaneously
Operating income fell for the first time since listing, and net profit attributable to the parent company decreased by 84.27% year-on-year: 2016-2019, the company's operating income increased from 563 million yuan to 1.025 billion yuan, with a CAGR of 16%; net profit attributable to the parent increased from 31 million yuan to 103 million Yuan, the CAGR is 35%.
In 2020, the company's operating income was 945 million yuan, a year-on-year decrease of 7.77%, and net profit attributable to the parent was 16.21 million yuan, a year-on-year decrease of 84.27%; both the decline in revenue and net profit was mainly due to the epidemic affecting the company’s upstream and downstream customers to resume work and production, and overseas epidemics As a result, exports were blocked and the company's overall performance was dragged down. Expensive R&D expenses increased by RMB 13.53 million. Due to the demolition of the Shenzhen-Ganxi high-speed railway, the company confirmed revenue of 72.58 million yuan in 2019, and confirmed net income of 21.97 million yuan in 2020, a year-on-year decrease of 50.6 million yuan. The demolition caused the company's amorphous alloy precision structural parts industrialization expansion project to be postponed for one year, dragging it down The progress of the company's expansion project.
Figure 4: The company's operating income has declined (100 million yuan) Figure 5: The company's net profit attributable to the parent in 2020 has dropped significantly (100 million yuan)
1.2 1 0.8 0.6 0.4 0.2 0
2015
100% 50% 0% -50% -100%
Net profit attributable to the parent
Year-on-year
2016
2017
2018
2019
2020
Source: Company announcement, Guosheng Securities Research Institute
12 10 8 6 4 2 0
2015
50% 40% 30% 20% 10% 0% -10% -20%
Operating income year-on-year
2016
2017
2018 2019
2020
Source: Company announcement, Guosheng Securities Research Institute
In 2020, liquid metal revenue increased by 68% year-on-year, becoming the company's largest source of gross profit: From the perspective of the company's revenue structure, the liquid metal business accounted for 13% of operating revenue in 2020 to 123 million yuan, an increase of 68% year-on-year, mainly due to folding The revenue of screen hinges increased, and the gross profit margin of the liquid metal sector reached 53.49%, contributing 33% of the company's gross profit and becoming the company's largest source of gross profit. Liquid metal is the company’s current key development direction, with excellent material properties. It has entered the fields of folding screen mobile phone metal hinges, new energy auto parts, consumer electronic structural parts, medical equipment, etc. It has a good market application prospect and opens up new opportunities for the company. Profit growth point.
The gross profit of aluminum products and magnesium products has dropped significantly: the company's aluminum-magnesium alloy business accounts for 61% of operating income. The gross profit margin in 2020 is only 8.0%, which is a significant drop of 18.5% compared to 2019. The company's magnesium products business revenue decreased by 20.5% year-on-year, and costs decreased by 11.3% year-on-year; aluminum product revenue decreased by 13.9% year-on-year, and costs decreased by 1.5% year-on-year. In the first half of 2020, affected by the epidemic, the company's magnesium-aluminum alloy product volume profit was under pressure. In the future, the company needs to further reduce costs and increase efficiency, and increase the proportion of high-margin products.
P.8
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May 26, 2021
Figure 6: The company's liquid metal revenue accounts for about 13% (%) of the company's revenue. Figure 7: Liquid metal receivables increase rapidly (million yuan)
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Magnesium products Aluminum products Bakelite products Other
Organic silica gel Liquid metal Proportion of liquid metal
13%
2015 2016
2017
2018 2019 2020
140 120 100
80 60 40 20
0
2015
80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20%
Liquid metal revenue YoY
2016
2017
2018
2019 2020
Source: Company announcement, Guosheng Securities Research Institute
Source: Company announcement, Guosheng Securities Research Institute
Continue to increase R&D investment and build a patent moat: Under the pressure of revenue and net profit, the company continues to increase R&D investment. In 2020, R&D investment is 81.12 million yuan, an increase of 33% year-on-year, and the proportion of R&D expenses in operating revenue has remained constant for a long time. Over 5%, it has increased steadily in the past three years, showing the company's determination to transform its products to high-end products. In 2020, the company added 49 authorized patents, and currently has a total of 192 patents. In 2017, the company invested 35 million yuan to establish New Materials Research Institute Co., Ltd. to increase R&D and technology investment in nanomaterials and amorphous alloys (liquid metals).
Figure 8: The company's liquid metal contributes 33% of gross profit in 2020 (%)
13%
Magnesium products
Aluminum products
Liquid metal
Organic silica gel
other
26%
17%
10%
33%
Source: Company announcement, Guosheng Securities Research Institute
P.9
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May 26, 2021 Chart 9: The company's R&D investment continues to increase (ten thousand yuan) Chart 10: The proportion of R&D expenses in operating income has increased steadily (100 million yuan)
9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000
0
2015
35% 30% 25% 20% 15% 10% 5% 0%
R&D investment year-on-year
2016
2017 2018
2019 2020
Source: Company announcement, Guosheng Securities Research Institute
12 10 8 6 4 2 0
2015
8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
Operating income
R&D expenses/operating income
2016
2017
2018
2019
2020
Source: Company announcement, Guosheng Securities Research Institute
Figure 11: Proportion of domestic and overseas revenue (%)
The overseas business was dragged down by the epidemic, and the gross profit margin was lower than that of the domestic: Nearly half of the company’s revenue came from overseas. In 2020, affected by the overseas epidemic, the company’s export business was blocked. The proportion of overseas revenue in total revenue fell to 44%, a record low. With the popularization of vaccines and epidemic control, this state is not expected to continue. The company's overall gross profit margin has shown a downward trend in recent years. In 2020, the gross profit margin of overseas business was 14%, a record low, and domestically, it rose to 26%, mainly due to the increase in the proportion of high-margin liquid metals.
Figure 12: The gross profit margin of overseas business in 2020 is lower than that of domestic (%)
35% 30% 25% 20% 15% 10%
5% 0%
30% 29%
2015
29% 27%
2016
Overseas domestic
25% 2...
22% 20%
26%
14%
twenty four%
twenty two%
2017 2018
2019 2020
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
43%
57%
43%
57%
Overseas domestic
51%
49%
49%
51%
49%
51%
56%
44%
2015 2016 2017 2018
2019 2020
Source: Company announcement, Guosheng Securities Research Institute
Source: Company announcement, Guosheng Securities Research Institute
2. Liquid metal will bring about the third material industrial revolution
2.1 Liquid metal has the potential to replace traditional alloys, and the company continues to expand downstream applications. Liquid metal has the potential to replace traditional alloys:
P.10
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May 26, 2021
Amorphous alloys: Amorphous alloys are also called liquid metals, solid metals or alloys whose atoms are arranged in a long-range disorder and short-range ordered structure. The microstructure is very similar to that of glass, so it is called liquid metal. Amorphous alloy has high strength, high hardness, high elastic limit, good soft magnetic or hard magnetic properties, friction and wear resistance and corrosion resistance and other excellent physical and chemical properties, and its cooling and solidification shrinkage is small, and it has a good near-net shape Casting forming ability (high precision in one-time forming, which can save machining cost).
? Performance advantage: a new type of metal material with the characteristics of glass, metal, solid and liquid. Because there are no defects such as dislocation, stacking fault, grain boundary, etc., amorphous alloys show special mechanical properties, and their bending strength, tensile strength, elastic deformation, etc. are better than common materials (strength is more than 5 times that of conventional aluminum-magnesium alloys) , 7 series aluminum is 5 times, stainless steel is 3 times, titanium alloy is 2 times).
? Potential for mass production: Liquid metal can be produced through molds. A set of molds supports 30,000 to 40,000 products. At present, Yi'an Technology's products have high repeatability and accuracy can reach ±0.03mm. Compared with powder metallurgy, liquid metal The transverse and longitudinal shrinkage rate reaches 2.5-3.5 per thousand, and the powder metallurgy shrinkage rate is 22%-24%, which is more suitable for batch preparation of precision metal structures requiring high precision.
? Cost advantage: Liquid metal can form products with complex structures at one time through vacuum die-casting. Because of its good formability, it saves a lot of CNC (Numerical Control Processing) procedures and has a high cost performance. And due to the good material properties, compared with traditional materials, the same structural strength requires less liquid metal material consumption, and the cost advantage of scaled production is highlighted.
Figure 13: The mechanical properties of liquid metal are better than common materials
The four major sectors are working together to continue to expand the downstream application areas: the company’s largest liquid metal sector is liquid metal hinges for folding screen mobile phones. The company has the ability and strength to produce liquid metal hinges and has been applied to the two generations of folding machine products from the largest domestic mobile phone terminal manufacturer . The second largest segment is new energy auto parts. The company is the only company in the world that applies liquid metal to the automotive industry, and exclusively supplies Model X liquid metal door lock covers to Tesla. The third largest sector is consumer electronics structural parts. The company is one of the few suppliers in the industry that realizes the commercial use of liquid metal precision structural parts in the consumer electronics field. The liquid metal Face ID brackets and camera modules produced by the company have been sold to Xiaomi, OPPO and other well-known domestic mobile phone manufacturers supply in batches. The 5G era will accelerate the market penetration of liquid metals. The fourth sector is the medical device structural parts market. The company takes full advantage of various physical properties of liquid metal, actively expands the overseas medical device market, and cooperates with internationally renowned medical device companies for development. Medical device structural parts have entered trial production one after another. The product has achieved mass production.
Source: "Properties of Liquid Metal", Guosheng Securities Research Institute
P.11
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Figure 14: A wide range of applications for liquid metal
May 26, 2021
Source: Company's official website, Guosheng Securities Research Institute
P.12
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2.2 Liquid metal folding screen hinges open new market space
Huawei Mate Xs is released, zirconium-based liquid metal opens new profit growth points: On February 24, 2020, Huawei released the second folding screen mobile phone Huawei Mate Xs new product launch conference. The new machine support uses high-strength zirconium-based liquid metal. The friction parts adopt the metal injection molding (MIM) process, which has the advantages of high precision and lighter weight, which is expected to replace the traditional stamping + CNC production mode. The hinge is the most critical functional component for the realization of a foldable mobile phone, and it is also the part with the highest technological content in the folding screen. It needs to ensure precise limit, multiple opening and closing, damping protection and other functions. It also needs to have light weight, small size, and The requirements of stable performance, and the material properties and accuracy of liquid metal can meet the requirements. It is expected that in 2021, folding screen mobile phones will flourish. Samsung, Xiaomi, vivo, OPPO, and Google will all have a large number of folding screen mobile phones.
Figure 15: Huawei Mate Xs triggered a blowout release of folding screen mobile phones
Model Price (RMB) Time to market
Huawei Mate X 16999 2019/2/24
Huawei Mate Xs 16999 2020/2/24
Samsung Galaxy Z Flip 12499 2020/7/22
Samsung Galaxy Z Flod2 16999 2020/9/9
Motorola razr 12499 2020/9/10
Samsung W21 19999 2020/11/4
OPPO X 2021 Scroll Screen Concept Machine None 2020/11/17
Huawei Mate X2 17999 2021/2/22
Xiaomi MIX FLOD 9999-10999 2021/3/30
Source: Pacific Computer Network, Guosheng Securities Research Institute

May 26, 2021
The penetration rate of the folding screen mobile phone market is accelerating: The Institute of Information and Communications Technology released a March domestic mobile phone market analysis report: From January to March, the total domestic mobile phone market shipments totaled 97.973 million units, a year-on-year increase of 100.1%. In terms of the development of 5G mobile phones, from January to March, the domestic market's 5G mobile phone shipments were 69.846 million units and 64 new models were launched, accounting for 71.3% and 52.5% respectively. Digitimes predicts that the global folding screen market will reach USD 5.5 billion in 2020 and is expected to exceed USD 105.3 billion in 2025, with a compound growth rate of approximately 64% from 2020 to 2025.
Figure 16: Smartphone shipments enter the platform period (100 million units) Figure 17: Folding screen mobile phone market has entered a period of rapid growth (US$100 million)
1200
1000
800
600
400
200
1053 888
627
2019 2020 2021E 2022E 2023E 2024E 2025E
10 0
370 222
55
1,800 1,600 1,400 1,200 1,000
800 600 400 200
0
Shipments
Year-on-year
60% 50% 40% 30% 20% 10% 0% -10%
Source: Digitimes, Guosheng Securities Research Institute
2.3 The production of bulk amorphous alloys is relatively difficult, and large-scale bulk amorphous alloys still need technological breakthroughs
After nearly a hundred years of development, amorphous alloys have continuously enriched their alloy components: In 1934, German scientist Kramer first used meteorological deposition to prepare amorphous alloy films. In 1950, Brenner prepared a Ni-P amorphous alloy coating by electrodeposition to improve wear resistance and corrosion resistance, and was widely used in continuous casting and rolling molds in the iron and steel smelting industry. In 1987, the metal copper mold casting method used by the Institute of Metal Research of Tohoku University in Japan discovered La-Al-Ni-Cu (lanthanum series), Mg-Y-Ni-Cu (magnesium series) and Zr-Al-Ni-Cu (zirconium series), etc. A bulk amorphous alloy system with strong amorphous forming ability. Later, Peker and Mukherjee of the California Institute of Technology in the United States discovered the Zr-Ti-Cu-Ni-Be alloy system with superb amorphous forming ability through the method of doping with metal Be.
Bulk amorphous alloys are difficult to produce, and vacuum die-casting is suitable for thin-walled complex parts: amorphous alloys have metastable structure characteristics, and it is difficult to use conventional forging or welding processes for parts processing. The current feasible technical means is the use of blocks. The fluidity of bulk amorphous alloy is cast. Crystalline alloys are solidified under equilibrium conditions, and since rapid cooling is not required, the mold can be easily filled. Because of the metastable characteristics of amorphous alloys, the alloy liquid must freeze its liquid structure into a solid state at a very fast cooling rate, and there is no release of latent heat of crystallization during the process, which brings about the filling ability and fluidity of amorphous alloys. Problems, such as insufficient pouring and air pockets. In order to solve these problems, the current common technological methods are: superplastic forming, vacuum die casting (injection) forming, vacuum suction casting forming, water quenching method, copper mold adsorption method, directional solidification method and other processes.
Source: Institute of Information and Communications Technology, Guosheng Securities Research Institute
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E

May 26, 2021
Figure 18: Production process of bulk amorphous alloy
Technical means Working principle
Examples Advantages
Disadvantage
Superplastic forming Die forging, hot extrusion, hot embossing.
It is suitable for micro-nano-scale manufacturing, such as: micro gears, low-cost fast-speed forceps, micro-scalpels (micro-replication. Meter level).
Oxidation and crystallization,
Sensitive to process parameters.
Place the granulated raw materials in a vacuum sealed chamber
Vacuum Die Casting After melting by electric induction heating, it is introduced into the injection (injection) molding sleeve, and the molten (EPV-HPDC) metal is pressed into the mold through the high-speed movement of the plunger, and then kept super high
Compression and solidification molding.
Suitable for complex and thin-walled
Thin-walled metal parts, such as: smart phone frame, notebook computer case, watch frame, earphones and other thin-walled parts.
The molding speed is high, and the solidification process only takes a few milliseconds, effectively avoiding gas
Defects such as holes and shrinkage.
Exist in different parts
Tiny pores may be caused by too fast filling; the technical difficulty is more complicated.
Vacuum suction casting
Place the casting mold in a closed container with negative pressure. The molten metal is sucked into the cavity and the negative pressure is removed after solidification.
It is suitable for the production of thin and fine small precision castings, such as cylinders, discs, and plate castings. Harmonic reducer flexible wheel (diameter up to 50mm, wall thickness 2mm).
Improve the filling ability of the alloy, the minimum wall thickness is 0.2mm, reduce the porosity, slag inclusion, etc.
defect.
Not applicable to shapes
Complex casting casting.
Water quenching
The alloy is placed in a quartz tube, and after melting, it is quenched into flowing water together with the quartz tube to achieve rapid cooling to form a bulk amorphous alloy.
Suitable for small block alloys, simple operation and manufacturing. The art is easy to control.
The equipment is expensive,
Prone to pores and quartz
The tube is easy to break.
After the parenting and financialization, the melt is sucked and casted from the crucible copper mold suction casting method into the water-cooled copper mold to form a
Large pieces of material of a certain shape and size.
Suitable for small size samples.
The copper mold has a fast cooling rate and preparation efficiency
high.
Prone to surface shrinkage, and the surface is not smooth enough.
Directional solidification
Control the directional solidification rate and the liquid phase temperature gradient in front of the solid/liquid boundary.
It is suitable for long samples with small cross-sectional area.
Effectively solve the long strip amorphous alloy flow
The problem of insufficient mobility.
Amorphous materials required
High forming ability.
Source: CNKI, "New Progress in Research on Casting and Forming of Bulk Amorphous Alloys", Guosheng Securities Research Institute
Current technology is difficult to achieve large-scale mass production of bulk amorphous alloys: limited by the manufacturing process of amorphous alloys, if the size is large, it is difficult to achieve amorphization inside, so there is a size limit (maximum critical size) in the manufacture of amorphous alloys . The maximum critical dimension of most types of amorphous alloys is within 10mm. The Pd-based alloy invented in 1997 reached 72mm. In 2019, Shen Baolong of Southeast University and others obtained non-gold alloy ingots with a maximum diameter of 16.52mm through arc melting and negative pressure direct cooling. , But there is still a big gap compared with other alloys, which limits the application of amorphous materials to a certain extent. In the future, with technological progress, bulk alloys are expected to break through the size limit of structural parts and realize the large-scale production of large super-strong structural parts.
2.4 The company's amorphous alloy is in a leading position in China
The earlier bulk amorphous alloy forming equipment in the world is the amorphous alloy injection equipment developed by Liquidmetal Technologies in the United States and ENGEI in Europe in 2015, but the forming equipment developed and manufactured by it is the company’s secret and is not external. Sales, so its details are not clear to the outside world. Huawei, BYD, Foxconn and Yi'an were among the earliest domestic companies that started industrializing bulk amorphous alloys. Since 2008, BYD has opened
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May 26, 2021
It exhibited the research and development of bulk amorphous alloy die-casting equipment, and obtained the authorized invention patent for amorphous alloy die-casting equipment. In 2019, the business scope of Shanwei BYD Electronics Co., Ltd. was changed to: production and sales of amorphous materials and products. Changzhou Shijing Liquid Metal Co., Ltd., in conjunction with a number of professional die-casting equipment manufacturers, has developed two series of amorphous alloy die-casting machines for mass production and service, and currently has a supporting capacity of 50 die-casting machines. In recent years, other domestic companies have also been involved in the R&D and manufacturing of non-gold alloy die-casting equipment, but so far, it is difficult to find a large number of related casting equipment in the market.
The company is a global leader in liquid metal: Yian Technology has started the industrialization of liquid metal in 2012 and has invested more than 300 million yuan so far. It has a large-scale zirconium-based amorphous alloy production line and currently has a production capacity of 45 machines. The company launched a "production-university-research" joint project in many universities within the United Nations. In 2014, Yi'an Technology and the Songshan Lake Institute of Metal Research of the Chinese Academy of Sciences jointly established a new materials research laboratory, which can share the National (Joint) Laboratory of Materials Science of the Institute of Metals of the Chinese Academy of Sciences The equipment resources, technical resources, etc. of the company provide stronger support for the technical research and product development of the enterprise. In 2016, the capital increased to hold Yihao Metal Material Technology Co., Ltd. to promote the rapid development of the liquid metal product business and continue to improve profitability. In 2017, the Yian New Materials Research Institute was established to be responsible for the research and development of nano materials and liquid metals. In the same year, United Anke Co., Ltd. and Hong Kong Liquid Metal Co., Ltd. invested in Chenglian Liquid Metal Equipment Co., Ltd. and developed the first liquid metal die casting machine in China. In 2020, Ningde Sanxiang Liquid Metal Co., Ltd. was established in conjunction with Sanxiang New Materials to conduct research and development and production of liquid metal through technical authorization and equipment procurement.
Continue to enhance the competitiveness of amorphous alloys through the layout of formulas, processes, and equipment patents: Yian Technology currently has 192 patents, and continues to strengthen the protection of liquid metal formulas, process equipment, etc., and continues to enhance the company’s competitiveness in the liquid metal field. The company will be new in 2020. 49 granted patents were added, 4 of which involved amorphous alloys. LQMT, a subsidiary of Hong Kong Liquid Metal Co., Ltd., has a wide range of formula, process and equipment patents, and forms complementary advantages with the existing patents of Yian Technology.
The chairman invested in Liquidmetal Technologies (LQMT), integrating technology and channel resources: In 2016, Hong Kong Liquidmetal Co., Ltd. controlled by Mr. Li Yangde became a shareholder of Liquidmetal Co., Ltd. (LQMT), and Mr. Li Yangde became the chairman of the company. LQMT has been engaged in liquid metal for more than 20 years, mainly engaged in liquid metal products such as consumer electronic equipment, medical products, auto parts, and sports and leisure products. In February 2013, LQMT licensed Apple to exclusively use all patents and intellectual property rights of its amorphous metal materials in the field of consumer electronics. LQMT, a subsidiary of Hong Kong Liquid Metal Co., Ltd., has a wide range of formula patents. In 2020, the company’s patent licensing revenue is 64,000 US dollars, accounting for 6.5% of revenue. Inan Technology announced that Hong Kong Liquid Metal Co., Ltd. will meet the requirements of LQMT. Under the conditions of turning losses into profits and other conditions, LQMT shares will be transferred to Yian Technology. In 2020, LQMT's operating income will be US$990,000 and net profit will be US$2.64 million.
P.15
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Figure 19: Yian Technology's strategic layout of liquid metal
May 26, 2021
Source: Wind, Guosheng Securities Research Institute Note: As of April 28, 2021
Figure 20: The company actively deploys liquid metal formulas and process equipment patents
Patent name Patent number Applicant
A high-toughness amorphous composite material and its preparation method and
application
ZL201510780752.9 Yian Technology, Mei'an Technology
An amorphous alloy with antibacterial function ZL201510710856.2 Yian Technology, Mei'an Technology
Amorphous alloy component casting molding equipment and process CN201310639470.8
Institute of Metal Research, Chinese Academy of Sciences, Yianke
Skill
3D printing equipment of amorphous alloy CN201811428856.3 Yian Technology, Mei'an Technology
An amorphous alloy vacuum mold ZL201620680655.2 Yian Technology
An amorphous alloy production device ZL201910099593.4 Yian Technology
Source: State Intellectual Property Office, Guosheng Securities Research Institute
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May 26, 2021
Figure 21: Vacuum Die Casting Patent
Figure 22: Continuous rotary die-casting molding equipment
Source: State Intellectual Property Office, Guosheng Securities Research Institute
Source: State Intellectual Property Office, Guosheng Securities Research Institute
Accelerated expansion of production capacity through partnership investment and technology transfer: We believe that the bottleneck of production capacity is the core problem that the company’s liquid metal business needs to solve at present. The company’s existing machines cannot support large-scale production. The industrialization expansion project of alloy precision structural parts" is mainly used for the production of consumer electronic product accessories. The total investment of the project is 300 million yuan, and an annual production capacity of 890 tons will be formed after it reaches full capacity. The previous expansion plan was delayed due to the demolition and relocation along the railway, and the project was postponed to May 30, 2021. The "Amorphous Alloy R&D Center Construction Project" planned during the same period was terminated. In March 2020, Yi'an and Sanxiang Zirconium Magnesium established "Ningde Sanxiang Liquid Metal Technology Co., Ltd." with a 40%:60% foreign investment. The alloy-related patents and know-how are licensed to Ningde Sanxiang for use. Ningde Sanxiang paid a technology license fee of RMB 40 million to Yi'an Technology and Yihao Metal. At the same time, Ningde Sanxiang purchased 10 sets of two types of liquid metal equipment from Yi'an Technology to rapidly expand production capacity.
Figure 23: Estimated production capacity of amorphous alloy precision structure construction industrialization expansion project
project
Material weight (kg)
Annual output (pieces)
Single card holder
Amorphous 0.005
10,000,000
Dual card tray
Amorphous 0.005
8,000,000
Shaft
Amorphous 0.008
15,000,000
phone case
Amorphous 0.04
900,000
Camera housing
Amorphous 0.025
2,000,000
Watch case
Amorphous 0.018
750,000
Rotating bracket
Amorphous 0.0015
12,000,000
Notebook hinge bracket
Amorphous 0.012
9,000,000
Notebook fixing bracket
Amorphous 0.024
9,000,000
Wearable device accessories
Amorphous 0.002
20,000,000
other
Amorphous 0.01
20,000,000
Source: Company announcement, Guosheng Securities Research Institute
P.17
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3. Biodegradable medical magnesium alloys benefit orthopedic patients
3.1 Biodegradable medical magnesium alloys have obvious advantages in orthopedics applications
Biodegradable medical magnesium alloys have been successfully used in orthopedic implants: Magnesium and its alloys as medical biomaterials can be traced back to 1878. Edward used pure magnesium wire as a ligature to ligate blood vessels to stop bleeding; until 1900, Payr proposed to use it. Pure magnesium is used as bone material. Lambotte used pure magnesium plates to treat lower limb fractures in 1907. Early clinical application studies have found that magnesium is biologically safe and can promote bone healing; however, because magnesium is degraded too quickly in the body, fractures have not healed, and internal fixation fails. After a long period of time, magnesium and magnesium alloys Clinical research has basically stopped.
The main problem is the excessively fast degradation rate and the generation of air pockets: Magnesium and magnesium alloys may cause insufficient fixation in the early stage of the patient's recovery period due to the excessively fast degradation rate and severe degradation morphology, and thus cannot bear the fixation of the bone mass of the load-bearing part; At the same time, due to the active chemical nature of magnesium in the body, the potential is low (-2.37V vs SHE (standard hydrogen electrode)). In a liquid environment rich in Cl -, galvanic cells are easily formed between the matrix and the second phase, resulting in galvanic coupling. Corrosion and gas generation at the same time, the chemical reaction formula is as follows:
Mg+2H2O+2Cl- ?MgCl2 +H2 +2OH- With the breakthrough of smelting technology and the improvement of casting process, on the one hand, the purity of magnesium has been greatly improved, on the other hand, zinc, calcium, manganese, aluminum, rare earth and other elements are added The formation of magnesium alloys significantly improves the corrosion resistance and mechanical properties of magnesium and its alloys, so that magnesium and its alloys as biodegradable medical materials have once again attracted attention and become one of the research focuses and hotspots in the field of medical biomaterials at home and abroad.
3.1.1 Compared with traditional titanium alloy, stainless steel and other alloy materials, magnesium alloy has significant advantages
? Corrosion and degradation in the body and full absorption, avoiding secondary operations. Magnesium and magnesium alloy materials have good biocompatibility with the human body, avoiding the pain and wounds of secondary operations. This has a good application prospect for facial plastic surgery. .
? Magnesium is a macro-element in the human body and has good biocompatibility. After being implanted in the human body, magnesium bone nails can undergo dynamic degradation behavior, and its degradation products will not cause allergic reactions in the human body. Magnesium ions are the fourth largest metal in the human body. Elements, adults need to take in 300-400 mg of magnesium every day, and excessive Mg2+ can be excreted through urine. At the same time, magnesium alloy has good cell compatibility, and cells can effectively attach, diffuse and proliferate on the magnesium alloy.
? Good comprehensive mechanical properties, close to human bone tissues. Compared with traditional titanium alloys, cobalt-chromium alloys, stainless steel and other traditional alloy materials, magnesium and magnesium alloy materials have a density and elastic modulus that match human bones. It can largely avoid the stress shielding effect after implantation, that is, when two or more materials with different rigidity bear external force together, the material with higher rigidity will bear higher load, while the material with lower rigidity will bear higher load. The material only needs to bear a low load, causing stress to concentrate on the interface between the bone and the implanted bone nail, thereby reducing the stability of the bone nail and inhibiting the growth of new bone.
? Mg2+ has biological activity and accelerates the rate of bone formation
In bone repair, Mg 2+ stimulates the spinal ganglia to release calcitonin gene-related peptides, induces the production of related proteins, and promotes bone formation. Therefore, magnesium alloys are often used as medical devices for internal fixation of fractures.
? As a common metal, magnesium costs much lower than titanium alloys.
May 26, 2021
P.18
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3.1.2 High purity magnesium VS magnesium alloy: single element, stable degradation rate
? Single element, no need to consider the effects of multi-element toxicity. Compared with European rare earth magnesium bone nail products, the degradable magnesium bone internal fixation screw developed by Mei'an is made of 99.999% high-purity magnesium. Due to the single element, it avoids the influence of other elements. The impact is more stable and harmless.
? Stable degradation rate and controllable cavitation generation. Previously, rare-earth magnesium alloy bone nails have reported bone cysts, cavitation caused by excessive degradation, and joint fusion failures caused by cavitation. Compared with magnesium alloys, high purity magnesium (>99.9%) is an effective method to reduce the degradation rate. In 2013, the chief scientist of Eian Technology, Professor Zhao Dewei of Zhongshan Hospital of Dalian University, performed the world's first pure magnesium bone nail for femoral necrosis with vascularized bone flap transplantation. So far, more than 100 cases have been completed, and the treatment effect is very good. The results also show that the high-purity magnesium bone nail has an acceptable degradation rate, which not only meets the fixation requirements at the initial stage of the operation, but also because there is no obvious air pocket formation, it will not affect the fusion of the graft and the tissue. The degradation product magnesium ions will instead promote the surrounding bone The formation of the organization.
Figure 25: The first case of pure magnesium bone nail applied to femoral necrosis with vascularized bone flap transplantation Figure 26: Common joint fractures
3.2 The successful clinical trials of medical magnesium bone nails will open up the tens of billions of medical equipment market
The company's high-purity magnesium bone nails are the first to enter the clinical trial phase: In 2008, Yian Technology, with the joint research and development and help of some university professors, began to develop a magnesium preparation method with a purity of 99.999%. A wholly-owned subsidiary of Yian Technology: Dongguan Mei'an Medical Devices Co., Ltd., which has focused on the development of the medical magnesium industry for many years. At present, the clinical trials of magnesium bone nails by Mei'an Company are mainly used for avascular necrosis of the femoral head and for vascularized bone flaps. The internal fixation of the bone flap during transplantation will continue to expand the indications in the follow-up. In July 2019, the degradable magnesium internal fixation screw developed by Mei'an became the first domestically approved biodegradable biodegradable screw.
May 26, 2021
Figure 24: Magnesium is close to the mechanical properties of human bone tissue
density
Young's modulus
Human bones
1.8-2.1 g/cm3
3-20 GPa
magnesium
1.74-2 g/cm3
41-45 GPa
Titanium alloy, cobalt chromium alloy, stainless steel
>4 g/cm3
>110 GPa
Synthetic hydroxyapatite
>3 g / cm3
>70 GPa
Source: CNKI, "Research Progress in the Improvement of Medical Magnesium Alloys" Guosheng Securities Research Institute
Source: Company's official website, Guosheng Securities Research Institute
Source: National Medical Encyclopedia, Guosheng Securities Research Institute
P.19
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May 26, 2021
Metal screw is also the world's first clinical trial using pure magnesium as an implant in the body. It is currently being implemented smoothly in conjunction with nine hospitals. In May 2020, the company's biodegradable magnesium internal fixation screws obtained the EU CE certification and can be sold to the EU market. In June 2020, the company's wholly-owned subsidiary, Mei'an Medical, sold 100 samples of magnesium internal fixation screws to Georgia International Innovative Medical Services. In addition to the application of high-purity magnesium bone nails, the company is also developing high-value implant products such as bone plates made of high-purity magnesium and high-purity magnesium stents.
Figure 27: 99.999 high purity magnesium bone nail
Trauma medical consumables opened up the blue ocean market for the company: From 2013 to 2018, the sales revenue of China's trauma implant consumables market increased from 3.8 billion yuan to 7.7 billion yuan, and it is expected to reach 14 billion yuan in 2023. The main materials involved at present include stainless steel, metal alloys, medical titanium materials, inorganic non-metallic materials (hydroxyapatite, etc.), polymer materials (polyetheretherketone PEEK) and absorbable materials such as polylactic acid, while medical magnesium The alloy has excellent properties such as close to human bones, degradability, and promotion of bone repair. After successful clinical trials, it is expected to accelerate market penetration.
The aging of the population and consumption upgrade are good for the medical device market: as the age increases, the prevalence of orthopedics will be higher. In 2019, my country's population over 65 years old exceeded 170 million people, accounting for 13%, and the life expectancy of people is getting longer and longer, from 67.8 years in 1982 to 76.3 years in 2015. The penetration rate of joint surgery in my country is extremely low at 0.6%, while that in the United States is 43%. In the future, with the consumption upgrade trend, my country's orthopedic medical equipment is expected to continue to maintain high growth.
Figure 28: Market scale of trauma physiotherapy consumables field (100 million yuan) Figure 29: The proportion of my country's aging population continues to rise (million people)
Source: Company's official website, Guosheng Securities Research Institute
200
180
160
140
120
100
80 60 40 20
Population 65 years and older
Percentage of population aged 65 and over in total population
14% 12% 10% 8% 6% 4% 2%
0 0%
160
140
120
100
80 60 40 20
0
20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
Trauma implant consumables market
Year-on-year
Source: Wind, Guosheng Securities Research Institute
Source: Southern Institute of Pharmaceutical Economics, Guosheng Securities Research Institute
P.20 Please read the statement on the last page of this report carefully

4. New energy vehicles support the magnesium-aluminum light alloy business sector
The profitability of the magnesium-aluminum alloy business is still under pressure and remains the company's main source of revenue: In 2020, the company's magnesium-aluminum alloy business revenue was 578 million yuan, a year-on-year decrease of 18%; the gross profit margin in 2020 was only 8.0%, which was 18.5% in 2019 dramatically drop. The company's magnesium products business revenue decreased by 20.5% year-on-year, and costs decreased by 11.3% year-on-year; aluminum product revenues decreased by 13.9% year-on-year, and costs decreased by 1.5% year-on-year. It can be seen that as market competition intensifies, the company's magnesium-aluminum alloy products will be under pressure in the future. The company needs to further reduce costs and increase efficiency, and increase the proportion of high-margin products.
4.1 Lightweight vehicles open up the magnesium-aluminum alloy market space, and new energy vehicles are expected to accelerate the lightweight process
Automobile lightweight opens up market space for magnesium-aluminum light alloys. There is still a gap between the amount of aluminum-magnesium used in bicycles in my fcountry and foreign car companies: magnesium alloys, together with aluminum alloys, have become ideal materials for lightweight vehicles due to their light weight, high specific strength and high specific rigidity. Moreover, as the lightest metal structural material, magnesium alloy is more effective than aluminum alloy in reducing weight, and the room for increasing the amount of magnesium used in bicycles is also broader than aluminum. Under the condition of equal bending rigidity, the use of aluminum alloy instead of steel can reduce the dead weight by 61%, and the magnesium alloy can achieve 74%. According to the "Overview of the Situationalization of New Energy Vehicles", for every 10% reduction in the quality of new energy vehicles, the corresponding cruising range can increase by 5%-10%, saving 15%-20% of battery costs and 20% of daily loss costs, and new energy vehicles reduce weight The demands are more urgent than traditional cars.
Figure 30: The amount of magnesium used in domestic bicycles still has a large room for growth Figure 31: Magnesium alloys have the advantages of light weight and high density
Source: Wind, Guosheng Securities Research Institute
May 26, 2021
50% 40% 30% 20% 10%
0%
45%
40%
35%
2015 2020
21% 15%
20%
High-strength steel, low-carbon steel, aluminum alloy, magnesium alloy, composite material
8% 8% 2% 2%
Source: Wind, Guosheng Securities Research Institute
P.21 Please read carefully the statement on the last page of this report

May 26, 2021
Figure 32: The amount of aluminum used in bicycles in my country (kg) is lower than the level of foreign companies Figure 33: The amount of magnesium used in bicycles in my country (kg) is lower than the level of foreign companies
160 140 120 100
80 60 40 20
0
140 110
145
150
China Japan European Union United States
16 14 12 10
8 6 4 2 0
14
3.8 1.5
9.3
China Japan European Union United States
Source: China Nonferrous Metals News, Guosheng Securities Research Institute
Source: China Automotive Materials Network, Guosheng Securities Research Institute
New energy vehicles drive the demand for new magnesium-aluminum alloy materials: How to improve the energy density ratio of power batteries, and realize the lightweight and structural safety of battery boxes, has become the first issue for new energy vehicle manufacturers to consider. The comprehensive cost performance of new materials such as magnesium-aluminum alloy is higher than that of steel, plastics and composite materials, and they are ideal materials for lightweighting new energy vehicles. Tesla Model S uses an all-aluminum body, and the weight is reduced to 2.1 tons. In order to increase the cruising range of new energy vehicles, the proportion of aluminum and magnesium alloy components may be further increased in the future.
According to data from the China Association of Automobile Manufacturers, in 2020, the production and sales of new energy vehicles will be 1.366 million and 1.367 million respectively, a year-on-year increase of 7.5% and 10.9% respectively. In October 2020, the State Council formally issued the "New Energy Vehicle Industry Development Plan (2021-2035)", which made requirements in terms of technology development and innovation, infrastructure construction, and the use of new energy vehicles in the public service sector, and clarified that by 2025, China's new energy vehicle sales accounted for about 25%.
Figure 34: my country's new energy vehicle sales and growth rate (10,000 vehicles)
250
200
150
100
50
0
2016
70% 60% 50% 40% 30% 20% 10% 0% -10%
Year-on-year sales
2017
2018 2019
2020
2021E
Source: Wind, Guosheng Securities Research Institute
The pressure of environmental protection policies has promoted the increasing demand for energy saving and emission reduction of automobiles, and it is imperative to reduce automobile weight. According to the requirements of the "Energy-saving and New Energy Vehicle Technology Roadmap", the quality of vehicle equipment in 2020 will be reduced by 10% compared with 2015, by 20% in 2025, and by 35% in 2030. The main path is to increase the proportion of high-strength steel materials, lightweight materials, and composite materials in the manufacturing of parts and components, as well as the improvement of process technology to achieve lighter body weight, lighter power transmission, and
P.22
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May 26, 2021
The purpose of lightweight chassis, thereby reducing the weight of the entire vehicle. From 1993 to 2013, the average car weight in Europe, Japan and other countries has been reduced by 25%. It is planned to reduce the average car weight by another 20%-25% in the next 10-15 years. The United States plans to achieve a 25% reduction in vehicle curb weight by 2020 compared to 2010. Many well-known foreign companies have also set lightweight phase goals. For example, Ford's lightweight goal is to use lightweight materials for new cars and trucks by 2020, and reduce the weight of a single vehicle by 110-340Kg.
4.2 Yi'an Yunhai project is completed, "realizing the Yangtze River Delta + Pearl River Delta" layout
The company is one of the earliest companies in the world to deploy large-scale magnesium-aluminum alloy die-casting equipment. There are 4200T and 3500T and other large-scale die-casting equipment. The company is committed to the research and development and production of thin-walled aluminum-magnesium alloys. It has 27-inch large-scale magnesium alloy parts. Mass production of 1.2mm thick and 14-inch notebook computer shells with a wall thickness of 0.45mm has become a leader in the industry. In addition, the company has the ability to analyze the dynamics of die-casting molds, thin-walled parts thermal shaping process and surface high-gloss spraying process, large-scale die-casting parts in-mold injection and other industry-leading processes. Subsidiary Chaohu Yi'an Yunhai has a great advantage in the integration of large-scale parts and components of new energy vehicles. It has been applied to the motors, electronic controls, battery packs, dashboards, doors and other products of new energy vehicles. As a supplier, the company has entered the supply chain of well-known international and domestic customers such as Tesla, CATL, Geely, TKP, HBA, TRW, GKN, JAC, LG, Faurecia, Continental, and Alpine.
Figure 35: The company's magnesium-aluminum alloy equipment
Magnesium aluminum alloy equipment
Production capacity
Magnesium aluminum alloy die casting machine
There are more than 100 magnesium-aluminum alloy die-casting machines, including a large 4200T magnesium-aluminum alloy die-casting machine, and several 650T imported die-casting machines are exclusively used for notebook casings.
CNC (Numerical Control Processing) Machine Imported from Japan
There are more than 300 units, of which more than 100 are dedicated to laptop computers.
Source: Company announcement, Guosheng Securities Research Institute
Figure 36: The company's auto parts products
Source: Company's official website, Guosheng Securities Research Institute
P.23
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May 26, 2021
In 2015, the company and Yunhai Metals established "Chaohu Yian Yunhai Co., Ltd.". In 2018, the company's fixed increase in the "Yian Yunhai Light Alloy Precision Die Casting Production Base Project" has a total investment of 500 million yuan. At present, the first and second phases of the project have been completed. Completed, it is expected to add new production capacity to the company: about 3.54 million laptop shells, about 7.21 million automotive light alloy die-casting parts, and about 566,000 communication base stations and elevator pedals. The three-year production rate after the completion of the construction is 30%. , 70% and 100%, after fully reaching production, it is estimated that the annual revenue will be 1 billion yuan and the annual net profit will be about 102 million yuan.
Figure 37: Yi'an Yunhai Light Alloy Precision Die Casting Production Base Project Estimated Capacity
Target customer products
Material Weight (kg)
Annual output (pieces)
Laptop computer case
Magnesium alloy 0.15
3535488
Car steering system
Aluminum alloy 0.8
898560
steering system
Aluminum alloy 0.7
197120
Steering bracket
Magnesium alloy 1
1412023
Navigation products
Magnesium alloy 0.45
1098240
Car stereo
Aluminum alloy 0.35
1235520
battery box
Aluminum alloy 26
154440
Car door
Magnesium alloy 4
205920
dash board
Magnesium alloy 4
411840
Communication base station
Aluminum alloy 12
411840
Elevator pedal
Aluminum alloy 16
154440
Source: Company announcement, Guosheng Securities Research Institute
The establishment of a joint venture company with Yunhai Metal in Chaohu and the construction of production capacity this time have a very positive significance for realizing the strategic layout of the Yangtze River Delta, reducing material costs, and expanding and strengthening the 3C and automotive magnesium alloy business.
First, ensure the supply of raw materials and significantly reduce costs. The company is close to the Chaohu Yunhai magnesium alloy production line (with an annual output of 50,000 tons of magnesium alloys). The joint venture with Yunhai Metal can reduce the cost of raw material transportation. It can be directly supplied through molten magnesium water, eliminating the cost of magnesium alloy ingot smelting and the cost of raw materials. Oxidation consumption, finally, can also be recycled through waste magnesium to form a closed loop, further reducing costs. According to the company's preliminary calculation, the cost of magnesium alloy raw materials for the project will be reduced by about 15%-20% compared with the current one, which greatly enhances the cost advantage of the company's products. At the same time, using Yunhai Metal's existing construction land in Chaohu, the project was implemented very quickly.
Second, occupy the golden area of ??the light alloy die-casting market in the Yangtze River Delta and realize the strategic layout of "Pearl River Delta + Yangtze River Delta" dual centers. Since the establishment of the company, the place of operation has been in the Pearl River Delta region. The Yangtze River Delta region is one of the largest automobile production bases in my country. There are well-known automobile manufacturers such as SAIC, Shanghai Volkswagen, Shanghai GM, etc., and the country's most comprehensive and largest auto parts industry cluster; in Anhui Province , There are automobile manufacturers such as Chery Automobile, Jianghuai Automobile and Hefei Changan. In the field of notebook computers, this project can radiate Hefei LCFC (Lianbao, a joint venture between Lenovo Group and Taiwan Compal Group), Suzhou Pegatron (Heshuo), Shanghai HP (HP), Kunshan Wistron (Wistron), Kunshan Compal, etc. The main notebook computer assembly factory.
5. Profit forecast and investment advice
P.24
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5.1 Earnings forecast assumptions
Operating income
The core of the company's current revenue comes from the sales of core aluminum and magnesium products. As the company's current core business, it is expected to open up a broader market space for the company after its applications in the fields of medicine and automobiles are gradually promoted. At the same time, taking into account the company's own competitive advantages in segmented areas, we reasonably expect the company's operating income from 2021 to 2023 to be 11.88, 15.24, and 1.905 billion yuan, corresponding to growth rates of 25.6%, 28.3%, and 25.0%, respectively.
Gross margin
The gross profit margin of the company's magnesium-aluminum alloy products is affected by the fluctuation of the corresponding metal prices, and the gross profit margin is subject to certain volatility. We reasonably assume that the subsequent gross profit margin of the company's main operations will stabilize, and the high gross profit portion from liquid metal sales is expected to gradually increase the company's overall gross profit margin. We expect the company's gross profit margin to achieve 21.48%, 21.89%, and 22.02% in 2021-2023, respectively.
Period expense ratio Sales expense ratio: The company's sales expense ratio is expected to drop significantly in the future. The core reason is that the company's current main business has successfully docked with the core customer groups in the industry, and it is expected to form a long-term binding relationship with customers in the future, and sales expenses will reduce the erosion of profits. Management expense ratio: The company's daily expenses are mainly concentrated in management expenses. As the company's current business segments are still in a period of heavy performance, the core management team still needs to be filled as the business gradually expands. We expect the company's management expenses and revenue scale to grow at the same rate. R&D expense ratio: The company's R&D expense is mainly connected to the current core business segments. Considering that the company has formed a leading position in the subdivision field and possesses R&D advantages, and its products have been recognized by core customers at home and abroad, the subsequent R&D expense rate is expected to remain stable.
May 26, 2021
Figure 38: Forecast of company profit and main cost subjects (100 million yuan)
years
2019 2020 2021E
2022E 2023E
Magnesium products
Operating income
4.05 3.22
4.01
5.05 6.36
YOY%
25.60% -20.49% 24.60%
26.00% 26.00%
Operating cost
3.33 2.96 3.67
4.59 5.76
Gross profit
0.71 0.26 0.34
0.46 0.61
Gross profit margin (%)
17.58% 8.01% 8.45%
9.18% 9.54%
Aluminum products
Operating income
2.97 2.56
3.15
3.90 4.99
YOY%
-9.41% -13.87% 23%
24% 28%
Operating cost
2.39 2.36 2.97
3.62 4.60
Gross profit
0.58 0.20 0.18
0.28 0.39
Gross profit margin (%)
19.46% 7.85% 5.60%
7.13% 7.85%
Liquid metal
Operating income
0.73 1.23
1.50
2.20 3.10
YOY%
7.95% 68.49% 22.27%
46.67% 40.91%
Operating cost
0.66 0.5706 0.90
1.58 1.72
Gross profit
0.06 0.66 0.60
0.62 1.38
Gross profit margin (%)
8.68% 53.49% 40.00%
28.00% 44.60%
profit prediction
Operating income
10.25 9.45 11.88
15.24 19.05
YoY%
3.98% -7.77% 25.63%
28.31% 25.00%
Gross profit margin (%)
21.08% 20.85% 21.48%
21.89% 22.02%
P.25
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5.2 ????
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May 26, 2021
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19.40% 20.33% 17.20%
16.80% 16.40%
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1.03 0.16 0.41
0.55 0.74
??? YoY(%)
90.20% -84.27% 151.49%
34.22% 35.38%
????:Wind,?????????
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share price
EPS PE
20210524
2021E 2022E 2023E 2021E
2022E 2023E
300034.SZ ???? 25.43
0.57 0.76 0.98 44.61
33.46 25.95
002540.SZ ???? 4.88
0.33 0.38 - 14.79
12.84 -
300115.SZ ???? 19.36
1.00 1.46 1.91 19.36
13.26 10.14
600456.SH ???? 40.20
1.08 1.37 1.74 37.22
29.34 23.10
average value
29.00
22.23 19.73
300328.SZ ???? 6.34
0.06 0.08 0.11 107.36
79.99 59.08
????:Wind ????,????????? ?:??????????? Wind ????
risk warning
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P.26
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??????
May 26, 2021
Disclaimer
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New Nikko
New Nikko (3376), a major domestic bearing manufacturer, and Apple is expected to release new Macbooks and AirPods in the second half of the year. Recently, it has been speeding up to increase capacity utilization. As soon as the third quarter, the shipment momentum will be significantly stronger, which will help operations quickly recover. temperature.

The legal person further pointed out that Nippon Nippon will cooperate with the new Macbook and AirPods products in the near future to fully increase capacity utilization, which is expected to drive stronger operations in the second half of the year. It is estimated that Nissei’s net profit per share this year is 9.7 yuan, which is slightly less than last year’s net profit of 9.05 yuan per share. increase.

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The legal person estimates that MacBook shipments this year will reach 23 million units, an annual increase of 15%. In addition, AirPods is currently in a period of replacement between new and old products. The overall shipment volume in the first half of the year is estimated to be only about 25-30 million units, a year-on-year decrease of 25 to 30%. It is expected that the new Airpods will be launched in the second half of the year, and the overall shipment volume will reach 5,000. To 55 million units, an annual increase of 10 to 15%, leading to better operating conditions during peak seasons.

It is reported that the main reason for the dull operation of Nissei in the first half of the year, except for the adjustment of Apple’s inventory, the most important other components are lack of long and short materials. Therefore, even if the bearing itself has no shortage of materials, the shipment momentum will be dragged down. The shortage of materials is expected to be in the second half of the year. Improve seasonally.

In addition, in terms of folding mobile phones, since the folding frequency of folding mobile phone bearings is much larger than that of general consumer electronic products, they are components with significant specifications upgrades. Nissei has technological advantages and is expected to benefit from this trend; it is reported that Nissei is currently Mainly targeting US mobile phone customers, because Chinese mobile phone manufacturers have exclusive clauses, while Korean mobile phone manufacturers prefer Korean suppliers. However, US customers have a low probability of publishing folding phones this year and next year and will continue to track follow-up progress.

It is reported that the current existing manpower of New Nikko can no longer meet the production. In response to the order demand, it has urgently recruited 300 online operators in the Taiwan plant in the first half of this year. It is currently planning to continue to expand production this year.

New Nikko is the world's leading manufacturer of laptop bearings. Almost the top ten laptop manufacturers are its customers. It is also a major supplier of Apple AirPods charging boxes and AirPods Pro Max bearings. Xin Nikko’s share price fell slightly by 1 yuan today.