Robots and Logistics Warehousing Automation Business Recaptures High Growth
Xinsong Robot Automation Co., Ltd. released its 2016 annual report: The company achieved operating revenue of RMB 2.033 billion in 2016, an increase of 20.65% year-on-year; net profit attributable to shareholders of listed companies was RMB 411 million, a year-on-year increase of 4. 04%, achieving a basic earnings per share of 0.26 yuan. 2016 revenue increased by more than 20% year-on-year, and accelerated in the fourth quarter. The company achieved operating revenue of 354 million yuan, 535 million yuan, 357 million yuan, and 788 million yuan in Q1, Q2, Q3, and Q4, respectively, a year-on-year increase of 15.40%, 6.30%, 6.74% and 45.57%, operating income increased significantly in the fourth quarter. The robotics and logistics warehousing automation business resumed rapid growth, and the overall gross profit margin decreased slightly. In 2016, the company's industrial robots and logistics and warehousing automation business grew by 26.09% and 30.30% year-on-year, respectively, and their growth rates were approximately 17 and 35 percentage points higher than 2015 respectively. We believe that the recovery of downstream demand and the release of company production capacity are important reasons for the rapid growth of robotic and logistics warehousing automation business. The company's product gross profit margin was 31.7%, a decrease of 2.4 percentage points from 2015. The scale effect highlights that the management fee rate has decreased significantly. In 2016, the company's sales expense ratio and administrative expense ratio were 2.3% and 13.7%, respectively, an increase of 0.5% and -0.2% respectively. In the fourth quarter of 2016, the company’s sales expense ratio and administrative expense ratio were 1.7% and 13.9%, respectively, which were respectively 0.1% and -7.9% higher than the same period of last year and decreased by 1.9% and 2.9 percentage points respectively. The sales expense rate remained stable as a whole, while the management expense rate benefited significantly from the scale effect. Earnings Forecast and Rating: The company is a leading domestic industrial robot and intelligent equipment company. It is a benchmarking company in the industrial 4.0 field and will fully benefit from the rapid development of the industry. We expect the company's EPS to be 0.31 yuan from 2017 to 2019 respectively. 0.37 yuan, 0.44 yuan, giving "overweight" rating. Risk warning: The competition in the robotics market has intensified; the development of the smart logistics market is not up to expectations.
The circuit layer of the copper substrate is required to have a large current-carrying capacity, so thicker copper foil should be used, the thickness is generally 35μm~280μm;
The thermal insulation layer is the core technology of the copper substrate. The core thermal conductivity component is composed of aluminum oxide and silicon powder and epoxy resin filled polymer. It has low thermal resistance (0.15), excellent viscoelasticity, and thermal aging resistance. Ability to withstand mechanical and thermal stress.
The metal base layer is the supporting member of the copper substrate, which requires high thermal conductivity, and is generally a copper plate, which is suitable for conventional machining such as drilling, punching and cutting.
The basic production process of copper substrate:
1. Cutting: Cut the raw material of the copper substrate into the size required in the production.
2. Drilling: Positioning and drilling of copper substrate plates will provide help for subsequent processing.
3. Circuit imaging: present the required part of the circuit on the copper substrate sheet.
4. Etching: Keep the required parts after the circuit is imaged. The rest does not need to be partially etched away.
5. Screen printing solder mask: prevent non-soldering points from being contaminated with solder and prevent tin from entering and causing short circuits. The solder mask is particularly important when performing wave soldering, which can effectively protect the circuit from moisture.
6. Silk screen characters: for marking.
7. Surface treatment: protect the surface of the copper substrate.
8. CNC: CNC machining the entire board.
9. Withstand voltage test: test whether the circuit is working normally.
10. Packaging and shipping: The copper substrate confirms that the packaging is complete and beautiful, and the quantity is correct.
In Quick Turn PCB proofing, copper substrates are special boards. In addition to being expensive, they also have certain technical thresholds and difficulty in operation. Some PCB proofing manufacturers find it troublesome or think that the number of customers' orders is small, so they don't want to do it or do less.
What is copper base PCB?
Copper substrate is the most expensive kind of metal substrate, and its heat conduction effect is many times better than Aluminum Base Board and iron substrate. It is suitable for High Frequency Board and areas with large high and low temperature changes and precision communication equipment heat dissipation and architectural decoration industries.
Copper substrates are divided into gold-immersed copper substrates, silver-plated copper substrates, tin-sprayed copper substrates, and oxidation-resistant copper substrates.
The thermal insulation layer is the core technology of the copper substrate. The core thermal conductivity component is composed of aluminum oxide and silicon powder and epoxy resin filled polymer. It has low thermal resistance (0.15), excellent viscoelasticity, and thermal aging resistance. Ability to withstand mechanical and thermal stress.
The metal base layer is the supporting member of the copper substrate, which requires high thermal conductivity, and is generally a copper plate, which is suitable for conventional machining such as drilling, punching and cutting.
1. Cutting: Cut the raw material of the copper substrate into the size required in the production.
2. Drilling: Positioning and drilling of copper substrate plates will provide help for subsequent processing.
3. Circuit imaging: present the required part of the circuit on the copper substrate sheet.
4. Etching: Keep the required parts after the circuit is imaged. The rest does not need to be partially etched away.
5. Screen printing solder mask: prevent non-soldering points from being contaminated with solder and prevent tin from entering and causing short circuits. The solder mask is particularly important when performing wave soldering, which can effectively protect the circuit from moisture.
6. Silk screen characters: for marking.
7. Surface treatment: protect the surface of the copper substrate.
8. CNC: CNC machining the entire board.
9. Withstand voltage test: test whether the circuit is working normally.
10. Packaging and shipping: The copper substrate confirms that the packaging is complete and beautiful, and the quantity is correct.
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