The growth path of the camera module industry leader
2016-11-18
Shenzhen O-film Tech Co.,lt was originally a manufacturer of optical fiber communication components at the beginning of the century. After being taken over by Cai Rongjun, the current major shareholder, in 2001 after the Internet bubble, it experienced several major transformations. In 2001-2010, it mainly engaged in optical infrared cut-off filters (IRCF), in 2011-2013, it mainly engaged in capacitive touch screens, in 2014-2017, and in 2017, the camera module business entered the Apple industrial chain. At the same time, it expanded the production of dual camera modules and laid out the sensor business (in 2016, it acquired 100% equity of Senseg in the Netherlands as a fingerprint identification module for a total consideration of 1.43 million euros).
Several rounds of strategic transformation in Shenzhen O-film Tech Co.,lt are violent and decisive, and its business strategy is as follows: 1) looking for electronic sub-tracks with low penetration; 2) To achieve capacity expansion and scale effect and reduce the fixed cost per unit product through M&A/purchase of a large number of equipment; 3) Enjoy the release of performance brought by the increase of penetration rate; 4) The price war occupied the market and gained the leading position; 5) Repeat the process.
Under this business strategy of occupying the market with capacity expansion, Shenzhen O-film Tech Co.,lt has carried out/is carrying out a number of business layouts, each with its own success or failure:
Capacitor screen business-8% of all mobile phones in 2008; In 2010, Shenzhen O-film Tech Co.,lt began to lay out capacitive touch screens, and in 2012, it raised 1.5 billion yuan to invest in the expansion of capacitive screens to prepare for the price war;
Dual camera business cut-in 2016, the penetration rate was 5%. In 2017, Ou Feiguang acquired 100% equity of Sony South China for a consideration of US$ 243 million, which originally owned 50% of Apple's front camera module and 10% of its rear camera module;
Fingerprint identification module-in 2015, the penetration rate of fingerprint identification of domestic smartphones was only 12%;
Intelligent driving ADAS (advanced driver assistance system)-the domestic penetration rate is about 5% in 2019;
LCD module business-raised 1 billion yuan for development in 2014, less than expected, and lost 14 million yuan in 2017;
Mobile Internet business —— In 2015, it acquired Sunac's mobile Internet code in cash at a premium rate of 439.11%, promising to realize a net profit of 135 million yuan in the current period and an actual net profit of-85.234 million yuan, resulting in a goodwill impairment loss of 169 million yuan for Ou Feiguang in the current period.
This business model needs to meet the accuracy of sub-track predicted by A, the large-scale capacity expansion and price war of consumer electronics in the high-prosperity growth zone C; As a result, the single-and-double-camera business has taken the lead in the track; Capacitor screens also enjoyed the industry dividend and won the price war in 2012-2015, but in 2018, the overcapacity encountered the crisis of inventory impairment. For the mobile Internet with different business models and the LCD module business with high technical moat, it has not succeeded, while the smart driving business is still waiting for its large-scale investment and verification.
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