Kaig Seiko is about to land on the GEM: Deep technology accumulates the "Little Giant" mini LED packaging into the new kinetic energy

A few days ago, the CSRC agreed to the first public offering of stocks in Dongguan Kaig Jing Machinery Co., Ltd. (hereinafter referred to as "Kaig Jing Machine") GEM for the first time. The Kiggen Machine has established an industry position with deep technology accumulation in 17 years. In the fields of electronic installation and LED packaging, especially MINI LED, it continues to increase investment in scientific research. Essence

Benefiting from the strong momentum provided by policies and downstream demand, Kag Seiko, one of the first batch of national "key 'small giants' enterprises", has established long -term stable cooperation with many well -known manufacturers. In recent years, key financial indicators have been dazzling, and future growth is expected.

Deep technical accumulation lays a leading position

The main business of the Kaig Sein Machine is based on automated precision equipment research/production/sales and technical support services. Its automated precision equipment is mainly used in electronic installation and LED packaging links in the field of electronic industry manufacturing. The main products are tin paste printing equipment, LED Packaging equipment, dilatation equipment and flexible automation equipment.

As a national high -tech enterprise, the Kig Machinery has deep accumulation in R & D capacity and technical level dimension. At present, the Kig Shin Machine has mastered a number of mechanical, electronic control and software -related technologies involved in the electronic industry automation precision equipment, forming a visual high -precision UVW positioning system, printing pressure intelligent feedback control system, and based on the S -curve before interpolation. The core algorithms such as deceleration forward -looking self -adaptive speed optimization technology have formed a number of core technologies such as high -precision scraper pressure feedback control technology, high -precision multi -platform multi -base board, and single -platform multi -substrate panel technology, and dot -ductive flight jet technology.

Data show that from 2019 to 2021, its R & D expenses were RMB 35.555 million, 39.4426 million yuan, and 54.2726 million yuan, respectively. The company has 96 authorized patents, including 21 invention patents, 70 practical new patents, 5 exterior patents, applying for 7 PCT patents. In addition, 21 software copyrights have been obtained, and they have participated in the preparation of 1 industry standards.

The technical advantage also accelerated its innovative pace. Based on a deep understanding of products and technology, Kiggen continued to launch new technical solutions to meet the cutting -edge needs of downstream.

For example, the core product tin paste printing equipment is the main equipment for electronic component assembly and electrical connectivity for electronic industry enterprises, which can meet the requirements of electronic products for high -precision process production and significantly improve production efficiency and good quality. Since the launch of the first tiny paste printing equipment in 2006, it has been continuously updated and iterates. At present, the performance of its tin paste printing equipment has been flat or even partially better than the top foreign manufacturers. The company disclosed that the high -precision scraper pressure feedback control technology applied to the tin paste printing equipment can limit the pressure fluctuation range of the scraper during the printing process to ± 0.2kg to achieve dynamic adjustment and accurate control; Multi -platform multi -base boards and single -platform multi -substrate panels can achieve ± 18 μm or higher high -precision printing under the situation of three -point errors/defects.

From 2019 to 2021, there are more than 3,000 CEG precision machine service customers. The downstream coverage industry has a wide range of industries and the market share has expanded year by year. It has a certain influence in the domestic electronics manufacturing industry. At present, Kiggen Machinery has established long -term stable with Foxconn, Huawei, BYD, Taiwan Surface Mountain, Compal Group (Compal), Chuanyin Holdings, Deyai Battery, Tokyo Heavy Machinery (JUKI) and other famous companies. Partnership, products are exported to more than 50 countries and regions including Southeast Asia, Europe and North America.

Breaking LED packaging equipment key challenge

Deep technical accumulation has established the industry's leading position, and also provides a strong motivation for the continuous investment of the Kaig Square machine in the LED segment industry.

In recent years, with LED display devices, especially small spacing LEDs and MINI LEDs have gradually matured, and the penetration rate has gradually increased. The continuous reduction of chip size has increased the amount of LED chips on the unit area panel. The key links of the bottleneck, taking into account the production and yield of production and yields have become a key challenge for LED packaging equipment.

Faced with the above challenges, the LED packaging equipment of the Kiggen machine stood out in the industry. There are four main technical routes in the solid crystal scheme, of which Pick & Place and thorns are the main solid crystal solutions in the industry. The Kaig Jing machine has also mastered the two mainstream technology routes, and has applied relevant technologies to mass production equipment. For example, the GD91M series solid crystal equipment can achieve a solid crystal efficiency of up to 150,000un (six heads), and achieve ± 15 μm@@ The solid crystal accuracy of 3 σ is suitable for the process of the LED display device such as the RGB small spacing and the MINI LED display.

The Kaig seizure machine is mainly involved in the solid crystal and welding lines in the process of LED device production. The current LED packaging equipment can be efficient and stable and comprehensively covering the LED device packaging production of separate packaging and integrated packaging processes. It is worth noting that its printing technology advantages also extend in the field of packaging -in the integrated packaging process, based on high -precision printing process, fix the tinnite on the substrate electrode, and then directly connect the chip electrode and substrate electrode through the solid crystal process. , Realize Unicom. GLED-MINI, one of the core products of the company, can meet the minimum minimum of MINI LED (about 50.8*101.6 microns) chip size tin paste printing needs. It is reported that the Kaig Jing machine has continuously invested in MINI LED. Its MINI LED Online Passection Technology R & D project has been completed. A huge transfer equipment research and development project applied to the MINI LED industry is underway. In MINI LED, the company is equipment suppliers from Zhongqi, BOE, Zhaochi, Guoxing, Hongli, Vogh, Hua Chan, Juti and other companies.

Today, my country is the most important LED production base in the world. The middle and lower reaches of packaging and application links and upstream chips are in an advantageous position in the global LED industry chain. And it is worth noting that the new generation of display technology MINI LED has multiple excellent performance and improvement of downstream application penetration. Data show that in 2021, the increase in investment in MINI/ Micro LED and other fields has increased to 75 billion yuan, and the global MINI LED market size may exceed $ 1 billion in 2022. Some brokerage research reports pointed out that the sealing end of the MINI LED will be the focus of investment, which will drive the demand for equipment represented by solid crystals. Undoubtedly, the deep cultivation of the Kaig Sperm in MINI LED will bring a new driving force for its performance.

The prospectus shows that with the recovery of global consumer demand, the lighting and acceleration of lighting, backlight, display and new applications, as well as market penetration rates in emerging application fields such as high -light LEDs, vehicle LEDs, UV/infrared LEDs have gradually increased, and the industry has gradually spanned the industry. Too low, usher in a new round of prosperity. Financial data shows that in 2021, the revenue of the Kaig Jing machine LED packaging equipment increased by 123.79%year -on -year. Under the good prospects of the industry, in the future, the Kung Ji machine is expected to continue to achieve breakthroughs, and it is promising in the LED segment industry.

Raiders 500 million plus ordered automation precision equipment

Since its establishment in 2005, the Kaig Jing machine has gradually expanded the business scale from the initial tiny paste printing equipment, and actively responded to the differentiation of customers in the context of industrial intelligence. As a well-known brand in the field of electronic installation, from 2019-2021, Kig Salm achieved revenue of 515 million yuan, 595 million yuan, and 797 million yuan, respectively. Highlights, key financial indicators increased rapidly, and future growth is expected.

In order to always maintain the industry's leading position, the IPO of Kig Machinery plans to raise 513 million yuan for the construction project, R & D and testing center projects, process and product exhibition centers of precision intelligent manufacturing equipment production bases, and supplementary mobile funds.

Among them, the company plans to invest 238 million yuan to build a new precision intelligent manufacturing equipment production base construction project to improve the company's core equipment and technical process levels, and meet and consolidate customer needs. In terms of R & D and testing centers, the company intends to invest 120 million yuan to improve software and hardware experiment infrastructure. The Kaig Jingji believes that the demand for intelligent equipment such as integrated circuit packaging testing equipment such as integrated circuit packaging and testing equipment continues to increase. The company should actively develop related products in the field of integrated circuit packaging and testing equipment to adapt to market development and enhance their competitiveness.

At the same time, the company intends to invest 54.7685 million yuan in new technology and product display centers to enhance brand value. From 2019 to 2021, the revenue of Kiggen South China and East China accounted for 87.55%, 87.63%, and 82.16%of the main revenue of domestic sales. It is the main source of the company's revenue. The project intends to implement the project in Suzhou, Shenzhen, Hangzhou, Dongguan and other places accurately cover the main area where its customer base is located, which helps improve profitability.

Kaig Jingji said that in the future, it will continue to deepen basic technical research and application product development in the fields of electronic installation equipment, mini/microLED semiconductor equipment and semiconductor equipment. In this landing capital market, the Kaig Jing machine will seize the development opportunities of high -end intelligent manufacturing equipment, build core competition barriers, and achieve long -term value growth.

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