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Public company info - Capxon International Electronic Co. Ltd. , 00469.HK
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Capxon International Electronic Co. Ltd., 00469.HK - Company Profile
Chairman Lin Chin Tsun
Share Issued (share) 845,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Electronic Component
Corporate Profile Business Summary: The Group is principally engaged in the manufacture and sale of aluminum electrolytic capacitors and aluminum foil, which is the major raw material for the manufacture of electrolytic capacitors. Performance for the year: Revenue increased by approximately 13.77% to approximately RMB1,367,861,000 (for the year ended 31 December 2018: RMB1,202,327,000). Profit for the Year attributable to owners of the Company amounted to approximately RMB92,731,000 (for the year ended 31 December 2018: RMB64,761,000). Business Review In 2019, global economic and trade tensions created a climate of uncertainty with sliding economic growths worldwide. In a review of global economic trends and outlook, it is indicated by an economic analyst that despite a myriad of uncertainties in 2020, the preliminary trade agreement recently reached by China and the US had mitigated such tense situation, which was expected to ease the pressure on global economy in general and rescue economic performance from declines. Considering the factor of low base period in 2019, major international forecast institutions believe that 2020 will possibly produce better economic and trade growth across the globe than 2019. Looking back at the global economic development trends in 2019, the unrest caused by the China-US trade war, Brexit as well as other political and economic situations exerted a material impact on global economy and sentiment and left a massive shock to industries. Consequently, key economic investigation institutions worldwide have raised a pessimistic view on economic outlook. Overall, the global economy climate faces challenges that are both treacherous and hard to identify amid uncertain economic prospects, coupled with even more uncertainties brought by the outbreak of Novel Coronavirus (COVID-19). Such a backdrop came in tandem with the favorable conditions brought by a low base period and the expected moderation in China-US trade situation, as well as the intelligent innovations driven by 5G, AI, IoT and other new technologies, all of which have generated fresh opportunities for industries and the economy. Under the dynamic interaction of these two forces, it remains to be seen as to how the future economic climate will evolve. Nevertheless, the Group shall invariably break through the dilemma with technological innovation and regain economic momentum. Given numerous uncertainties, for the electronics sector, people’s life has been slowly integrated with the popular AI, digital ecosystems, biohackers, transparent immersive experience and ubiquitous infrastructure. The continuous advancement of technologies, particularly wearable devices and unmanned carriers, will keep transforming human’s life and competition intensively and thereby boosting the demand for technically upgrading electronic parts and components and their quantity. MANUFACTURE AND SALE OF ALUMINUM FOILS During the Year, after satisfying internal production demand, the Group’s external sales of aluminum foils amounted to approximately RMB79,464,000, representing an increase of approximately 167.37% as compared to approximately RMB29,721,000 in the corresponding period of last year. The selling prices of aluminum foils in the market were stable in the first half of 2019, and decreased dramatically in the second half of the year mainly because the new production lines in the market were put into production successively, resulting in the oversupply in the aluminum foil market. To respond to such industrial characteristics and having assessed market dynamics and considered future market demand, the Group made specific adjustments such as technical upgrading of production lines, improvement of production techniques and faster R&D on improving the performance of aluminum foils, so as to improve the industry competitiveness of aluminum foils suppliers and reduce the impact of the market. Such adjustments were effective, as manifested in overall output, production costs and product performance. At the same time, process control and details management were added in the production of aluminum foils, to ensure that the quality of each square of aluminum foil produced is consistent, thereby strengthening customers’ confidence in consumption and trust in the product. After the implementation of the above measures, in addition to ensuring the stable source of aluminum foil materials for the capacitor plants of the Group and the flexible demand of customers in external markets, the Group managed to address its market dilemma in the second half of the year by successfully exploring overseas markets and introduced its products to the Japanese supply chain. Aluminum foils are the major raw material of capacitors. The Group has excellent production processing technologies for formed foils and a stable production capacity. Besides, the Group remains active in exploring markets with high added value to prepare for future market changes. The Group will stay attentive to and cautiously respond to the future developments in the aluminum foils market. Currently, the Group has completed the following key R&D projects and quality control techniques of aluminum foils: ETCHED ALUMINUM FOILS • A new generation of high-speed etching production lines On the basis of existing high-speed etching production lines, the Group optimised production technology and equipment, conducted R&D to design a new generation of high-speed etching production lines, and completed equipment installation and commissioning. As a result, the Group’s production efficiency doubled that of the existing high-speed production lines, with room for further improving the quality of etched aluminum foils. • Reducing the costs for etching Through the adjustment and improvement of the etching process and formula, a cheaper etching production process was developed, which effectively reduced the production cost of etched aluminum foils. FORMED FOILS • The Group focused its R&D on the energy conservation technology for organic acid formation, to effectively improve production efficiency. • On average, the Group’s fast production lines for seven-segment formation were over 20% quicker than the original five-segment ones. • The Group focused its R&D on capacity improvement technology of the organic acid formation process, lifting such capacity by more than 2.0% compared with the original formation technology. • The Group developed a new approach to evaluate the performance of formed foils and formally put it into use in October 2019. The new method produced results closer to the actual environment where formed foils were applied in capacitors, making it a more valuable reference in actual application. • In January 2019, the Group completed the transformation of the foil-washing sewage recycling project and put it into operation, saving approximately 300 tons of water per day and significantly reducing water costs and sewage discharge. • The Group finished installing a phosphoric acid recovery and treatment system and started the recovery of phosphoric acid from all of the Group’s production lines in October 2019. As such, the Group is able to recycle over 20 tons of phosphoric acid per month and thereby reduced the cost. MANUFACTURE AND SALE OF CAPACITORS In respect of capacitors, the Group recorded external sales of approximately RMB1,288,397,000 for the Year, which accounted for approximately 94.19% of the Group’s total external sales and represented a decrease of approximately 3.34% from approximately 97.53% of the Group’s total external sales for the corresponding period of last year. While the passive component industry is about to enter its moderate growth stage in view of the growth in the global sales of smartphones, there is a considerable demand for growth in other application markets or high-end application fields such as automobile, high-end smart home appliances, smart electricity meters, safety control systems and industrial control. Hence, the Group is cautiously optimistic about the passive component industry for the years to come. Besides, in response to the application of AI, edge computing and blockchain for medical and industrial purposes and the growing business opportunities in the application of internet, as well as the potential business opportunities for wearable devices and unmanned carriers, visionary technologies such as 5G, AI and visual machinery will usher smart devices into a new era of diversity with various commodity service models evolving. Furthermore, to cater to the type and requirements of consumers, the information technology setup requirements of innovative service models are expected to emerge swiftly, to capture the software and hardware business opportunities in future businesses. In respect of the R&D and mass production of capacitors, the Group primarily worked on high-end products such as variable-frequency drives, servo drives, chargers for communications bases and communications terminal products and in-vehicle electronic applications during the Year, with great results already achieved in addressing relevant demand. In the future, the Group will commit more efforts to meet the requirements for special tailor-made products, including miniaturization, high capacity, high voltage, high frequency and high temperature. The Group will also take steps to develop custom-made products that cater to the front-end demand of the market and that can be applied across different sectors, promote market application of capacitors in various fields, innovate technologies and products ahead of the trend and expand the global market share of its capacitor products. Currently, the Group has completed the following key R&D projects and quality control techniques on capacitors: • An AP25V330μF (10*10.5) semisolid surface mount device aluminum electrolytic capacitor has been developed that can resist a high temperature of 150℃. Samples have passed the comparison test by the customer and against Japanese products. The new product’s characteristic parameters are fully in line with the standards of Japanese products, making it possible to replace them. • At present, verification is underway for a relatively cheaper domestic carbonised electrolytic paper to replace such electrolytic paper used in solid monomer/oxidant specifications that requires no cleaning or carbonization. • The Group has established a professional team for the integrated R&D and manufacturing of fast-charging capacitance. The team is equipped with manufacturing technology and production-testing equipment for high-end, leading fast-charging capacitance. • Domestic high-purity negative foils (WF30CP070-2VF WF20CP050-2VF) will replace the imported ones, with samples under verification. • Sample verification is also underway for domestic electrolytic paper to replace its imported counterparts used for liquid capacitors. • In response to unstable input from power grids for televisions, a spindly guide pin product has been developed that can resist high voltages, which has passed strict high-voltage verification by the customer. • In terms of improving the processing capacity of solid capacitors, the newly developed pre-treatment liquid has no effect on the capacitance’s capacity characteristics and can reduce electric leakage, increase the compatibility of monomer oxidants and electrolytic paper. The new product can be applied to solid surface mount device products to reduce short circuit occurrence, address the problem of rising leakage current in reflow, improve the compatibility between post-treatment liquid and dispersion, and achieve higher product reliability and lower material costs. Prospects: Given the successive application of 5G worldwide in 2019, 2020 will witness the full launch of 5G across the globe as it emerges as a growth highlight that leads the future technology industry and generates a continuous stream of business opportunities for various electronic components in the future 5G communications system. Hence, so far as the technology sector is concerned, AI, 5G, high-performance computing (HPC) and experiential technology will doubtlessly become the key issues that drive “smart” life applications in the days to come, and stand as trends that cannot be overlooked by any market player. According to the Institute for Information Industry, in 5G networks, applications such as multi-player cloud games, augmented reality, virtual reality, smart manufacturing and vehicle-to-everything are based on low latency and supported by IoT. This will raise the demands for distributed computing and storage, draw particular attention from the edge computing market, and help promote the growth of scale of the network equipment market. The Institute for Information Industry also estimates that the shipment of 5G mobile phones will reach 260 million in 2020 and 540 million in 2021. The upgrade of the specifications of 5G parts and components will propel the industry growth for semiconductors, RF components, heat dissipation, circuit boards, passive components, antennas and memory. Therefore, with the comprehensive commercialization of 5G and its rapid growth in applications, the technology sector will embrace business opportunities from network equipment, base stations and mobile phones to relevant key parts and components. Nevertheless, the market shall not overlook and ignore the impact of novel coronavirus. With the lockdown of countries across the world successively due to the hazards caused by the virus, it has become the matter that needs to be paid close attention to in 2020 as to whether the economic model would step back from globalization to small region as a results of economy depression and close-door policy of countries. Pursuing sustainable operations and sharing profit with shareholders of the Company have always been the goals of the Group. In the future, the Group will continue to focus on its existing industries and R&D innovation, strive for excellence, control costs effectively and enhance manufacturing efficiency, all in a bid to maintain its competitiveness in the industry. With the Group’s technological R&D and product innovation services, the Group will maintain a stable relationship with its existing customers. The Group will also attempt to develop a production-marketing model that integrates different industries, proactively explore markets to meet mass production planning, as well as create industry value and revenue steadily, in order to reward the Company’s shareholders for their support with profits.

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