JSFY Micropermeable Material Technology Group, which is about to enter the capital market, has attracted the attention of the investment community because of its core technology in ePTFE new materials. In the future, there is huge room for growth in consumer electronics and new energy fields.
ePTFE (expanded polytetrafluoroethylene) is a very amazing polymer material, which has many excellent physical and chemical properties such as waterproof, breathable, high temperature resistance, low temperature resistance, chemical inertness, and biocompatibility. It can be used not only in daily necessities such as automobiles, jackets, and mobile phones, but also in complex environments such as aviation cables and submarine cables. In the past, the supply of this material was mainly monopolized by a few foreign giants such as Gore, Nitto and Donaldson.
But nowadays, a very competitive opponent has emerged in the industry. JSFY has challenged the international leader in multiple subdivisions by relying on years of R&D investment.
ePTFE material world “hidden champion” Gore, USA
When it comes to ePTFE materials, there must be an American company that cannot be avoided. It is Gore. Many people may not have heard of this company, but this company can be described as a “ruiguaner” in the materials industry, and it can be described as an “invisible champion” in the materials industry. American Gore was founded in 1958. Today, this privately-owned company has achieved sales of $3.7 billion and is one of the top 200 private companies in the United States.
The most famous product of Gore in the United States is its clothing fabric brand “Gore-Tex”. Gore-Tex fabric not only guarantees the waterproof function of clothes in severe weather such as rain and snow, but also allows the sweat vapor formed by the human body to be quickly discharged , Always keep the human body dry and comfortable experience. At present, the fabric is widely used in well-known brands such as North Face, Nike, ASICS, and Lafuma.
In addition to clothing fabrics, Gore’s ePTFE materials can also be made into car light breathable membranes, electro-acoustic membranes, heart valves, artificial blood vessels, aviation cables and other products, which are used in automobiles, consumer electronics, medical, aerospace, etc. Areas. At present, Gore in the United States has 9 categories and more than 4,000 products. The application scenarios of ePTFE materials are very broad.
JSFY is rapidly growing into a leading ePTFE material company in China
As ePTFE materials have a very broad application field, JSFY has formulated a development strategy of “diversified products and market niche” according to the market characteristics of its own ePTFE and other products in different application fields. The so-called “Niche Market” refers to those niche markets that have not been served well and the market still has a profitable basis. Such markets generally have high technical thresholds and high product gross profit margins, but due to the small market capacity, large companies are reluctant to enter.
If a company only focuses on a single product and a single niche market, its development potential will be very limited, but if the company can develop a diversified product matrix and expand multiple niche application markets, it can be completely comparable to large Large-scale application market with fierce competition among enterprises.
JSFY currently has 7 categories of products such as ePTFE micro-permeable products, gas management products, CMD, etc. The products can be widely used in multiple application fields such as automobiles, consumer electronics, new energy, etc., forming a typical high-performance material based on ePTFE Long tail niche market. JSFY is gradually growing into a platform company with diversified application products.
JSFY products have gradually realized import substitution in the four major fields
The application of JSFY’s ePTFE membrane in the automotive field is relatively mature. In 2019, the domestic market share of breathable membranes and breathable plug products has reached 25.42%, and it has formed imports of Gore and Nitto in the United States. Substitute. The company`s main customers for breathable membranes and breathable plug products include Huayu Vision, Valeo, HELLA Electronics, Xingyu Automotive Lamp [Volkswagen Automotive Lighting Supplier] and other well-known domestic and foreign companies, including Huayu Vision, Valeo, Hai La Electronics ranks among the top 5 automotive lighting companies in the world, and Xingyu Automotive Lighting is the top three automotive lighting companies in China.
In the field of consumer electronics, the market for water pressure-resistant acoustic membranes and MEMS acoustic membranes is dominated by Gore. After continuous R&D investment, JSFY has successfully developed similar high-performance products, and related products have maintained a rapid growth rate in recent years. With the gradual increase in brand awareness of JSFY in the field of consumer electronics, it will also replace Gore in the United States in the future.
In addition, JSFY`s desiccant products and sound-absorbing cotton products have gradually formed import substitutions for Japan`s OZO and Germany’s Sandler.
Two outstanding highlights of JSFY’s rapid growth in the future
In recent years, JSFY’s ePTFE membrane has developed rapidly in high-margin markets such as consumer electronics and new energy.
a. In the field of consumer electronics, the company’s water-pressure-resistant sound-permeable membrane products have been applied to smart wearable devices such as Huawei and Xiaomi. The compound growth rate of related products in the past three years is as high as 67%. Income will achieve faster growth.
JSFY’s MEMS acoustic membrane products are mainly used in the manufacturing process of MEMS microphones, which can protect the microphone from external impurities while ensuring sound quality. MEMS microphones are widely used in consumer electronic products such as smart phones and TWS. In 2016, the accumulation of Apple’s AirPods helped the TWS market, allowing TWS headsets to stand on the top of the few consumer electronics trends that bucked the trend. According to market research agency GFK, the market size of TWS headsets can reach US$11 billion in 2020, a year-on-year increase of 47%. In 2020, TWS shipments will reach 230 million units, a year-on-year increase of 90%. According to Yole Development’s research data, the global market shipment of MEMS microphones in 2019 is about 6.6 billion units, and the market size of MEMS acoustic membranes is about 1.7 billion yuan. The growth space of MEMS acoustic membranes is very broad.
b. In the field of new energy, JSFY’s original ePTFE membrane module product-CMD pressure relief valve is mainly used in new energy power battery packs and is one of the core safety components of the battery pack. The CMD pressure relief valve has multiple functions such as air pressure leveling, drying and rapid pressure relief. At present, the product has been approved by the German Daimler Group and has been finally applied to the Mercedes-Benz commercial vehicle EQV through CATL. Driven by Daimler’s order, CATL plans to promote JSFY’s CMD relief valve as a platform component, which may be applied to all battery pack products of CATL in the future. In 2019, CATL’s power battery packaging machine volume reached 31.71GWh, occupying 51.01% of the market share. Therefore, the future of CMD relief valve products has a lot of room for growth.
At the same time, the SiO2 aerogel composite material, which is a fundraising product of Pan Asia Microtransmission, is also mainly used between the cells in the new energy power battery pack to play a role in heat insulation. This product can ensure that when the temperature of a battery cell is abnormal, it will not cause the temperature of other surrounding batteries to run out of control, ensuring the normal operation of the battery pack. At the same time, SiO2 aerogel products have a high melting point. When a fire occurs in the battery pack, it can delay the spread of the fire and create valuable time for the drivers and passengers to escape. In the future, this product is likely to be used in new energy battery manufacturing companies such as CATL.
JSFY has abundant product reserves and technology empowerment, the future is worth looking forward to
As a platform-based company oriented to the long-tail niche market, the ability to continuously research and develop new products is the “basic skill” of JSFY. At present, JSFY already has reserve products such as cable membranes and PTFE shielding membranes, with high technological content.
JSFY cable film products mainly include PTFE cable film and TRT cable film. PTFE cable film has the characteristics of low dielectric constant, low dielectric loss, high tensile strength and high elongation at break. It is suitable for coaxial cable insulation, power cable insulation, thermocouple wire insulation and other fields. The TRT cable film has excellent electrical properties, heat resistance, chemical resistance and good bonding characteristics, and is an ideal material in the field of civil aircraft and military aircraft cables. At present, in the field of cable film, the global market is mainly monopolized by American companies such as Gore and Dupont. Under the background of escalating Sino-US trade friction, core materials such as cable film are very likely to become The localization of the next “bottleneck” product is of very important strategic significance.
PTFE shielding film is a high-performance product that uses conductive loss type, dielectric loss type, magnetic loss type and other wave-absorbing materials, combined with excellent performance PTFE waterproof and breathable membrane, which integrates conductivity, shielding, wave absorption, ventilation and waterproofing. . Compared with traditional metal shielding materials, PTFE shielding film has the advantage of flexibility and can be used in more application fields such as wires and cables, sensors.