The toner cartridge industry will exceed 10 billion US dollars
In the emerging era of the Internet of Things and intelligent development, although the paperless office is the trend, the global printing demand has not decreased but has increased in the past decade. As the domestic market matures, the backward production capacity and enterprises will be eliminated. The advantages of leading technology manufacturers such as Hengjiu Technology (002808) and Dingdong Shares are highlighted, and the industry concentration has become the main development direction of the industry.
Printing industry makes money by consumables, consumables output by toner cartridges
The printer industry is a global monopolistic industry. There are only a handful of companies in the industry in the world. It is an industry with huge technical patent barriers and lucrative industry. At present, the Chinese printer market is highly competitive, and the top four giants are multinational companies. But the business model of the industry is: don't expect printers to make money but rely on printer consumables to make money.
According to statistics, the current domestic printing consumables market has an annual output value of more than 20 billion yuan and is still maintaining rapid growth. From the whole industry chain of laser printing consumables, printing consumables in the middle of the industry have become the most important source of profit for major original consumables and compatible consumables manufacturers. Among them, toner, printer consumable chips and developing roller are the three most important consumables. Parts and these key consumables need to be sold to end customers through toner cartridges. Therefore, the toner cartridge has become a key market for major consumable manufacturers to compete for layout.
The market of toner cartridges is mainly divided into two parts: the original matching market and the after-sales accessories general consumables market. According to the analysis of Guojin Securities Research Institute, the size of China's toner cartridge market accounts for more than 30% of the global market. The global toner cartridge market has exceeded 30 billion US dollars this year, and the domestic toner cartridge industry has exceeded 10 billion US dollars. Although the overall growth rate of the toner cartridges in recent years is not very high, the general-purpose toner cartridges have a substitution effect on the original toner cartridges, and the composite growth rate between 2014 and 2018 remains at around 9%. At present, domestic general-purpose toner cartridges only account for less than 30% of the market share. In the future, with the quality improvement and price advantage of general-purpose toner cartridge manufacturers, the proportion of GM will become higher and higher. It is expected that the revenue growth of the general-purpose toner cartridge industry will remain 10 in the next 5 years. A compound growth rate of around %.
Industry chain division and cooperation close, technology leading to win
Laser OPC drum is a kind of toner cartridge. As the core component of laser printing equipment, its production technology involves many high-tech fields such as new materials, light, electricity, system integration, advanced technology, and control. In the original supporting market, it is still A foreign company headed by a small number of Japanese companies. In the general consumables market for after-sales accessories, as the strength of domestic manufacturers continues to increase and new manufacturers continue to enter, the industry is increasingly competitive. Hengjiu Technology (002808) is a domestic manufacturer engaged in the production of laser OPC drums with an annual production capacity of more than 10 million pieces.
According to public information, Hengjiu Technology (002808) has successfully developed a high-precision laser OPC drum for color laser printers in China, which fills the gap in the development of high-end laser OPC drums in China. It is currently one of the few core technologies for laser OPC drums in the world. And one of the companies with special equipment system integration capabilities. It has built 10 highly automated laser OPC drum production lines and related equipment with its own technology, realizing the complete localization and industrialization of laser OPC drum manufacturing, with an annual production capacity of 63 million laser OPC drums. Second only to Canon's second-largest OPC drum manufacturer in the world. At the same time, Hengjiu Technology (002808) was also invited to participate in the formulation of a number of national standards and industry standards.
Dr. Yu Rongqing, Chairman of Hengjiu Technology, introduced the latest OPC drum technology. The laser OPC drum print quality of the company has approached or reached the standard of the imported laser OPC drum. At this stage, the company's laser OPC drum has been realized domestically. Import substitution of some products. Products are widely used in HP, Samsung, Canon, Epson and other well-known brands of various types of laser printers.
The complete industrial chain layout enables enterprises to compete more competitively with their competitors. Printing consumables industry is an industrial cluster with a perfect division of labor and close cooperation. It is a circular economy industrial chain with interlocking and efficient operation. At present, Hengjiu Technology (002808) takes laser OPC drum and related technology as the core industry foundation, continues to integrate industrial resources, and further promotes strategic cooperation with carbon powder, toner cartridges, and other participating companies to achieve complementary and synergistic development of industry resources.
In the printing consumables industry, enterprises have also realized the layout of the entire industry chain, such as Dinglong. Dinglong has a complete product system in the laser printing fast printing general consumables industry. It has formed a color polymerized carbon powder product as the core and is supported by recycled toner cartridges, carriers, developing rollers, charge regulators and cloud printing services. The development model of the entire industry chain.
With the intensified competition in the domestic toner cartridge industry and the elimination of backward production capacity, the market concentration will gradually increase, and the market share of technology-leading enterprises will have a lot of room for improvement.