Benchmark Electronics: Highly Specialized Small-cap Company From the Manufacturing Industry
The company is active in the areas of product design, engineering services, technology solutions and advanced manufacturing services. It works with customers throughout the entire product life cycle to ensure high reliability and low failure rates. Growth is driven by technological breakthroughs in medical, aerospace, data center and IoT. Benchmark Electronics (NYSE: BHE) is a Texas-based company that provides advanced manufacturing services (electronic manufacturing services (EMS) and precision technology (PT)) that include design...
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- The company is active in the areas of product design, engineering services, technology solutions and advanced manufacturing services.
- It works with customers throughout the entire product life cycle to ensure high reliability and low failure rates.
- Growth is driven by technological breakthroughs in medical, aerospace, data center and IoT.
Benchmark Electronics (NYSE: BHE) is a Texas-based company that provides advanced manufacturing services (electronic manufacturing services (EMS) and precision technology (PT)) that include design and engineering services and technology solutions. From initial product concept through volume production, including direct order fulfillment and aftermarket services, they are a trusted integrated service partner for original equipment manufacturers (OEMs). Markets served include: commercial aerospace and defense, medical, complex industrial equipment, semiconductor equipment, communications and advanced computing.
Strong customer loyalty is a competitive advantage
Key strength lies in the ability to work closely with customers to provide solutions from concept to production through an integrated and seamless set of design, test, manufacturing, supply chain and support services. The integration of these product realization services together with the global manufacturing presence increases the ability to shorten time to market and time to volume production of high quality products. The focus is on complex products for regulated markets with higher reliability requirements.
The focus is primarily on more complex projects for customers
EMS providers serve a wide range of OEMs in various industries and offer scalable electronics assembly as a service. The EMS industry\'s product portfolio ranges from easy-to-assemble, low-cost products for the consumer market to complicated, state-of-the-art, mission-critical products. Higher volume customers often compete on price for products with short life cycles that require less value from EMS providers. Benchmark Electronics avoids these lower value market sectors and instead focuses on lower volume, high complexity customers. These are mostly companies in highly regulated industries that are increasingly outsourcing value-added services to their EMS providers. In addition to strengths in manufacturing complex mechanical systems and full system integration, customers are offered specialized and customized advanced design solutions, including technology building blocks and engineering services.
Complete manufacturing solutions on a global scale
OEMs increasingly require a wide range of specialized design and manufacturing services from EMS providers to reduce their costs and shorten time to market and series production. Building on its integrated engineering and manufacturing capabilities, Benchmark Electronics can offer its customers a one-stop shop. This direct order completion makes it possible to reduce product costs and the risk of product obsolescence by enabling customers to reduce their overall inventories of work in progress and finished products.
Conclusion: Growth drivers here are basically the technological advances in the medical, aerospace, data center, IoT, and many more. The company exceeded analysts\' expectations at the beginning of May and has raised its forecast for the current quarter as a result. The focus on complex, highly specialized industries and close customer loyalty are Benchmark Electronics\' competitive advantages. The P/E ratio of 24 is not cheap and the share price looks a little overheated. The stock is currently more interesting from a trading perspective.
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