Gentex Corp. Investment Notes

The Company specializes in lighting related technologies with primary application in the mirror/windows products. Gentex’s core products have bi-modal features that serve aftermarkets.


Automotive Products

Interior/exterior rear-view mirrors. The Company provides auto-dimming technology for mirrors; value-added features are iris identification, HomeLink integration, touch-screen, Full Display Mirror (FDM) system — which uses outside cameras to stream views to the mirror so that drivers can have an unobstructed view on what’s going on even in the blind zone.

Currently, the automotive industry is where the Company focuses the most. Many of the products are sold to the aftermarkets, but the Company has been negotiating and partnering with auto manufacturers to embed its products into original models.

Airplane Windows

The Company has secured contracts with Airbus and Boeing to supply auto-dimming windows. This would be an attractive market position because of the volume these two customers demand.

Fire detection system

This would be the Company’s legacy segment as the Company started off as a fire alarm producer. The industry is highly competitive these days, but the management is trying to pivot into automotive related products (such as smoke detection system for autonomous vehicles).

A majority of the sales comes from Europe, which is not surprising given the more friendly regulatory environment for auto-mirror applications.

Possible Upside Driver

NHTSA to approve CMS replacement of the traditional outside rearview mirrors.

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