In the 'vacation period' of 4G and 5G switching, the demand for mobile devices from communication networks has weakened. In addition, camera, full screen, wireless charging, and fingerprint recognition have insufficient incentives for consumers. In the first quarter of this year, China’s smartphones were out. The volume was only 81.37 million units, down 26.1% year-on-year. Even the iPhone X has frequently received news of a sharp cut.
Soon, the cold winter of the mobile phone market was transmitted to the upstream supply chain. The stock price of smart phone concepts such as Goer shares, Anjie technology, and Changying Precision were not only sluggish, but some of the company's performance did not progress as expected in the first quarter of this year's earnings report. Also appeared.
● Anjie Technology provided goodwill and eroded net profit
It's because of the apple's thigh.
On April 12, An Jie Technology released its 2017 annual report, showing that the company achieved operating revenue of 2.71 billion yuan, an increase of 48.53% year-on-year; net profit attributable to shareholders of listed companies was 391 million yuan, an increase of 1.13% year-on-year. From intuitive data Look, although the company's revenue has increased significantly, the net profit has not been synchronized.
Further reading the financial report, the reporter of “Daily Economic News” noticed that in 2017, Anqie Technology’s provision for impairment of goodwill of RMB 119 million eroded the net profit of the company during the reporting period, and the reason for provision for impairment of goodwill was , But also from 2017 An Jie Technology acquired Huizhou Weibo Precision Technology Co., Ltd. (hereinafter referred to as Weibo Precision) 100% stake.
In early 2017, Anjie Technology announced that the company intends to purchase Wu Weiguan, Wu Zhenbo, Ke Xingcha, Huang Qingsheng, and Lian Hougui (hereinafter collectively referred to as counterparties) in the form of Weibo Precision 100. % of the shares, the transaction price of 3.4 billion. The transaction also raised supporting funds not exceeding 1.508 billion yuan, used to pay cash considerations, transaction fees and the implementation of Weibo Precision's 'consumer electronics metal precision structural parts construction project'.
In addition, Anjie Technology also signed a profit compensation agreement with the above-mentioned counterparty. According to the agreement, the performance commitment period and profit compensation period of the transaction will be between 2017 and 2019. The total number of profit commitments shall not be less than 1.28 billion yuan. The pledged non-net profit promised in 2017, 2018 and 2019 shall not be less than 330 million yuan, respectively, 420 million yuan and 530 million yuan.
However, the “Special Audit Report on the Implementation of 2017 Performance Permits of Huizhou Weibo Precision Technology Co., Ltd.” issued by Jiangsu Gongzheng Tianye Certified Public Accountants shows that in 2017 Weibo Precision achieved non-net profit of RMB 228 million, failing to reach 2017 Deduction of performance promise of non-net profit of 330 million yuan, reaching 68.97%.
Regarding the reasons for the unfulfilled performance commitments, Anjie Technology explained that in 2017, especially in the second half of the year, the domestic smart phone industry experienced a phased change in competition. The growth rate of domestic smart phones slowed down, and key customers changed their sales strategies at the end of the year. As a result, the company's product shipments were delayed. At the same time, Weibo Precision newly developed smart phone metal cover products are in the stage of development and market growth. The initial investment in research and development costs, equipment procurement costs, labor costs and other large amount, but the order growth has not reached It is expected to be in a climbing phase and no new profit growth point has been formed. In addition, after the acquisition in 2017, the customer resources of Anjie Technology and Weibo Precision have not been integrated.
In the case of a poor smartphone environment, there are also concerns about whether Weibo Precision’s performance promises can be realized this year. In response, the reporter contacted Wang Tiantian, the security generation of Anjie Technology, and she stated that after March, the smartphone’s Sales volume began to pick up, and the overall situation of the industry has been getting better and better. Moreover, the company's second quarter of this year has seen an increase compared with last year's order volume. Coupled with the company's adjustment of product types, this year's performance commitment is more Confidence.
●Many companies have fallen in the first quarter
The smart phone industry has seen slower sales, and it is harder for An Jie Technology. Lansi Technology is a leading company in the glass cover industry. Although in recent years, the company did not disclose its sales ratio of Apple’s main business. However, according to the research report released by Guosen Securities, from 2012 to 2016, Lans Technology’s largest customers are all Apple. In 2015 and 2016, the company’s top five customers accounted for 84.11 of annual sales. % and 77.81%. Among them, the sales of the largest customer in 2016 reached 5.71 billion yuan, accounting for 37.48% of the total annual sales. Based on this, Lansi Technology has also been dubbed the 'company that grew up eating apples'.
On April 10th, Lansi Technology released the forecast for the first quarter of 2018. During the reporting period, the company's net profit fell by 60% to 50% year-on-year, and its profit is expected to be 88,231,900 yuan to 110 million yuan.
However, Lansi Technology Executive Secretary Peng Mengwu is still quite confident about the company’s performance this year. In an interview with the “Daily Economic News” reporter, he analyzed the reasons for the company's net profit decline in the first quarter of this year: 'Recently, Huawei, OPPO The new products released by other manufacturers all adopt the design of double-sided glass, and the order quantity of new products is relatively large, so the company's supply pressure is also relatively large. In addition, the orders of these manufacturers are non-standardized, and we start mass production in the first quarter. At the time of production, the yield rate will have a stage of climbing.
With the increase in the yield rate in the second quarter, our delivery rate will also be greatly improved. In fact, our second-quarter performance will have a big reversal compared to the first quarter, compared with the first half of last year. It's much better, because economies of scale came out. In the second half of the year, with the release of new products from A (Apple) customers, Lansight’s performance will usher in a big upsurge. Based on this, I’ll judge whether or It's very good. ' Peng Mengwu said.
In addition, Goer shares act as the core suppliers of acoustic components for Apple, and the performance of the company has also declined. On April 21st, a quarterly report released by Goergets showed that the company achieved revenue of approximately 4.046 billion yuan, a year-on-year decrease of 10.61%. The net profit attributable to the shareholders of the listed company was approximately 1.84, a year-on-year decrease of 38.55%. The company also expects that the net profit attributable to shareholders of the listed company for the first half of the year will range from 413.30 million to 57.07 million yuan, a decrease of 40% to 20% year-on-year.
For the reasons for the change in performance, Goerget said that sales of new models of important customers’ smartphones did not reach expectations, and the market growth of virtual reality products slowed down; the company’s investment in expanding new business increased.
Interestingly, at the end of March on the interactive platform for investor relations, the reporter saw that Gospel executives insisted that the company's performance in 2018 could maintain 'good growth'. Where does Fosseur's strength come from?
According to Jia Yang, a representative of Goer's stock securities business, the data in the "China Mobile Phone Market Operational Analysis Report for March 2018" released by the China Institute of Information and Communications recently differed from the company's revenue composition. In 2017, the company Revenue from foreign sources accounted for 85.78%, which means that although the company's business relied on the smart phone market, the statistics from the China Institute of Information and Communications did not fully apply to the company's performance.
Of course, not only Apple's concept stocks, but also the performance of Changying Precision, which mainly serves domestic mobile phone makers, has fallen. Changying Precision 2017 annual report shows that the company achieved revenue of 8.432 billion yuan for the year, an increase of 37.78% year-on-year; attributable to the listing The net profit of the company’s shareholders was 571 million yuan, a decrease of 16.49% from the same period of last year. At the same time as the annual net profit declined, Changying Precision expects the net profit attributable to shareholders of the listed company to reach 0 to 50,717,400 yuan in the first quarter of 2018. The year-on-year decrease of 100% to 75%.
With regard to the substantial decline in performance, the company stated that the key projects of metal exterior parts major customers have been extended to the second quarter volume production; the newly-developed international customer projects have tripled in the same period of last year, and the R&D investment has been large; the follow-up orders for the stamping business have increased significantly and are expanding. Production capacity.
Regarding Changying Precision’s external orders for the second quarter of this year and whether its performance will improve, the reporter contacted Tao Jing, a securities affairs representative of Chang Ying Precision. She said that this year’s performance is subject to the announcement, but the manufacturing industry There is a time lag between revenue recognition and manufacturing. The company must first hand over the goods to the customer. The customer checks and accepts, and can settle the balance after reconciliation. Therefore, the performance in the first quarter of this year was actually affected by the reduction in orders in the fourth quarter of last year. influences.
Tao Jing also said, 'The outside world actually has some misunderstandings about the company. After the popularity of double-sided glass cases, we turned from the previous all-metal chassis to the metal middle frame. The outside world believes that the material used in the metal middle frame Less, the unit price will decline, which will have an impact on the performance of the company. This is not the case. The smaller the price, the harder it is to do. Because the process is more difficult to process, it cannot simply look at how much material is used. The price difference between the metal middle frame and the all-metal rear shell is not so big. If you can really determine the unit price of a product, the quantity will be more. The more the quantity, the cheaper the price will be.