★ Huiding Technology's 2017 net profit of 887 million, screen fingerprint products are expected to scale commercial
On April 26, Huiding Technology released its 2017 annual report. From January to December 2017, the company achieved operating revenue of 3.682 billion yuan, up 19.56% year-on-year; net profit attributable to shareholders of listed companies was 887 million yuan, up 3.52% year-on-year. Earnings per share of 1.95 yuan. In the main fingerprint chip products, 2017 Huiding Technology launched an under-screen optical fingerprint product and imported end-users. The company continued to invest in screen-down optical fingerprinting for the development trend of the application of full-screen mobile phones. The development of technology has gained world-leading technological advantages. At present, Huiding’s optical fingerprint products under the screen has been used in the first quarter of 2018 for flagship models of famous brands such as Huawei and Vivo. It is expected to generate commercial scale in the second half of 2018 and generate Key revenue and profit contributions.
Lance Technology's net profit fell by 50% in the first quarter, and product sales did not reach expectations
On April 26th, Lansi Technology disclosed a quarterly report. In the first quarter of this year, the revenue was 4.494 billion yuan, up 9% year-on-year. The net profit was 110 million yuan, down 50% year-on-year. The net profit after deduction was 36.107 million yuan, down 77% year-on-year. In order to adapt to market changes and new demands, major domestic brands such as Huawei, OPPO, VIVO, and Xiaomi launched a series of high-end and mid-range models in March. Many models use front and back cover glass. The design of 3D curved glass has put a lot of demands on the company's products. However, due to the late production of new products, and the overall beginning of the yield rise in the reporting period, it contributed to the performance during the reporting period. Limited, Lansi technology new, old product production and sales did not reach expectations.
★ Dafu Technology has provided customers with RF products that can be used in 5G networks.
On April 26th, Da Fu Technology stated on the interactive platform that the company is fully prepared for miniaturized filters, dielectric filters, multi-channel intermodulation filters, new band filters, and arrayed antennas. To cope with various frequency bands in the 5G era, standard network construction. At present, the company has produced and provided customers with RF products that can be used for 5G networks.
★ The proportion of business sales of Zhaoyi Innovation and ZTE’s subsidiaries is minimal
On April 26, Zhaoyi Innovation stated on the interactive platform that the company had business contacts with Shenzhen Zhongxing Kangxun Electronics Co., Ltd. (a subsidiary of ZTE Corporation), and the overall sales amount accounted for a very small proportion.
★ North China Chuang products accounted for a small proportion of sales in the United States
North Huachuang’s response to the chip issue of the Sino-U.S. trade war on the interactive platform has a great impact on the company's operations. The company’s main customers are domestic users. Currently, the sales of the company's products in the US market account for a small proportion of the overall revenue.
★ NavInfo's new high-precision map is ready for mass production
NavInfo announced on the interactive platform on the 26th that the company's high-precision maps are already in the stage of mass production, and the specific time-to-market also needs to tie in with the mainstream automakers’ plan for auto-driving cars.
Ma Yun: Layout chip industry is committed to sharing technology
Ma Yun, Chairman of Alibaba Group's Board of Directors, exchanged dialogues with teachers and students at Waseda University in Japan. He stated that Alibaba's chip layout industry aims to develop 'more inclusive' technologies that allow more young people and small businesses to share low-cost technologies. Alibaba Group recently announced that it has wholly owned the acquisition of Zhongtian Microsystems Co., Ltd., the only independent embedded CPU IP Core company in mainland China. Ma Yun stated that Alibaba's chip-layout industry has not only recently started, and has invested for the past four years. Home chip company Ma Yun said that the chip industry is undergoing tremendous changes. The era of the Internet of Things is approaching. Most of the power-using things will have built-in chips. People need cheaper, more efficient, more inclusive and more secure chips. Is a new field.
★ HKUST News: Trade War has limited impact on the company
In response to the disclosed investor survey, HKUST reported that the impact of Sino-US trade war on HKUST’s information technology is very limited. In addition to cooperation with international first-tier manufacturers, the company also communicates closely with domestic chip manufacturers, including some Emerging technology vendors. In addition, the commercialization of the information flight input method has actually been done. In the past few years, one of the financial revenue projects of the HKUST has been operated by the Internet. Although there are not many, some opening advertisements have been appropriately made on the input method. , Plug-in download and other commercial operations.
2. In the first quarter, 32 IPOs were folded, and what are the secrets of the electronic industry chain?
According to the latest statistics from the Foreseeing Investment Survey, in the first quarter of 2018, the second-time conference will be excluded. A total of 71 IPO companies will start the conference. Among them, 32 have successfully met, 32 have been denied, and 3 have canceled the audit ( Excluding the two second-time attendances, 4 held a deferral (eliminating 1 player had a second-time attendance), the passing rate was only 45.07%.
Judging from the probability that the above will be denied, among the 71 first-time start-up companies, there will be 34 board meetings on the Shanghai Stock Exchange, 14 of which are negative, accounting for 41.18%; there are 14 board meetings on the Shenzhen Stock Exchange, including 5 If not, it will account for 35.71% of the total. There are 23 board members of the Shenzhen Stock Exchange's Growth Enterprise Board, 13 of which were negative, accounting for 56.52%. Visible, the difficulties on the ChiNext board are still the biggest.
Judging from the queue time of the 32 companies that were denied, most of the companies that had been queued up were concentrated between half a year and a year and a half. Although there was a red line of IPO review in March: The main board required a net profit of over 80 million in the most recent year. , GEM is not less than 50 million. There are also many IPO companies that have not been able to meet this requirement.
However, judging from the question of whether companies were audited in the first quarter, The audit committee’s focus on audit remains focused on related party transactions, continued profitability, equity issues, financial issues, profitability quality questions, independence issues, dealer correlations, customer reliance issues, and the rationality of fundraising projects.
According to industry sources, in the review process, the performance criteria such as the scale of net profit have not been the sole criterion for auditing. Apart from paying attention to the truthfulness of performance, it also pays close attention to the effectiveness of internal control, the standardization of corporate governance, and the company’s continued profitability, inter-bank competition, especially abnormal gross margins, and core technologies. , have been concerned by the issuing committee.
The author finds out through combing that among the 32 companies that were denied in the first quarter, the four companies involved in the electronic industry chain were also affected by the aforementioned problems. These four companies are Shanghai Longqi, Guangdong Green Precision, Guangdong Chaoyang Electronics. , And Shenzhen Ming Microelectronics.
1, Shanghai Longqi Shanghai Dragon Flag is proposed to be rejected on the Growth Enterprise Market. During the review process, the issuing and reviewing committee puts forward the following major issues: 1) Sustained profitability is questioned whether there is significant uncertainty; 2) Necessity of connected transaction, whether there is interest 3) Whether the issuer has significant reliance on Lenovo Group; 4) Reasons for the higher receivable accounts and its rationality, accounts receivable accounted for the reasons for the significant increase in the proportion of income; 5) Increased compensation expenses gradually increased The reasons for this are: whether the accounting is compliant, whether there is any compensation that has not been compensated, and the implementation of the supplier management and related internal control systems.
As a mobile terminal equipment design and manufacturing service provider, Longcheer Technology provides mobile terminal equipment design solutions and production services. The products include smart and non-intelligent mobile terminal equipment, including wireless network cards, feature phones, smart phones and tablet computers.
Judging from the questions raised by the issuing committee, Shanghai Longqi was not unrelated to the related party Xiaomi. In 2015, Xiaomi was a shareholder of Longqi Technology, holding 20% of the shares. Xiaomi was a shareholder and Tonglong Technology The related transactions continued to increase, and the proportion of revenue from January to June 2017 reached 12.20%, making it the second largest customer of Longchamp. At the same time, among the major shareholders of Longqi Technology, the Xiaomi Department of the Company became Longchamp's The second largest shareholder, holding 20% of the shares. In addition, the appraisal committee also took into consideration that Longcheer and the largest customer Lenovo Group’s sales model was the B/S model, after deducting the model's role in expanding revenue costs, Long The proportion of transactions between Qiqi Technology and its related parties should actually be higher.
2, Guangdong Chaoyang Electronics
Guangdong Chaoyang Electronics intends to be listed on the SME Board of the Shenzhen Stock Exchange. The ISAC put forward the following major issues in the review process. 1) The specific cooperation with major customers, whether the related transactions are sustainable, and whether the major customers are There are major reliances; 2) The gross profit margin fluctuates greatly, and there is a large difference in domestic and overseas business margins; 3) Some suppliers are short-established to become the issuer’s supplier, and the relationship, fairness and interest transfer are questioned; 4) And whether the issuer can cope with market changes in product technology upgrading, new product design and R&D, and marketing channel expansion, etc., will influence the issuer’s sustainable profitability now and in the future. The continuous upgrading of products will affect the current situation. The continued use of the production line will cause the issuer to significantly increase the number of production equipment upgrades or upgrades.
Guangdong Chaoyang Electronics is principally engaged in R&D, production and sales of electro-acoustic components and electro-acoustic products. It supplies downstream electro-acoustic product manufacturers, intelligent terminals and electro-acoustic product brands with headset cords, headphone holsters, and finished earphones. Line is the core component of the realization of electro-acoustic conversion and high-fidelity transmission of headphones, and is one of the main products of Chaoyang Electronics.
Judging from the questions raised by the issuing committee, Guangdong Chaoyang Electronics has not been unrelated to the core technology. As a high-tech enterprise specializing in R&D, production and sales of electro-acoustic components and electro-acoustic products, Guangdong Chaoyang Electronics has core technologies and The risk of product substitution or elimination. In addition, Chaoyang Electronics has not upgraded the product, will it affect the continued use of the existing production line, will it cause the issuer to substantially increase the transformation or update of production equipment, and the future product technology upgrades, new products? Design and R&D were used to make planning instructions. In addition, Chaoyang Technology's customers are highly concentrated, and fluctuations in the main business's gross profit margin are also a major incentive.
3, Shenzhen Ming Microelectronics
Shenzhen Mingwei Electronics will be denied on the Growth Enterprise Board. The review and appraisal committee puts forward the following major issues during the audit process: 1) Industry competitiveness, whether the growth of profitability is sustainable; 2) The sales unit price is declining. On the other hand, the comprehensive gross profit rate continued to rise, and the gross profit margin of the top ten direct sales customers was lower than that of distributors. 3) The first largest distributor customer was a company founded by a former employee’s relative and questioned the transfer of benefits; 4) Concentration of suppliers was lower Gao, questioned whether or not the issuer’s business is operating stably and profitability, there is a supplier dependency.
Founded in 2003, Shenzhen Ming Microelectronics is mainly engaged in integrated circuit design, development, testing and sales of analog and digital hybrid integrated circuit products based on advanced submicron CMOS, BIPOLAR, BICMOS, BCD and other process technologies. The products are widely used in LEDs. Display, LED lighting and power, LED landscape lighting and other fields.
Judging from the questions raised by the issuing committee, Shenzhen Ming Microelectronics has not been unrelated to the question of profit transfer. Chuang Rui Microelectronics and Leica Technology (both 2016 merger) for Shenzhen Ming Microelectronics 2016 and In 2017, the largest distributor client, which was founded by Leica Technology’s former employee’s relatives, was questioned about the existence of interest transfer. In addition, the sales price of major products of Shenzhen Mingwei Electronics showed a downward trend, but the comprehensive gross profit rate The reason for the continued rise and its reasonableness have been questioned, and it is also one of the main reasons why it will be denied.
4, Guangdong Grimm Precision
Guangdong Green Precision intends to be listed on the Growth Enterprise Board. The issuing committee puts forward the following major issues during the audit process. 1) Whether the cross-border flows of funds involved in the construction, listing, delisting, and return of the issuer's overseas structure are involved? Legal compliance is in line with the relevant regulations on foreign investment and foreign investment in China; 2) Necessity of related party transactions during the reporting period, fair pricing, presence of joint suppliers and customers, and whether there is any cost sharing for issuers. The disbursements and interest transfer situation; 3) Abandon the related purchases with related parties, and change the non-related party purchases to the issuer's production and operation, and the specific impact of the results; Dismantle the specific ways of the relationship; 4) Due to the existence of bonded materials It is a major illegal act if the shortfall is fined by the Huizhou Customs with a fine of 566,000 yuan. The customs filing business belongs to the company's regular business or temporary business, the cause of the problem and the company's entire improvement and improvement; 5) The rationality of the fundraising project.
Guangdong Gelin Precision is a research and development, design, production, processing, sales: precision mold products, metal products, plastic products, electronic parts and accessories, metal and plastic surface treatment (except plating); consumer electronics wireless technology application development, production, Sales and service; R&D, manufacturing, sales and service of automated production equipment related to the above products; One-stop solution for consumer electronics products.
Judging from the questions raised by the issuing committee, Guangdong Grimm's precision has not been related to the regulation of corporate governance. Guangdong Green Precision Overseas Subsidiary Greater China Precision delisted from the Frankfurt Stock Exchange's primary sector, and Greater China Precision will Feng Jun Investment Transferred to Wu Baofa and Wu Baoyu, the Greater China Precision Extraordinary Shareholders' General Meeting initiated the company's liquidation procedures, whether it obtained the consent of 42 non-returning shareholders, whether it was legally compliant, whether there were disputes or potential legal risks. In addition, during the reporting period, the issuer There are frequent and large number of connected transactions with related parties. The issuer has repeatedly sent to Greater China Precision, and Baolong Electronics Group Co., Ltd. has dismantled the funds.
3. Guo Jujin suspended trading, pass a new acquisition
Leading passive element giant Jue yesterday (26) announced that it will suspend trading today. Market speculation will announce mergers and acquisitions. Market names may unveil unconscionable mergers and acquisitions of Da Yi; It is also possible to extend M&A targets overseas, including Business Sun Yubai, US KEMET, etc. may be subject to acquisition.
Regarding the reason for the suspension of trading, the State University’s speech window pointed out that a major information briefing will be held today and it is currently unable to respond.
The suspension of the country's giant suspension caused many speculations, because at the same time there was no other domestic passive component factory suspension, the market launched a big name, and the MLCC, inductor, resistor or protection component of the GM, Japan, and the US were all Have a round.
In particular, the stock price has soared recently. Dayi, the unsuccessful target of the previous giant Guoxu merger, became the target of this priority. It was impossible to obtain Dayi’s response before the deadline.
The industry believes that if the country’s giant merger and acquisition target is a listed company in Taiwan, it should be a non-conforming form of mergers and acquisitions.
Since last year, MLCCs, aluminum electrolytic capacitors, tantalum capacitors, solid capacitors, and chip resistors have all gone out of stock and prices have risen. In particular, MLCCs have created considerable profits for Guoge, not only in the first quarter, but also in new record revenues. The interest rate broke 51% and created a profit of 4.258 billion yuan in a single quarter.
The country's giant stock price also followed along the way, with a market value of more than 200 billion yuan. Together with Kamei, who is a member of the giant group of the same country, the interests of the sale have been fully paid, and the cash in hand has approached 5 billion yuan. Whether from the stock price, cash, etc. Looking at the market, the market is expected to become the year of merger and acquisition of Guoge Group this year.
At the beginning of this year, Kyrgyzstan's inductance company Qilixin acquired Merrill's peers in the form of a share swap; Kaimei also announced in early this month that it holds a protection component and Antenna Antwerp's equity in Jiabang; as Guoda is suspended today, it is expected to announce. The group is indeed a year of big expansion this year. Economic Daily
4. Apple's PCB suppliers turn down, the market looks lower in the second quarter
In recent days, the share price of printed circuit board groups has been relatively pressuresome. Apple-related supply chain companies have recently returned to the market. Yaohua's stock price in early trading fell by more than 4% again. On the 26th, the first quarter operating results of the online legal person briefing session in Taichung County were The red has turned black, with an intraday loss of more than 3.2%. In just two weeks, the stock price has fallen by more than 15%. The industry is concerned that Taichung has lost its wireless charging orders for the new iPhone in the second half of this year. Therefore, its view on the second quarter is relatively conservative.
Apple continues to launch new machines this year. In the second half of the year, new mobile phones will be fully equipped with face recognition. In addition, Home Pod smart speakers, new iPads, and MacBooks will be gradually launched to support Apple's concept stock operations in the second quarter. Printed circuit boards From the perspective of relevant supplier companies, Yaoding-KY, Taichung County, Huatong, Yaohua, and Xinxing have all enjoyed a low season off-season, but the second quarter faces a traditional off-season.
Apple Soft Board Factory Taichung reported revenue of NT$1.212 billion in the month of March (the same below), which rose 0.36% month-on-year, and increased 0.9% year-on-year. The accumulated revenue for the first quarter of this year was 5.463 billion yuan, a decrease of 49.16% quarter-on-year, an increase of 27.63% year-on-year. As the company's first-quarter revenue momentum held steady this year, the industry expects that profit will also remain strong. The capacity utilization rate is about 50%. It is expected that the first quarter profit will grow compared to the same period of last year, but in the second quarter, we estimate the overall revenue. The decline will be expected to be the lowest this year.
Taichung County has announced its financial statements last year. Its post-tax net income reached RMB3.057 billion, an increase of 34.35% year-on-year, and EPS reached RMB 10.07. In response to 5G, the company has passed a capital expenditure plan of RMB 9.4 billion, and is expected to report RMB 9.4 billion in 2018 and 2019. Each year spends half of each, respectively, in Kaohsiung City, a new plant in Kunshan, Jiangsu Province, China. The company also plans to issue 120 million US dollars ECB (Overseas Convertible Corporate Debt) to raise funds. The scale of financing will reach 3.5 billion yuan. Complete the recruitment in the second quarter.
Recently, foreign investors are conservative in Taichung County, worrying that Taichung County will lose its wireless charging orders for the new iPhone in the second half of this year, which is different from some of the three new models that the market expects may receive orders; in addition, LCP antenna business may be more likely than originally estimated. The time will be even further delayed. Japanese foreign direct investment will reduce its profit forecast for this year and next year by 14% and 11% respectively.
5. Jingdian actively prepares VCSEL production capacity and warms up in the second half of the year
LED plant Jingdian continues to actively develop Mini LED and VCSEL products this year. Both of them are expected to make significant investments in the second half of the year.
Jingdian’s performance declined slightly last year, but its gross profit margin increased significantly to over 20%, and it turned profitable. The company’s consolidated revenue in the first quarter of this year was NT$5.147 billion, a decrease of approximately 10% annually.
Jingdian Lighting's performance accounted for about 35% to 40%, display applications accounted for about 15% to 20%, TV backlight accounts for about 10%, mobile phone and NB screen applications about 10% to 15%, in addition, infrared and automotive applications Each accounted for about 8%. Looking ahead to the second quarter of the operation of Jingdian, the current demand for display and mobile phone applications is relatively weak, but digital signage, infrared and automotive applications are still good.
With regard to the development progress of Mini LED, it is understood that Jingjing will cooperate with customers in the second half of the year to launch new models, and related production capacity has also been prepared. It can be supplied in the third quarter, initially applied to mobile phones, and a few high-end display applications.
For VCSEL products, Jingdian is also actively preparing for production capacity. It is expected that with the increase in customer orders in the second half of the year, as far as sensing applications are concerned, sample shipments are being provided, and there will be opportunities for shipments in the second half of the year.