According to the analysis of investment strategy, exchange rate changes affect the performance of listed companies in three ways. First, for some enterprises with a large proportion of export business income, when the domestic currency exchange rate depreciates, the foreign currency price of its export products will decline. Product competitiveness is relatively improved; depreciation will benefit the export of this part of the company's products.
Second, for business activities, if a company's exports account for a relatively high proportion, and the foreign currency currency or accounts receivable generated or obtained by the export is more, then the exchange income will be generated in the depreciation interval.
Third, for financing activities, when the overall depreciation of the RMB, if a company's comprehensive foreign currency liabilities are higher than the comprehensive foreign currency assets, a net exchange loss will occur.
Oufei Technology exchange loss of up to 325 million
For China's semiconductor industry, although it has developed rapidly in recent years, almost all of its equipment, raw materials, EDA, IP, and high-end chips are imported. Currently, the semiconductor market is still based on the US dollar as the benchmark price, and the cost of procurement will undoubtedly rise. ......
According to the Oufei Technology semi-annual report, in the first half of the year, Oufei Technology's exchange loss was as high as 325 million yuan, which was 43.82% of its net profit for the same period.
Oufei Technology's main business is optical optoelectronics and smart car business, mainly operating in China, the main business is settled in RMB. However, some of the company's raw materials and equipment purchases need to be imported, the main currency for settlement is USD and JPY, Oufei Technology also has a certain percentage of product sales for export. The main currency for settlement is USD.
Oufei Technology said that the company's overseas sales and procurement of raw materials accounted for a continuous increase, which will further increase the impact of foreign currency exchange rate risk on the company's business, which may increase the company's exchange gains and losses. The company will conduct foreign exchange forwards, foreign exchange swaps, foreign exchange options and Foreign exchange derivatives trading services such as interest rate swaps, to minimize and reduce the risk and impact of exchange rate fluctuations.
Oufei Technology estimates that, with the other variables unchanged, based on the US dollar middle price of 6.6166 on June 30, assuming a 1% change in the US dollar against the RMB exchange rate, the pre-tax foreign exchange gains and losses that may be generated by the net debt of US$709 million at the end of the period are 4690.58. Ten thousand yuan.
Oufei Technology said that the exchange loss in the first half of the year was mainly due to the increase in US dollar liabilities and the revaluation of the exchange rate at the end of the period. The company has always carried out long-term foreign exchange settlement and sales, foreign exchange derivatives business, buffering or reducing exchange rate changes on the company's performance. Impact, in addition, as the company's dollar income increases, the corresponding dollar debt will also decrease, which can reduce the impact of exchange rate fluctuations.
The dollar is heavily in debt, Huacan Optoelectronics loses 45 million
In addition to the purchase cost, the exchange loss caused by the export business to the enterprise, the enterprise with the dollar debt is also the first to be affected.
Huacan Optoelectronics said that due to large exchange rate changes, the company's US dollar debt is large, which has a greater impact on the company's operating performance. The impact of the comprehensive loss in the second quarter due to exchange rate changes is about 45 million.
'Let's make money' business
Of course, in addition to causing losses to the company, exchange rate fluctuations will also give some export-oriented enterprises a chance to make money while lying down.
For export-oriented enterprises, the company's product export business and some raw material purchases are mainly quoted and settled in US dollars. Therefore, the exchange rate changes between the RMB and the US dollar will have an impact on the company's business operations. The specific performance is that the export products are settled in US dollars, RMB appreciation, sales. Revenue is reduced; foreign currency accounts receivable are converted into exchange losses when RMB is booked, and financial expenses are increased. Conversely, if the RMB depreciates, the company will receive certain exchange gains.
Taking ultrasound electronics as an example, the net profit for 2017 is 192 million yuan, and the company's exchange gains in July 2018 will be 31 million yuan. From this point of view, for export-oriented enterprises such as ultrasound electronics, exchange rate fluctuations In terms of short-term performance, it is a decisive factor.
Ultrasonic electronics exchange gains of 31 million yuan in July
Ultrasonic Electronics' main business is printed circuit boards, liquid crystal displays and touch screens. The products are exported to the United States, the European Union, Australia, Japan and other developed countries and Hong Kong. The main business income of ultrasound is about 65% from overseas.
According to the annual report of Ultrasonic Electronics 2017, the company's foreign income (including Hong Kong and Macao) accounted for nearly 60% of the total operating income. The performance was greatly affected by the people's exchange rate. In 2017, the company's consolidated statement exchange loss reached 66.828 million yuan, and the whole The annual net profit is 192 million yuan.
In February of this year, the ultrasound electronic bulletin said that since the beginning of 2018, due to the continuous decline of the US dollar exchange rate, the RMB exchange rate has appreciated relatively. It is expected that in January this year, the company and its subsidiaries will exchange exchange losses of RMB 45 million due to the appreciation of the RMB. The loss is expected to reduce the company's total profit in January 2018.
However, on July 2, five months later, the announcement of the re-issued ultrasound was reversed. As the exchange rate of the US dollar continued to rise, the exchange rate of the RMB was relatively depreciated. It is expected that the exchange gain of the company in the second quarter of 2018 will be approximately RMB 50 million. Revenue is expected to offset the exchange losses incurred in the first quarter, the cumulative exchange gains in the first half of the year was about 3.8 million yuan.
Recently, Ultrasonic Electronics announced that in July 2018, as the US dollar exchange rate continued to rise, the RMB exchange rate was relatively depreciated. According to preliminary estimates by the Ministry of Planning and Finance, the company's exchange gains in July 2018 are expected to be approximately RMB 31 million.
There are not a few listed companies like ultrasound electronics. As the exchange rate of the RMB against the US dollar continues to fall, many listed companies can 'lie down' to make money.
Nasda
Ninestar is the world's leading printer encryption SoC chip design company. After the acquisition of Lexmark, it has expanded into laser printers, original consumables, print management services and enterprise content management software, and its products are sold in more than 100 countries around the world. And area.
Ninestar expects its net profit for the first half of 2018 to be between RMB 300 million and RMB 380 million. Ninestar said that the company's operating results continued to improve and exceeded expectations. At the same time, the exchange rate fluctuated greatly, which also had a positive impact on the company's profits. influences.
Hikvision
Hikvision benefited from the fluctuation of the RMB exchange rate in the first half of this year. On July 21, the company released the 2018 mid-year report that in the first half of this year, the Hikvision exchange balance was 106 million yuan, minus the capitalized special loan interest. The exchange difference arising from the special loan was 66.624 million yuan, and the exchange income of the company was 390.391 million yuan. Due to the increase in interest income and the fluctuation of exchange rate, the exchange income of the company increased, which caused the financial expenses to drop by 300%.
Hikvision said that the company's business covers more than 150 countries and regions in the world, and operates in many different currencies in overseas markets. The exchange rate risk mainly comes from non-RMB (dollar-based) settlement sales, procurement and The foreign currency exposure generated by financing and its exchange rate fluctuation may affect the company's profitability. The company attaches great importance to exchange rate risk control, and hedges and avoids exchange rate risk through centralized management of foreign exchange funds, purchase payment hedging and hedging.