At present, with the transformation of the consumer electronics market from incremental competition to stock competition, not only the growth rate of the industry has gradually slowed down, but also the relevant consumer electronic equipment manufacturers are facing the dilemma of weak performance growth.
Above, "[IPO Values] Apple OV blessing, why is Guanghaojie's revenue stagnant and profits declining? (https://www.laoyaoba.com/n/781809) mentioned that although Zhuhai Guanghaojie Technology Co., Ltd. (hereinafter referred to as: Guanghaojie) has been blessed by well-known large customers at home and abroad, coupled with the positive demand for the mobile phone camera module industry, its performance has not "taken off", but has become more and more sluggish, and its profitability is not as good as a year.
Previously, with the continuous upgrading of smart phone terminal optical products, various mobile phone manufacturers have successively launched models equipped with dual camera, triple camera, multi-camera, 3D and other camera modules, in the context of the growth of equipment demand from mobile phone manufacturers and camera module companies, upstream suppliers have therefore hitched a ride on the express train of industrial upgrading.
However, now that the smart phone market has long been saturated, the reshuffle of industrial chain manufacturers under the stock competition has accelerated, and the growth of performance is also facing greater pressure, which is also reflected in the income changes of Guanghaojie's main business. Recently, it updated the financial data for the first half of 2021, and from the latest prospectus, the performance is still no improvement.
In the current situation of weak business increment, the industry trend in which Guanghaojie is located is also in a recession trend, which not only means that its subsequent performance growth pressure is greater, to a certain extent, it also shows that the listing window of the industry is gradually narrowing, similar to Guanghaojie's performance into a growth bottleneck of enterprises, if the current can not be listed as soon as possible, in the long run, the performance of enterprises will continue to be under pressure, then the follow-up listing difficulty will only be greater.
What is the solution to the performance dilemma?
According to the disclosure, from 2018 to the first half of 2021, Guanghaojie achieved operating income of 316 million yuan, 289 million yuan, 371 million yuan and 188 million yuan respectively; the corresponding net profit attributable to the mother was 105 million yuan, 0.30 billion yuan, 0.83 billion yuan and 0.45 billion yuan. The above data shows that after encountering "Waterloo" in 2019 and a slight "return to blood" in 2020, its revenue and net profit in the first half of 2021 have only just reached the level of half of the previous year, if there is no significant growth in the second half of the year, then its 2021 annual performance is only the same as the previous year, and the explosive growth dividend of the consumer electronics industry driven by the epidemic is obviously passing by it.
In other words, in the nearly four years that can be known, Guanghaojie's performance has been in place, and this is tantamount to not advancing or retreating in the industry competition.
According to its statement, in 2019, the revenue of intelligent commissioning equipment that contributed 70% of its revenue grew steadily, mainly due to the addition of new products such as eight-station models of automatic focusing machines, and the realization of sales to customers such as Qiu Ti Technology and Sanyingxing. However, the comparison found that with the blessing of new products and large customers, the revenue of Guanghaojie's business was only 1.3261 million yuan higher than that in 2018. As the industry knows, Qiu Ti Technology and Sanyingxing are camera module manufacturers in the forefront of shipments, but they also seem to have failed to drive a significant increase in their performance.
Also in 2019, the revenue of its second largest main business, intelligent assembly equipment, fell sharply, from 71.9098 million yuan in the previous year to 48.703 million yuan, mainly due to the large decline in the revenue of automatic placement machine products used in the smartphone manufacturing industry. From the perspective of the industry, affected by Sino-US trade frictions and mobile phone stock competition, the overall shipment of the domestic mobile phone market in that year was 389 million units, down 6.2% year-on-year.
Despite the poor market outlook, the revenue of its competitors has not gone "downhill" like Guanghaojie, on the contrary, the revenue of most companies with similar businesses has still achieved positive growth. For example, automation equipment manufacturers Yitian shares and Bojie shares achieved a year-on-year increase in equipment product revenue of 9.66% and 14.58% year-on-year in 2019; the intelligent manufacturing system products of domestic machine vision leader TZTEK achieved a growth rate of 251.38%.
So far, the downstream customers are also customers in the consumer electronics industry, and the year-on-year decline is still as high as 32.27% of Guanghaojie, what should be explained? Related products have entered the OPPO and VIVO supply chains, and have established cooperation with Xiangtan Lansi and Wingtech Communications, but the overall revenue of intelligent assembly equipment is still declining.
In fact, not only Guanghaojie, but also the entire consumer electronics industry to which it belongs are also facing the dilemma of weak performance growth under stock competition.
Behind the technical struggle of major brands and the long market share, there is a dilemma in which global smartphone shipments continue to decline. Canalys pointed out that in the third quarter of 2021, global smartphone shipments shrank by 6% year-on-year due to shortages of parts and components, suppliers were struggling to meet smartphone supply. According to the latest IDC report, the shipment of smartphones in the whole year of 2021 is expected to reach 1.35 billion units, an increase of 5.3% year-on-year.
The same is true for the camera module industry, Trend Force expects that this year's mobile lens module shipments will be 4.844 billion units, an annual increase of 6%; it is expected that smartphone shipments will increase by 3.3% year in 2022, and the penetration rate of the rear three-lens will continue to grow, and the mobile lens module shipments will increase by 3% year-on-year.
All kinds of data show that such as smart phones, camera modules and other consumer electronics industry future shipment growth rate is not optimistic, for Guanghaojie, in the current lack of business increment, the industry trend is also in a recession trend, which not only means that its follow-up performance growth pressure is larger, to a certain extent, it also shows that the industry's listing window is gradually narrowing, similar to Guanghaojie's performance into the growth bottleneck of the enterprise, if the current can not be listed as soon as possible, in the long run the performance of enterprises will continue to be under pressure, Then the subsequent listing will only be more difficult.
The pace of IPO applications may fall back
In recent years, with the birth of the science and technology innovation board and the registration system, it has provided relatively loose and convenient financing channels, prompting more and more high-tech enterprises and manufacturing enterprises to land in the A-share capital market, especially the semiconductor and mobile phone industry chain enterprises driven by smart phones, which have become the new upstarts in the capital market.
According to the previous statistics of Jiwei Network in the third quarter of 2021, mobile phone/semiconductor IPO submissions, in that quarter, a total of more than 50 companies submitted IPO prospectuses. From the perspective of the industrial chain, most of the material and equipment companies, and the gross profit margin is overall low, of which 47% of the enterprises (24) in 2020 gross profit margin is less than 30%, 35% of the enterprises (18) gross profit margin is between 30% and 50%, only 18% of the enterprises (9) gross profit margin is higher than 50%.
From the perspective of the proposed listing sector, most of the more than 50 companies have chosen to list on the ChiNext board, with as many as 43 companies, mainly for the upstream materials and equipment enterprises in the mobile phone industry.
In general, the pace of IPOs in the entire semiconductor and mobile phone industries in the third quarter has accelerated significantly; but in the long run, with the increase in customer concentration in the entire mobile phone industry and the slowdown in the total number of market shipments in the future, the pace of IPOs in the entire industry will eventually fall.
Therefore, when the industry boom is not good and its own performance is in a bottleneck, expanding the scope of business and improving the level of gross profit margin has become the only rule for enterprises to attack the market. Returning to Guanghaojie itself, at a time when there is no new business that can boost performance, listing is one of the ways to obtain funds. However, even if it is successfully listed, in the face of stagnant performance in recent years, and the gross profit margin that has shown a downward trend for three consecutive years, coupled with the poor prosperity of the domestic consumer electronic equipment industry, how to ensure the stability and growth of its performance? (Proofreading/New)