Ruo Hui, reporter of China Foundation News
The intensive disclosure period of the third quarterly report of listed companies has just ended, and some companies with outstanding financial indicators have ushered in a collective survey of star fund managers.
Recently, Lixun Precision, the leader of the fruit chain, disclosed the latest investor relations activity record table, including Deng Xiaofeng of Gao Yi Asset, Fu Pengbo of Ruiyuan Fund, Zhu Shaoxing of Wells Fargo Fund, Dong Chengfei of Ruixian Asset, Xie Zhiyu of Industrial Securities Global, Qi He of E Fund, Liu Yanchun of Invesco Great Wall Fund, Cui Ying of Qinchen Asset, Shao Jian of Harvest Fund and many other well-known public and private equity fund managers participated in the conference call.
According to the latest three quarterly reports, Lixun Precision achieved a total operating income of 145.252 billion yuan in the first three quarters, a year-on-year increase of 79.30%; The total net profit was 6.4 billion yuan, an increase of 36.48% over the same period of the previous year. However, due to the economic downturn and the lengthening of the replacement cycle of electronic products such as mobile phones, the stock price of Luxshare Precision has been sluggish in the past year.
However, in the third quarter, there were also star fund managers who bucked the trend and increased their positions, Industrial Securities Global Xie Zhiyu spent nearly 1 billion in the third quarter to buy nearly 33 million shares of Lixun Precision, Lixun Precision also entered the top ten heavy stocks of Xingquan Herun under its management for the first time, and Fu Quoc Tianhui managed by Zhu Shaoxing of Wells Fargo Fund also increased its position in Lixun Precision by 1.9992 million shares in the third quarter.
A number of well-known fund managers collectively investigated Lixun Precision
Recently, at the critical moment of the disclosure of the third quarterly report of listed companies, fund managers have also recently increased their research efforts on listed companies, and recently the "fruit chain leader" Lixun Precision held a business exchange meeting for the third quarter of 2022, which attracted the participation of 283 institutions including brokers, funds and insurance, and many star fund managers also participated in the conference call.
According to the latest investor relations activity record disclosed by Luxshare Precision, from 10:00 to 11:30 on October 30, a number of senior executives, including Wang Laichun, chairman and general manager of Luxshare Precision, Mr. Huang Dawei, deputy general manager, secretary of the board of directors, and Wu Tianshen, financial director, organized a conference call.
Many well-known public and private fund managers including Deng Xiaofeng of Gao Yi Asset, Fu Pengbo and Zhao Feng of Ruiyuan Fund, Zhu Shaoxing of Wells Fargo Fund, Dong Chengfei of Ruixian Asset, Xie Zhiyu, Housewarming and Ren Xiangdong of Industrial Securities Global, Yi Fangda Qi He, Liu Yanchun of Invesco Great Wall Fund, Cui Ying of Qinchen Asset, Shao Jian of Harvest Fund, Yu Gao of Liren Investment under Hillhouse Capital, etc. attended the meeting.
Judging from the minutes of the meeting disclosed so far, the development progress of the automobile business is the focus of investor research, and some investors have asked what is the progress of the company's cooperation with Chery now? Luxshare Precision said that at present, there are different categories of Tier 1 products on the Chery brand and other brand models served by Chery, and the projects at point A or point B are progressing normally as expected, and some are even advancing beyond expectations, and the future growth in Tier 1 is very rapid.
There are also investors who pay attention to the 23, 24, 25-year plan of the automotive business. Luxshare Precision said that the overall growth of the automotive business this year is expected to be more than 50%, and in the next five years, if there are no extreme unexpected situations, such as serious core shortages and other problems, this trend should be maintained. With the current resource situation, projects with timely resources will take point A, and some projects that are really too late will take point B, and although the amount of projects in point B will not be too large, it will be very helpful to enter this supply pool and strive for point A later.
When asked about the collaboration between the technology and team of the automotive business and the consumer electronics side, Luxshare Precision said that the automotive business personnel are the original automotive team established in 2008 and the team supplemented from the industry later, and the collaboration from the consumer electronics side is mainly central automation and operational help.
Net profit in the first three quarters of 6.4 billion yuan increased by 36.48% year-on-year
On the evening of October 28, Luxshare Precision released three quarterly reports. Data show that Lixun Precision achieved revenue of 145.252 billion yuan in the first three quarters, a year-on-year increase of 79.30%; The net profit attributable to shareholders of listed companies was 6.4 billion yuan, a year-on-year increase of 36.48%; Luxshare Precision achieved revenue of 63.291 billion yuan in the third quarter, a year-on-year increase of 92.58%; The net profit attributable to shareholders of listed companies was 2.616 billion yuan, a year-on-year increase of 63.47%.
According to Wu Tianshou, financial director, the company's net profit margin in the third quarter was lower than in the second quarter, and in addition to the impact of the increase in system-level products in the third quarter, financial expenses due to exchange rate fluctuations also increased. In addition, the higher recognized income tax expense in the third quarter was mainly affected by comprehensive factors such as equity incentives and R&D super-calculations. Although the net profit margin decreased compared with the same period last year, the company's ROE level increased.
The company's gross profit margin in the first three quarters of 2022 was 12.74%, which was lower than the same period last year, mainly affected by the increase in the proportion of system products. In this regard, as always, the company has been able to quickly and effectively optimize the gross profit level of system products after mass production, which has improved since the second quarter.
As of the end of the third quarter, the company's inventory increased by 21.3 billion yuan from the beginning of the year, mainly due to the company's operational shipments to support the traditional peak season in the fourth quarter. Although the balance increased, the overall inventory turnover days were 67.18 days, down from 74.59 days in the same period last year. Affected by inventory, the company's net cash flow from operating activities in the first three quarters also decreased to a certain extent compared with the same period last year. According to the actual situation, with the help of digital platforms, the company has specific control targets for inventory levels at different stages, and it is expected that after the peak of shipments in the fourth quarter, the inventory balance will fall back to a reasonable range, and the net cash flow from operating activities will be optimized.
Driven by good financial data, Luxshare Precision's stock price has risen in recent days, rising 7.02% on October 31, continuing to rise 3.44% on November 1, and closing at 29.48 yuan on November 1, with a total market value of 209.269 billion yuan.
Xie Zhiyu and Zhu Shaoxing bucked the trend and increased their positions in the third quarter
According to the latest disclosed third quarterly report of public funds, as of the end of the third quarter, a total of 497 public funds under 91 fund companies held heavy positions in Luxshare Precision, holding a total of 607 million shares of Luxshare Precision, a decrease of 89.8678 million shares compared with the second quarter, and the total market value of Luxshare Precision at the end of the third quarter exceeded 20.4 billion yuan.
In fact, affected by the economic downturn, the lengthening of the replacement cycle of electronic products such as mobile phones, and the slowdown in the growth of consumer electronics, the public fund has reduced its holdings of Luxshare Precision for three consecutive quarters, reducing its holdings of 164 million shares in the first quarter of this year, continuing to reduce its holdings of 83.4557 million shares in the second quarter, and continuing the trend of reducing its holdings in the third quarter. Luxshare Precision also retired from the second largest stock of public funds at the end of the third quarter of 2020 to the fifteenth largest stock at the end of the third quarter of this year.
However, there are also star fund managers who are bucking the trend, and the data of the third quarterly report shows that Xie Zhiyu spent nearly 1 billion in the third quarter to buy the fruit chain leader - Lixun Precision, and Lixun Precision also followed the trend to enter the fourth largest stock of Xingquan Herun, and in the second quarter, Lixun Precision has not yet appeared in the list of Xingquan Herun's shares.
Six other active equity funds, including Xingxin Vision and Xingquan Business Model Optimization under China Industrial Securities Global Fund, also bucked the trend and increased their positions in Lixun Precision in the third quarter. According to wind statistics, Industrial Securities Global Fund increased its holdings of Luxshare Precision by a total of 87.6063 million shares in the third quarter.
Zhu Shaoxing also increased his position in Lixun Precision in the third quarter, wind data shows that the Fortune Tianhui Fund he manages increased its holdings of Lixun Precision by 1.9992 million shares in the third quarter, an increase of 7.14% compared with the second quarter, and Lixun Precision has also been promoted from the ninth largest heavy stock at the end of the second quarter to the eighth largest heavy stock.
Editor: Joey