Wingtech Technology once fell by more than 9%, and the cessation of orders by "specific customers" will reduce profits by more than 700 million yuan

The impact of the cessation of orders by "specific customers" on Wingtech Technology in the secondary market continues. During the morning trading on December 4, Wingtech Technology (600745. SH) shares fell more than 9% at one point. As of press time, Wingtech Technology's share price was 45.66 yuan per share, down 5.7%.

On the news side, on the evening of December 1, Wingtech Technology announced that based on the latest business progress of specific customers and combined with changes in the market environment and the company's business planning, it was decided to stop producing optical module products for specific customers.

Regarding the impact of this business adjustment, Wingtech Technology explained in the announcement that the suspension of production of specific customer products in the optical module business will have a small impact on the company's overall business, and will not affect the company's other product line business for specific customers, nor will it affect the company's other customer business of optical modules, and the normal operation of semiconductor business and product integration business. However, according to the company's forecast, this business adjustment will reduce the company's annual net profit in 2023 by a total of about 733 million yuan. This amount accounts for 50.2% of Wingtech Technology's annual net profit attributable to the parent company in 2022.

Although Wingtech Technology did not disclose the specific name of the "specific customer", it is widely speculated that it is Apple.

A two-year partnership

The first financial reporter learned that the optical module business segment, which was stopped this time, was purchased by Wingtech Technology from OFILM in 2021. On March 29, 2021, Wingtech Technology signed a relevant agreement with OFILM and its subsidiaries to purchase 100% of the equity of Guangzhou Delta Imaging Technology Co., Ltd. (hereinafter referred to as "Delta") and related equipment owned by Jiangxi Jingrun Optical Co., Ltd. in cash, with a total transaction price of 2.42 billion yuan.

Wingtech Technology said that the acquisition is to "further extend to the upstream of the industrial chain, become one of the mainstream suppliers of the camera module business, and promote the long-term sustainable growth of the company's performance". Nine months after the acquisition of the production line, Wingtech Technology signed a contract with a "specific customer". According to the company's disclosure at that time, the optical module business project of specific customers entered the stage of formal mass production and normalized batch shipment in December 2021, and then ran smoothly, and the production and operation of Delta were carried out normally.

After only two years of cooperation with "specific customers", Wingtech Technology announced on November 30 that the products shipped by Delta optical module business to specific overseas customers have completed the production of existing orders, and no new orders have been obtained at present.

On December 1, 2023, Zhuhai Delta Technology Co., Ltd., the parent company of Guangzhou Delta, held a meeting of the board of directors and decided to stop the production of optical module products for specific customers based on the latest business progress with specific customers, combined with changes in the market environment and the company's business plan.

Recently, a person familiar with the matter revealed to the first financial reporter that the cessation of the production of optical module products for specific customers does not mean that Wingtech Technology has completely cut off related businesses. However, previously, the optical module business segment had existed independently as the three major business segments of Wingtech Technology, and after this round of business adjustment, the optical sector may be merged into the company's communication sector.

The first financial reporter also learned that after the withdrawal of "specific customers", Wingtech Technology has now put relevant production lines and production capacity into cooperation with other manufacturers.

Fruit chain companies are looking for new increments

Both Wingtech Technology and OFILM, which sold Delta Company, were once members of the "fruit chain", and Wingtech Technology was expected to pay a loss of about 733 million yuan due to Apple's "breakup". The performance of OFILM, the "former fruit chain star" company, has also declined sharply after selling the factory to Wingtech Technology, and both have been greatly affected.

In addition to the above two companies, Goertek and AAC Technologies have all been hit hard by Apple's "cut orders". Goertek's performance will be damaged by about 3.3 billion yuan in 2022 due to Apple's order cuts. There is a view that for fruit chain enterprises, the current apple is like a tourniquet tied to the vital point, once the loss of Apple orders, in the absence of other manufacturers to fill the vacancy, the enterprise may be in a deep existential crisis at any time.

The reporter found that many companies have been opening up the "second growth curve" outside the apple production line.

As the "second growth curve" of USI, the automotive electronics business is an important reason for its outstanding current performance and market performance. Lixun Precision, which previously provided TWS earphone OEM services for Apple, also announced a strategic cooperation with Chery in 2022 and will jointly establish a joint venture with Chery New Energy to specialize in the R&D and manufacturing of new energy vehicles. Through the acquisition of the Kecheng Taizhou factory, Lens Technology has obtained metal structural parts capabilities, or paved the way for the next step into Apple's assembly field. At the same time, the company is also actively expanding the automotive electronics business, and has improved the product line of automotive electronic glass to enter the new energy vehicle companies. At present, Goertek's pillar business has completed the migration from TWS headsets to VR products, and has become the core OEM of VR from Meta and other manufacturers.

.data_color_scheme_dark{--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.rich_media_content{color:#000000e5; font-size:17px; font-size:var(--articleFontsize); overflow:hidden; text-align:justify}.rich_media_content{color:#ffffffa6; color:var(--weui-FG-HALF)}.rich_media_content{position:relative; z-index:0}body,.wx-root,page{--weui-BTN-HEIGHT: 48;--weui-BTN-HEIGHT-MEDIUM: 40;--weui-BTN-HEIGHT-SMALL: 32}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .55);--weui-ORANGERED: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .5);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);-- weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}@media screen and ( min-width:1024px){body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-- appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);-- weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media( prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}.rich_media_content p{clear:both; min-height:1em}td p{margin:0; padding:0}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{--appmsgPageGap: 20px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-inset-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--appmsgPageGap: 20px}*{margin:0; padding:0}.rich_media_content *{max-width:100%!important; box-sizing:border-box!important;-webkit-box-sizing:border-box!important; word-wrap:break-word!important}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}