Consumer Electronics Industry Chain Performance "Great Success" A-Share Enterprises Compete To Lay Out Tesla For "New Growth Point"?

In the window period of the Chinese newspaper, the consumer electronics industry chain has been receiving "good news" frequently.

On the evening of August 17, LANs technology, Changying precision and other consumer electronics enterprises successively released the interim report of 2020, and the prosperity in the second quarter rebounded significantly.

Among them, in the first half of 2020, the net profit attributable to shareholders of the listed company turned from loss to profit, with a profit of about 1.912 billion yuan, a year-on-year increase of 1322.42%, and a net loss of about 156 million yuan in the same period of last year; its operating income was about 15.568 billion yuan, with a year-on-year increase of 37.05%.

Changying precision achieved an operating income of 4.006 billion yuan; the net profit attributable to shareholders of listed companies was 229 million yuan, up 91.10% year-on-year, and the net profit was 2.7 times of that of the whole year in 2019. Among them, the non net profit of the company in the second quarter of this year increased by 122.24% year-on-year.

This is not an example. Before that, more than ten enterprises in apple industry chain, such as Pengding holding and Dongshan precision, successively issued interim reports or forecasts, and their performance generally rose. According to counterpoint data, iPhone sales in the Chinese market in the second quarter were 7.7 million, up 35% year-on-year and more than 220% month on month.

"We see that the company's performance is growing very fast, and apple is selling very well. Because of the delay of the iPhone 12, we may put the full production of the iPhone 12 in the fourth quarter, and move some orders of the iPhone 11 and iPhone se to the second quarter." On August 18, Fang Jing, an analyst of Xinda securities electronics industry, pointed out to reporters of the 21st century economic report.

The layout of major consumer electronics enterprises is still in the early stage. Visual China

Apple industrial chain meets the general rise of performance

Wind data shows that as of August 18, 72 listed companies in the electronics industry have published the 2020 interim report. Affected by the epidemic, the performance of enterprises has been seriously differentiated. Honghe technology, which has poor performance, lost 32.6891 million yuan in the first half of the year. However, 21st century economic reporter noted that most of the consumer electronics industry chain, especially Apple concept stocks, performed better in the first half of the year.

Earlier, on July 30, Apple released its third quarter report, achieving revenue of $59.683 billion and net profit of $11.253 billion, greatly exceeding market expectations. In terms of revenue structure, iPhone, MAC, iPad, wearable devices and services accounted for 45.27%, 11.86%, 11.03%, 10.8% and 22.04% respectively. This positive situation also instantly led to the performance of A-share enterprises in the apple industrial chain.

Specifically, among the six apple supply chain companies that have disclosed the semi annual report in 2020, the fastest growing net profit is ofight. In the first half of the year, the company achieved a revenue of 23.465 billion yuan, a year-on-year decrease of 0.53%; and a net profit of 502 million yuan, a year-on-year increase of 2290.28%, approaching the whole year of last year.

Among them, the revenue of optical photoelectric business was 18.197 billion yuan, a year-on-year decrease of 2.30%; that of microelectronics business was 4.464 billion yuan, a year-on-year decrease of 3.29%; and that of intelligent automobile business was 132 million yuan, a year-on-year decrease of 35.14%. From this business structure, it is not difficult to see that the substantial growth of the performance of ofight mainly depends on the continuous large volume of orders in Apple's industrial chain.

Ouyang Shihua, an analyst of Guoxin Securities electronics industry, pointed out: "the growth of camera module and optical lens business revenue of non Android customers is mainly due to the increase of orders from major international customers (Apple), which leads to the improvement of capacity utilization rate, and the continuous increase of optical lens business layout. The company's revenue from camera modules and touch products for Android customers declined, mainly due to the significant decline in the shipment of domestic brand mobile phones and the lowering of product specifications under the background of the epidemic situation. At the same time, the company stripped off the Android touch product business. "

Another giant in apple industry chain, Lance technology, has also performed well. It is the largest net profit enterprise in the apple industrial chain that has been disclosed. LANs technology said that in the first half of the year, the production and sales of all kinds of products were booming, and all major parks maintained full capacity production, and all kinds of major products achieved significant growth year-on-year.

Among them, the sales revenue of small and medium size protective glass products was 11.164 billion yuan, an increase of 40.96% over the same period of last year; the sales revenue of large size protective glass products was 2.329 billion yuan, an increase of 40.22% over the same period of last year; the sales revenue of new materials and other products was 1.853 billion yuan, an increase of 9.01% over the same period of last year.

In the first half of 2020, the company's operating revenue reached 10.12 billion yuan, up 8.3% year-on-year; the net profit attributable to the parent company was 790 million yuan, with a year-on-year increase of 29.9%; and the net profit after deduction of non-profit was 760 million yuan, with a year-on-year increase of 44.3%. In the second quarter of 2020, the company realized 6.15 billion yuan of operating revenue, with a year-on-year growth of 20.5% and a month on month growth of 54.9%; the net profit attributable to the parent company was 480 million yuan, with a year-on-year growth of 14.2% and a month on month growth of 57.1%.

Specifically, Pengding holding's gross profit margin of consumer electronics and computer board products was 27.5%, with a year-on-year increase of 5.7 PCT, mainly due to the demand for remote activities to promote the rapid growth of sales of Apple related products. According to the financial report of apple, the revenue of MAC / iPad / wearable home accessories in fy20q3 increased by 22%, 31% and 17% respectively year-on-year.

Among the six apple industry chain companies, the only company whose performance has declined is mainly affected by the non recurring profit and loss and the strategy of "exchanging profits for volume".

In the same period, the net profit of yizhizao company increased by RMB 21.93 billion, which was affected by the fluctuation of the parent company's net profit of RMB 21.96 billion, which was attributable to the net income of RMB 21.96 billion The net profit was about 667 million yuan, a decrease of 6.08% compared with the same period of last year

Since the beginning of this year, due to the continuous spread of overseas epidemic situation and the continuous weak demand for global smart phones, lingyizhizao has adopted the strategy of cooperating with customers to actively reduce prices in exchange for more item number orders and deepen business cooperation with core customers. In the second quarter of 2020, the gross profit rate of lingyizhizao decreased by 4.4 percentage points to 20.9% year-on-year.

Developing new growth point of automotive electronics

It is worth mentioning that although the half year report is brilliant, in recent days, due to the Sino US trade friction, many investors have also expressed some concerns about the future trend of Apple industrial chain enterprises.

"The tense relationship between China and the United States is likely to lead to a decline in the performance of enterprises in the follow-up industrial chain. However, at present, the stock price of the electronic sector fluctuates greatly, which is mainly due to two reasons. On the one hand, the great environmental impact is on the current stock market. In addition, the electronic industry has a large increase in the previous period and is now at a high level." A private placement agency in South China was interviewed.

On the other hand, some enterprises have already begun to diversify their layout. 21st century economic reporter noted that at present, a large number of consumer electronics industry chain enterprises will extend their tentacles to the automotive electronics field, among which LANs technology, Changying precision and ofight are suppliers of Tesla industrial chain. Among them, Changying precision's revenue to Tesla in the first half of 2020 increased by 31.42% year-on-year.

On the other hand, the rapid development of 5g electronics is related to the application of electronic machinery in China Many enterprises enter the Tesla industrial chain. " Sun Yanbiao, President of the first mobile phone industry research institute, pointed out.

However, on the whole, the proportion of major enterprises' revenue in the field of automotive electronics is not high. For example, the revenue of OIF intelligent automobile business is only 132 million yuan, accounting for only 0.56% of the total revenue.

"Automotive electronics is very early at present. We can only say that at the beginning of 5g, we can see this opportunity to lay out in a large scale, which can not be compared with Apple's industrial chain."

?