Xiang Lehong, Chairman Of Lege Co., Ltd., Has Increased 6 Times In Half A Year. Facing 14 Organizations, He Asked: Why Does The Company'S Performance Increase?

At the end of August this year, Xiang Lehong, chairman of Yuege shares (300729. SZ) of A-share company, which became popular because of his anger at ping an asset management fund manager, changed his previous attitude and became much more moderate.

On the evening of October 29, Yuege Co., Ltd. released its third quarter report, with a revenue of 1.219 billion yuan, a year-on-year increase of 73.05%, and a net profit of 161 million yuan, a year-on-year increase of 320.08%.

However, Yuege shares did not perform well in the opening day of trading, with the share price down 15.65%. Xiang Lehong once again said in his microblog, "the third quarter of Yuege is better than that of the same industry. In the same industry, the income and non profit deduction in the third quarter have already led. Why did it fall into the limit several times? Dear friends of the fund, I came to visit. If I did not do well, please criticize and correct me ", but then deleted my speech.

In fact, from a long-term perspective, the stock price of Yuege shares has risen rapidly: Based on the highest price of 77.28 yuan in the past six months, the stock price of Yuege has gone up nearly six times; in the last six months, the range has been up and down by more than three times.

Apart from the ups and downs of the stock price, is Lego's performance growth sustainable? What are fund managers concerned about?

On March 14, Huiquan economic Co., Ltd. and other news agencies of HuiFu group reported on the spot.

In the third quarter of this year, the sales revenue of Yuege shares was 586 million yuan, with a year-on-year increase of 138.52%; the net profit was 93 million yuan, with a year-on-year increase of 524.06%. Materials and pictures

Fund managers and analysts' concerns

"I don't think ping an asset management is a problem at all. My psychological expectation for the company is 10 billion market value. Whether it can reach that position is what I care about," pointed out one securities analyst involved in the research.

At the scene, some people told the 21st century economic report that "Yuege was very bright in the third quarter. Thanks to the epidemic situation, the demand for home and office increased. Jiechang drive and Kaidi share are also linear driven products. It depends on whether the market share of the same industry can be improved. "He still has doubts about the follow-up growth of LEGO's performance.

LEGO Co., Ltd., formerly known as Ningbo Lijing times electronic cable Co., Ltd., was established in March 2002. On December 1, 2017, Lego Co., Ltd. landed on the gem of Shenzhen Stock Exchange, becoming the "first stock of ergonomics" in a share.

At present, Lego's main products include ergonomic workstation series products and ergonomic large screen bracket. Among them, ergonomics workstation series products include linear drive intelligent lifting system, intelligent lifting workstation, intelligent computer bracket, table side fitness chair, etc. At the same time, since the first half of 2020, Lego has added cross-border e-commerce public overseas warehouse business.

According to company data, more than 80% of LEGO's income comes from overseas regions.

At present, Lego has three manufacturing bases in Binhai of Ningbo, Jiangshan of Ningbo and Ho Chi Minh City of Vietnam, with a production area of about 113000 square meters.

During the survey, more than 10 fund managers from the buyer and analysts from the seller visited two major factories of LEGO Ningbo Binhai and Jiangshan, and had a close experience of the production process of core components of linear drive products, such as some unmanned production realized by laser automatic cutting, machine welding, dust-free spraying, automatic paint baking line, etc.

In the Binhai factory, the reporter saw the "double 11" products packed and ready to be sent to various places. The company's staff introduced the factory's automatic intelligent three-dimensional storage system, "after the finished products are packed, they are put into the stereoscopic warehouse, and the data is imported into the system. What goods are in and where they are at a glance. Every day, container trucks come to pull the goods, and some goods are transported to our Vietnam base."

During the visit, "which equipment can be fully automated?" "Which parts have been produced independently?" People are concerned about institutions.

It is undeniable that the latest performance of Yuege shares is brilliant: in particular, the sales revenue in the third quarter of this year was 586 million yuan, with a year-on-year growth of 138.52%; the net profit was 93 million yuan, with a year-on-year increase of 524.06%.

LEGO shares summed up the performance increase in two aspects: 1. The successful transformation of the company's product line. In the third quarter, the sales revenue of ergonomics products including linear drive products was 512 million yuan. 2. As the epidemic continues, the company's early international strategic layout advantages of cross-border e-commerce, self-sustaining overseas warehouse and transnational manufacturing appear. In the third quarter, the cross-border e-commerce sales of LEGO reached 325 million yuan, accounting for 55.5% of the total sales.

Nevertheless, according to the dragon and tiger list data on October 30, the exclusive seats of the two institutions sold 25.02 million yuan and 16.77 million yuan respectively.

At the exchange meeting after the visit to the factory, institutional investors also raised a series of questions, "how do you expect the situation in the fourth quarter?" "What about barriers to linear driven products?" "How about the operation of the company's cross-border e-commerce overseas warehouse?" "How does the company balance 2B and 2C businesses?"

Face to face

It is worth mentioning that when visiting the product exhibition area, Xiang Lehong, chairman of Yuege Co., Ltd., who is dressed in a dark blue suit, appeared. As the company's chief product officer, he was still quick to talk about product issues.

However, I read a lot of articles about "the company's share price fell sharply in the second quarter" and "the company's share price fell sharply in the third quarter" recently There are also concerns about whether the performance of the first three quarters can be sustained, and whether the company's R & D capabilities, supply chain capabilities, channel capabilities, and marketing capabilities are adequate? "

"Next, we will pay more attention to laying a solid foundation, improving competitiveness, and building Yuege into a trustworthy company," Xiang said.

In the third quarter report of 2020, Lego shares has given the annual performance forecast, which is expected to make a profit of 220 million yuan to 290 million yuan, with a year-on-year increase of 249.31% - 360.46%.

Zhu Wei, Director Secretary of Lego, also mentioned some business progress of the company. "On the one hand, the company's linear drive products, from the capacity analysis, at present, IPO investment projects, convertible bond expansion projects, have been put into production, the production capacity reached 150000 sets / month by the end of September, while the production capacity in Binhai and Vietnam factories will continue to reach 200000-250000 sets / month by the end of the year. At present, the company will mainly focus on" improving DC static " "The proportion of self-made core accessories such as voice motor, precision steel pipe, precision drive screw and so on" and the direction of "improving automation rate" should be made efforts

LEGO stressed that in terms of production capacity, the company has become the largest brand manufacturer and manufacturing exporter of domestic ergonomic lifting table products in the retail market.

According to the public information, the net amount of funds raised by LEGO's IPO is 290 million yuan. In addition, the company recently issued convertible bonds to raise 142 million yuan, which is mainly used for the technical transformation project of the production line of 1.2 million sets of ergonomic products and the expansion project of Vietnam production base.

"On the other hand, based on nearly a decade of cross-border e-commerce operation experience, Lego will enhance the function of overseas public storage and help more small and medium-sized foreign trade enterprises go abroad on the basis of its own multi warehouse self-management." Zhu Wei said.

"At present, the company has purchased its own warehouse in the core hub port area of the United States, and will achieve one-day delivery in most parts of the United States in the future," a person related to LEGO shares said

For the company's current development pain points and deficiencies, Xiang Lehong said that "warehouse automation and intelligence are not enough" and "the next step is to focus on R & D and technology".

And when it comes to reducing the company's shares? Xiang Lehong said, "I insist on not selling, and I hope to inherit it in the form of dividends. Other shareholders will reduce their holdings in strict accordance with the laws, rules and their commitments. "

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