When one prospers, all prosper; when one declines, all decline. Some A-share listed companies once enjoyed great performance thanks to the support of "tall, rich and handsome" companies like Apple (AAPL.NASDAQ), but now they are facing Apple's worst quarterly performance in 13 years, and many of these companies' performance in the current quarter has also been dragged down. However, some Apple suppliers that have developed multiple channels and have deployed in various directions have been somewhat relieved from the impact of Apple's declining performance in the first quarter of this year. Those listed companies that have tasted the bitter fruit of relying on a single customer have also begun to wake up and consider reducing their dependence on major customers such as Apple and expanding their layout to other industrial fields. Apple concept stocks are under pressure Earlier on April 27, Apple released its second quarter results for fiscal year 2016, showing its worst quarterly results in 13 years. Its operating income and net profit both declined, a rare phenomenon. This was the first time that Apple's operating income had declined since 2003, and its iPhone sales volume fell for the first time since the company launched the smartphone. Affected by this factor, A-share Apple concept stocks were hit to varying degrees on the day. In the Wind concept sector, 12 of the 17 Apple concept stocks closed down and underperformed the Shanghai Stock Exchange Index on the day, among which Tianyin Holdings (000829.SZ), Anjie Technology (002635.SZ), and Lushow Technology (002617.SZ) fell by more than 3%. In addition to the stock price drop, the performance of many companies in the Apple industry chain has also been dragged down to varying degrees. Among the 17 Apple-related listed companies in the A-share market, eight saw their net profits decline in the first quarter of this year compared with the same period last year, including Lens Technology (300433.SZ) and Tianyin Holdings, whose net profits shrank by more than 50% year-on-year. Lens Technology, which just released its first quarter report, is facing a new round of questioning. One reason is that its performance in the quarter dropped sharply, and the other is that the company announced a possible plan for executives to reduce their holdings in the future. Lens Technology has attracted widespread attention due to its cooperation with Apple and other companies. It has also been sought after by the market after its listing. The company's founder and chairman Zhou Qunfei has been crowned "China's richest woman" several times. However, the company's new quarterly performance report has again raised questions about the company. Lens Technology's first quarter report shows that both its operating income and net profit in the first quarter of this year have dropped significantly year-on-year. Among them, operating income was about 2.68 billion yuan, a year-on-year decline of 35.84%; net profit was about 165 million yuan, a year-on-year decline of about 59.32%. It is worth noting that Lens Technology disclosed in its first quarter report that the government subsidies it received during the period were as high as 246 million yuan. If this part is excluded, the operating income will be a loss. At the annual shareholders' meeting, Zhou Qunfei said that the first quarter is the industry's off-season, which is the case every year and has been expected. However, in comparison with the data, in the first quarter of last year, Lens Technology's net profit after deducting non-operating gains and losses was about 255 million yuan. The outside world generally believes that the sharp decline in Lens Technology's performance is related to its over-reliance on large companies such as Apple. Since its listing, Lens Technology's excessive upstream and downstream concentration and over-reliance on major customers have always been issues of concern and worry to the outside world. In the first quarter of 2016, Lens Technology's sales to its top five customers accounted for 86.86% in total, with the largest customer accounting for 42.18% alone. However, Lens Technology did not disclose the specific information of its top five customers. Apple's second quarter report for fiscal year 2016 showed that the company experienced a rare decline in both operating income and net profit in that quarter. The sharp decline in Lens Technology's performance is related to this. At the 2015 Annual Shareholders' Meeting on May 16, Zhou Qunfei said that the company will invest another 1 billion yuan this year to promote automated production in several industrial parks in parallel, which can reduce the number of employees by 20,000 to 30,000 and reduce labor costs by 1 billion to 1.5 billion yuan. This means that Lens Technology may also make significant staff cuts. As early as the beginning of this year, there were reports that Lens Technology was laying off a large number of employees, but the company later responded: "The company's production and operation are normal, and the claim that 'a large number of workers were laid off' is untrue." However, Lens Technology has not disclosed the company's current level of automation or its penetration rate. Therefore, some investors said that if the level of automation is not high, then the company's large-scale layoffs or reductions in employment may be a "nicer way of saying" to cut costs due to insufficient orders. At the meeting, an investor asked about the yield rate (good quality rate) of products produced by automated production, but Zhou Qunfei did not give a direct response on the grounds of commercial confidentiality. As a core supplier of battery modules for Apple, Desay Battery (000049.SZ) also saw its operating revenue, net profit and net profit after deducting non-recurring items decline in the first quarter of 2016, by 16.59%, 34.25% and 42.18% respectively, and its cash flow from operating activities turned from positive to negative. According to Desay Battery's 2015 annual report, the company's largest customer accounted for 66.7% of sales, and this major customer is Apple, which means that the downturn in the Apple market has also directly led to a decline in Desay Battery's performance. Among the Apple concept stocks on Wind, the companies with both declining operating income and net profit include Tianyin Holdings, Roshow Technology, Huanxu Electronics (601231.SH), and Jinfu New Materials (300128.SZ). In addition, Goertek (002655.SZ) and Goertek (002241.SZ) saw varying degrees of decline in net profit. As a manufacturer of electroacoustic components and electroacoustic assemblies, Goertek supplies electroacoustic components to well-known international and domestic brands such as Sony, Apple, Microsoft, Canon, Huawei, and Lenovo. The company's net profit this year fell 31.69% year-on-year; Goertek supplies electroacoustic components to Apple, and its net profit in the first quarter of this year fell 26.85% year-on-year. Transformation to reduce dependence Compared with over-reliance on Apple as a major customer, some listed companies have adopted a multi-channel and multi-faceted layout, thus reducing the adverse effects of a single channel. This diversified model is increasingly being used as a reference by the industry, and some listed companies under pressure have also embarked on the path of emergency transformation. Anjie Technology, which was once questioned for its over-reliance on Apple when it went public, is now gradually creating more growth points through external expansion. Anjie Technology's main business in the past was in the fields of communications mobile phones and computers, mainly benefiting from Apple's performance growth. However, the company entered new fields such as virtual reality, smart home and automotive electronics through mergers and acquisitions in 2014 and 2015. The performance in the first quarter of this year has been somewhat relieved from the impact of Apple's declining performance. Anjie Technology's operating income and net profit have increased instead of decreased, up 41.01% and 156.54% year-on-year respectively, and the cash flow generated by operating activities has increased nearly 5 times year-on-year. Compared with other companies with fewer orders in the first quarter, Anjie Technology's revenue growth comes from a significant increase in orders for new products. Xinwanda (300207.SZ) entered the Apple mobile phone industry chain in 2015 and became its lithium-ion battery module supplier. However, in terms of operation, Xinwanda adopts a multi-channel model. In addition to Apple, it continues to expand the domestic market and become a lithium-ion battery module supplier for China's first- and second-tier mobile terminal manufacturers; in addition, the company has also established a joint venture subsidiary involving electric vehicle battery modules and power management systems. Perhaps it is precisely because of its multi-faceted layout and the diversity of its customers that Sunwoda has not been greatly affected by the decline in Apple's performance. The company's operating income in the first quarter of this year was 1.219 billion yuan, a year-on-year increase of 19.78%, and its net profit was 43.1585 million yuan, a year-on-year increase of 103.28%. Under this trend, many Apple suppliers have begun to wake up and consider reducing their dependence on major customers such as Apple and expanding into other industrial fields. Currently, Lens Technology is also trying to expand into the smart car industry chain, with its market target being the glass cover for Tesla's interactive screen. The company proposed in its 2016 business plan that it will continue to tap the market potential of new application areas such as wearable devices, smart homes, and self-driving cars. Desay Battery, which has tasted the bitter fruit of a single customer, has begun to develop new customers, new products, and new markets to weaken the impact of Apple. "This is not something that can be solved overnight. It takes time to resolve. Fortunately, Apple will not retreat all at once. This is a gradual process, which gives Desay time," said a person who studies Desay Battery. According to Desay Battery's strategic plan, in the next few years, the company will build on the existing mobile power management system and battery assembly industry, expand the existing industry through controlling or participating in the industry, carry out industrial extension, and layout new industries related to the existing industry, including the overall R&D and manufacturing of large-scale mobile power supplies, the R&D and manufacturing of automotive power control systems and power motor drive control systems, the design and manufacturing of automation equipment, lithium battery materials, etc. As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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