“Fruit chain” leader Yizhizao’s performance in the second quarter changed: due to the shortage of chips?

On July 12, Capital State learned that recently, the Apple industry chain company with a market value of more than 60 billion, Lingyi Zhizao (002600.SZ), released a performance forecast for the first half of the year. It is expected that the net profit attributable to shareholders in the first half of 2021 will be 363 million. Yuan-463 million yuan, down 26.66%-42.50% over the same period of the previous year; basic earnings per share were 0.05 yuan-0.07 yuan.

It is worth mentioning that in the first quarter, the company also achieved a net profit of 463 million yuan, a year-on-year increase of 613.79%. Excluding the impact of the loss from changes in the fair value of the performance compensation stock and the loss related to the disposal of subsidiaries in the same period of the previous year, the net profit in the first quarter increased by about 40% compared with the same period of the previous year. Combined with this performance forecast, the performance in the first half of the year may change its face, making profits or “no gains”, or even losses.

[Lack of core leads to increased cost]

In addition, during the reporting period, the company’s operating income in the first half of the year is expected to increase by 8% year-on-year, excluding the impact of Shenzhen Dijing Optoelectronics Technology Co., Ltd. and its subsidiaries, and Guangdong Jiangfen High-tech Industrial Park Co., Ltd. in the same period of the previous year , the expected growth rate is 19%.

As for the reasons for the decline in performance in the first half of the year, Lingyi Zhizao said that due to the shortage of smartphone chip supply, some domestic customers demanded orders slowed down, which led to an increase in the allocation of fixed costs of products; The mass production of some projects was delayed; due to the reduction in demand for some old consumer electronics projects, price cuts and rising raw material prices, the company’s precision functional parts business profit was affected.

In addition, this year, the company has a lot of new projects in research and development, and the R&D expenses have increased accordingly. It is estimated that the increase in R&D expenses compared with the same period of the previous year is 210 million yuan, an increase of 32.81%; , 5G, medical care, clean energy, etc. At present, new businesses are still in the introduction period or the investment and construction period.

It is worth noting that since the stock price of 14.88 yuan in December last year, the stock price of Lingyi Zhizao has fallen by 38.58%. Now the latest stock price is 9.14 yuan, and the market value is 64.5 billion yuan. As of June 30, the number of shareholders of Lingyi Zhizao was 285,000, and 41,400 new shareholders were added in June.

Throughout the entire Electronic sector, the performance growth rate of Q2 in each sub-sector is showing differentiation. Among the companies that have announced the semi-annual report forecast, the profits of semiconductor upstream companies represented by Fuman Electronics (300671.SZ) have increased significantly; while the downstream consumer electronics sector appears to be much “weaker”. ), Tianyin Holdings (000829.SZ), Dongshan Precision (002384.SZ), etc. almost all failed to meet previous expectations.

【Expanding the field of business】

In 2017, Lingyi Technology backdoored “Jiangfen Magnetic Materials” and officially changed its name to “Lingyi Zhizao” in 2018. At present, the company’s business covers precision functional parts, precision structural parts, magnetic materials and chargers. In January of this year, Lingyi Zhizao acquired all the shares of Zhuhai Flextronics, the original Huawei foundry through a wholly-owned subsidiary, with a transaction consideration of 368 million yuan, and entered the complete machine assembly business from the leader of precision functional parts. In addition, Lingyi Zhizao has also become one of the leading companies in Apple’s supply chain, providing functional parts, structural parts and chargers for mobile phones, IoT, tablets, etc. of consumer electronics customers such as Apple and Android.

In January 2020, Lingyi Zhizao transferred 100% equity of Dijing Optoelectronics, 26.28% equity of Jiangfen Hi-Tech and 73.72% equity of Jiangfen Hi-Tech to Anhui Dijing Photoelectric Technology Co., Ltd. The total transaction price is 8 billion.

In addition to the field of mobile phones, Lingyi Zhizao has also begun to set foot in new energy vehicles. In June this year, Lingyi Zhizao, through its wholly-owned subsidiary Lingyi Shenzhen, planned to invest 38 million yuan to acquire a 95% stake in Zhejiang Jintai Electronics Co., Ltd. It is reported that Zhejiang Jintai is a supplier of structural parts for major international customers and domestic customers in the new energy vehicle industry.

In addition, in order to further expand the business field, integrate the resource advantages of professional institutions, and lay out the company’s new energy strategic plan, Lingyi Technology, a wholly-owned subsidiary of Lingyi Zhizao, also cooperated with Shanghai Jiafeng Investment Management Co., Ltd., Ningbo Hexin Industrial Investment Partnership ( Limited Partnership), Zhou Jian and Luzhou Puxin Equity Investment Fund Partnership (Limited Partnership) jointly invested to establish Ningbo Hexi Industrial Investment Partnership, of which Lingyi Technology contributed 29.7 million yuan as a limited partner, accounting for 47.29% of the investment.

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