Text | Yang Wanli happily develops new products, but cries and sells them. On July 15, Zhongke Lanxun made its debut, but its performance disappointed investors. Within 1 minute of the opening, the company fell nearly 30%, falling as low as 63.4 yuan. As of midday closing, its st

text | Yang Wanli

happily launches new products, but cries and sells them.

html On July 15, Zhongke Lanxun made its debut, but its performance disappointed investors. opened 1 minutes, the company fell nearly 30%, the lowest fell to 63.4 yuan. As of midday closing, its stock price was 66.28 yuan, a decrease of 27.69%, and its total market value was 7.954 billion yuan.

The issue price of Zhongke Lanxun is 91.66 yuan per share. Calculated based on the winning lot (500 shares), the maximum floating loss of the winning shareholders is more than 14,000 yuan. Even if you sell it at the midday closing price, you will still lose about 12,000 yuan.

In the standard shareholder group, some investors complained, "I blushed with anger. I had prepared the wine, thinking I could make some money and have a big meal tonight, but I didn't expect to lose a lot."

Some investors said, "Zhongke Lanxun's issuance valuation is too expensive. Its issuance price-to-earnings ratio is 56.41 times, while the latest average price-to-earnings ratio of the semiconductor industry is only 38.83 times. Who is willing to buy it?"

Data shows that Zhongke Lanxun's main business The products are TWS Bluetooth headset chip, Bluetooth speaker chip, and non-TWS Bluetooth headset chip, which are mainly used in TWS Bluetooth headsets, non-TWS Bluetooth headsets, and Bluetooth speakers. Among them, TWS Bluetooth headset chips are the company's largest business, accounting for 44.16% of revenue.

From an industry perspective, consumers’ emphasis on sports has stimulated the demand for sports Bluetooth headsets. Organizations predict that the market size of China's Bluetooth headset industry will reach more than 42 billion yuan by 2023.

has a view that the future development space of TWS headsets depends on two factors. One is the change in the number of smartphones owned; the other is the penetration rate of TWS headsets.

On the one hand, the current penetration rate of and in major economies around the world exceeds 70%. However, under the influence of factors such as high inflation and the epidemic, the smartphone market has declined. IDC predicts that global smartphone shipments will drop to 1.31 billion units this year, a year-on-year decrease of 3.5%.

On the other hand, Qualcomm research data shows that the penetration rate of TWS headsets will reach 42% in 2020, and the agency predicts that global TWS headset shipments will increase by 38% year-on-year this year.

Looking at the performance of listed companies, from 2019 to 2021, Zhongke Lanxun achieved attributable net profits of 149.1 million, 215.4 million, and 229.4 million respectively, a year-on-year increase of 206.03 times, 44.47%, and 6.49% respectively. It is not difficult to find that the growth rate of net profit has shown a downward trend in the past three years.

In the first quarter of 2022, the company’s attributable net profit was 40.16 million, a year-on-year decrease of 15.99%. The prospectus shows that the epidemic has caused an impact on the consumer electronics supply chain; the epidemic has led to an increase in ocean transportation cycles and an increase in ocean transportation prices.

In addition, Zhongke Lanxun's gross profit margin has been declining for three consecutive years. From 2019 to 2021, the company's gross profit margin was 28.56%, 26.7%, and 25.78% respectively, a decrease of 2.78 percentage points in three years.

In the prospectus , Zhongke Lanxun mentioned that the average gross profit margin of comparable companies in the same industry in 2019 and 2020 exceeded 32%, both of which were higher than the company's gross profit margin. According to Zhongke Lanxun, this is caused by differences between different companies in specific chip product types, downstream application fields, product positioning and market competitive position.

We have also noticed that during the IPO process of Zhongke Lanxun, it encountered controversy from the outside world.

From August to October 2021, Zhongke Lanxun received the "Notice of Acceptance of Request for Invalidation", which showed that 7 of the company's invention patents had been declared invalid. At that time, the company's total number of invention patents was 21, accounting for The ratio reached 33.33%.

There are also financial media who have questioned the rationality of Shenzhen Huashengjie Technology Co., Ltd., a former major customer of Zhongke Lanxun. According to the data, "Shenzhen Huashengjie Technology Co., Ltd." was established in May 2018. The latest number of insured persons is 23, and the legal representative is Liu Xu.

Such a recently established company became the top five customers of Zhongke Lanxun in 2018, and it is also the largest customer in 2021.

We will continue to pay attention to how Zhongke Lanxun performs in the future!