fell from 23.62 yuan to less than 9 yuan, and it only took 9 months for OFILM .
On the evening of March 16, Ofilune issued an announcement stating that specific customers plan to terminate their procurement relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.
announcement shows that the operating income of audited specific customers related businesses in 2019 was 11.698 billion yuan, accounting for 22.51% of the total audited operating income in 2019.
Although the company did not disclose the customer name, compared with the relevant data, the overseas customer is Apple .
html's 10 billion yuan business "falls off", and quickly attracted the attention of the Shenzhen Stock Exchange. That night, the Shenzhen Stock Exchange issued a letter of concern overnight, requiring OfiLink to supplement the disclosure of the time when a specific overseas customer planned to terminate the procurement relationship and the current order situation related to the specific customer; and to verify whether the information disclosure on order changes is timely and other information. htmlOn March 17, Ofeiguang fell to the limit without any surprise. As of the close, OFILM was 9.14 yuan per share, with a turnover rate of only 0.77%. The closing orders were still as high as 1.05 million lots. Calculated based on the closing price, the total orders exceeded 960 million yuan.
It is worth mentioning that according to Tonghuashun data, TEDA Manulife Fund and Anxin Fund are the only two institutional investors currently disclosed in the 2020 annual report. The two hold a total of OFILM 4.232 million shares, accounting for only 0.16% of the outstanding shares. As of March 10, the total number of shareholders of Offilumbia was as high as 358,900.
Considering that the company has not issued an announcement on the reduction plan for important shareholders in the past six months, it may mean that a considerable part of the orders blocked on March 17 came from retail investors.
However, when communicating with reporters, Shen Meng, the executive director of Xiangsong Capital, said, "Ordinary retail investors do not have the ability to close the board. Even if there is no institution, it is not ruled out that there are hot money or bull spoils that can cause trouble."
On March 18, Ofilm fell unabated. As of the close, the company closed down 2.30% at 8.93 yuan per share. Based on the closing price, the company's market value evaporated by more than 3.2 billion yuan on the two trading days of March 17 and 18.
billion yuan business "falls off". The Shenzhen Stock Exchange flashed a letter of attention.
. The reporter checked OFIL 2019 annual report and learned that in 2019, the top five customers of OFIL accounted for 83.61% of the company's annual sales. The specific customers whose procurement relationship and revenue accounted for 22.51% this time, Apple is the second largest customer of OFIL 2019.
According to the financial report, in 2019, Ofilm achieved revenue of 51.974 billion yuan, of which Apple related business operating income was 11.698 billion yuan. After Apple terminates its procurement relationship with OFILM and its subsidiaries, the company's performance is expected to have great downward pressure.
On the evening of March 16, shortly after OFILM issued the announcement, the Shenzhen Stock Exchange sent a letter of attention.
In addition to the information mentioned above, the Shenzhen Stock Exchange requires the company to disclose additional disclosures, the exchange also requires the company to disclose additional disclosures in the "Announcement on the Signing of the Acquisition Intent Agreement" issued on February 8, regarding the progress of the transfer of the business assets related to the supply of cameras to specific overseas customers to Wingtai Technology Co., Ltd., and explain the impact of the termination of the procurement relationship between specific overseas customers on the above transactions.
In addition, the Shenzhen Stock Exchange also requires OfiLink to evaluate the impact of the termination of procurement relationships for specific overseas customers on the company's financial status, and explain in detail the process and methods of the impairment test of related equipment and other assets; and the company has disclosed the "2020 Annual Performance Forecast" and "2020 Annual Performance Forecast" in the early stage. If it involves performance forecasts and quick reports corrections, please correct them in time and ask the company to self-examine whether there are other inaccurate information disclosure.
As of the close of March 18, OFILM has not yet responded to the Shenzhen Stock Exchange's letter of concern.
According to public reports, Ofiluorescence supplies Apple enterprise products including touch modules applied to low-priced iPads and optical products applied to mobile phone cameras.On January 26, OFILM issued an announcement to plan to sell four subsidiaries, including Guangzhou Delta Image, Jiangxi Huiguang Microelectronics, Nanchang OFI Display and Jiangxi Jingrun Optics. Among them, Guangzhou Delta Image is engaged in camera module development, which is considered to be a subsidiary closely related to Apple business.
htmlOn February 8, OfiLin announced that it would sell related business assets to Wingtech Technology for supplying cameras to specific overseas customers. Specifically, it includes the company's 100% equity in Guangzhou Delta Imaging Technology Co., Ltd. In order to ensure the smooth implementation of this transaction, Wingtech Technology agreed to pay RMB 300 million in intention to OFILM .It is worth noting that this announcement did not disclose the time when OFIL terminated cooperation with lost major overseas customers. The Shenzhen Stock Exchange issued a letter of concern to OFIL as soon as possible, requiring the company to disclose the time of termination of the procurement relationship, check whether the disclosure of the changes in the order relationship is timely, and evaluate the impact of the termination of the procurement relationship of the customer on the financial status of OFIL . The Shenzhen Stock Exchange requires that OFILM html be disclosed to the public before March 19.
Since the evening of March 16 as of noon on March 18, there have been 24 investors on the Shenzhen Stock Exchange Interactive Platform, whether OFIL overseas customers are Apple , how to deal with the links of Apple , and when to reply to the Shenzhen Stock Exchange, but no response has been received. As of press time, OFILM has not responded to the Shenzhen Stock Exchange's letter of concern.
There have been rumors that the outside world has been removed from the Apple industry chain. Nearly 80% of the revenue depends on the large customer
In 2017, he successfully acquired Sony Guangzhou production base for 158 million yuan and entered the Apple chain. In 2018, it appeared on the list of Apple suppliers. Since the second half of 2020, rumors of Apple breaking up with Offilu have begun to appear in the market. As of July 20, 2020, the US Department of Commerce announced that it would include it on the entity list on the grounds that OFILM involves "forced labor". The rumors about " Apple removing OFILM from the supply chain list" are even stronger. Although Offilu has repeatedly denied it, rumors are still rampant.
From 2017 to 2019, Ofilm revenue was RMB 33.791 billion, RMB 43.043 billion, RMB 51.974 billion, year-on-year increase of 26.34%, 27.38% and 20.75% respectively. After rumors of termination of cooperation with Apple in 2020, its revenue was 48.404 billion yuan, a year-on-year decrease of -6.87%.
Comparing the financial data in the past four years, it is not difficult to see that after joining Apple , it has become the second largest customer of OFILM , which has brought revenue to OFILM and has also intensified its dependence on large customers. According to the data disclosed in the annual report of OFILM , the sales revenue of the top five customers from 2017 to 2019 was RMB 23.79 billion, RMB 35.264 billion and RMB 43.454 billion, respectively, accounting for 70.40%, 81.93% and 83.61% of the total revenue, respectively. Since 2018, the dependence of OFILM on the top five customers has increased by more than 10%, which is consistent with the time when entering the Apple chain. Nearly 80% of the revenue depends on the top five customers, the concentration of customers of Offilumbia is getting higher and higher, and the operating risks are becoming more severe.
htmlOfficial issued an announcement on January 26th to plan to sell four subsidiaries, including Guangzhou Delta Image, Jiangxi Huiguang Microelectronics, Nanchang OFI Display and Jiangxi Jingrun Optics. According to public reports, the products supplied by Offilu to Apple include touch modules for low-priced iPads and optical products for mobile phone cameras. The sales of four subsidiaries indirectly confirmed the rumors of breaking up.Coincidentally, while selling its subsidiary's Ofiluen is also constantly raising funds. On February 8, OFILM applied for a comprehensive credit of 1 billion yuan from CITIC Bank and 1.2 billion yuan from Industrial Bank. At the same time, it provided a comprehensive credit guarantee of 635 million yuan for its subsidiary, totaling 2.835 billion yuan.
In the second half of last year, Ofilumbia has raised 6.758 billion yuan through the private placement of A-shares, raised 2.5 billion yuan in funds, provided guarantees for subsidiary companies to carry out financial leasing business twice, and applied for comprehensive credit of 100 million yuan, 200 million yuan and 1 billion yuan from the China Development Bank, Ruisui Bank, and China Everbright Bank respectively.The subsidiary has raised a total of 14.058 billion yuan. It is worth noting that in 2020, the total assets of Ofilm were only 37.473 billion yuan, a year-on-year decrease of 7.61%. The financing scale in half a year has exceeded one-third of the total assets.
Institutional investors' shares decreased by 99.56%, and net profit increased by 72.7% against the trend
Since the rumors of breaking up with Apple and OFILM have fled in large numbers. According to choice data, the number of institutional investors in June, September and December last year was 322, 15 and 4 respectively, with the declines in September and December respectively, and the declines in September and December were -95.34% and -73.33% respectively. The total number of shares held was 1.133 billion, 960 million, and 4.2323 million, respectively, a decrease of -15.27% and -99.56% in September and December.
, which fund shares are also decreasing. In June, September and December 2020, the number of shares held by OFILM fund was 245 million, 55 million and 04 million respectively, and the decline in September and December was 77.55% and 92.72% respectively. The number of funds held by the shares is 316, 7 and 4, respectively, and the proportion of funds' shares in circulation is 9.1%, 2.04% and 0.16% respectively.
According to the 2020 performance report of OFIL , its revenue declined and total assets were under the same period, and its net profit attributable to shareholders was 880 million yuan, an increase of 72.70% against the trend. By product, Ofilm mainly engages in optical optoelectronic products, microelectronic products, smart car products and others. According to the 2019 annual report, the gross profit margin of smart car products is 18.88%, microelectronics is 14.89%, optical optoelectronics is 8.42%, and other business revenue gross profit margin is 5.49%. In terms of cost of
, optical optoelectronic products still account for the majority. Affected by the price increase of raw materials, the operating costs from 2017 to 2019 were RMB 25.393 billion, RMB 33.387 billion and RMB 42.028 billion, respectively, an increase of 23.08%, 29.52% and 24.11% year-on-year. Among them, the direct material costs account for 87.14%, 88.46% and 89.55% of the total operating costs, respectively, accounting for nearly 90%. The proportion of labor costs has been declining year by year, reaching 8.17%, 6.27% and 5.5% respectively.
Performance pressure may be difficult to resolve
official website information shows that OFILM was established in 2002 and entered the capital market in 2010. The company's main business includes microcamera modules, optical lenses, microelectronics business, new materials and smart car electronic products and services, etc., and is widely used in the consumer electronics and smart car fields represented by smartphones, tablets, wearable electronic products, etc.
htmlOn February 27, the company released its 2020 annual performance report. The announcement shows that the company achieved revenue of 48.404 billion yuan in 2020, a year-on-year decrease of 6.87%; net profit of 1.103 billion yuan, a year-on-year increase of 67.9%; net profit of 1.065 billion yuan, a year-on-year increase of 62.06%.Offilulu said that the company's performance growth during the reporting period was mainly due to the company's increase in research and development and mass production of high-end products, the optical imaging business maintained rapid growth, and the optical lens production capacity and shipment continued to increase; as well as the increase in orders of some major customers, the growth of tablet sales, and the independent development of Android touch business, the continuous optimization of the touch business structure, and the significant improvement in profitability.
It is worth noting that the performance report reveals the signal that the independent development strategy of OFIL 's Android touch business has begun to show results. It is reported that Android product terminal manufacturers are mainly concentrated in China and South Korea, and to a certain extent, they can hedge the losses from the supply chain of Apple .
But from a longer-term perspective, the sales gross profit margin data of Offiluan is not ideal. Specifically, from 2015 to 2019, the company's gross profit margin was 12.84%, 11.48%, 13.76%, 12.32%, and 9.87%, respectively, up 7%, -10.59%, 19.86%, -10.47% and -19.89% year-on-year respectively.
In the first three quarters of 2020, the gross profit margin of OFILM did not improve much, only 10.65%. In comparison, Lens Technology, which also mainly operates optical cameras, has a gross profit margin of up to 28.53%, and Changxin Technology, which mainly operates touch modules, also has a gross profit margin of 27.95%.
In addition, it should be noted that the company's debt-to-asset ratio has always been at a relatively high level. From 2015 to 2019, the company's debt-to-asset ratio was 62.41%, 65.69%, 70.2%, 77.08% and 72.93% respectively.
At the end of 2020, the company's debt ratio was about 68.32%, although it decreased by 4.61% year-on-year, it is still not low.
In the future, after losing the big customer of Apple , whether , with low gross profit and high debt, can OFILM with low gross profit and high debt withstand the downward pressure on performance may become a major highlight in the future.
Ofilune did not give the reason for the client's termination of cooperation. However, in July last year, OFILM was included in the entity list by the US Department of Commerce, and OFILM Nanchang subsidiary was also criticized by name. US sanctions are considered an important reason why OFILM was kicked out of the "fruit chain".
In addition, the product technical content of OFL is not particularly high and has strong substitutability. Other suppliers of Apple , such as South Korean LGInnotek and Taiwan TPK, can replace OFL , so Apple "transcendence" does not have much psychological burden. Apple has another "new love"!
In fact, the United States "abandons old love" and "finds a new love" are not just this example, but there are many things to do. As mentioned above, competition between China and the United States has intensified. In order to ensure the security of the supply chain and not be affected by geopolitics, Apple hopes to establish two supply chains for China and the United States, so there are many changes in supply chain companies, OFILM is just one of them. In addition, Apple also requires suppliers to move some supply chains out of mainland China. For example, Foxconn 's production capacity outside of mainland China increased from 25% in June 2019 to about 30% last year.
Nikkei News latest report shows that Foxconn also plans to produce Apple 's latest iPhone 12 in India, which is the first time that iPhone 12 is produced outside China, and is expected to transfer about 7 to 10% of China's production capacity. Apple supplier Wistron also revealed that it will increase production capacity outside the mainland Chinese market to 50% by 2021. There are also some transactions that have nothing to do with , apple on the surface, but in fact they were also encouraged and promoted by , apple behind the scenes.
For example, Luxshare Precision acquired Wistron's foundry in mainland China for 3.3 billion yuan. After the acquisition was completed, Luxshare Precision became the Apple iPhone foundry. Apple iPhone OEM, Foxconn , Wistron, and Pegatron are all companies in Taiwan, and no mainland Chinese manufacturers participated in it before. After Luxshare Precision acquired part of Wistron's business, mainland manufacturers participated. In short, shopping malls are like battlefields. For the security of the supply chain and the development of the company, the "old love and new love" will be treated coldly.
