In the first half of 2021, Jeput's net profit growth rate was lower than that of revenue growth; the period expense rate increased by 5.2% compared with the previous year to 26.2%, which dragged down the company's performance; in addition, the company's operating cash flow in the first half of the year was -120 million yuan.
The first domestic commercial MOPA fiber laser manufacturer, Jeput, released its first performance announcement for the first half of 2021 on the evening of the 24th. The company achieved revenue of 582 million yuan, a year-on-year increase of 48.99%; net profit of 43.0343 million yuan, a year-on-year increase of 23.03%; net profit excluding non-network profit of 22.08% year-on-year recorded 31.5504 million yuan. The company's current performance is not bad, but its profit growth rate is relatively slow.
Jipte's main business is the research and development, production, and sales of lasers, as well as intelligent equipment mainly used for precision detection and micro-processing of integrated circuits and semiconductor optoelectronics-related devices. The main products include lasers, laser/optical intelligent equipment and fiber optic devices.
Overall, Jeput is currently relatively small in scale and has large historical performance fluctuations, which is due to the obvious fluctuation in the company's revenue structure during the reporting period.
Jept started with the production and manufacturing of fiber optic devices. In 2017, it will focus its operations on lasers and laser/optical equipment, while shrinking the fiber optic device business. The company's laser and laser/optical equipment products are mainly used in the consumer electronics industry. Because of their close cooperation with Apple, it is also the time when the company performs well when it receives large-scale orders, and vice versa.
Revenue structure has changed greatly. Lasers continue to make efforts.
From 2017 to the present, the company's business operations have focused on lasers and laser/optical equipment. From the perspective of main business revenue structure, Jeput Laser continues to make efforts. In recent years, the company's revenue fluctuates greatly, and the revenue from laser/optical intelligent equipment has increased significantly. From 2017 to 2020, the company's laser/optical intelligent equipment revenue accounted for 54.16%, 49.30%, 33.41%, and 44.44% respectively. The revenue of fiber optic devices business has gradually shrunk to less than 4%.
According to the company's announcement, the company's laser/optical intelligent equipment is mainly used in the consumer electronics industry, and its customers include Apple, AMS, STMicroelectronics, LGIT, Kamaya, Guoju Co., Ltd., Housheng Electronics, Qiankun Technology, Huaxin Technology, etc.
Along with the wave of OLED screens, the company has cooperated closely with Apple, the largest customer, and has benefited from it. In 2017, revenue from Apple and its supply chain was 241 million yuan, accounting for 39%. But in 2018, demand for Apple and its supply chain fell, and the company's orders also decreased, with revenue falling to 140 million yuan. In 2019, due to the slowdown in the downstream consumer electronics industry and the overall poor sales of Apple's mobile phones, the demand for the company's optical smart equipment procurement further declined. The company's revenue from the top five customers did not exceed 6%. At the same time, Apple disappeared from the company's top five customers.
In 2020, Apple purchased the company's laser precision processing equipment and optical inspection equipment, with an order amount of 198 million yuan, and the company's smart equipment sales revenue rebounded.
is obvious, and the company's performance in 2019 is inferior to other years. It can be seen that Apple has a great impact on Jeput's performance. At the same time, the company also relies heavily on large customers.
2021, the company continued to cooperate with Apple. From January to June, the company received orders from Apple and its related supply chain companies totaling approximately 151 million yuan, but the orders from Apple were only 41 million yuan, a year-on-year of 235 million yuan from January to June 2020, of which 187 million yuan from Apple, a decrease of 35.74% from the previous period. Therefore, the company reminded in the announcement that there is a risk of large fluctuations in the revenue structure.
Fortunately, the sales revenue of Jeput lasers continued to grow, accounting for 32.47%, 50.24% and 48.28% from 2017 to 2020, respectively, avoiding the embarrassment of the company's performance being in a dilemma due to relying on large customers for a single product. Jeput's laser products include pulsed fiber lasers, continuous fiber lasers and solid-state lasers.
R&D and innovation need to be improved, and cash flow problems are prominent
In recent years, due to the widespread application of laser welding, laser ranging (lidar), laser decontamination, additive manufacturing in important industrial fields such as automobiles, ships, aerospace, and oil and gas pipeline welding, the laser equipment manufacturing industry has achieved rapid growth.
Benefiting from the industrial upgrading and structural adjustment of domestic traditional manufacturing industries, my country's laser industry has developed rapidly. According to the China Laser Industry Development Report, from 2011 to 2018, the annual compound growth rate of the market size of my country's laser processing industry exceeded 10%. In 2018, the market size reached 60.5 billion yuan, and the market was released at an accelerated pace.
In the first half of 2021, the overall demand of the laser industry continued to grow. Laser processing is widely used in sub-sectors of many industries such as consumer electronics, new energy batteries, photovoltaics, automobile manufacturing, passive components, semiconductors, etc. The company's operating income has also received dividends from the rapid development of the industry, and has maintained rapid growth in many businesses.
Among them, MOPA pulse fiber laser is a flagship product independently developed by the company. It is used in laser surface treatment, laser cleaning, thin metal cutting/welding, etc., and is used in the fields of traditional manufacturing, 3C electronics, automobiles, new energy, photovoltaics, remanufacturing and display panels.
As light and light materials such as alumina are widely used in consumer electronic products such as mobile phones and tablets, the advantages of MOPA fiber lasers are gradually becoming prominent. More than 70% of the company's laser products revenue comes from MOPA pulse fiber lasers.
Currently, pulse fiber lasers on the market mainly include Q adjustment, mode locking and MOPA. Most domestic laser manufacturers mainly focus on Q-adjustment structure, such as Ruike Laser and Chuangxin Laser. Jeput is the first domestic manufacturer to commercially produce and sell MOPA pulsed fiber lasers. It has filled the technical gap in this field in China and directly competed with the US IPG and the German Trumpf Group.
221 In the first half of 2021, the market recognition of Jeput pulse and solid-state laser products increased, and the continuous optical laser market gradually expanded. In addition, the company's laser products also provide core components for laser equipment manufacturers in industries such as Pentium Laser, Dazu Laser, Aotway, and Maiwei.
In addition, the company focuses on R&D investment. As of now, Jeput's R&D investment has been increasing. In the first half of 2021, the company's expense R&D investment was 71.7907 million yuan, accounting for 12.34% of its revenue, and the investment in the previous period was 43.4385 million yuan, accounting for 11.13%; R&D growth year-on-year increased by 65.27% year-on-year.
However, the company's BVD innovation index scored 58.75 points, and the company's innovation capabilities need to be further improved.
In addition, for Jeput, we need to pay attention to balancing cash flow. In the first half of 2021, the net cash flow generated by the company's operations, investment and financing activities was -120 million yuan, -97.6425 million yuan and -42.6287 million yuan, respectively, a year-on-year decrease of 92.08%, a decrease of 55.94%, and a decrease of 96.65%.
Among them, the net cash flow generated by the company's current operating activities decreased by 57.4578 million yuan compared with the same period last year, mainly due to the period when the sales collection was not due, the increase in the purchase of goods and the cash paid to employees, and the decrease in tax and fee refunds received year-on-year.
2019-2021-end, the company's net accounts receivable were RMB 239 million, RMB 230 million and RMB 306 million, respectively, accounting for 14.38%, 12.80% and 16.89% of current assets, respectively; in addition, the company has the risk of the company's funds being unable to recover and bad debt losses due to defaults on accounts receivable by customers (including intentional defaults on accounts payable by customers, poor operating performance, etc.).
It is reported that recently, according to the "Announcement on the List of the Third Batch of Specialized and New "Little Giants" Enterprises" released by the Ministry of Industry and Information Technology, Jeput was selected into the third Batch of Specialized and New "Little Giants" Enterprises.
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