Oufeiguang Was "Kicked Out" By Apple Rumor Storm: Clarification Order Stability Is Still Sold By Institutions, A-Share Apple Industry Chain Is Worried

A rumor that "has been removed from Apple's supply chain list" has made investors on the roller coaster.

On the morning of September 1, there was a media report that "Apple has removed ofight from the supply chain list. Previously, the low-cost version of Apple's iPad was supplied with touch modules by ofight, GIS and TPK." in the early morning, the price limit of ofight was down. By the end of the morning, more than 1.29 million orders were sealed, and the amount of sealed orders was nearly 2.2 billion yuan.

Later, the company quickly clarified that "the information about the company being removed from the supply chain list by major U.S. customers is false rumors.". In the afternoon, ofight quickly opened its limit and closed at 17.66 yuan / share, down 6.61%.

At present, the storm has come to an end for a while, but the worries about the excessive dependence of some consumer electronics on Apple's industrial chain have not dissipated.

According to the data of ofight's annual report in 2019, the total sales amount of the company's top five customers reached 43.454 billion yuan, accounting for 83.61%. The sales volume of the first largest customer was 16.197 billion yuan, accounting for 31.16%. In the first half of this year, due to the increase of orders from apple, the operating revenue of ofight in the first half of this year was 23.465 billion yuan, and the net profit attributable to shareholders of listed companies was 502 million yuan, a year-on-year increase of 2290.28%.

This means that if the company is "kicked out", it will at least affect the revenue of more than 10 billion yuan, and the profit level of the company will drop sharply.

Oufei Guang's "false alarm"

As a typical apple supply chain enterprise, ofight's rapid growth is inseparable from Apple's "support".

According to the public data, the main business of the company is optical imaging core business and microelectronics business. The company's main business products include image module, optical lens, microelectronics and touch products, which are widely used in the field of consumer electronics and smart cars represented by smart phones, tablet computers and smart cars.

In the first half of this year, the net profit of the parent company of ofI light soared nearly 23 times, which was mainly due to the increase of orders from major customers, the continuous rapid growth of optical business, the increase of camera module and optical lens shipment, and the continuous improvement of the overall profitability of the company due to the growth of sales volume of tablet computers and optimization of touch business structure.

Since last year, it is self-evident that the stock price of oerlight has risen by more than 96% due to the sharp rise in the performance of the company.

This also led to the rumor of "being kicked out of Apple's supply chain" to the stock price of ofight. To be specific, the touch business that was said to be "stripped off" accounts for about 11% of the total revenue of the company. From January to June 2020, the operating revenue of the touch products of the company reached 2.677 billion yuan, a year-on-year decrease of 44.30%, but the product shipment increased by 26.29% to 92 million pieces. The main reason was that Android touch business developed independently and the structure of touch display products changed.

Although the company was later clarified that the information about the company being removed from the supply chain list by major U.S. customers was untrue, the company's share price would inevitably fluctuate violently.

For many years, the company has not been able to provide a stable supply of products to big customers in the United States

On the same day, people from the Securities Department of ofight also confirmed to the reporter of 21st century economic news that the announcement referred to all businesses of the company, including touch products, and so on, which were not removed from the supply chain list by apple.

However, on that day, oufeiguang still encountered a large sell-off. According to the data from the dragon and tiger list, on September 1, the turnover of o'fi-guang reached 6.6 billion yuan, with a turnover rate of 14.11%. Among the top five seats with the largest sales amount, three institutional seats sold 380 million yuan, 325 million yuan and 54.9941 million yuan, respectively, with a total sales of 760 million yuan.

It is worth mentioning that, when ofI was accused of losing the order of touch film group, lens technology, another consumer electronics company in the A-share market, also participated in the incident.

According to some media reports, after Apple removed ofight from the supply chain list, most of the touch orders of ofI light have been owned by lens technology, and the subsidiary of lens technology, Lansi intelligent control (originally written in the original day), has long been the first-class touch supplier for key customers. Subsequently, the shares of lens technology rose sharply, up more than 14%, and finally closed at 36.33 yuan / share, up 5.24%.

However, on the afternoon of that day, the relevant personage of lens technology responded to the reporter of 21st century economic report: "we did not release the relevant news about accepting the order of ofI light. Lens intelligent control was originally the supplier of Apple touch film sensor."

Apple supply chain "hidden troubles"

Although the announcement of clarification helped ofight get rid of the crisis of public opinion, with the change of political and economic environment, as well as the fluctuation of smart phone market, the market once again raised concerns about Apple industrial chain enterprises.

The 21st century economic report reporter noted that although in recent years, with the rise of Android, a large number of consumer electronics manufacturers have connected to Huawei, Xiaomi, OV and other production lines, many leading consumer electronics enterprises in China Daily's "great success" this year mainly rely on Apple's driving effect.

In the first half of this year, Lixun precision, the "first brother" of SME board, achieved an operating revenue of 36.452 billion yuan, a year-on-year increase of 70.01%; the net profit attributable to shareholders of listed companies reached 2.538 billion yuan, up 69.01% year-on-year. Among them, the consumer electronics business performed brilliantly, with revenue of 31.083 billion yuan, a year-on-year growth of 86.56%, and the proportion of revenue increased to 85.27%. Anson Securities pointed out that the main reason is that the demand for airpods continued to rise in the first half of the year, and the company benefited significantly as a major assembly plant.

According to the public data, lichen precision is the main manufacturer of apple airpods, and apple has also brought huge revenue support to the company. In the annual report of the company, it accounted for 345 million yuan of the total sales of the company, accounting for 345 million yuan of the total sales of the company.

Gol shares is also a typical enterprise benefiting from Apple's supply chain. From January to June 2020, gol shares achieved revenue of 15.57 billion yuan, with a year-on-year increase of 14.7%, net profit of 780 million yuan, a year-on-year increase of 49.1%, and gross profit rate increased by 2.5 percentage points compared with the same period last year. The main reason is that the company's TWS earphone production expansion is smooth, the good product rate is increased, and the scale effect is beginning to show.

As one of the main assembly plants of Apple's airpods series products, golfer's largest customer contributed 14.288 billion yuan of sales revenue in 2019, accounting for 40.65% of the company's annual total sales.

In addition, in the first half of 2020, lens technology achieved a revenue of 15.57 billion yuan, a year-on-year increase of 37.1%; it realized a net profit of 1.91 billion yuan, compared with a loss of 160 million yuan in the same period of last year, which also benefited from the large increase of Apple orders. In 2019, the sales revenue of lens technology's largest customer (Apple) was 13.033 billion yuan, accounting for 43.07% of the company's total revenue.

Since the beginning of this year, due to the recovery of Apple's business climate, the shares of lichen precision, gol Co., Ltd. and LANs technology, which are highly bound to apple, have risen by 103.51%, 111.79% and 165.34% respectively. However, behind the high dependence on apple, some investors believe that there are high risks, such as Apple's restructuring of the supply chain system, decline in smartphone sales, political risks, etc.

"Apple's impact on the supply chain in mainland China is very big. If this happens, the impact is inevitable." Shanghai, a medium-sized securities firm, electronic industry analysts pointed out.

However, he further pointed out that as a huge customer, domestic manufacturers can not avoid or need to avoid apple. "Apple's orders will certainly be made, but the most important thing is to set up a good role and build a unique moat to grow with apple. Your right to speak depends entirely on the relationship between supply and demand. When your technology is relatively low-end, it will be replaced by others at any time. However, if the technology is strong enough, the right to speak is stronger. This is not a relationship of opposition, but a relationship of cooperation. ".

It is worth mentioning that, in view of the "political risk" put forward by some investors, the industrial chain companies have also appeared many coping strategies.

According to sun Yanbiao, President of the first mobile phone industry research institute, "at present, apple consciously lets manufacturers in mainland China quickly transfer orders to Vietnam, and most of these apple industry chain manufacturers have layout factories in Vietnam. Even some orders delivered to mainland manufacturers this year, they basically tend to let manufacturers put their production capacity into Vietnam for layout."

(our reporter Zhang Sainan also contributed to this article.)