On May 21st, from the 70% increase in the 2017 annual report to the 50% drop in the first quarter of 2018, Lansi Technology (300433.SZ), which is experiencing a "roller coaster", finally changed its "fall" trend last week. The closing increase was 5.87%.
On May 18 of the previous trading day, Lansi Technology Secretary Peng Mengwu expressed his position at the 2017 Annual General Meeting of Shareholders, which seemed to give investors a peace of mind. He said on the spot that in 2018, the company wants to achieve another 30% of business Revenue growth and 35% net profit growth.
How to avoid short-lived performance?
After experiencing a decline in 2016 performance and a decline in stock prices, Lansi Technology's 2017 annual report can be described as "amazing".
In 2017, Lansi Technology achieved operating revenue of 23.7 billion yuan, an increase of 55.6% year-on-year; and realized a net profit attributable to shareholders of listed companies of 2.047 billion yuan, an increase of 70% year-on-year. However, this situation did not continue in the first quarter of this year. In the first three months of 2018, Lansi Technology achieved a net profit of 110 million yuan attributable to shareholders of listed companies, a year-on-year decrease of 50.15%.
This means that in the latter three quarters, Lansi Technology's performance growth needs to reach more than 50% to achieve the 2018 performance growth target of 30% -35%.
"In the first quarter, we undertook a lot of domestic brand business, and the profit was not high. In addition, the cooperation with the customer-specified assembly manufacturers was less than expected. In the second quarter, many of our industrial parks are exceeding the expected shipments, and we will certainly achieve this year's target. "On May 18, Zhou Sifei, Chairman of Lansi Technology, said at the 2017 Annual General Meeting of Shareholders.
However, the problem of high concentration of Lansi technology customers is still very prominent. The top five customers accounted for 76.07% of total annual sales, of which the largest customer accounted for 49.37%.
As early as the beginning of the listing, Lansi Technology was controversial because of its excessive reliance on a single customer. The prospectus shows that in 2012, 2013, and 2014, Lansi Technology's sales revenue to Apple accounted for 60.70%, 47.97%, and 56.61%, respectively.
"The company is optimistic about the development of major customers, and predicts that in the future, the industry position of major customers will be difficult to shake. However, we also attach great importance to the expansion of customer base. This year, our cooperation with domestic and foreign brand customers has improved a lot compared with previous years." Early Before, a Lansi technology insider introduced to the 21st Century Business Herald reporter.
In recent years, Lansi Technology has increased cooperation with domestic mobile phone brands such as Huawei, Xiaomi, OPPO, and VIVO. In 2017, domestic sales revenue increased by 87.51% year-on-year.
On May 19th, a person in the mobile phone industry told reporters of the 21st Century Business Herald that Lansi Technology's dependence on Apple has been reduced a lot compared to before, but there are certain problems at present. Compared with Apple phones, Android phones The profit is thinner. In addition, because there are more Android mobile phone models, more break-in periods are required in the mass production stage.
Increased competition
5G is approaching, the glass cover is ushering in a larger market, and the competition facing Lansi Technology is also fiercer.
"Wireless charging continues to penetrate, and the requirements for signal transmission in the 5G era are higher. Demetallization of the back cover of mobile phones has become a major trend. At present, double-sided glass will be the trend of the future." On May 19, a medium-sized securities firm in South China A person from the investment banking department told the 21st Century Business Herald reporter.
According to incomplete statistics, in the past two years, there have been more than ten A companies including Carbon Yuan Technology (603133.SH), Xingxing Technology (300256.SZ), Lianchuang Electronics (002036.SZ), Kaisheng Technology (600552.SZ), etc. Listed companies have announced their intention to invest in the 3D glass industry.
Among them, the main business of many listed companies has nothing to do with glass.
"I know that many companies now want to enter the glass industry, which also shows that the prospects of the glass industry are very good, but it is difficult for these competitors to exceed the scale and technology of Lansi in one or two years." Zhou Qunfei at the shareholders meeting Said so on.
On the other hand, Lansi Technology is also ready to develop new materials.
Since 2010, Lansi Technology began to explore new materials such as ceramics and sapphire. In 2017, Lansi Technology also established a joint venture with Shandong Guoci to consolidate and expand the company's first-mover advantage in the field of precision ceramics.
According to insiders of Lansi Technology, a large number of smart watch products under the leading global brands use ceramic materials, and its main supplier is Lansi Technology.
However, the application and promotion of sapphire in the industry is not so smooth.
In 2014, the A-share market had set off a "sapphire fever", but in the end it turned out that it was still too early to talk about the large-scale application of sapphire on mobile phones, subject to production capacity, process level and cost.
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