[Song's stock price has plummeted by 50% for 8 consecutive months: Spreading orders from Apple Samsung] Goethe's acoustics, the leading company in the listed companies in the acoustics market, is the same Apple supplier as AAC Technologies. Over the past few years, Apple orders account for more than 20% of its revenue! However, as far as the acoustic market is concerned, under the strong suppression of AAC Technologies, many acoustic manufacturers are not operating satisfactorily. Subsequently, Lixun Precision furthered the merger of Meilv and Kangkang in the event that it was unable to acquire Meirui, attempting to share Apple's order bonus, which proved to be a success!
On May 15, 2018, Goerth acoustics successfully entered the list of 234 A-shares in the MSCI Emerging Markets Index. On May 22, Goethe shares were listed on the A-share market for a full decade. The company has also been unknown from a decade ago and has become known to all people today. In the ten years, the revenue of Goss shares increased from 1 billion yuan in 2008 to 25.5 billion yuan in 2017, an increase of nearly 25 times; the net profit attributable to shareholders of listed companies increased from 120 million yuan in 2008. To 2.14 billion yuan, an increase of nearly 17 times.
However, this rare high-quality company in the mobile phone concept stock has started to decline since the end of the third quarter of 2017. Although its 2017 revenue and net profit both maintained high growth, its net profit decreased by nearly 40% from the first quarter of 2018. According to its announcement of the first half of 2018, it is expected that net profit will drop by as much as 20 %-40%. According to it, the reason is that the company's smart phone customers are not as good as expected, and the market for virtual reality products in the new market has slowed down, and the company has expanded its investment in new business. Under such circumstances, the growth of Goerac's performance in 2018 is highly suspect.
What is even more serious is that from the end of the third quarter of 2017 to the present, its share price has been in a falling state and has been falling for 8 consecutive months. The cumulative decline has exceeded 50%. For the first half of 2018, the poor performance and stock price decline, according to mobile newspaper online (http://.cn/) learned from the industry, starting from the third quarter of 2017, its major customers Apple and Samsung began to decline orders, and This may be the main reason leading to the above phenomenon!
Ten-year performance turns 17 times: stock price 8 months back 4 years ago
When Goelist Acoustics was listed on the market ten years ago, its IPO prospectus shows that the main business of Goss shares is the research and development, manufacture and sale of miniature electro-acoustic components and consumer electro-acoustic products. The main products include the mid-stream of the electroacoustic industry chain. The miniature microphones, micro speaker/receiver products, and Bluetooth products and portable audio products downstream of the industrial chain.
Ten years later, Goer's main business has covered precision components such as acoustics, sensors, optoelectronics, and 3D package modules, as well as the development and manufacture of intelligent hardware such as virtual/augmented reality, smart wearables, smart audio, and robotics. Brand Marketing. At present, it has established global leading comprehensive competitiveness in various fields. In this decade, the company has maintained rapid growth, with a compound annual growth rate of over 40%.
However, as its space for development in the acoustics market has been suppressed, it has to be turned to other new markets. Through its capital operation in recent years, it can be seen that it is actively deploying artificial/intelligent intelligence-based virtual/augmented reality and intelligence. Strategic emerging industries such as wearables, smart audio, and robotics are trying to occupy a global leading position in many segments of the world.
In 2014, Goerget acquired Dynaudio Holding A/S (Denra), the world's top audio manufacturer, and successfully entered the field of car audio, opening up the development channel for smart audio. In 2015, the company won the Danish audio technology company AM3D, and obtained 3D audio enhancement and 3D surround sound algorithm capabilities, providing solutions for VR and other wearable device acoustic devices.
In 2016, the abbreviation of the company was renamed “Goer Acoustics†as “Goer Sharesâ€. The business scope added “robots and automation equipment, intelligent electromechanical and information productsâ€, which means Goeor shares started a new development path. Journey. In 2017, the company spent USD 23,851,800 to purchase approximately 9.8% of Kopin Corporation and successfully cooperated with this company that provides innovative wearable technologies and solutions.
The current Goer acoustics seem to be surrounded by halo. However, from the end of the third quarter of 2017 to the present, its development status is not ideal. The stock price starts from RMB 22/share in early November 2017, and it is only 8 short. During the month, it has been in a state of decline. As of now, the cumulative decline has exceeded 50%. In 2017, its stock price rose from around 13 yuan per share to the highest peak of 23 yuan per share! Unexpectedly, from the beginning of November, all the way down to the current 11 yuan per share or so, and this level is the state of 4 years ago!
If we say that in the third quarter of the third quarter of 2017, the price drop of Goer acoustics was caused by the large market environment, then by 2018, its stock price is still in a state of collapse, which is entirely due to its profitability. As a result: According to its first quarter results in 2018, net profit fell by nearly 40% year-on-year, and it is expected that net profit in the first half of 2018 will drop by 20%-40% year-on-year.
It may be worthwhile to compare Goer acoustics with AAC Technologies. In the past decade, both as the main force of the acoustic market have benefited from the growth of smartphone shipments, and both have seen their performance soaring!
According to data released by the company's 2017 annual financial report, in the past year, its revenue reached 25.546 billion yuan, a year-on-year increase of 32.40%, which is the first time its revenue exceeded the 20 billion mark, and its net Profit also reached 2.139 billion yuan, a year-on-year increase of 29.53%. From this point of view, it looks very good, this is undoubtedly very bright in the current smart phone market!
In terms of subdivisions, Goer's 2017 revenue from electro-acoustic devices was 15.266 billion yuan, accounting for 59.78% of revenue, an increase of 39.56% year-on-year, which is an important one. The customer is Xiaomi. Xiaomi's growth in shipments in the past year is obvious. The revenue of electronic components business last year was 9.836 billion yuan, accounting for 38.52% of revenue, an increase of 26.32% year-on-year!
Let’s look at AAC's 2017 results. According to AAC Technology's 2017 financial report, its 2017 revenue reached 21.119 billion yuan (83% of the top five customers), compared with 15.507 billion in 2016. Compared with the same period of last year, the yuan increased by 36%, of which revenue in the fourth quarter reached 7.151 billion yuan, an increase of 25% from the 5.717 billion yuan in 2016.
In addition, in terms of net profit, net profit in 2017 was 5.325 billion yuan, which was a year-on-year increase of 32% compared to 2016's 4.026 billion yuan, and net profit in the fourth quarter was 1.832 billion yuan, compared with 2016. The year-on-year increase of 1.571 billion yuan was 17%. However, in terms of gross profit margin and net profit margin, its gross profit margin in 2017 decreased by 0.2 percentage points to 41.3%. Of course, this is still high in the mobile phone industry, while its net profit has decreased by 0.8%. Percentage point to 25.2%!
From its point of view over the past few years, from 2008 to 2017, AAC's performance has been growing for 8 years from 2010 to 2017. Starting from acoustic devices, the current business involves touch motors, RF components, and optical lenses. Waiting for a variety of businesses, and the proportion of new business revenue has exceeded the initial acoustic device business!
Judging from its specific business in 2017, sales of touch motors and wireless RF structural components exceeded sales of acoustic divisions as expected. Driven by the increase in customer penetration rate, the touch motor and wireless RF structural business contributed 50% of total revenue, which was an increase of 51% year-on-year. The Acoustics Division continued to continue its accelerating growth in acoustic performance with annual revenue growth of 20% and 45% of total revenue.
For the next two revenues and net profit for 2012-2017, the revenue of Goethe's shares during this period was 72.53, 100.48, 126.9, 136.56, 192.87, 255.36, respectively. Billion yuan, AAC's revenue was 62.83, 80.96, 88.79, 117.39, 156.07, 22.119 billion yuan! Obviously, Goethe's shareholdings have been a lot of pressure on Acoustic Technology!
However, from the perspective of net profit, the net profit of Goer's shares is far less than that of AAC Technologies. The net profits of Goethe's shares for 2012-2017 are 9.07, 13.06, 16.57 and 12.51 respectively. 16.51 billion yuan, 2.139 billion yuan, relatively speaking, in addition to a sharp decline in net profit in 2015, the rest of the years has been a steady increase, but the Swiss company's net profit growth is obviously more horrible, respectively 19.80 , 25.12, 25.81, 34.35, 40.22, 5.325 billion yuan!
Both have achieved double growth in terms of revenue and net profit in the past five years. In addition, we can also see that there is an increase between the two, such as the 2014 song. The company's net profit increased by 26.87% year-on-year, while AAC Technologies had almost no growth in this year. By 2015, Goeor's share business dropped by 24.50%. At this time, AAC's net profit soared 36% year-on-year. .74%! By 2016-2017, the net profit of Goers' shares increased by 31.97% and 29.53% year-on-year, respectively, while AAC's net profit grew by 34.87% and 32% respectively year-on-year.
According to the authors of the industry, the most important customer for both Goethe and AAC is actually Apple. As stated before, from 2014 to 2016, Apple’s order was in its total revenue. The proportions of the accounts reached 26.31%, 20.18%, and 26.76% respectively. In contrast to this, AAC Technology, Apple's orders in its total revenue accounted for 35.1%, 28.4%, 47.2% respectively! Obviously, for Apple's orders, the proportion of AAC Technologies should be much more than that of Goeers! In addition, according to the author's understanding, AAC has a high-end product layout, and Goer acoustics are mainly low-end, resulting in the gross margin of the former is much higher than the latter, which is also the latter’s revenue is much higher than the latter. The net profit is far less than the main reason for the former!
Apple Acoustics Supplier Battle: Kang Control + Beauty + Legacy Precision VS Acoustic Technology
However, in the Acoustics supplier of Acoustics and Goer acoustics, the latter has been unable to shake the former position in this field. In the new market in the future, the two have already parted ways!
From Goethe's acoustics perspective, it is more approaching to the smart terminal market. It plans to focus on the strategic direction of the four major products: “big acoustics, wearables, sensors, and precision manufacturing†to grasp the new opportunities for the intelligent hardware industry in the “Internet+†era. Taking the smart mobile terminal industry as the core and taking the market and technology as the guide, it is expanding new business growth points in strategic areas such as smart audio, smart wearable devices, smart entertainment, and smart home.
According to its report in 2016, the company's strategic transformation direction has been further clarified, and the layout of the industrial chain has been optimized based on the four strategies of Hearable, Wearable, Viewable and Robotics. The company strengthened internal operations management, increased investment in technology research and development, and continuously improved the ability to develop new products; external in-depth promotion of international and domestic large customer expansion, integration of global technology, research and development, market outstanding resources, and further enhance the company's overall competitiveness.
In addition, in recent years, AAC's business sources mainly include moving coil devices, touch motors, and wireless RF and MEMS businesses, all of which account for its major revenue! In terms of new business, AAC's current new business mainly consists of the 3D glass back cover market. In this market, AAC Technologies hopes to introduce an integrated integration solution, namely: 3D glass front cover + amorphous alloy middle frame bracket + Speaker BOX + receiver + optical lens, 3D glass, amorphous alloy middle frame bracket and optical lens are the new expansion of AAC.
The second is in the lens market. In terms of optical lenses, AAC Technologies has introduced a wafer level glass lens (MLL). It is understood that the multiple advantages of wafer-level lenses compared to existing solutions, the company's glass wafer-level lens (WLL) will become a subversive solution.
Obviously, for the competition of Apple's orders, Goerac has not been able to compete with AAC Technologies. For the new markets in the future, the focus of the two is completely different. Of course, if we say that anyone who can shake up AAC in the future acoustics market, then I would rather believe that it is the United States and the United States! Kangcon also stated that acoustic products are expected to start volume production in July and the peak period will fall in September and October. The annual revenue target will increase by 20-30% year-on-year, and profits will increase by 20% annually. .
Through the above we can see that for the new market in the future, there are two main areas for AAC Technologies: one is the glass back cover + amorphous alloy middle frame, and integrates the speaker, receiver and optical lens together! Especially optical lenses, this will become the new power for AAC's business growth! However, in terms of these two markets, whether it is the former or the latter, AAC Technologies will face many strong players competing with it!
MeiLing is also an Apple Acoustic Device supplier. As early as 2015, MeiLv introduced LiXin Precision through a private equity solution. LiXin Precision then acquired a 25.40% stake in the United States, which resulted in LiXin Precision becoming the United States. The largest single shareholder of the law, however, the United States as the leading acoustics device company in Taiwan, the transaction ended in failure.
Subsequently, the transaction between the two continued to be staged. Meilu again signed an agreement with Lixun Precision to sell 51% of the shares of the Meitech Co., Ltd., a manufacturer of micro-speaker modules, to Lixun Precision. Apple orders will be made by Taiwan Beauty. The legal orders are then handed over to Meteor Production. In other words, this year's Licensing manufactures AirPod for Apple, and its main contribution is in the United States!
At the beginning of December 2017, Lixun Precision again established a joint venture with Meirui to establish Guangdong Lixun Meilv Electronics Co., Ltd. The former invested RMB 102 million in 51% of the shares, and the latter invested RMB 98 million in 49% of the shares. !
Kangkang started with the connector business. Currently, it is an acoustics manufacturer and has a foothold in the plastic lens market. In order to increase its share in Apple's orders, Meilong also invested in the upstream supplier Kangjian at the end of 2016, raising the shareholding ratio of Kangjian from 6% to 16% at a price not exceeding RMB 800 million, and becoming the first The three major shareholders and the largest corporate shareholder (Apple's other major acoustic supplier, GoerTek, is also Concord's customer).
In order to increase its share in Apple's orders, the United States has also joined the company in addition to Licens Precision. At the end of 2016, Meirui and Kangkong jointly announced that the US-Law resolution of the Board of Directors will participate in the Kangcon Private Equity case. The total investment will not exceed NT$800 million. After the completion of the subscription, if the number of shares purchased by Meiruo reaches 10,000, then the shareholding interest in Hong Kong will increase from the previous 6% to 16%.
It is understood that Kangkong is the upstream supplier of electro-acoustic components from the United States. It started from the connector business, and Meilv decided to subscribe for the private equity for the industry's vertical integration, master key technologies, and ensure the production quality of electro-acoustic components. After Merrill's subscription of Kangkong Private Equity, it will become the third largest shareholder and the largest corporate shareholder. The purpose of the joint venture will undoubtedly rush into Apple's new smartphone supply chain, and it turns out to be a success! With the help of LiXin Precision and Kangkang, Meirui undoubtedly achieved great success in terms of Apple's orders. From the perspective of its revenue, its performance last year has grown substantially! Last year, Kang Kang’s performance also increased significantly compared to 2016.
The above is in the acoustics market and the same is true in the lens market. As mentioned in the previous article, AAC Technologies mainly promotes optical lenses, and Qijing Photoelectric Co., Ltd. does the same. However, according to market expectations, the future of Apple lenses will be “glass + plasticâ€. Mainly, Apple's mobile phone to 12 million pixels, stacking six plastic lenses, the thickness has exceeded the fuselage, this year's popular hybrid mirror p plus g, which is glass plus plastic. The industry is called Hybridlens, or silicone optics. The Kang control is the introduction of silica gel program has been given to semiconductor manufacturers certification, prompting its stock price rose for two consecutive days! In addition to the above companies in the lens market to strengthen the layout, it is worth mentioning that the recent announcement to enter the lens market, Ophelia, and most of these companies are Apple suppliers!
As a whole, for the competition of Apple suppliers Limax, Meilv, Kangkang and AAC Technologies, in the field of acoustic devices, MeiLian Lilixin Precision significantly increased its order share in Apple's orders. In the 3D glass back cover market, AAC Technologies will undoubtedly break into Apple suppliers, but in this regard, Lance Technology and Shengli Precision are also Apple suppliers and they also invest heavily in the 3D glass back cover market. Sound technology is a major rival; in the lens market, as a new expansion of AAC's business, it is also facing a large number of manufacturers, and the most noteworthy ones are the Kangkang, Kanghua, Meilv, Lixun precision tripartite Together, AAC Technology has to prevent!
In 2018, on the occasion of the tenth anniversary of the listing of Goer Music, we cannot predict whether it was the beginning of its destructive road on the occasion of its tenth anniversary.
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