Original title: Apple sneezes, China's richest woman has a bad cold: 6 billion in 4 hours
The hard days of Sihai's smart phone industry chain have come.
Today (April 10), Lansi Technology (300433. SZ), the leader of the touch screen glass panel industry, released the performance forecast for the first quarter of 2018. The company's net profit in the first quarter was 88.2319 million yuan to 110 million yuan, down 50% to 60% year on year. Under the influence of such an unexpected report card, the stock price of Lansi technology went down all the way today, and finally closed at 21.01 yuan per share, with a market value of more than 6 billion yuan evaporated in one day. After hours dragon and tiger list shows that institutions become the main force of the sale, and the top five and four institutions sold are institutional seats, with a total of 190 million yuan sold.
According to the company, the main reason for the decline is the weak market demand for consumer electronics. According to the latest report, in the first quarter of this year, China's smartphone shipments fell 27.0% year-on-year.
Not only Lansi technology, but also the whole supply chain of smart phones have to face this problem: when the smart phone industry is no longer explosive growth, how can enterprises maintain the growth of profits.
When an apple sneezes, Lance tech has a bad cold
In the past few years, relying on the growth of smart phones, supply chain enterprises have really had a good time.
Take Lansi technology as an example. Since 2011, the company's net profit has been more than 1 billion yuan. In 2015, Lansi technology was officially listed on the gem and once became the company with the highest market value. The legend of Zhou Qunfei, chairman of Lansi technology, from working girl to richest woman is also widely spread. Zhou Qunfei, 48, has become the world's richest woman from scratch with a fortune of 61.5 billion yuan, according to the 2018 Hurun global list of self-made women.
In fact, until last year, Lance had a good life. According to the company's 2017 annual performance express, Lansi technology achieved a total revenue of 23.76 billion yuan in 2017, a year-on-year increase of 55.94%; the net profit attributable to shareholders of listed companies was 2.122 billion yuan, a year-on-year increase of 76.31%.
However, the high customer concentration of lens technology has always been the problem it has been criticized for. In 2015, when Lansi technology went public, it was ridiculed by the outside world that it grew up eating 'Apple'.
Lansi technology, whose main business is the production of protective panels and cover plates for electronic products, has its biggest customer, apple, a mobile phone giant. According to the company's prospectus, in 2011, 2012, 2013 and the first half of 2014, the sales volume of Apple accounted for 54.02%, 56.03%, 40.12% and 44.17% of its main business respectively.
Interestingly, in the following annual reports, lanscience will no longer publish the list of its top five customers. When it comes to all customers, lanscience mentions Samsung, Amazon, Microsoft, Huawei, Xiaomi, oppo, vivo and other domestic and foreign brands by name, but does not mention apple.
However, according to the annual report of Lansi technology, in 2015 and 2016, the sales amount of the company to the top five customers accounted for 84.11% and 77.81% of the total annual sales respectively, of which the sales amount of the largest customer in 2016 reached 5.71 billion yuan, accounting for 37.48% of the total annual sales. According to the Research Report of Guosen Securities, from 2012 to 2016, the largest customer of Lansi technology was apple.
Over reliance on Apple has led to the ups and downs of Lance's performance with Apple's mobile phone sales.
According to Apple's third quarter report (April to June) in 2016, Apple's net profit for the current period was US $7.8 billion, a year-on-year decrease of 27%. During this period, Apple sold 40.399 million iPhones, down 15% year on year. In the second quarter of 2016 (from January to March), Apple's revenue fell for the first time since 2003, and its net profit also fell 22% year-on-year.
Correspondingly, in the first half of 2016, both revenue and net profit of Lansi technology decreased, of which the net profit decreased by more than 60% year on year. Meijing Xiaobian (wechat: nbdnews) also noticed that in 2016, sales of Lansi technology to the largest customer decreased significantly, from 8.252 billion yuan in 2015 to 5.71 billion yuan in 2016.
Now, Lance technology is once again facing the plight of poor iPhone sales. Many media at home and abroad have reported that Apple has informed its suppliers that it has decided to cut down the production of its flagship new iPhone x released last year. This was mainly due to lower than expected sales of the iPhone X in markets such as Europe, the United States and China during the Christmas shopping season last year.
Smartphone dividend burned out, supply chain under pressure
Of course, the decline in the performance of Lansi technology is closely related to the environment in which the dividend of the smartphone industry is burned out.
According to the data of China Institute of information and communication under the Ministry of industry and information technology, China's smartphone shipments last year were 461 million, down 11.6% year on year. The latest data shows that in the first quarter of this year, China's smartphone market continued to decline, with the shipment volume of 81.87 million units, a year-on-year decrease of 27.0%.
At the same time of sales decline, the strength of mobile phone manufacturers to promote new models is also decreasing. In March 2018, 80 new models were launched, a year-on-year decrease of 37.5%. From January to March 2018, 206 new models were launched, a year-on-year decrease of 8.4%.
In the cold winter of the industry, many smartphone manufacturers are facing difficulties.
Samsung, which once dominated the Chinese market, is the most representative. According to a survey by strategy analytics, a market research company, Samsung's mobile phone sales in China were only 9.8 million in the fourth quarter of 2017, and its market share dropped to 0.8%. This is the first time that Samsung's sales in China have fallen below 10 million units since 2011. And Guosen Securities Research Report shows that Samsung is the second largest customer of Lansi technology.
Of course, the slowdown in smartphone sales is not only caused by lansys, but also by the whole supply chain.
Take apple for example. Apple's largest supply chain is in China. According to the latest data, 63 Chinese enterprises are listed in Apple's global top 200 supply chains. Among them, a number of A-share companies, such as BOE, meiyingsen, ofI technology, Changdian technology and Xinwei communication, ranked among the top 200 suppliers. It is worth mentioning that almost all the major components of Apple products, including cameras, metal cases and chips, are made in Taiwan, China.