Lansi Technology's performance "roller coaster": How will the growth of 30% in 2018 continue?

Abstract On May 21st, from the 2017 report, the explosion increased by 70% to 2018, and the quarterly report fell by 50%. Lansi Technology (300433.SZ), which is experiencing the performance of “roller coaster”, finally changed the trend of “falling down” last week. The closing price rose by 5.87%. ...

On May 21st, from the 2017 report, the explosion increased by 70% to 2018, and the quarterly report fell by 50%. Lansi Technology (300433.SZ), which is experiencing the performance of “roller coaster”, finally changed the trend of “falling down” last week. The closing price rose by 5.87%.

On May 18 of the previous trading day, Lan Si Technology’s secretary-general Peng Mengwu stated at his 2017 annual general meeting that it seemed to give investors a reassurance. At the scene, he said that in 2018, the company would like to achieve another 30% of its business. Income growth and 35% net profit growth.

How to avoid performance short-lived?

After experiencing a decline in 2016 and a decline in share prices, the performance of Lansi Technology's 2017 annual report is “stunning”.

In 2017, Lansi Technology achieved a revenue of 23.7 billion yuan, a year-on-year increase of 55.6%; the net profit attributable to shareholders of listed companies was 2.047 billion yuan, a year-on-year increase of 70%.

However, this situation did not continue in the first quarter of this year. In the first three months of 2018, Lansi Technology realized a net profit of RMB 110 million attributable to shareholders of listed companies, down 50.15% year-on-year.

This means that in the last three quarters, Lansi Technology's performance growth needs to reach 50% or more to achieve the 2018-35% growth target.

“In the first quarter, we undertook a lot of domestic brand business, the profit was not high, and the cooperation with the customer-designed assembly manufacturers was less than expected. In the second quarter, many of our industrial parks were exceeding expectations, and we will be able to achieve this year's target. "On May 18, Lanqun Technology Chairman Zhou Qunfei said at the 2017 Annual General Meeting.

However, the problem of high concentration of customers of Lansi Technology is still outstanding. The sales of the top five customers accounted for 76.07% of the total annual sales, of which the largest customer accounted for 49.37%.

As early as the listing, Lansi Technology was controversial because it was too dependent on a single customer. According to the prospectus, 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 large customers, and predicts that in the future, the status of large customers will be difficult to move. However, we also attach great importance to the development of customer base. This year, our cooperation with domestic and foreign brand customers has improved a lot. Before, a Lansi technology insider introduced to the 21st Century Business Herald reporter.

In recent years, Lansi Technology has increased its cooperation with domestic mobile phone brands such as Huawei, Xiaomi, OPPO and VIVO. In 2017, domestic sales revenue increased by 87.51%.

On May 19th, a person in the mobile phone industry told the reporters of the 21st Century Business Herald that Lanstech’s dependence on Apple has been reduced a lot compared to before, but there are certain problems, compared to Apple’s mobile phone, Android mobile phone. The profit is thinner, and because of the more Android phone models, more wear-in periods are needed during the mass production phase.

Increased competition

As the 5G approached, the glass cover ushered in a larger market, and the competition faced by Lansi Technology was more intense.

"Wireless charging continues to penetrate, the signal transmission requirements in the 5G era are higher, and the metallization of the back cover of mobile phones has become a big trend. At present, double-sided glass will be the trend of the future." On May 19, a medium-sized brokerage in South China The investment banking department told the 21st Century Business Herald reporter.

According to incomplete statistics, in the past two years, including carbon yuan technology (603133.SH), Star Technology (300256.SZ), Lianchuang Electronics (002036.SZ), Kaisheng Technology (600552.SZ) and other more than 10 A Listed companies have announced that they want to invest in the 3D glass industry.

Among them, many of the listed companies' main business has nothing to do with glass.

“I know that many companies now want to enter the glass industry. This also shows that the prospects of the glass industry are very good, but it is very difficult for these competitors to surpass the scale and technology of Lans in one or two years.” Zhou Qunfei at the shareholders meeting Said so.

On the other hand, Lansi Technology is also ready to open up new materials.

Since 2010, Lansi Technology has begun to explore new materials such as ceramics and sapphire. In 2017, Lansi Technology also established a joint venture with Shandong Guozhuang to consolidate and expand the company's first-mover advantage in the field of precision ceramics.

According to insiders of Lansi Technology, the world's leading brands of smart watch products use ceramic materials in large quantities, and their main supplier is Lansi Technology.

However, the application of sapphire in the industry can be less successful.

In 2014, the A-share market once set off a “sapphire fever”, but in the end it was proved that it was too early to talk about the large-scale application of sapphire on mobile phones due to capacity, process level and cost.

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