“Fortunately, not the beginning of the 688 ticket, otherwise two ’20cm’ down can be a disaster.” Some stockholders flirted.
On April 21, IoT module leader shift far communication (182.31-2.90%, the diagnosis of shares) again fell, two trading days the company’s market value evaporated about 5 billion yuan.
Source: Wind
April 21, the dragon tiger list shows that in addition to the northward funds sold 235 million yuan, there are four institutions dedicated seats shipped, selling a total of 220 million yuan.
Source: Wind
Are the performance of the trouble?
Market analysts believe that the continuous drop of mobile far communication, or with the company’s 2020 performance is less than expected.
On the evening of April 19, the company disclosed its 2020 report card. 2020 revenue was 6.106 billion yuan, up 47.85% year-on-year, and net profit was 189 million yuan, up 27.71% year-on-year.
It looks good, but there is a small gap with the performance forecast disclosed on January 29. At that time, the company expected the net profit attributable to the mother of 2020 to be 229.423 million yuan to 259.026 million yuan, an increase of 55% to 75% year-on-year. In other words, even compared to the lower limit of expected earnings, the actual difference with the estimate is 40.38 million yuan.
Source: Company announcement
Guoyuan Securities (7.80+0.52%, clinic) believes that the delayed recognition of some of the company’s overseas revenue and higher chip licensing fees in the fourth quarter of 2020 than the pre-forecast forecast combined to affect profits by about 45 million yuan. Excluding this part of the impact, the company’s profit reached the range of the previous forecast.
But investors did not buy it. The next day after the disclosure of the annual report, move far communication “one word” down. That day, the Dragon Tiger list data show that two institutions dedicated seats combined to buy 25.28 million yuan, while an institution dedicated seats sold 20.86 million yuan. In addition, Haitong Securities (10.96 +0.55%, diagnosis) customer asset management department seat sold 10.85 million yuan.
Inventory climbing
In addition to the lower-than-expected performance, some financial indicators of MobileTech were also hotly debated by the market.
At the end of 2020, the inventory size of Mobile Communications reached 1.438 billion yuan, an increase of 98.55% from the beginning of the period, of which 994 million yuan of raw materials, accounting for 69%. The company said it was mainly due to the increase in stocking and preparation of materials to cope with the increase in future sales business.
Source: Company Announcement
It is understood that the raw materials of Mobile Communications are mainly chips, PCBs, PN-type devices, crystal devices, resistive and capacitive components and structural parts. Among them, chips account for more than 80% of all raw material purchases. Chips belong to the core raw materials of cellular communication modules, and the company’s suppliers are mainly Qualcomm, MediaTek and other chip manufacturers. Since the second half of last year, chips have been in short supply and the price increase wave has continued.
The increase in chip stockpiling can certainly alleviate the risk of disconnection caused by chip shortage, but it also increases the risk of pulling up the provision for inventory drop in the future, which in turn affects the profit index. However, the annual report shows that the provision for inventory impairment/impairment of contract performance cost in 2020 is not large, at RMB 8.61 million.
The same is true for accounts receivable, which stood at $872 million at the end of 2020, up 81.22% from the beginning of the period. The company said the increase was mainly due to the growth in overall operating revenue and the growth in sales operations to customers with credit terms. The company’s provision for bad debts by portfolio in 2020 amounted to RMB46.39 million.
Source: Company announcement
Fixed income funds floating loss of 15%
After two drops, a group of investors who just participated in the fixed increase of Mobile Communications are facing a large floating loss pressure.
On March 30, 4,877,700 shares of the fixed increase issue of Mobile Communications were listed. The issue price was 221.20 yuan per share, and the company raised a total of 1.063 billion yuan. According to the closing price on April 21, the investors who participated in the fixed issue had a floating loss of 15.12%, with a floating loss of 161 million yuan.
Among them, the five products of domestic well-known private equity Chong Yang Investment participated in the fixed increase, with a cumulative allocation of 3.23 million shares and a capital of 714 million yuan, now facing a floating loss of 108 million yuan.
Source: Company announcement
In addition, Jingshun Great Wall Fund Management Co., Ltd. spent 76.38 million yuan to subscribe 345,300 shares, and the new third-board listed company Chuanggao Smart Union tossed 100 million yuan to subscribe 453,700 shares.
The capital raising will be invested in global intelligent manufacturing center construction project, R&D center upgrade project and intelligent vehicle networking industrialization project. The company intends to build 20 wireless communication module intelligent manufacturing production lines, forming an annual output of 90 million pieces of production capacity.
It is worth noting that a large number of public fund products have liquidated their positions in the first quarter. As of the end of March, there were only 4 fund products left holding Yuanyuan Communication, 191 fewer than at the beginning of the period, according to East Money Choice data.
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