In February, Yian technology released information related to multiple hot concepts such as Tesla on the interactive e-commerce platform, and the stock price rose 27.11% monthly. However, few data support these hot spots, but the latest disclosed performance express exposed its current predicament: about 70% of the net profit in 2019 came from land acquisition compensation and government subsidies, etc
Li Wuchen, researcher of investment times
The business involves three hot market concepts: Tesla, new energy vehicles, folding mobile phone hinges, etc., and has established cooperative relationships with many well-known customers such as Tesla, BYD, Geely, Gree, Huawei, Lenovo, Samsung, Xiaomi, oppo, Kyocera, goer acoustics, BOE, etc. -- Dongguan Yian Technology Co., Ltd. (hereinafter referred to as Yian Technology), which is held by many halos , 300328. SZ). In February, with the market's pursuit of relevant concepts, the stock price continued to rise.
However, it is interesting to note that the business situation and progress related to many market hotspots are all from the exchange platform of Shenzhen Stock Exchange, rather than from the announcement. In response to investors' questions on the exchange platform, Yian technology constantly releases information around market sensitive words such as Tesla, lithium battery, liquid metal hinge, etc. such operations repeatedly occur in a short month, and finally triggered the Shenzhen Stock Exchange to issue a letter of concern on February 25.
Researcher of investment Times noted that in the response of Yian technology on February 27, it did not list the sales volume and amount, accounts receivable and payment collection data of its products for Tesla, products for Ningde times and liquid metal hinge products in recent two years in detail according to the requirements of Shenzhen Stock Exchange's letter of concern, which also made the company's three hot concepts and related products unknown to the outside world How much is the contribution. In its reply, Yian technology also said that there is no alternative to temporary announcement with interactive easy platform, no initiative to cater to market hot spots and hype the company's stock price, but there is no data support to deny the statement, which is somewhat powerless.
What's more ironic is that according to the latest performance express, 74.31% of the net profit of Yi'an technology in 2019 comes from the non recurring income such as compensation and government subsidies of the "new Jiangxi Shenzhen passenger dedicated line (Qingxi section) project". This also means that despite the support of many well-known customers and a number of hot market concepts, the contribution of the main business of Yian technology to the net profit is still far less than the land acquisition compensation and government subsidies.
Full screen hotspot from interactive easy
Since February, the company homepage of Dongguan Yian Technology Co., Ltd. (hereinafter referred to as Yian technology, 300328. SZ) on the interactive and easy platform of Shenzhen Stock Exchange has been bustling, and almost all the screens are full of questions and answers involving a number of market hotspots.
According to the results sorted out by researchers in the investment times in chronological order: on February 8, Yian technology said that the company belongs to Tesla's first-class supplier; on February 13, Yian technology said that it has a direct cooperation relationship with Tesla, and that the localization of Tesla will be conducive to the expansion of the company's new energy vehicle business, which is an opportunity for the company's development; on February 21, Yian technology said that Tesla is an important customer of the company's new energy vehicle products One, and the company's liquid metal application in folding mobile phone hinges; 24, said Ningde times is the company's customer, the company supplies battery pack related parts to it, and the company has the production capacity of liquid metal hinge mass production, and has supplied customers in batches.
The above information is closely linked, and the stock price is also layered.
In February, Yian technology's share price rose 27.11% on a monthly basis. On February 26, it reached a new high since June 2016.
On the interactive e-commerce platform, Yian technology has been frequently linked with the hot spots in the market, which finally led to the Shenzhen Stock Exchange issuing a letter of concern to "interrogate" Yian technology on February 25, asking for the specific situation, sales volume and amount of products provided to Tesla; the specific situation of products provided to Ningde times; the application field of liquid metal and orders in hand. In addition, it is also required to explain one by one whether the relevant replies of Yian technology in interactive e-commerce are objective, true, accurate, complete and fair to introduce and reflect the actual situation of the company. SZSE also raised a series of questions: is there any misleading statement? Is the temporary announcement replaced by interactive and easy reply? Do you actively cater to market hot spots and speculate on the company's share price?
On the evening of February 27, Yian technology disclosed the notice of reply to the letter of concern. After combing the reply announcement, researcher of investment times noticed that the letter of concern asked Yian technology to reply the sales volume and amount, accounts receivable and receipts of three major products in recent two years, i.e. products for Tesla, products for Ningde times and liquid metal hinges, which were not listed in the reply.
The only one supported by the data is that in 2018, 2019 and January February 26, 2020, the proportion of Tesla products sold by the company's terminals to new energy vehicles of Yian technology is 36.43%, 39.76% and 78.92% respectively. Therefore, the company judges Tesla as one of the important customers of new energy vehicles. In the reply, Yian technology said that it delivered directly to Tesla, which is a first-class supplier. However, the impact of business cooperation with Tesla on Yian technology's financial situation and operating results has not seen a positive response.
In terms of providing products to Ningde era, the reply announcement of Yian technology shows that in 2018, Yian technology began to carry out business and technical cooperation with Ningde era, passed Ningde era factory inspection and audit at the end of 2018 and successfully obtained the supplier code. In 2019, it became one of its core suppliers, but only from January to February 26, 2020 did a small number of battery pack samples be shipped. "Therefore, since the two sides are in the initial stage of cooperation and have not yet entered the stage of mass production, there are few accounts receivable, income receipts, orders in hand, etc., which have relatively little impact on the company's financial situation and operating results" - the subtext of this passage is that the two-year cooperation is still in the initial stage of cooperation.
In the field of liquid metal hinges, Yian technology replied that the liquid metal products that have been mass produced include car door lock, USB interface, mobile phone side trim, camera trim, face ID bracket and many other products. So far, the company has provided two kinds of liquid metal hinges for the largest mobile terminal customers in China, "this project is a key project of customers, signing confidentiality agreement with customers, the delivery amount, delivery quantity and other relevant data will have a certain impact on customers' market, which belongs to the important business Secrets of customers, and belongs to the scope of confidentiality agreement control."
Therefore, the impact of this field on the company's financial situation and operating results has no data support, or even qualitative statement.
In the reply to the announcement, Yian technology denied the questions raised by Shenzhen Stock Exchange, such as replacing the temporary announcement with the interactive easy platform reply, actively catering to the market hot spots and speculating the company's stock price, but the statement of how much revenue the well-known customers and hot businesses have contributed, which is not mentioned in a word, and there is no data support, is not convincing.
The stock price trend of Yian technology in the past year
Data source: wind
Net profit after deduction in the fourth quarter is loss
According to the company's investigation, Yian technology was founded in 1993 and listed in 2012, with liquid metal, biodegradable medical magnesium alloy and new energy vehicle products as the main development direction. At present, the main business income mainly includes new energy vehicle parts, liquid metal, notebook computer and other consumer electronic structure parts, organic silica gel, industrial parts, high-end LED curtain wall and precision mold products Sale.
Researcher of investment Times noted that in the first half of 2019, Yian technology achieved a revenue of 524 million yuan, an increase of 30.06% year on year. In the 2019 half year report, Yian technology said that the revenue of auto parts business in the first half of the year was 150 million yuan, an increase of 12.65% compared with the same period of last year, and the market position was further consolidated. As of the end of the reporting period, the company has established cooperative relations with international and domestic well-known customers such as Tesla, BYD, Geely, TKP, HbAS, TRW, GKN, JAC, LG, Continental group, Faurecia, etc.
In the first half of 2019, the sales revenue of Yian technology's liquid metal products was 41.4485 million yuan, an increase of 94.15% compared with the same period of last year. As of the end of the report period, we have established good cooperative relations with famous domestic and foreign customers such as Tesla, Gree, Xiaomi, Huawei, oppo, Lansi technology, abb, etc.
In terms of consumer electronics, the specific revenue amount is not listed, but as of the first half of 2019, Yian technology has established cooperative relations with famous customers such as Huawei, Lenovo, Samsung, Wistron, Heshuo, Lianbao, Kyocera, idealens, parrot, GoPro, goer acoustics, BOE, etc.
It is worth mentioning that on February 13, an investor asked Yian technology whether it had provided liquid metal products to Samsung on the interactive e-commerce platform, and the reply was: "at present, the company is in contact with Samsung."
I don't know how many of the list of famous companies listed by Yian technology are customers who can really bring benefits to the company? How much is in the initial stage of cooperation and has little impact on the company? How much is just being approached?
Maybe we can see from the 2019 performance data.
Researcher of investment times learned from the performance express released in the evening of February 28 that in 2019, Yian technology achieved a revenue of 1.026 billion yuan, an increase of 4.08% year on year, and a net profit of 109 million yuan, an increase of 100.92% year on year. The main reason for the increase in performance is that part of the compensation for the "new Jiangxi Shenzhen passenger dedicated line (Qingxi section) project" was confirmed in the report period.
In the previous performance forecast for 2019 disclosed on January 17, Yi'an technology said that in 2019, the company obtained compensation and government subsidies for the "new Jiangxi Shenzhen passenger dedicated line (Qingxi section) project" and increased the company's non recurring income. It is estimated that the impact of non recurring profit and loss on net profit is 81 million yuan, and the non recurring profit and loss in the same period of 2018 is 10.18 million yuan.
If calculated according to the non recurring profit and loss of 81 million yuan, the non recurring profit and loss accounts for 74.31% of the net profit, more than 70%; in 2019, Yian technology realized the net profit after deducting about 27.9064 million yuan, and the non recurring profit and loss is 2.90 times of the net profit after deducting. That is to say, despite the support of many well-known customers and many hot market concepts, the contribution of the main business of Yian technology to the net profit is far less than the compensation for land acquisition and government subsidies.
The third quarter report shows that Yian technology achieved revenue of 792 million yuan in the first three quarters of 2019, a year-on-year increase of 14.01%; net profit of 52.0623 million yuan, a year-on-year increase of 1.83%; non recurring profit and loss of 15.5551 million yuan, net profit after deduction of 36.5071 million yuan, a year-on-year decrease of 13.98%.
Compared with the data of non post deduction net profit in the first three quarters of 2019 and the data of non post deduction net profit in the whole year of 2019 in the third quarter report, the net profit realized in the fourth quarter of 2019 is negative, about 8.6007 million yuan of loss.
In fact, from the quarterly data of revenue, we can see that Yian technology is in a dilemma in the fourth quarter of 2019.
According to the data of the third quarter report and the semi annual report, the revenue in the first quarter, the second quarter and the third quarter of 2019 is respectively 291 million yuan, 275 million yuan and 268 million yuan, gradually shrinking. The net profit is respectively 6484700 yuan, 21857500 yuan and 23720100 yuan, and the net profit after deduction is respectively 5774400 yuan, 13404300 yuan and 17328400 yuan.
In the fourth quarter of 2019, the revenue is estimated to be 234 million yuan according to the latest disclosed performance express data, which is a further sharp decline, 34 million yuan lower than the lowest three quarters, which is not only far more than the net profit of the previous three quarters, but also more than the net profit of each quarter.
What happened to Yian technology in 2019? Which well-known customers are lagging behind?
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