Daqi laser "performance mine" has a precursor: the first quarter net profit decline of more than 50%!

"White horse stock" large group laser (002008, SZ) recently stepped into the "minefield": half-year results are expected to decline 60% ~ 65%, European R & D operations center project inputs were questioned by the major shareholders misappropriation of funds to invest in hotels, payable to employee compensation Excessive ...... blow after blow, let its share price in five trading days (July 15 ~ 19) fell more than 20%, the market value evaporated more than 9 billion yuan. July 21 evening, the big laser also questioned the reply.

Three feet of ice is not a day's cold. The Daily Economic News reporter found that this "performance of the laser" early signs, its quarterly report disclosed that the company in the case of 25.65% year-on-year growth in operating income, net profit fell sharply by 55.92%.

In fact, if there is no 2017 performance surge, large laser also maintained in the annual revenue of 6 billion yuan, net profit of 700 million yuan or so level, "performance plunge" play may not be staged. However, biased large laser in 2017 met the "consumer electronics", that year, consumer electronics plate for the large laser contributed about 6.2 billion yuan of income, of which, Apple contributed 3.5 billion to 4 billion yuan. Now, Apple's sales fell sharply, the cell phone market is weak, with the "Apple + consumer electronics" concept of the wind for a while, it is difficult to stand alone at this time.

Performance decline did not talk about the impact of consumer electronics

July 13, the large group of laser 2019 semi-annual results forecast let the market panicked, the company's shares on July 15 (Monday) was sold at the opening of the market, the stock price after a few struggles and ultimately locked down.

Caused by panic selling, is the large laser is expected to first-half earnings of 357 million yuan to 407 million yuan, compared with the same period last year fell 60% to 65%. Daqi laser in the performance forecast revealed that the forecast period, subject to the cyclical downturn in the consumer electronics industry and part of the industry customers tend to be cautious of the impact of capital expenditure, the company is expected to operating income over the same period of the previous year fell by about 7%, due to the product structure and market competition, the company's consolidated gross margin is expected to decline over the same period of the previous year, down 5 to 6 percentage points.

And at the beginning of March this year, Da Nu Laser is also highly sought after by foreign investors, due to the total foreign shareholding ratio of more than 28% was temporarily closed to the Shenzhen-Hong Kong through the buying channel, the market said it was "bought burst Da Nu Laser".

Even in the March 30 release of 2019 quarterly results forecast, the company is expected to the first three months of net profit year-on-year decline of 55% to 65%, it is still difficult to stop investors on the love of Da Nu Laser, April 2, Da Nu Laser shares touched 46.69 yuan / share (ex-complex weighting), hitting a new record high for the year.

One of the reasons or Daqi Laser in the disclosure of the first quarter results forecast, did not disclose the first three months of business operations. At that time, Daqi laser for the net profit is expected to fall sharply to give the explanation is: in the same period of 2018, the company partially disposed of the equity of Shenzhen Mingxin Test Equipment Co. Ltd. and PRIMA, the total net profit attributable to shareholders of the listed company in the same period of the previous year, the impact of about 170 million yuan; at the same time, in the first half of this year, the company collected software VAT is levied that is refunded income compared to the same period of 2018 decreased by about 50 million yuan.

On April 23, the large group of laser disclosure of the first quarter results. From January to March this year, the company's operating income was 2.126 billion yuan, a year-on-year increase of 25.65%; net profit was 161 million yuan, and non-deductible net profit was 142 million yuan, a year-on-year decline of 55.92% and 19.54% respectively.

Success or failure is due to "consumer electronics"

In fact, Daqo Laser is also one of the many A-share "Apple concept stocks", which previously announced that the company is currently Asia's largest and world-renowned laser processing equipment. The company's previous announcement claimed that the company is now Asia's largest and a world-renowned manufacturer of laser processing equipment.

From 2012 onwards, Daqo Laser took the "Apple supplier" train, in that year's record of an investor relations activities in a table, Daqo Laser said: "In recent years, Apple is the single largest customer of our company". "In addition to the performance of traditional products continue to upgrade, the company also attaches great importance to the research and development of new products, such as Apple's proposed need for customized new equipment, the company will be early that is arranged to invest in research and development power.

2013 a record of activities table is disclosed: "last year (2012), to Apple and its related customers sold more than a billion dollars of equipment". 2012, the large laser annual revenue of 4.333 billion yuan, net profit of 619 million yuan, can be seen in the performance of Apple's customers to play a role in the Support strength.

Since then a few years, Daqi laser maintains a relatively stable performance. 2013 ~ 2016, Daqi laser revenue were 4.334 billion yuan, 5.57 billion yuan, 5.59 billion yuan and 6.96 billion yuan, net profit of 546 million yuan, 708 million yuan, 747 million yuan and 754 million yuan. Revenue is growing steadily and net profit is relatively stable.

The metamorphosis of Da Nu Laser occurred in 2017, a year in which the revenue of Da Nu Laser surged to 11.56 billion yuan, and the net profit also grew to 1.665 billion yuan, an increase of 66.12% and 120.75% year-on-year, respectively.

At that time, Daqi Laser said that the strong demand for consumer electronics applications drove the company's rapid growth in demand for low-power devices, and this piece of business realized operating income of 6.188 billion yuan in 2017. The Daily Economic News reporter query found that in 2014 ~ 2016, Daqi laser small power laser and automation supporting equipment business realized revenue of 3.078 billion yuan, 3.18 billion yuan and 3.69 billion yuan, respectively, the change is relatively small.

But the large group of lasers sitting on the consumer electronics industry dividend is not long, since entering 2018, consumer electronics high growth trend is no longer. Analysis pointed out that the global smartphone market tends to saturate into the stock market, the entire cell phone industry is in a downward phase, coupled with the high expectations of the iPhone XR's sales are less than expected, as well as Apple cut the single, "consumer electronics" "Apple concept stocks" The days of the "consumer electronics" "Apple concept stocks" are not as good as before.

Da Nu Laser in the 2018 annual report suggests that the decline in demand in the consumer electronics industry, vertical deep digging and application scenarios to expand, low-power lasers and other related businesses to achieve operating income of 4.751 billion yuan, a year-on-year decline of 23.22%.

Into 2019, the weak trend of consumer electronics products has not been reduced. July 22, in response to the SZSE inquiry letter, Daqi Laser mentioned that in the first half of this year, the more profitable consumer electronics business and PCB business declined more compared to the same period last year.

Compared to previous years (except for 2017), rather than saying that the performance of Da Nu Laser is plummeting, it is better to say that it was "beaten back to the original shape".

Questioned the market value of the short-term evaporation of more than 9 billion yuan, Daqi Laser responded that the project funds have not been misappropriated

Daqi Laser in fact is a white horse or a white bone? After the market value of 9 billion evaporated, the company responded to

Group laser European operation center is questioned in fact for the hotel? The construction site is suspected of being a tourist area

(Source: Daily Economic News)

This is the first time that the company has published a report on the company's operations in Europe, and it is the first time that the company has published a report on the company's operations in Europe.