Caixin Wen 丨 iPhone14 hot sale!Remember the "fruit chain brother" in the past?Ophei was kicked out of the game, the market value evaporated 60 billion yuan in two years

Popular Network · Poster Journalist Shen Tong Jinan Report

If you want to ask what the hottest topic in the field of electronic products in the past two days is, it is the new mobile phone for Huawei and Apple. After Huawei released Mate50 on September 6, the iPhone14 was officially released on the evening of September 9. Affected by this news, the A -share Apple concept -related stocks have also increased to varying degrees in the near future, but O Fei Guang (002456), one of the three major suppliers of the Apple camera module, Steamed.

"Black Swan" strikes and defeats the former "Fruit Chain Brother"

On September 1, 2020, Ophei opened the limit with a word, which caused the company's stock price to have such a big response to "Apple eliminated Ophei from its supplier list". In this regard, Ophi Guang issued a clarification announcement at noon on the same day: "It is a false rumor about the company's information such as the company's large US customers remove the supply chain list."

Despite the clarification of rumors, Offe's stock price since then seems to be telling investors that the news is not based. Wind data shows that starting from September 1, 2020, the stock price of Ophel Light has fallen from nearly 19 yuan to around 10 yuan. Until March 16, 2021, O Fei officially announced that "recently received a notice from specific customers from overseas customers, a specific customer plan to terminate the procurement relationship with the company and its subsidiaries, and then the company will no longer obtain existing business orders from specific customers. "As soon as the news came out, Ophi Guang's stock price seemed to lose its support. After two consecutive limit, the stock price had been hovering around 8 yuan.

In fact, the market's concerns about the loss of apple aura in the market are not excessive reactions. The "specific customer" mentioned in the above announcement is Apple. The company said that in 2019, the operating income of specific customers' related customers was 11.698 billion yuan, accounting for 22.51%of the total audited operating income in 2019. In other words, in 2019, Apple's revenue contributed to Ophel a year exceeded 20%.

The former revenue is now a burden

The reporter noticed from the financial report of Ophelia in the past three years that Apple was also the second largest customer of Ophelia in 2019, and the largest customers and the third largest customers were Huawei and Xiaomi, respectively, contributing about 16.2 billion and 10.2 billion yuan to the company, respectively. Revenue. However, in 2020, Apple surpassed Huawei to become the largest customer of Ophelia, and contributed 14.512 billion yuan. In other words, the proportion of influence on Ophelia by Apple is far greater than the data seen earlier.

According to the company's financial data, in 2020 and 2021, Offe's losses were 1.945 billion and 2.625 billion, respectively. Until 2022, the company's performance did not improve. The data showed that in the first half of 2022, the company realized revenue of 7.775 billion yuan, a year -on -year decrease of 33.78%, net profit loss of 874 million yuan, and a gross profit margin of only 3.44%.

Regarding the decline in performance, Ophi Guang also bluntly influenced the termination of the procurement relationship in the first quarter of 2021, and the shipments related to specific customers related to specific customers in the first half of 2022 decreased significantly year -on -year. At the same time, due to changes in international trade environment, repeated global epidemic conditions, slowing consumption demand for downstream market markets in the short term, and H customer smartphone business restricted by chips, the shipments of the company's products have decreased year -on -year.

In addition, the company's overall operating income declined significantly year -on -year, and fixed cost amortization led to rising costs in product units; the US dollar against the RMB exchange rate fluctuations, resulting in an increase in exchange loss of the company and the loss of asset impairment.

It is worth mentioning that after the "fruit chain" of the retreat, Ophi Guang's previous assets related to Apple have also become dragging. In 2021, Offei's total asset impairment loss was 1.102 billion yuan. At the same time, the company also sold six subsidiaries and canceled 5 subsidiaries in 2021.

Try to transform, can you Nirvana?

Once the "fruit chain" leader to today's "outsourcing people", the market value of Ophelia has also shrunk from 84.7 billion yuan two years ago to only 20 billion yuan. During this period, Ophei also tried to turn his main energy to other fields. In addition to the field of smart phones, Ophi Guang explored in the fields of consumer electronics, smart car smart door locks, VR/AR devices, and industrial and medical fields. In the first half of 2022, R & D investment reached 712 million yuan, accounting for 9.16%of operating income, and the area involved smartphones, smart cars, and new areas.

The reporter learned that since Ophefu has begun to enter the intelligent automobile field in 2015, by acquiring East China Automobile Electric and Nanjing Tianqing, it has successfully become Tier 1 supplier of domestic vehicle manufacturers. And actively conduct the supplier qualification certification of foreign automakers. In 2018, the company acquired the Fuji Tianjin lens factory, further strengthened its layout in vehicle lenses, and promoted the development of smart car business. At the same time, the company's optical lens, video module, optical machine module, and whole machine assembly in the fields of smart homes, VR/AR, screen sweeping robots, sports cameras, industrial and medical -related products. Produce. In April of this year, Ophelong announced the integration of the Yuan Universe Division, responsible for the optical lens, imaging module, optical machine module, and entire assembly manufacturing of the VR/AR field to accelerate the layout of the VR/AR field. In March 2022, the company released the first VGA TOF face recognition plan. Recently, the company simultaneously released its self-developed machine visual depth camera module, which is mainly composed of ITOF modules, RGB modules, and optional IMU modules. The product accuracy within the measurement range is as high as 1%. 1 Certification to meet the laser security Class1 standard. This product is powerful, the camera is equipped with TOF module, color camera RGB global exposure module, and inertial measurement unit (IMU). "These rich sensor combinations provide multi -dimensional information that enables the camera to help robots build a strong environmental perception and understanding ability, and the application scenarios are very extensive. As the demand for product application scenarios continues to increase, the company will continue to technically continue to continue Update iteration and land on more areas. The future is just around the corner, and there are more visual solutions for the Ophel Light machine on the market. "

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