Looking Forward To The Performance Of Electronic Inventory Industry In The First Half Of The Year

The first half of the year is full of challenges, and the performance of Listed Companies in the electronic industry chain is obviously polarized.

As expected by the industry, the second quarter of 2020 may be the most challenging period for the performance of the electronic industry in the four quarters of this year. However, some enterprises have relatively good performance because they find the right time to replace products related to the new coronapneumonia epidemic, or timely match the product adjustment demands of the whole machine manufacturers.

However, if we want to say that the epidemic really disrupts the rhythm, we should still face this huge 5g replacement market. Different manufacturers have different goals in inventory reserve, and unexpected promotion leads to different results.

Industry insiders pointed out to the 21st century economic report that, compared with Android, Apple Inc. was aware of the shortage of inventory in the Chinese market, and added orders to its supply chain in the second quarter, which made it the fastest growing brand in China's market in the second quarter on a year-on-year basis, and pushed back the performance of relevant upstream industrial chains, bringing good performance.

In the final analysis, the performance of a single quarter is short-term performance, and it is the key to quickly adjust the production rhythm and product R & D process according to the market situation.

Rapid recovery after the outbreak

In the past, the core reason for the performance differentiation of electronic industry chain mainly lies in the layout of leading technologies and the progress of R & D. However, this year's new crown pneumonia epidemic is more testing the ability of rapid matching between upstream and downstream of the industrial chain.

In the first half of this year, oufeiguang changed its disadvantage last year, and its performance rose sharply, which is related to this. In the first half of 2020, the company's revenue decreased slightly year on year, but the net profit deduction attributable to shareholders of listed companies increased by 70459%, which was due to the relatively low base of last year, but it was also closely related to the rapid growth of the downstream machine factory's shipment.

According to the statistics of many third-party organizations, apple and Huawei were the only two mobile phone manufacturers in China with a year-on-year increase in shipment in the first half of this year, and they also happened to be the main suppliers of ofight.

In the performance forecast, the company said that the optical business maintained rapid growth, some key customers' orders increased, the shipment of high-end modules and optical lenses increased, and the profitability improved; benefited from the growth of tablet computer sales of key customers and the independent development of Android touch business, the company's touch business structure continued to be optimized.

In addition, this year's iPhone 11 companies are mainly responsible for the second century's iPhone industry. As a result, the number of iPhone 11 companies in the second century also have a certain amount of service.

"As far as I know, before the epidemic, Apple's inventory turnover days in the domestic market was about 7-9 days, which led to Apple's response strategy of restricting purchase in China in the first quarter. So after the outbreak, apple began to increase inventory, add orders to the supply chain, and keep the inventory at a higher level than before. " The celebrity continued.

This echoes with the performance of ofight. According to the company's newly released semi annual report, the company's sales revenue of non Android image module products increased by 95.95% year-on-year, and the shipment volume increased by 30.34% year-on-year, benefiting from the growth of mobile phone product sales and further deepening of cooperation with major international customers. Due to the increase of orders from major international customers, the capacity utilization rate and the share of dual camera modules increased. The comprehensive gross margin of the business was 10.94%, with a year-on-year increase of 11.24 percentage points.

Among the microelectronics products, the financial report of ofight showed that the business revenue in this field increased by 79.83% year-on-year due to the increase of orders from major international customers and the increase in the penetration rate of 3D sensing products in Android Market.

Of course, it is not always smooth sailing. Due to the increasingly fierce market competition in some product systems, it also brings pressure on some businesses of ofight.

According to the financial report, the company's overall microelectronics revenue actually fell by 3.29% year-on-year. The company said that due to the intensified market competition of fingerprint identification module, the price of single product was under pressure, and the market penetration rate of under screen fingerprint was lower than expected. In the first half of this year, the company's revenue decreased by 70.25% year on year.

In addition, the company's smart car business is in the early stage of investment, and affected by the decline in domestic automobile sales, the revenue of this part of business also decreased by 35.14% year-on-year.

For manufacturers with a certain proportion of business layout in overseas, although they are returning to work, the pressure is still there.

For example, in the medium-term performance forecast, due to the overseas epidemic situation has not been effectively controlled from March to June, the Indian production line laid out by the company in 2019 will basically stop production from March to may 2020, and the Indian production line will gradually resume production in early June 2020, which will have a significant impact on the operation of Indian companies, and at the same time, the company's domestic production capacity for the Indian factory has also started During this period, the related fixed expenses did not decrease, but increased the production cost.

And helitai is just a microcosm of the Indian industrial chain manufacturers. Xinwangda's semi annual report also showed that the international exchange rate market fluctuated greatly in the first quarter due to the impact of the epidemic situation, and the Indian subsidiary caused a large exchange loss to the company due to the depreciation of the rupee. Combined with other business layout and other multiple reasons, the company realized the net profit attributable to the parent company decreased by 97.43% year on year.

However, compared with the sluggish mobile phone market, the market demand for notebook computers produced by the epidemic has become a reaction force. Xinwangda financial report shows that in the first half of the year, the company's notebook computer battery business revenue reached 1.691 billion, a year-on-year increase of 25.23%.

Of course, some manufacturers benefit from the relevance of their products and the introduction of products needed for "anti epidemic". For example, the performance forecast of Han's laser showed that after the domestic epidemic situation was effectively controlled, the industry recovered rapidly in the second quarter, and production basically returned to normal. In addition, the company's PCB business orders and deliveries increased significantly compared with the same period of last year. During the period, the company also launched mask machine products, which had a positive impact on the performance.

Basic happiness and sorrow

In the final analysis, the adjustment of performance and order volume is closely related to the market forecast of the downstream machine manufacturers. Combined with the sudden outbreak of new crown pneumonia, it has a bit of an "issue" flavor.

During the first half of the year, there were obvious differences in the preparation of different mobile phone manufacturers. Some manufacturers hoped to switch to 5g track with low 4G inventory, while some manufacturers had extensive reserves in other overseas markets. The former was temporarily disrupted by the epidemic.

An oppo channel source told the reporter that during the first quarter of this year, oppo's pace of promotion was not to promote only NSA (non independent Networking) mobile phones, but to directly launch SA (independent Networking) mobile phones. This led to oppo's lack of 4G product reserves during that period, and 5g NEW machines were on the way. Who knows that shortly after the launch of the new flagship, oppo encountered The stagnation of the domestic market.

On the contrary, according to industry insiders, Huawei had a certain amount of inventory in the channel during that period, which became a fulcrum to support the outbreak of its performance in the first half of the year.

Jia Mo, an analyst at canalys, also told the 21st century economic report that one of the reasons why vivo was able to skip Samsung and oppo in the first half of the Indian market and maintain its second largest local brand after Xiaomi for two consecutive quarters is that it has something to do with the preparation of goods.

"We found that vivo had a high shipment volume in the first quarter, which resulted in a large amount of inventory accumulated in the channel, which is also based on Huawei's experience in inventory reserves in the Chinese market." In the face of the current situation that it is difficult to return to work quickly in the Indian market, the seemingly excessive inventory accumulation has become a good thing, boosting vivo to bring a good opportunity to improve its market share, Jia said.

We should know that although the epidemic situation is still not under control, local demand for smart machines is still in short supply.

"We believe that if vivo can continue to maintain a stable strategy in the Indian market, and if Samsung still maintains its current product strategy and does not provide more subsidies for channels to regain its share, Samsung can regain its second position in the market. I have reservation." He continued.

The same is true for oppo system. Due to the same product system and market strategy adopted in the world, the Indian market has repeatedly heard that oppo system brand is out of stock, which has affected its share performance in the Indian market.

All these are the core factors that further affect the performance of the upstream electronic industry chain. In the second half of the year, the performance of Southeast Asian manufacturers and South American manufacturers will change in a timely manner, which will affect the overall performance of South American and Southeast Asian manufacturers.