Ningbo Joyson Electronic Corp(600699) (600699) recently released a performance forecast for 2021. After goodwill impairment, the company's annual loss forecast will exceed 3 billion yuan. However, the agency believes that in 2021, the company's security sector will basically complete business integration under the background of overall pressure in the industry, and its future profits are expected to be repaired.
large goodwill impairment of some assets
Ningbo Joyson Electronic Corp(600699) it is estimated that the net profit realized last year was - 3.18 billion yuan to - 3.78 billion yuan, of which the goodwill of the relevant asset group of the automobile safety division was impaired, resulting in a decrease in the company's net profit of 2 billion yuan to 2.5 billion yuan in 2021. In addition, the company's operating income decreased significantly compared with that before the epidemic, and the rise of upstream raw material prices and transportation costs led to a sharp rise in the operating cost per unit income. Moreover, under the influence of the epidemic, some factories in some regions of the company suffered losses from shutdown and shutdown.
On the issue of gross profit margin, Ningbo Joyson Electronic Corp(600699) means: "The company's gross profit decreased by about 950 million yuan compared with that in 2020. Compared with 2019, the normal year before the epidemic, the operating revenue in 2021 decreased by about 16.1 billion yuan, a decrease of about 26%. Superimposed on the impact of the increase of operating costs per unit revenue, the gross profit decreased by more than 4 billion yuan, a decrease of more than 40%. Although the company's sales expenses, management expenses and other four expenses increased with the integration and expansion of the company's automobile safety business The reduction of operating income has decreased, with a total decrease of about 1.7 billion yuan, but it still can not offset the impact of the decline in gross profit on net profit. "
"In 2021, the company's security sector will basically complete business integration under the background of overall pressure in the industry. In the future, the cost of integration will decrease, superimposed with the construction of efficient production capacity and the landing of high gross profit orders, and the profits are expected to be gradually repaired." In view of the company's gross profit margin, Ren Lang, a researcher at open source securities, analyzed and said, "the company has a comprehensive business layout in the electric and intelligent sectors, has achieved rapid performance growth in HMI, domain controller, BMS and other fields, and has gradually made efforts to provide automatic driving full stack solutions such as perception and decision-making. The future prospect is promising."
revaluation of assets
At present, Ningbo Joyson Electronic Corp(600699) is introducing strategic investors. In November 2021, the company announced the establishment of Anhui Junsheng holdings and introduced strategic investors advanced manufacturing industry investment fund phase II, Hefei Jianheng new energy and Feixi industrial investment to increase the capital of Anhui Junsheng holdings. The three parties intend to invest 1.5 billion yuan, 600 million yuan and 400 million yuan respectively. In this acquisition, the controlling body of the company's security division is Junsheng security holdings. After the introduction of war investment, Anhui Junsheng holdings and PAG will hold about 86% and 14% equity of Junsheng security holdings respectively.
"The capital increase brings synergy, and the value of all assets is revalued. We are optimistic about Ningbo Joyson Electronic Corp(600699) development prospects." Ren Lang thinks. After the M & A is completed, the advanced manufacturing fund, advanced manufacturing fund phase II, Hefei Jianheng new energy and Feixi industrial investment will jointly hold about 30% equity of Anhui Junsheng holdings, and the company will hold about 70% equity of Anhui Junsheng holdings.
It is questionable that the company has maintained a high R & D investment, which is maintained at billions of yuan every year, but the company's net profit has declined continuously in recent years. When will the company's R & D investment return?
In this regard, Ningbo Joyson Electronic Corp(600699) the Securities Department replied: "The company has mastered core technologies in the field of automotive electronics and automotive safety, with more than 5000 patents worldwide. The company's independent R & D capability and R & D scale are the premise and guarantee for future business development. The company will continue to invest and focus on business areas such as intelligent cockpit, intelligent driving and new energy electronic control in the future. With regard to the decline of the company's performance in 2021, the company will take measures to slow down Reduce the impact of external factors and improve performance in terms of stabilizing supply, controlling expenditure, improving efficiency and transferring costs. "
