Securities code: Changyuan Technology Group Ltd(600525) securities abbreviation: Changyuan Technology Group Ltd(600525) Announcement No.: 2022010 Changyuan Technology Group Ltd(600525)
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
Changyuan Technology Group Ltd(600525) (hereinafter referred to as "the company") received the letter on supervision of Changyuan Technology Group Ltd(600525) related performance forecast matters (shgh [2022] No. 0102) from the management department of listed companies of Shanghai Stock Exchange on January 28, 2022. The company conducted a serious self-examination and now replies to the relevant matters as follows:
1、 According to the disclosure of the previous announcement, after the completion of Zhuhai yuntaili's performance commitment, the performance has declined to a loss since 2018. Please analyze the specific reasons and rationality of Zhuhai yuntaili's early performance decline and current loss in combination with factors such as Zhuhai yuntaili's business model, dependence on key customers, changes in costs and expenses, and explain whether the relevant factors are predictable and sustainable in the early stage, and whether there are significant differences and reasons with comparable companies in the same industry.
reply:
(I) please analyze the specific reasons and rationality of Zhuhai yuntaili's early performance decline and current loss in combination with its business model, dependence on key customers, changes in costs and expenses and other factors
1. Zhuhai yuntaili business model
As a supplier of intelligent manufacturing equipment and solutions, Zhuhai yuntaili mainly provides precision testing equipment, precision automatic testing and assembly equipment to help global intelligent manufacturing become more intelligent and efficient. The business model is order driven, that is, in the early stage, R & D, design and proofing are carried out according to the customized needs of customers, production is organized after obtaining customers' orders, and directly delivered to customers after completion. Based on the product needs of customers, Zhuhai yuntaili carries out in-depth customized R & D cooperation with customers. After the project is approved, Zhuhai yuntaili provides customers with design and development samples, product drawings, etc., and tests or debugs the prototype. After obtaining the customer's order, Zhuhai yuntaili carries out raw material procurement and machining outsourcing procurement, and produces according to the process flow and operation instructions. The raw material procurement mainly purchases standard parts, including manipulator, motor, probe, sensor, etc., and the outsourcing procurement mainly purchases machining parts, etc. The sales mode of Zhuhai yuntaili is direct sales. Zhuhai yuntaili delivers goods directly to customers and adopts different after-sales modes for different customers. In the process of R & D, testing and upgrading, we meet the needs of customers in Zhuhai. Zhuhai yuntaili downstream customers are mainly concentrated in consumer electronics, semiconductors and other fields, with rich types and fast product replacement.
2. Dependence of Zhuhai yuntaili key customers
Unit: RMB 10000
No. top 10 customers' income in 2018 top 10 customers' income in 2019
1 customer x 3862535 customer h 694920
2 customer B (agent factory) 1420667 customer x 621780
3 customer C (OEM) 1170143 customer s (OEM) 452260
4 customer D (OEM) 760797 customer B (OEM) 450688
5 customer e (agent factory) 538184 customer L (agent factory) 419318
6 customer f (OEM) 532653 customer m 379001
7 customer g (agent factory) 494967 customer n 355159
8 customer h 348828 customer o (Jiangxi) (OEM 244670)
(factory)
9 customer J (agent factory) 189984 customer J (agent factory) 225510
10 customer K (agent factory) 180684 customer K (agent factory) 202149
Total: 9499442 total: 4045455
The annual operating income is 12872658 and 9174588
The top ten customers accounted for 73.80%, and the top ten customers accounted for 44.09%
No. top ten customers' income in 2020 top ten customers' income in 2021 (Unaudited)
(total)
1 customer x 2838085 customer x 3256844
2 customer D (OEM) 2086787 customer D (OEM) 934679
3 customer s (OEM) 1353257 customer m 631415
4 customer h 1285100 customer o (Kunshan) (OEM 577358 factory)
5 customer e (OEM) 1139168 customer o (Chuzhou) (OEM 543272)
6 customer m 897182 customer e (OEM) 513178
7 customer B (agent factory) 471414 customer t 434242
8 customer p 403435 customer u 423686
9 customer Q (OEM) 376980 customer h 395874
10 customer R 354052 customer B (OEM) 355746
Total: 11205459 total: 8066294
Annual operating income 18313403 annual operating income 13669670
The top ten customers accounted for 61.18%, and the top ten customers accounted for 59.01%
Zhuhai yuntaili's main products are automatic assembly and testing equipment for consumer electronic products. Its main customers are well-known consumer electronic product manufacturers and their OEM factories at home and abroad. When selecting suppliers, such customers will implement a strict, complex and long-term certification process, and have a good understanding of the supplier's technical R & D ability, large-scale mass production level, brand image, quality control and rapid response ability Comprehensive assessment and evaluation of financial status, and strict program design, proofing and mass production test procedures have been established for product orders.
In 2019, some orders of customer X were placed by the agent factory, and the direct order amount of company X decreased. The order fluctuation of the agent factory was mainly due to the change of order distribution between the end customer and the agent factory. Overall, the transaction amount of customer X and its agent factory accounts for about 70% of the total operating revenue of Zhuhai shipping Tali, and the main customers of Zhuhai shipping Tali are relatively concentrated.
3. Zhuhai yuntaili's operation and cost changes, and analyze the specific reasons and rationality of Zhuhai yuntaili's early performance decline and current loss
The operating conditions and cost changes of Zhuhai yuntaili from 2018 to 2021 are as follows (unit: 10000 yuan):
Subject 20182019 20202021 (Unaudited)
Main business income 12872791746 183134136697
Main business cost 5909840399 11786699821
Selling expenses 183122767 74527930
Administrative expenses 2334926978 2505136656
R & D expenses 1351310883 1350720155
Financial expenses 20712104 81305922
Gross profit margin 54.1%, 56.0%, 35.6%, 27.0%
Net profit 1495911002 11266 - 31434
Note: the financial data of Zhuhai yuntaili in this announcement is the financial data of the asset group.
(1) Performance changes and reasons of Zhuhai yuntaili in 2018
In August 2015, the listed company completed the acquisition of 100% equity of Zhuhai yuntaili and began to consolidate its financial statements. From 2015 to 2017, the operating revenue of Zhuhai yuntaili increased by 49.6%, 42.4% and 26.0% year-on-year respectively, and the net profit increased by 68.8%, 46.8% and 16.9% year-on-year respectively. The performance growth was good. In 2018, Zhuhai yuntaili realized an operating revenue of 1.287 billion yuan and a net profit of 150 million yuan. The expenses (sales expenses, management expenses and R & D expenses) during the year totaled 552 million yuan. The main projects of automotive electronic products, such as vibration testing (FCT), automation testing of automotive electronic products in incubation period, are mainly in the category of automotive electronic products. The main reasons for the decline in income in 2018 are: a) the slowdown in the growth of the consumer electronics industry
Zhuhai yuntaili's main products are automatic assembly lines and testing equipment for consumer electronic products. Its main customers are well-known consumer electronic product manufacturers and their foundries at home and abroad. With the popularity of smart phones and 4G network construction, the consumer electronics industry dominated by scientific and technological innovation has maintained a good development momentum. However, with the rationalization of electronic consumption and the increasing pressure on economic growth, the growth rate of the global consumer electronics market has slowed down since 2018.
b) Zhuhai yuntaili adheres to the investment in product R & D and market development
In order to enhance competitive advantage and maintain technology leadership, Zhuhai yuntaili continued to maintain high investment in market and R & D under the environment of slowing market growth. The expenses (sales expenses, management expenses and R & D expenses) during the three periods in 2018 increased by 24.4%.
(2) Performance changes and reasons of Zhuhai yuntaili in 2019
In 2019, Zhuhai yuntaili realized an operating revenue of 917 million yuan and a net profit of 110 million yuan. Affected by the market competition environment, yuntaili's revenue and profit decreased. In 2019, we will consolidate the development of testing and automation equipment for traditional consumer electronics
