The new energy vehicle industry broke out, but the performance of Shenzhen Everwin Precision Technology Co.Ltd(300115) (300115. SZ) with Tesla, Contemporary Amperex Technology Co.Limited(300750) (300750. SZ), apple and other important customers was thunderous.
According to the performance forecast on January 23, the company expects a loss of 490 million yuan to 690 million yuan in 2021, with a profit of more than 600 million yuan in the same period of last year; The net profit after deduction of non is – 650 million yuan to – 850 million yuan. This is the first annual loss of Shenzhen Everwin Precision Technology Co.Ltd(300115) since it was listed for 11 years, and the amount of loss is relatively large compared with its body size.
The reason why is surprising is that Shenzhen Everwin Precision Technology Co.Ltd(300115) performance is both ice and fire. the company was profitable in the first three quarters of last year, with a net profit attributable to shareholders of listed companies of 157 million yuan. This means that the company lost 647 million yuan to 847 million yuan in the fourth quarter. The loss showed signs in the third quarter, with a single quarter loss of 79 million yuan in the third quarter
Shenzhen Everwin Precision Technology Co.Ltd(300115) 2021 annual report performance forecast
For the reasons for the performance loss, Shenzhen Everwin Precision Technology Co.Ltd(300115) puts forward five explanations, including the increase of R & D expenses, the impact of core shortage, the price rise of raw materials, inventory impairment, etc.
The announcement said that the R & D investment of strategic products of the company’s main customers further increased, the cost increased, and the layout and R & D investment of new energy components increased; The key products of main customers are in the climbing period of mass production with low yield; Affected by the epidemic and the shortage of customer chips, some manufacturing bases have reduced capacity utilization and increased production costs; The prices of main raw materials such as copper and aluminum have risen sharply, which is difficult to digest in the short term.
At the end of the period, some inventories were impaired due to the above reasons, and the impairment provision was withdrawn. but Shenzhen Everwin Precision Technology Co.Ltd(300115) did not disclose the specific inventory impairment amount.
Shenzhen Everwin Precision Technology Co.Ltd(300115) is a consumer electronics enterprise. In recent years, the company has gradually developed from precision manufacturing to intelligent manufacturing, and its business has extended to mobile communication terminals, new energy vehicle components, Siasun Robot&Automation Co.Ltd(300024) and intelligent manufacturing.
At present Shenzhen Everwin Precision Technology Co.Ltd(300115) has two business segments, namely consumer electronics precision components business and new energy vehicle precision components business.
In terms of consumer electronic products, Shenzhen Everwin Precision Technology Co.Ltd(300115) mainly supplies smart terminal components, including smart phone metal appearance parts, stamping hardware parts, notebook computers and new hardware structural parts, ultra precision linkers, etc; New energy vehicle components include hydrogen fuel cell metal bipolar sector, high-voltage bus, power cell structural parts, charging gun, etc.
in these two businesses, Shenzhen Everwin Precision Technology Co.Ltd(300115) customers have many industry giants .
In the field of consumer electronics, Shenzhen Everwin Precision Technology Co.Ltd(300115) works with leading mobile phone brand suppliers such as apple, Huawei and Xiaomi.
In terms of new energy vehicle business, Shenzhen Everwin Precision Technology Co.Ltd(300115) is an important supplier of Tesla parts, and Contemporary Amperex Technology Co.Limited(300750) a leading power battery enterprise is also its important customer.
In 2017, Shenzhen Everwin Precision Technology Co.Ltd(300115) cooperated with Tesla for the first time and gradually became a supplier of Tesla‘s new energy vehicle components, accounting for the core supply share of some high-precision products. In addition to Tesla, Changying has many important customers in the field of new energy vehicles, including PSA, Daimler Benz, Shanghai automobile, Geely Automobile, etc.
whether it is new energy vehicles or Siasun Robot&Automation Co.Ltd(300024) , the industry in which Shenzhen Everwin Precision Technology Co.Ltd(300115) is located is an industry with upward prosperity and in line with the policy direction. At the same time, the company also has heavyweight customers. Why does Shenzhen Everwin Precision Technology Co.Ltd(300115) have a performance storm in a single quarter?
a major reason may be that the new business layout has taken too big a step.
In order to closely bind Tesla and Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Everwin Precision Technology Co.Ltd(300115) puts forward the idea of “supporting nearby” for key customers. Around this idea, the company has built new production bases in many places.
In 2020, Shenzhen Everwin Precision Technology Co.Ltd(300115) raised 1.9 billion yuan through private placement, part of which was used to build Shanghai Lingang Holdings Co.Ltd(600848) new energy vehicle component base.
In 2021, Shenzhen Everwin Precision Technology Co.Ltd(300115) invested a total of 2.5 billion yuan to build power battery structure production bases in Yibin, Sichuan, Changzhou, Jiangsu and Ningde, Fujian to support Contemporary Amperex Technology Co.Limited(300750) and other customers.
In the latest exchange with investors, the company replied that Ningde Changying and Changzhou Changying have been put into operation successively in the first half of 2021, and Yibin Changying is also expected to be put into operation.
Interactive Yishang, Shenzhen Everwin Precision Technology Co.Ltd(300115) also said that the decline in the profits of the company’s new energy business was due to the rise in raw materials and the company’s large-scale expansion of production. “The increase of R & D expenses of the company is mainly due to the increase of R & D labor and material expenses of new projects of international customers; the management expenses are mainly due to the increase of new energy business management team and the adjustment of employee structure.”
While focuses on the field of new energy, the revenue of Shenzhen Everwin Precision Technology Co.Ltd(300115) new energy vehicle business is not high. In the first half of 2021, the revenue of this business was only 437 million yuan, accounting for nearly 10%.
At the same time, electronic connectors and intelligent electronic products accounted for nearly half of the revenue, and consumer electronic precision structural parts and modules accounted for nearly 40%. therefore, “lack of core” may be a more important reason for Shenzhen Everwin Precision Technology Co.Ltd(300115) breaking muscles and bones.
Since 2022, the stock price of Shenzhen Everwin Precision Technology Co.Ltd(300115) has continued to decline, with a cumulative decline of 18.80%, and the latest closing price is 16.11 yuan / share.
Key customers can’t bring performance guarantee to Shenzhen Everwin Precision Technology Co.Ltd(300115) . The specific loss will be disclosed in the annual report.
