We live in an era of data flooding, which has led to the creation of a number of third-party agencies to publish data reports of various sub-sectors on a regular or irregular basis, and to make a living. Some organizations have taken a responsible attitude, and each report has undergone detailed investigation and evidence collection. However, some organizations have not been able to withstand scrutiny and may even make mistakes, which has caused huge losses to the target and investors.
On June 28th, BYD Electronics, a subsidiary of Shenzhen BYD, plunged 20.94%, and the market linked the “abnormal†volatility of the company's stock price to a sharp fall in the shipment of BYD's camera chips, which was released in April.
According to an interview conducted by the Daily Economic News, BYD Electronics does not currently have a camera chip business. So, where does the data from the Rising Sun Big Data come from? Reporters were investigated.
BYD Electronics: I don't know where the data comes from.The reporter noted that on June 27, BYD Electronics, one of the Hong Kong stocks of the White Horse stocks, began to fall, but the day's decline was only 2.18%. The next day, that is, on June 28th, BYD Electronics was attacked by the "Black Swan" and once fell by 20.94%. As of the close of the day, BYD Electronics fell 10.47%, with a turnover of 934 million yuan, a record high.
According to public information, Hong Kong stocks BYD Electronics is a subsidiary of A-share company BYD. Its main business consists of two parts, one is mobile phone components and modules, including metal bodies, plastic casings and others; the second is assembly services, products. There are mainly mobile phones, laptops, and tablet lights. The models are EMS (OEM + full service) and ODM (design + manufacturing).
Regarding the reason for the stock price crash, BYD Electronics said in a subsequent conference call: "We don't know what the reason is. It may be affected by the decline of US technology stocks the previous day, or it may be the recent fluctuation of the Hong Kong market. From the basics of the company. From a point of view, everything is still normal. The business is mainly driven by metal casings as a profit, the penetration rate of metal casings is also increasing, and the market share of customers is also increasing."
However, there is a view in the industry that after a report on BYD's camera chip is released, BYD Electronics' share price will start to fall, and there may be a correlation between the two.
On June 26th, Rising Sun Data released the "2017 April Camera Chip Shipment Rankings". The list shows that except for Sony, OV and Hynix, the other manufacturers have experienced a year-on-year decline. Samsung and BYD are particularly fierce. Samsung's camera chip shipments have fallen sharply from 25.65 million in March to 13.08 million in April, down 96.1% year-on-year; followed by BYD, its camera chip shipments from 16.39 million in March It fell to 8.68 million in April, plummeting 88.82%, while it also rose 5.33% in March.
A few days later, BYD Electronics made a rumor about the statement in the report. On June 29, the research report issued by Industrial Securities, "Orders and production operations are normal, metal casing business is increasing", BYD Electronics said that the decline in shipments of camera chips in some media reports is purely nonsense, the company simply Without this business, I don't know where the data comes from.
Rising Sun Big Data Zhang Guan Li Dai
As a company that publishes data, where does the statistics of Rising Sun Data come from? In this regard, the "Daily Economic News" reporter has repeatedly contacted the relevant staff of the Rising Sun Big Data. At first, the staff told reporters "Do not use our data in April first. The data in May will soon come out, and the company's researchers went to BYD in May, so the data in May will be more realistic. After that, the officer will no longer respond to any interviews with reporters.
A-share company BYD told reporters that the information on the Rising Sun Big Data was wrong, and BYD has officially contacted them. However, for the key questions such as "What company of BYD is responsible for the production of camera chips, shipments and gross profit?", BYD has not responded after 5 working days.
By consulting BYD's data, the reporter noted that the company that develops the camera chip business is not BYD Electronics, but BYD's Shenzhen BYD Microelectronics Co., Ltd. (hereinafter referred to as "BYD Microelectronics"). According to BYD Microelectronics official website data, the company focuses on the research and development and production of semiconductor products: the main products are IGBT chips and modules, intelligent power modules (IPM), AC-DC chips, battery protection and management chips, CMOS image sensors, touch control Chips, etc.
After repeatedly calling BYD, the reporter finally contacted Mr. Dong, who sells BYD's camera chip. He sent a list of CMOS products currently sold by BYD Microelectronics to reporters, including 5 million pixels and 2 million pixel arrays. A variety of products including 720P.
However, an inconvenient and well-known electronics industry analyst told reporters that the products on the list are mainly for the low-end thousand yuan machine, and these CMOS products have been a few years ago. "In the past two years, BYD's camera chip shipments are not large, mainly for their own ODM projects, but even so, the amount is not large."
Li Yongsen, a professor at the Institute of Finance and Securities of Renmin University of China, expressed his views on the "Daily Economic News" reporter for stock price fluctuations caused by third-party data. He pointed out that the securities market is increasingly focused on fundamental analysis, and changes in fundamental information can be quickly reflected in changes in stock prices. However, in the current market, there are many channels for data analysis. The results of channel analysis from different sources may vary greatly. On the one hand, the authoritative authenticity of the source of the data should be considered; on the other hand, the data analysis of the same consulting company is selected. Different data indicators, start and end points, data frequency, data source, etc. may also result in different analysis results. With the development of the market, the market will also verify, identify and select information to achieve the so-called survival of the fittest.
In the view of Wang Yanhui, secretary-general of the China Mobile Alliance, third-party data statistics agencies such as IDC and Sino, will regularly send special personnel to visit the company and have their own data sources (set up to investigate). In fact, the more large research institutions are surveyed, the more detailed, and small analysts or data research institutions often do not visit enough or do not visit. Therefore, when citing or reviewing various rankings and shipment data, try to avoid using data published by small companies or analysts. Some errors are obvious, but small analysts are often not aware of them.
According to the data of the Rising Sun Big Data website, the Rising Sun is a professional data research institution of the mobile phone newspaper. In fact, the mobile phone newspaper is not an industry newspaper, but a mobile phone industry chain trading platform. According to the filing information, the reporter of “Daily Economic News†inquired that the mobile newspaper online is an industry website operated by “Shenzhen Qianhai Mobile Newspaper Online Network Technology Co., Ltd.â€.
Investigation: BYD chip is hard to findInitially clarified the affiliation of BYD's camera chip, what is its market size?
It is understood that the main components of the mobile phone camera are image sensor (CMOS), optical lens, voice coil motor, plus module package. At present, there are eight major image sensor (CMOS) suppliers, namely, camera chip suppliers, namely Sony, Samsung, Haowei Technology (OV), Gekewei, Sibike, BYD, Hynix and Wonderland.
It is worth noting that more than half of the main components of the camera industry chain are concentrated in the top three manufacturers, and most of them are Japanese and Korean companies. In the entire CMOS market, Sony accounts for about 40% of the total, mainly providing 8MPs and 13MPs or more sensors, basically monopolizing the high-end CMOS market. Compared with the high-end market, the low-end camera chip market is almost divided by domestic chip makers. Among them, Gekewei is a big one with a market share of about 70%.
According to Rising Sun Data, the company’s March 2017 camera chip shipments list, the domestic manufacturer BYD ranked after Samsung with 16.39 million shipments, the performance is remarkable. However, Mr. Li, who used a cool phone but the camera was broken, told reporters that the original BYD camera chip of the mobile phone was difficult to buy on the market, which made it impossible to replace it.
On the afternoon of July 13, the reporter of "Daily Economic News" visited more than ten stores of Shenzhen Huaqiang North to repair mobile phones, and found that it was indeed as Mr. Li said. An engineer at a repair service center on the third floor of Huaqiang Electronics World told reporters that there are very few BYD camera chips on the market. "If you want, tell me the model first, but I can only transfer the goods. There is no guarantee that there will be ."
In the vicinity of other repair mobile phone stores, the reporter learned similar situation, and even some merchants heard the purchase of BYD's camera chip, even if the specific model does not ask, bluntly "no, now there is almost no market."
Helitai took over the performance of BYD's camera module, and the people who acted in concert were acting in concert.
The main components of a mobile phone camera include an image sensor (CMOS), an optical lens, a voice coil motor, and a module package. In the era of “China Cool Allianceâ€, BYD was one of the core suppliers of camera modules.
With the transformation of BYD and the promotion of the company's centralized resources to develop its core business, BYD sold its LCD module and camera module products to Helitai two years ago. In the view of an electronics industry analyst, the low-end camera module components are highly competitive, and Ou Feiguang and other faucets have relatively strong competitiveness, but BYD's advantage is not obvious.
It is worth noting that in 2015, Helitai's camera module performance did not reach the profit forecast, but in just one year, its camera module gross profit exceeded the two leading companies of Oufeiguang and Sunny Optical. In addition, in the case of a significant increase in performance, the reporter noted that Helitai’s concerted action to control Humanity Kaifu has chosen to reduce its holdings, and the number of reductions has almost reached the upper limit that can be reduced.
The first year performance commitment was not completedIn April 2015, BYD issued an announcement to announce the sale of Shenzhen BYD Electronic Parts Co., Ltd. (referred to as the Ministry of Products) to Helitai, with a consideration of 2.3 billion yuan. According to the arrangement with Helitai, the transaction was paid by Helitai in accordance with 75% of the payment consideration, and the remaining 25% was paid in cash. Prior to this acquisition, BYD has injected all its operational assets and business related to liquid crystal display modules and camera module products into its parts company.
After the completion of the transaction, BYD won the 179 million shares of Helitai, which made it a second largest shareholder of Helitai, with a shareholding ratio of 12.29%. As of March 31, 2017, BYD holds 11.45% of the total share capital of Helitai, after the chairman of Helitai, Wen Kaifu.
In the above-mentioned electronics industry analysts, "the low-end camera module components are highly competitive, and the faucets such as Ou Feiguang have relatively strong competitiveness, but BYD's advantage is not prominent, and BYD also believes that the business is gross. The interest rate is not high, so BYD sold the camera module."
According to the "Profit Compensation Agreement" signed by Helitai and BYD and the Supplementary Agreement of the Profit Compensation Agreement, the two parties unanimously agreed that the principle of profit compensation is three years of cumulative calculation compensation, that is, BYD’s three-year cumulative commitment to the company’s products is RMB 714 million. The net profit attributable to shareholders of the parent company achieved by the company in 2015 was 136 million yuan, while the forecast was 226 million yuan, with a completion rate of 60%, failing to reach 80% of the profit forecast.
Helitai stated in the "Notes on the Unrealized Earnings Forecast of the Company for the Issuance of Shares to Purchase Assets in 2015 and the Statement of Apology" that there are three main reasons for the failure of the company to achieve the promised performance. First, the reorganization of the original part of the company The customers need to re-certify the supplier qualification of the parts company. Secondly, the long transition period of the restructuring makes the development strategy and operation management of the company's products appear “hollow†for a long time; finally, because the domestic and international economy continued in 2015. The downturn, the growth rate of the downstream mobile phone market slowed down. Because of its failure to meet its performance commitments, Helitai's impairment loss on the company's goodwill value in the 2015 annual report was 155 million yuan.
The second year gross profit exceeded the faucet
Although Helitai did not realize its profit forecast in 2015, at the time, Helitai was still very optimistic about the long-term effect of mergers and acquisitions. The company once said that “the transaction will expand the scale of Helitai touch screen and LCD module related business rapidly. And increase the camera module business."
In fact, the performance of Helitai in 2016 and the first quarter of 2017 has indeed achieved a significant increase. Helitai's 2016 annual report shows that during the reporting period, the company achieved operating income of 11.845 billion yuan, an increase of 139.14% over the same period of the previous year; total profit was 989 million yuan, an increase of 243.02% over the same period of last year; net profit attributable to shareholders of listed companies It was 874 million yuan, an increase of 300.63% over the same period of the previous year.
At the same time, Helitai's 2017 quarterly results were also very bright, achieving revenue of 2.397 billion yuan, an increase of 41.81% over the same period of last year; net profit attributable to shareholders of listed companies was 207 million yuan, an increase of 192.61 over the same period of the previous year. %.
"Daily Economic News" reporter noted that the reason for the increase in the performance of Helitai, in addition to its original business, the new business represented by the camera module and fingerprint identification module, the growth of Helitai's performance Made a lot of contributions. In the 2016 financial report, Helitai said that during the reporting period, core components such as IN-CELL module, smart wearable touch module, electronic paper module and camera module have been produced in volume.
As we all know, Helitai's main competitors in the field of camera modules are leading companies such as Oufeiguang and Sunny Optical. In 2016, Oufeiguang Optical Products' operating income was 7.94 billion yuan, operating cost was 7.056 billion yuan, and gross profit margin was 11.14%. Another leading company, Sunny Optical, said in its 2016 annual report that the sales revenue of the company's optoelectronic products business was approximately 11.403 billion yuan, an increase of 38.8% over the same period last year. The gross profit margin of the company's optoelectronic products business is approximately 10.5%.
"Daily Economic News" reporters reviewed Helitai's 2016 financial report. The company's 2016 camera products have an operating income of 410 million yuan, operating costs of 364 million yuan, and a gross margin of 11.22%. It is worth noting that in terms of camera modules, Ou Feiguang's sales scale is 19.37 times that of Helitai, and Sunny Optical is 27.81 times that of Helitai, but the corresponding gross margins of the two companies are only 11.14% and 10.5% respectively.
A staff member of Heli Tai Dong secret office told reporters that although the growth rate of the entire mobile phone industry has slowed down in recent years, the company has not slowed down with the slowdown of the industry. The company is growing at a high speed every year and has its own Core competitiveness.
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