every reporter: Wang Jing every editor: Yang Xia
On the evening of October 17th, and Xingda (SZ002845, stock price 12.3 yuan, market value 4.035 billion yuan) released about the reduction of 's accrued assets in the third quarter of 2022 The announcement of value preparation stated that in order to truly, accurately and objectively reflect the company's operating results in the third quarter of 2022 and its financial status as of September 30, 2022, the company will conduct inventory and impairment tests on various assets within the scope of the consolidated statements. , As of September 30, the company has provided a total of 48.8592 million yuan for the impairment of various assets of the company. After considering the write-off, recovery or reversal, income tax and the impact of minority shareholders' profits and losses, the impairment loss will be reduced by 9 The net profit attributable to owners of the parent company on March 30 was 14.6139 million yuan. Affected by the news, as of today's close, Tongxingda's shares fell 2.3%. The reporter of " Daily Economic News " noticed that since the beginning of this year, Tongxingda's share price has fallen by 41.41%.
Not only that, but Tongxingda's share price recently fell below its net assets, leading investors to ask whether the company is currently operating normally. Net assets per share are called "theoretical value of stocks" and are also one of the important reference indicators for judging the intrinsic value of listed companies. In this regard, the company responded on the afternoon of October 10: "The operation is normal." In the first half of the year, both revenue and net profit attributable to the parent decreased. According to public information, Tongxingda belongs to the electronic device manufacturing industry (the sub-industry is Consumer electronics module industry), the main products include small and medium-sized liquid crystal display modules and optical camera modules, the products are mainly used in smart phones, tablet computers, smart wear, vehicle, drone , smart home and other fields.
In the first half of 2022, Tongxingda achieved revenue of 4.317 billion yuan, decreased by 29.76% compared with ; net profit attributable to shareholders of listed companies was about 106 million yuan, decreased by 56.79% compared with the same period last year; basic earnings per share 0.45 yuan, A year-on-year decrease of 57.14%.
Image source: Tongxingda's 2022 semi-annual report Guaranteed smooth; 's macro-economy 's downward pressure has led to weak demand for smart terminals, and the company's sales revenue is lower than expected. At the same time, the company's production scale efficiency has decreased, the fixed cost of product allocation has increased, and the proportion of products with low and medium gross profit margins has increased, and the comprehensive gross profit rate has decreased. Whether
has measures to stabilize the stock price is a question that investors are generally concerned about. At the end of April this year, Tongxingda's management responded: "Affected by the combined macroeconomic and epidemic factors, the industry is in a downward cycle, and we expect shipments in the second half of the year. The volume will rebound from the bottom, and our strategy is to continue to increase the market share among downstream customers and give full play to the scale advantage."
In addition, regarding the company's order situation, gross profit margin and other key issues of external concern, the reporter said on October 18 I called Tongxingda several times in the afternoon to understand the situation, but it has not been connected as of press time.
Kunshan Tongxingda will be put into operation by the end of the year, whether it can improve the gross profit margin remains to be seen
In recent years, Tongxingda's revenue has continued to grow, and the scale has even exceeded the 10 billion yuan mark, but the corresponding net profit is still relatively large. Small. From 2018 to 2021, the company achieved revenue of 4.095 billion yuan, 6.196 billion yuan, 10.601 billion yuan, and 12.86 billion yuan respectively, and the corresponding net profit was 98 million yuan, down 34.27% year-on-year; 110 million yuan, increased by 12. 71%; 258 million yuan, a year-on-year increase of 133.37%; 362 million yuan, a year-on-year increase of 40.33%.
In 2021, Tongxingda began to join hands with the global packaging and testing leader ASE to enter the upstream display driver IC and CIS chip field. According to
's public information, Kunshan Tongxingda, a subsidiary of Tongxingda, is mainly engaged in advanced semiconductor packaging and testing business, and plans to invest in the construction of a full-process Gold Bumping + wafer testing + glass flip chip packaging and thin film flip chip packaging (one Period) and other complete packaging and testing processes, while considering that the gold bump process is compatible with copper-nickel-gold bumps, thick copper, and copper pillar bumps,A 12-inch full-process gold bump production plant with a monthly production capacity of 20,000 pieces has been built, which is mainly used in the field of display driver IC and CIS packaging and testing.
In early May this year, Tongxingda disclosed the progress of the company's Kunshan base and the benefits after full production in the institutional survey minutes. "At present, Kunshan Tongxingda is proceeding according to the plan, including employee recruitment, procurement of important machinery and equipment and plant decoration, etc. Kunshan Tongxingda's products will mainly be used in display driver chips in the future. Kunshan Tongxingda's main target customers are also current LCD display models. Important chip design suppliers in the group business, including but not limited to NOVATEK (Novel), ILITEK (Yili), Foc altech (Duntai), Him ax (Qingjing), OV (Howay), CHIPONE (Chichuang) , Gekewei , etc. With the continuous expansion of panel production capacity in mainland China, the trend of localization of the supply chain is becoming more and more obvious. The 12-inch wafer gold bump packaging and testing capacity gap is large, and the profitability is strong.”
According to Tongxing Da's preliminary estimate is that Kunshan Tongxingda will be put into operation by the end of 2022, and will reach full production and sales in 2024. "Net profit will increase significantly, which is of great significance to improving the company's overall gross profit margin."
However, it is worth noting that fluctuations in the panel market will directly affect the demand for display driver chips. Recently, CINNO Research released a report that it is expected that in the fourth quarter, in the absence of obvious positive factors in demand, smartphone panel prices will continue to decline. The
report pointed out that due to the impact of the epidemic and the continued sluggish global economy of and , the terminal demand has been sluggish, and the price of mobile phone panels has continued to decline throughout the third quarter, showing a state of "not prosperous in peak season". Although the high-end mobile phone market has a positive trend, Market demand for mid-to-low-end mobile phones is still sluggish, while domestic brands have limited market share in high-end mobile phones .
It remains to be seen how Kunshan Tongxingda's orders will be after it is put into production.
Daily Economic News
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