Yu Taiwei (688515.sh) became the "face-changing king" of the year.
On the evening of February 23, Yutaiwei released its 2023 performance report. operating income was 274 million yuan, a year-on-year decrease of 32.13%, and a net loss of 150 million yuan, a year-on-year decrease of 36583%.
Just ask, is it outrageous?
Perhaps it is more intuitive to put it another way.
From 2019 to 2022, Yutaiwei’s net profits were -27.49 million yuan, -40.38 million yuan, -462,500 yuan and -408,500 yuan respectively. In other words, ’s loss in 2023 alone is equivalent to the previous four years. twice the annual total. What is even more unacceptable is that in 2022, Yutaiwei's losses narrowed significantly. Just when everyone thought the company was about to make a profit, its losses suddenly increased significantly, becoming the "King of Changes" of the year.
Note that Yutaiwei is a company on the Science and Technology Innovation Board. So far, there is a "u" letter behind the stock, indicating that the company has not made a profit since its listing.
Let’s look at the stock price again.
In February 2023, Yutaiwei was listed on the Science and Technology Innovation Board, with an issue price of 92 yuan per share. On the day of listing, Yutaiwei soared 152.7%. However, listing is the peak. After that, Yutaiwei's stock price fell sharply. fell all the way to 46.58 yuan/share, a drop of 82.6%; even based on the current price, the drop was close to 70%.
Why did Yu Taiwei make people angry? Performance may only be a superficial reason.
Yutai Micro was founded in 2017. Its main business is the research and development, design and sales of high-speed wired communication chips. It is a small company that was established not long ago and only had 133 people at the time of its IPO.
In 2020, Yutai Micro's sales revenue was only 12.95 million yuan, but by 2021, Yutai Micro's operating income soared to 254 million yuan; in 2022, this number further increased to 403 million yuan.
In the end, the company’s IPO raised 1.84 billion yuan. What concept? At that time, the company's total assets were only 507 million yuan, and its net assets were only 277 million yuan. In other words, Yutaiwei raised 1.84 billion yuan in one go, which is equivalent to raising 3.68 of itself in one go.
So, there are two questions here.
First, in just three years, operating income increased from 12.95 million yuan to 403 million yuan, an increase of 30 times. Is this in line with normal business laws? Second, the company was established five years ago and submitted its listing application when its operating income was only tens of millions. Is it too anxious? Third, we raised 3.68 of our own funds in one breath. So, is it because institutional people are stupid and make too much money, or is it that institutions don’t take investors’ money seriously? The most irritating thing about
is that the company's valuation is obviously ridiculously expensive, but in order to cover up the rationality of their high pricing, the institutions frantically increased the company's stock price on the first day of listing, ultimately leaving retail investors who bought later with a loss. .
Perhaps, the question that investors are most concerned about is, when will Yu Taiwei, which has a high-end business in , be able to make money?
Regarding the reasons for losses in 2023, the official explanation is as follows:
First, affected by the slowdown in macroeconomic growth, international resource-political conflicts and the cyclical decline of the industry, consumer electronics demand is weak, and the semiconductor industry as a whole has experienced a cyclical decline; Second, R&D expenses, sales expenses and administrative expenses increased significantly; third, losses caused by provision for inventory depreciation provisions.
has an explanation. These three points are indeed the reasons for the company's performance losses, but the question is, if this explanation can be forgiven, can other companies follow suit? Everyone deserves to be forgiven?
Take R&D expenses as an example. In the first three quarters of 2023, Yutai Micro’s R&D expenses were 163 million yuan, exceeding its operating income in the same period. But the problem is, this is not something worthy of praise.
According to the data in the prospectus, Yu Taiwei has only 24 patents. However, the number of patents of the world's leading companies is more than 10,000. In other words, even if companies continue to increase R&D investment, in terms of absolute amounts, the gap is not narrowing but widening.
Of course, the biggest opportunity for companies may be domestic substitution of . However, if this is the case, what will be the rush to go public? Will the secondary market be regarded as the primary market? Why should we cut off the leeks of the majority of investors?
Do investors deserve to be cut off?
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