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Reporter / Niu Qichang
Having just experienced the storm of Apple’s “cutting orders”, goer shares (002241. SZ), a member of the “fruit chain”, disclosed the performance report of 2021. Although the revenue and net profit reached a new high, the sales gross profit margin continued to decline year-on-year. As the business income of intelligent hardware exceeds that of intelligent acoustic machine for the first time, it has become the largest business segment of the company and is expected to become a new engine driving the company’s performance growth in the future.
Intelligent hardware becomes the largest plate
On March 30, goer released its 2021 annual report, which showed that during the reporting period, the company achieved an operating revenue of 78.221 billion yuan, a year-on-year increase of 35.47%; The net profit attributable to shareholders of listed companies was 4.275 billion yuan, a year-on-year increase of 50.09%.
Referring to the growth of performance in 2021, goer explained in its annual report that during the reporting period, thanks to the continuous growth of the demand for intelligent hardware products and related precision components such as vr virtual reality, TWS intelligent wireless headphones, intelligent wearable, intelligent home video game consoles and accessories, the company’s operating revenue and net profit have achieved significant growth, and its industry position has been further improved.
Goer’s main businesses include precision components business, intelligent acoustic machine business and intelligent hardware business. Among them, intelligent hardware business includes vr virtual reality / ar Augmented reality, intelligent wearable, intelligent home video game console and accessories, smart home and other intelligent hardware products.
In 2021, the global shipment of smart phones was about 1.35 billion, a slight increase of about 5.3% year-on-year. The shipment of smart phones resumed growth in the post epidemic era. However, on the whole, the growth of the global smartphone industry has slowed down significantly in recent years. In contrast, emerging smart hardware products represented by virtual / augmented reality, smart wireless headphones, smart wearable and smart home have grown rapidly in recent years.
According to the statistics of IDC, a consulting firm, in 2021, the global shipment of vr virtual reality products was about 9.36 million units, with a year-on-year increase of about 68.6%, and the global shipment of ar Augmented reality products was about 330000 units, with a year-on-year increase of about 13.8%, continuing the trend of rapid development.
Goer’s financial report also highlights this trend. According to the data, in 2020 and 2021, the revenue of the company’s intelligent hardware business increased by 107.34% and 85.87% year-on-year respectively, becoming the fastest growing sector of goer shares. In this context, in 2021, goer’s intelligent hardware business revenue exceeded that of intelligent acoustic complete machine business, becoming the largest business segment of the company, with revenue accounting for more than 40%.
It can also be seen to a great extent that VR products related to the “metaverse concept” gradually replace airpods and are expected to become a new engine driving the performance growth of goer shares.
In this regard, goer shares responded to the interface news that according to the company’s annual report, the revenue share of vr virtual reality, intelligent game console, intelligent wearable and other intelligent hardware has continued to increase rapidly in the past two years. With the rapid growth of the above product business, the proportion of intelligent hardware business is likely to continue to increase.
The customer structure is relatively centralized
Interface news noted that although the revenue and net profit of goer shares increased during the reporting period, the gross profit margin of sales showed a downward trend. Among them, the gross profit margin of sales in 2021 decreased by 11.87% to 14.13% year-on-year, which is also a new low since the company disclosed its operating performance data in 2005.
Specifically, the gross profit margin of electronic components, precision components and intelligent acoustic machines decreased by 1.92%, 0.79% and 4.54% respectively year-on-year. Only the gross profit margin of intelligent hardware increased by 1.40% year-on-year. In terms of regions, the domestic gross profit margin decreased by 1.10% year-on-year, while the overseas gross profit margin decreased by 2.04% year-on-year.
In this regard, goer shares told interface news that the main reason is that the company’s revenue of intelligent hardware products has increased rapidly in recent years, and the change of business structure has led to the decline of comprehensive gross profit. In addition, the price rise of some raw materials and the climbing of some projects last year will also have a short-term impact on the gross profit. In this regard, the company will continue to improve by improving lean operation efficiency and strengthening the proportion of self-made parts and components.
It is worth mentioning that in 2021, the total sales amount of goer’s top five customers reached 67.695 billion yuan, accounting for 86.54% of the total annual sales. The total sales of customers reached 334.8 billion yuan, accounting for 39.2% of the total sales of the previous year.
According to public information, goer is the second largest generation factory of airpods. On March 29, market news said that Apple would cut the order of airpods by more than 10 million units in 2022. The reason is that the company expects the demand will not overheat and hopes to reduce the inventory level.
However, affected by the above news, the share price of goer shares fell sharply. On March 29, it once hit the limit. A person from the Securities Department of goer shares told the media that “everything is normal in production and operation. Investors should pay attention to the rumors in the market.” This is also enough to reflect market concerns about the company’s reliance on Apple orders.
Goer shares is not shy about the risks brought to the operation by the relative concentration of customer structure.
Goer shares frankly stated in its business risks that the competitive pattern of the global technology and consumer electronics industry, as well as the company’s business model and key customer strategy, determine the relative concentration of the company’s customer structure, and the business income from a small number of core customers accounts for a large share of the company’s overall revenue. Although the company has a long-term competitive position with customers in the industry, and has maintained a significant competitive position with the above enterprises in the market. However, if the main customers’ business activities fluctuate due to the influence of various factors, it may bring corresponding fluctuations and risks to the company’s business.
Goer shares told interface news that the company implements the key customer strategy and cooperates with leading head customers in the global consumer electronics and technology industry. These customers have strong capital, leading technology, significant advantages and relatively low risk. In addition, the company actively expands cooperation fields, strengthens cooperation depth and accumulates technical and manufacturing advantages in the mutual cooperation with excellent customers, so that it can more actively meet the risks and challenges faced in the future.