数千亿“苹果连锁店”的领导者突然跌倒了！ 市场价值已经蒸发了数百亿机构，但它们正在买底！ 发生了什么？ _东方财富网

原标题：数千亿“苹果连锁店”的领导者突然跌倒了！ 市场价值已经蒸发了数百亿机构，但它们正在买底！ 发生了什么？

概要

[Onehundredbillion”AppleChain”leadersuddenlyfelltoalimit!Themarketvaluehasevaporatedbytensofbillionsofinstitutionsbuttheyarebuyingbottoms!what’shappening?】OnJanuary28Goertek’ssharesclosedatalimit-lowerpriceof3465yuanwithaturnoverofover62billionyuanaturnoverrateof624%andamarketvalueof126billionyuanItisinterestingtonotethatthedataafterthecrashshowsthatinstitutionsarebuyingbottomsAfter-marketdatathatdayshowedthatShenzhenStockConnectsold516millionyuanandbought449millionyuanandthefourinstitutionsboughtatotalof379millionyuan(21stCenturyBusinessHerald)

January 28,GoertekIt closed at a lower limit and reported 34.65 yuan, the turnover exceeded 6.2 billion yuan, the turnover rate was 6.24%, and the market value lost 12.6 billion yuan.

It is interesting to note that the data after the crash shows that institutions are buying bottoms. After-hours data shows that,Shenzhen Stock ConnectSold 516 million yuan and bought 449 million yuan. In addition, the four institutions bought a total of 379 million yuan.

So, is the lower limit a wrong kill or is liquidity really tight?

　　GoertekThe two personnel changes released on the evening of January 27 turned out to be the “butterfly wings” that triggered a sharp drop in stock prices in the secondary market.

　　announcementdisplay,the companyReceived a written resignation report from Duan Huilu, director, vice president and chief financial officer of the company on the same day. Duan Huilu resigned due to work arrangementsCorporate FinanceDirector position, after resignation, he still holds the position of director and vice president of the company.

As of January 26, 2021, Duan Huilu holds 4,474,500 shares of the company, accounting for 0.14% of the company’s total share capital. Li Yongzhi was hired as the company’s chief financial officer.

On the same day, the company received employee representative supervisors,Internal AuditThe resignation report of the person in charge Feng Jianliang, Feng Jianliang resigned as the company’s head of internal audit due to job adjustments, and Du Lanzhen was appointed as the company’s new head of internal audit.

During the critical period of the annual report,GoertekTwo important financial figures have left one after another, causing market concerns: Is there a problem with the company’s finances?

In response, GoerTek sharesinteractiveThe platform responded that Li Yongzhi, the company’s new chief financial officer, has worked in the company for 15 years and has served as the company’saccountingThe person in charge of the organization assisted Duan Huilu, the former financial director. Because of his outstanding work, he was recently promoted and appointed as the company’s new financial director.Duan Huilu, former chief financial officer, will continue to serve as director and vice president of the company as the core of the companyExecutivesOne of the team members continues to work.

“The company has noticed that some media on the Internet have taken out of context and catching up on the company’s normal personnel promotion and appointments. The company recommends that investors keep their eyes open and understand the true purpose and credibility behind various online rumors. To make a scientific investment decision.” Goertek said.

In addition to doubts about personnel changes, at the same time, a self-media platform posted that the company has long-termborrowPayment and payableBondThe total has grown from 600 million yuan to nearly 6.5 billion yuan at present. It is very obvious that the company has used convertible bond long-term financing to solve the lack of operating liquidity.

Affected by the above news, on January 28, Goertek’s shares closed at a lower limit at 34.65 yuan, with a turnover of over 6.2 billion yuan and a turnover rate of 6.24%.

　　It’s interesting to note that after-hours data that day showed that Shenzhen Stock Connect sold 516 million yuan and bought 449 million yuan.CITIC SecuritiesThe Beijing headquarters sold 235 million yuan, and an organization sold 227 million yuan. In addition to the Shenzhen Stock Connect, the four institutions bought a total of 379 million yuan.

　　SuspectedcurrencyFunds rely on debt

The resignation of financial professionals was nothing but the fuse that triggered a sharp drop in the secondary market. The aforementioned self-media article directly pointed out that its liquidity is worrying by comparing the financial data of Goertek.

The article pointed out that through three-year data comparison, Goertek’s receivables increased from 7 billion yuan (2018) to 11 billion yuan (third quarter of 2020), and inventories increased from 3.5 billion yuan to 12.2 billion yuan. It reached 23.2 billion yuan, accounting for 78% of the current assets of 29.8 billion yuan.

At the same time, at the end of the third quarter of 2020, Goertek’s monetary capital was 5.28 billion yuan, and cash from operating activitiesNet inflow2.708 billion yuan.

In terms of liabilities, short-term loans fell from 5.8 billion yuan (2018) to 4.099 billion yuan (third quarter of 2020), but the company’s long-term loans and bonds payable increased from 600 million yuan to nearly 6.5 billion yuan (2.831 billion yuan). +3.646 billion yuan).

As a result, the article believes that the company’s use of long-term convertible bond financing to solve the lack of operating liquidity is very obvious, and that Goertek’s monetary funds are not earned, but long-term debt financing.

The 21st Century Business Herald reporter found thatGoertek’s long-term loans and bonds payable did surge in 2020. At the end of the first quarter, long-term loans increased from 344 million yuan at the end of the previous year to 2.513 billion yuan, and bonds payable surged to 3.611 billion yuan at the end of the first half of 2020. However, it should be noted that at the end of 2019, Goertek also had 3.613 billion yuan in currency funds on its account.

Public information shows that on June 12, 2020, Goertek had issued 40 million convertibleCorporate bonds, The total amount of funds raised is 4 billion yuan, and the net amount is 3.989 billion yuan. The funds raised from the above public issuance of convertible corporate bonds are used to invest in the construction of binaural true wireless smart headset projects, AR/VR and related optical module projects, and the Qingdao R&D Center project.

The above article also pointed out that Goertek’s accounts payable and bills increased rapidly from 5.6 billion yuan (2018) to 18.4 billion yuan (third quarter of 2020), which is the company’s use of delaying upstreamsupplierIn the three years, the operating cash flow was 12.8 billion yuan, and the third quarter report should be reported in mid-2020.paymentAnd the net increase in bills reached 7.4 billion yuan.

“Because the huge amount of receivables and inventories is as high as 23.2 billion yuan, the company’s net operating capital, deducting monetary funds and short-term borrowings, is 4 billion yuan. Because accounts receivable may have bad debts and inventory may fall in price, then, as long as there is 17% of bad debts or inventory fallNet working capitalProduces a negative value. “The article said.

　　How does it compare with peers?

The power of the above questioning is not small. On that day, the market value of Goertek’s shares evaporated by 12.6 billion yuan, and the total market value was 113.494 billion yuan.

On the same day, CMB International Financial Holdings Co., Ltd.AnalystDowngrade Goertek’s stock rating to hold. The previous rating was buy, with a target price of 46 yuan, which means a 33% increase.

So, is there really a tight liquidity situation in GoerTek? The previous announcement seems to have revealed some clues.

On July 9, 2020, Goertek held a session of the board of directors. According to the company’s plan for the use of raised funds and the progress of the construction of raised funds investment projects, it is expected that 2.5 billion yuan of the raised funds will be idle in the next 12 months, and agreed to the company Use idle raised funds not exceeding 2.5 billion yuan to temporarily supplement working capital. The reason for the lack of working capital is the continuous expansion of the company’s production and operation scale and the increase in the occupation of working capital.

However, can it be concluded that the company’s monetary capital depends on liabilities and cash flow depends on delaying supplier payments?

Let’s compare with another leader in the industryLuxshare PrecisionFinancial situation.

During the same period, from 2018 to the third quarter of 2020,Luxshare PrecisionAccounts receivable increased from 11.13 billion yuan to 13.61 billion yuan, and inventories increased from 4.735 billion yuan to 16.99 billion yuan. The two totaled 30.6 billion yuan, accounting for 71% of current assets of 42.88 billion yuan.

In terms of liabilities,Luxshare PrecisionShort-term borrowings increased from 5.64 billion yuan (2018) to 8.169 billion yuan (third quarter of 2020), and long-term borrowings increased from 1.499 billion yuan (2018) to 1.587 billion yuan (2020 third quarter). And its bills payable and accounts payable also saw substantial growth, from 10.24 billion yuan to 23.66 billion yuan, and the difference here reached 13.42 billion yuan.

From the above comparison,The increase in receivables, payables, and inventories may be widespread in the industry.

　　Inventory issues have been raised again

In fact, the inventory issue of GoerTek’s shares did cause market concern before.

A copy of the market circulating in the fourth quarter of last yearResearchMinutes show:

“The TWS headset business has indeed undergone some changes recently, especially the delivery speed of North American customers has slowed down. Recently, it has been better. Due to the influence of Thanksgiving Day and other festivals, it has recovered. In the early stage, because the delivery speed of customers has slowed down, Goertek’s production speed It also slowed down, and inventory did increase.”

“It’s true that this piece is not so hot some time ago. Some of the TWS capacity is idle, especially the ordinary models.Capacity utilizationAround 80%.This is a problem for the entire industry, not for GoerTek and its competitors, and orders are being robbed.”

Although Goertek did not acknowledge the authenticity of the minutes, the subsequent public research information showed that “in terms of inventory, as the overall sales scale expands in 2020, the logistics and delivery methods of some orders have also been adjusted, and the peak sales season is also considered. The inventory level increased in the third quarter due to factors such as stocking up. At present, the company’s sales and delivery conditions are normal. With the sales peak season in the fourth quarter, the inventory problem is expected to improve.”

but,From the analysis of market participants, it is generally believed that the TWS headset market is still in the process of rapid growth, but due to the continuous increase in the base number, the decline in growth rate is normal., AirPods 3 postponedShipmentOne quarter or so has a certain impact on the growth rate in the first half of the year, but the absolute amount is still increasing.

what is interesting is,The data after the crash showed that institutions are buying bottoms. After-market data that day showed that Shenzhen Stock Connect sold 516 million yuan and bought 449 million yuan, and the four institutions bought a total of 379 million yuan.

In response to this decline, some analysts pointed out to reporters that“Goertek’s production is determined by sales, and after the downstream customers place orders, the companyreproductionAnd the major downstream customers are all internationally renowned giant customers, and there is generally no bad debts of accounts receivable. Mainly due to the current weakness of consumer electronics, coupled with the previous market concerns about inventory issues, coupled with today’s sharp decline in the market, many reasons have led to the limit. “

(Source: 21st Century Business Herald)

(Editor in charge: DF380)