Original title: 10 billion revenue project was terminated due to Apple "Blood loss" share price halved in 8 months
Author: Li Na
On March 16, OFIG announced that the company had recently received a notice from a specific overseas customer that the specific customer planned to terminate the purchase relationship with the company and its subsidiaries, and the subsequent company would no longer obtain existing business orders from specific customers. In 2019, the audited business income of specific customers was 11.698 billion yuan, accounting for 22.51% of the total audited business income in 2019.
This means that OFG will completely "break up" with Apple and stop providing camera module and other products to iPhone. By the end of Tuesday's closing, the stock price of OFIG had reached 10.15 yuan per share, up from the highest point of 23.63 yuan per share eight months ago, more than 50% of which was cut by half, and the latest market value was 27.3 billion yuan.
Before that, the news about the "factory selling for survival" of OFIG has never stopped.
The reporter from China Business News has learned that since the second half of last year, there have been reports that OFIG has been removed from the camera module supply chain by Apple, and it can only provide camera modules for old iPhones, but cannot participate in the supply of new iPhone components. On January 21 this year, the stock price of OFG fell sharply again due to the news that Lixun Precision planned to take over the company's Apple business. On January 22 and 25, the stock price of OFIG fell by 8% and 6.4% respectively, and the market value of OFIG evaporated by 7.545 billion yuan in three trading days.
Five years ago, Overlight Technology passed the Sony The acquisition of factories in southern China has achieved a breakthrough in Apple's supply chain. When Mr. Cook, the head of Apple, visited the OphiLight factory in December 2017, he said that OphiLight provided front facing cameras for iPhone 8 and iPhone X. From March 2016 to November 2017, the share price of OPI Technology rose from more than 7 yuan to more than 26 yuan, up by three times.
Although we got the order from Apple, the situation of OFIG is not so good from the perspective of profit ideal 。
A financial analyst told the reporter of China Business News that OphiLight mainly makes low-end camera modules, so its gross profit is low. When compared with the industry average, it can be found that the year-on-year growth rate of the return on equity (diluted) of OFIG is too large, and the year-on-year growth rate of basic earnings per share is too small. According to previous financial reports, the return on equity of OphiLight is 7.30%, while the industry average is 4.81%.
Apple's business is not easy to do, but many companies are willing to accept orders.
In the afternoon of February 7, Wentai Technology (600745. SH) announced that it had signed the Agreement of Intent for Acquisition with OphiLight, and that Wentai Technology intended to purchase in cash the business assets owned by OphiLight and related to the supply of cameras to specific overseas customers.
In the latest announcement, Ophigo said that it had previously disclosed that it was planning to sell all or part of the assets of subsidiaries related to specific customer businesses, and the matter was still in progress. Due to the impact of order termination, both parties were still evaluating, and there was still great uncertainty.
According to the above emergencies, Oufeiguang said that it would communicate with the audit and evaluation institutions as soon as possible to conduct impairment tests on relevant equipment and other assets. The test results and accrued amount have not yet been determined. According to preliminary estimates, as of December 31, 2020, the book value of related equipment assets was about 3.282 billion yuan (unaudited), accounting for 31.78% of the company's net assets (unaudited) attributable to shareholders of listed companies on December 31, 2020.
