In July, listed companies in the connector and cable industry successively announced the performance forecast for the first half of the year. So far, 14 Listed Companies in the connector and cable industry have made forecasts for the performance of the first half of the year, among which Jingda shares and Xinwei communication have officially disclosed the semi annual report.

 

Explanation of performance change reasons

Based on the diversified layout and development of the company in different markets and product types, all employees of the company have made concerted efforts to continuously improve their ability to resist risks for many years. During the forecast period, the company's performance is expected to achieve steady growth.

On the one hand, due to the impact of COVID-19 in the first half of 2020, the base period was relatively low for the same period. On the other hand, the company's revenue scale growth and business structure continued to improve during the reporting period, and the net profit of the company's parent company increased significantly during the reporting period.

In the first half of 2021, the total production and sales of the company's products were 159215 tons and 158588 tons respectively, with a year-on-year increase of 20.78% and 18.84% respectively, meeting the company's semi annual budget target.

In the first half of 2021, due to the impact of foreign epidemic, the domestic electromagnetic wire market is very popular, and the company, as the leading product in the industry, is in short supply. Under the correct leadership of the board of directors, the company gives full play to the advantages of leading position in the industry, seizes opportunities, increases market share and consolidates brand leading advantages under the guidance of the company's "bipolar stretching" strategy. In the first half of 2021, the total output of the company's products was 159215 tons, the sales revenue was 8.907 billion yuan, and the total profit was 390 million yuan.

1, the novel coronavirus pneumonia affected the company in the same period last year, and the completion of orders and sales orders in the half year were reduced. This time, COVID-19 was basically able to control, and the completion orders and sales orders returned to normal growth level.

2. The structure of consumer electronics customers was adjusted individually. The semi annual orders of other head consumer electronics customers of the company increased significantly year-on-year, and the operating revenue increased in the reporting period.

3. The business related to RF connectors in the non mobile phone industry represented by the automotive electronics industry is growing rapidly;

4. With the continuous expansion of business scale, the platform advantages of precision manufacturing process of main products are becoming more and more obvious, the automation efficiency is continuously improved, the production cost control is more powerful, and the gross profit margin of main products is increased year-on-year;

5. The impact of non recurring profit and loss on net profit in the reporting period is about 16 million yuan.

The company's manufacturing industry grew steadily and its photovoltaic power generation business remained stable. At the same time, it contributed some profits to the company to focus on its main business and peel off its energy-saving motor business.

In the first half of 2021, the company achieved an operating revenue of 3.055 billion yuan, an increase of about 19.48% over the same period last year, maintaining a sustained growth. Mature businesses such as antenna, wireless charging and EMI / EMC maintained steady growth; New businesses such as LCP, BTB, UWB, passive components and automotive interconnection are accelerating their expansion. During the reporting period, the company realized a net profit attributable to the shareholders of the listed company of RMB 172.4386 million, a decrease of 47.53% over the same period of the previous year.

The company is in the stage of business transformation and optimization, and the net profit has been affected periodically: ① the company has increased the expansion of new businesses. New businesses such as LCP, BTB, UWB, passive components and automobile interconnection are in the stage of accelerating the expansion, which has contributed to the revenue. With the gradual expansion of new businesses, it will become the growth point of performance contribution. ② The first half of the year is the off-season of the consumer electronics industry. The capacity utilization efficiency of the company's mature business is low, affecting the gross profit margin; In the second half of the year, with the arrival of the peak season, the contribution effect to the company's performance will be improved. ③ In the first half of the year, the price of raw materials rose rapidly, and the cost side of the company was also affected to a certain extent.

1. In 2020, the company's production and operation were affected by the epidemic, the production and market order recovered and the performance returned to normal in the reporting period.

2. During the reporting period, on the one hand, the company vigorously expanded the market and actively carried out channel deep cultivation, key customer development, group resource integration and other work; On the other hand, according to the market demand, we increased R & D investment, optimized product structure, strengthened cost control, further improved the competitiveness of wire and cable and electromagnetic wire products, and the overall business situation continued to improve.

3. Tongli electric, the newly added secondary subsidiary in the consolidated statements of the reporting period, has strong downstream demand, prosperous production and sales, and substantial growth in operating performance.

In the first half of 2021, the net profit attributable to the shareholders of the listed company decreased significantly year-on-year. The main reason is that during the reporting period, the main raw materials such as steel, copper and plastic increased significantly, resulting in a significant decline in the gross profit margin of the company's product sales, resulting in a decline in the company's net profit.

During the reporting period, as the global epidemic was gradually controlled, the economic operation at home and abroad gradually recovered, resulting in the recovery of market demand. However, the rising prices of the company's main materials have brought challenges to the operation capacity of industrial chain enterprises. The company actively responds to market changes by orderly carrying out hedging business and continuously improving the level of lean production. During the reporting period, the company realized the growth of sales scale and the improvement of profits.

Affected by the continuous optimization of the company's product structure, the company expects that the proportion of sales revenue of aerospace, weapon equipment and other special cables with high product added value and relatively high gross profit margin in the first half of 2021 will continue the trend from January to March 2021, which is expected to increase significantly compared with the same period last year. The overall sales gross profit margin of the company in the first half of 2021 is expected to increase greatly compared with the same period last year, Thus, the profit growth rate is significantly higher than the revenue growth rate in the same period.

Affected by COVID-19, the company's operating results in the first half of 2020 were slightly lower than expected, and COVID-19 gradually got control. The production and operation of the issuer returned to normal, and the company's business gradually resumed growth. In 2020, 1-6 months, the company's performance increased further, and the corresponding operating results indicated that the price rose year after year.

The two main downstream application fields of the company's products are communication and new energy vehicles. The growth of the company's operating revenue is mainly due to the steady development of the company's business in the field of new energy vehicles and the growth of product sales revenue in the first half of 2021. The decrease of the company's net profit is mainly due to the following two reasons: on the one hand, the mobile communication operators did not complete the bidding in the first half of 2021, the sales volume of the company's communication products decreased compared with the same period of last year, and the gross profit margin of new energy connector products is lower than that in the communication field, so the company's gross profit margin is generally low in the first half of 2021; On the other hand, due to the rise of raw material prices and labor costs, the company's operating costs increased compared with the same period of last year, resulting in the decline of the company's net profit.

Affected by the rise of bulk materials and the shortage of automotive chips, the company's operation is uncertain.

The company expects to achieve an operating revenue of 690 million yuan to 710 million yuan in the first half of the year; The net loss attributable to the shareholders of the listed company was 170 million yuan to 200 million yuan, mainly due to:

1. The company continued to invest in research and development in new directions, continuously improved the competitiveness of core products and continuously expanded industrial channels. During the reporting period, the operating revenue of network security business increased by about 73% over the same period of last year, slightly higher than that in the same period of 2019; Gross profit increased by about 90% over the same period of last year and 40% over the same period of 2019. Excluding the influence of Beijing Tongtian Technology Co., Ltd., the former holding subsidiary, from the same perspective, the operating revenue of the company's network security business in the reporting period increased by about 95% over the same period of last year and 54% over the same period of 2019; The gross profit increased by about 92% over the same period of last year and 47% over the same period of 2019.

2. During the reporting period, the increase of the company's R & D and sales expenses resulted in a year-on-year increase of about 57% in the expenses during the network security business, which had a certain impact on the company's profits in the current period.

summary

From the predicted performance of the 14 Listed Companies in the connector and cable industry, affected by the overseas epidemic, the domestic market is booming, and the domestic epidemic has been greatly alleviated compared with last year, making the major companies "prosperous in production and marketing" in the first half of this year. However, since the end of 2020, the prices of metal raw materials such as copper and plastic materials such as plastic particles have continued to rise, while the connector and cable industry belongs to the industry of "heavy material and light industry". Therefore, the rising price of raw materials has put a certain pressure on the operating costs of enterprises in the connector and cable industry, and has a certain impact on the production, operation and profitability of the connector and cable industry.

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