Goer Co., Ltd. is the world's leading provider of integrated solutions for sound, light and electricity. Founded in June 20001year, formerly known as Shandong Weifang Yilida electroacoustic. It was renamed Goer Acoustics in 2006 and listed on Shenzhen Stock Exchange in May 2008.
In 20 13, Goer entered the Apple supply chain, supplying Apple acoustic equipment and Earpods. In 20 18, AirPods became a new business growth point, supplying MEMS microphones for AirPods, and became the second largest supplier of Apple AirPods, second only to Li Xun Precision.
Luxshare is the world's leading consumer electronic component enterprise, which was established in May 2004 and listed on the small and medium-sized board of Shenzhen Stock Exchange on September 20 10.
20 1 1, Li Xun bought Kunshan Liantao and cut into Apple's supply chain. At present, it is the first supplier of AirPods complete machine assembly. In 2020, Li Xun cut into the OEM business of iPhone by acquiring Wistron subsidiary. 202 1 1, Li Xun became the controlling shareholder of nikkai computer by increasing capital and shares, and further cut into the supply chain of apple metal parts.
Generally speaking, the performance growth of Goer and Li Xun in recent years is based on consumer electronics, especially Apple-related businesses. Goer is mainly engaged in the OEM of acoustic equipment and AirPods. At present, the revenue of intelligent acoustic machine business accounts for 465,438+0.3%. Consumer electronics products in Luxshare include AirPods, iPhone, Apple Watch, linear motor, wireless charging and so on. , accounting for 83.9% of revenue.
However, according to the current plan, the future development priorities of the two companies are different.
Goer, with the slowdown of wireless headset growth, VR/AR has become the main growth point of the company in the medium and long term. At present, the company has occupied 80% of the high-end VR head-mounted OEM market. 202 1 interim report shows that the revenue of intelligent hardware business (including VR/AR) has reached 37%, with a year-on-year increase of 2 1 1%, exceeding expectations, and the company is expected to become a company in the future.
In Li Xun, the company acquired Wistron's iPhone assembly business in 2020, and cut into Apple's metal parts supply chain in 202 1, further consolidating Apple's position as a platform-based integrated supplier in the industrial chain and forming a closed-loop capability of parts+chassis+whole machine OEM. In addition, the company actively deploys automotive electronics business, benefiting from automotive electrification, and is expected to enter Apple's automotive supply chain in the future.
Second, the stock price trends of the two companies are moving from synchronization to differentiation. The recent growth rate of Goer's shares, which launched VR products, is stronger than Luxshare, which vertically integrates consumer electronics and automotive electronics.
Judging from the stock price trend, Goer and Luxshare have gradually moved from synchronization to differentiation in recent years, reflecting the similarities and differences of the driving factors of business growth of the two companies.
1. From the beginning of 20 19 to March of 20021,the share prices of Goer and Luxshare were basically synchronized, mainly because the growth of AirPods during this period was the same core driving factor for the rapid growth of the performance of the two companies.
Ai rpods 20 19 sold 60 million units in 2020 and 72.2 million units in 2020, up 7 1% and 20% respectively. Luxshare has been the main OEM supplier of AirPods since 20 18, with a shipment of about 40 million units in 20 19, accounting for 60%-65% of AirPods' market share in that year. Goer Co., Ltd. became the second largest OEM supplier of AirPods in 20 19, accounting for about 32% of the market in that year, and will increase its share to 35%-40% by expanding production in 2020.
During 20 19-2020, AirPods became the core products of Luxshare and Goer, which led to the rapid growth of the performance of the two companies. In Luxshare, the consumer electronics business with AirPods as the core accounted for 83.2% and 88.5% of the revenue respectively, driving the overall revenue of the company to increase by 74.4% and 48.0% respectively. In terms of Goer's shares, the business income of intelligent acoustic machines and precision components (mainly acoustic devices) with AirPods as the core accounted for about 40% and 30% respectively, driving the overall revenue of the company to increase by 73.3% and 53.3% respectively.
2. After entering 20021year, due to the difficulty of sustained growth of AirPods, the performance driving force of Goer and Luxshare gradually diverged, and the trend of Goer's share price with sustained and rapid growth began to be stronger than that of Li Xun Precision.
With the market penetration of AirPods for several years, it is difficult to maintain high growth in shipments. Shipments in 2020 only increased by 20% year-on-year. According to the forecast of the consulting organization, the AirPods shipment in 20021-2022 will be the same as that in 2020.
At the same time, Goer shares and Luxshare have differences in the future business layout direction. Goer shares continued to lay out VR/AR products and became the world's first VR/AR complete machine foundry; Luxshare strategic layout of consumer electronics (headphones, mobile phones, etc.) components+chassis+OEM. ) and actively deploy automotive electronics business.
In terms of Goer shares, the VR industry has gradually entered the stage of heavy volume growth after years of accumulation. Goer shares seized this opportunity, and the shipments of VR products grew rapidly. In the first half of 20021,Goer's intelligent hardware business with VR products as the core realized revenue of11200 million yuan, up by 2 10.8% year-on-year, accounting for 37.0% of the revenue, up by 13.8 percentage points year-on-year; The company's overall revenue and net profit increased by 94.5% and 65,438+0,265,438+0.7% respectively.
In Luxshare, in the first half of 20021,the proportion of its consumer electronics business was still as high as 83.9%, but the growth rate of this business has slowed down to 30.0%, on the one hand, because the growth rate of AirPods slowed down, and on the other hand, because the newly acquired iPhone OEM business in 2020 will not start to increase until at least the second half of 20021; However, the revenue proportion of its key automotive electronics business is still only 3.7%, and it will take a long time to make a significant contribution to the company's overall performance.
In the first half of 20021,Luxshare's overall revenue and net profit increased by 32. 1% and 2 1.7% respectively, which was much lower than Goer's growth rate.
The performance-driven differentiation between Goer and Luxshare was priced in advance by the market, especially during March-April this year, and the market began to pay general attention to the growth logic of VR. Therefore, since April this year, Goer's share price trend is obviously stronger than Li Xun Precision.
Summary: Goer and Luxshare are two leading enterprises in the consumer electronics industry, and their performance has continued to grow rapidly in recent years. From the beginning of 20 19 to March of 20021year, the share prices of Goer and Luxshare were basically synchronized, mainly because the heavy volume growth of AirPods during this period was the same core driving factor for the rapid growth of the performance of the two companies. Since April, 20021,Goer's share price trend has been obviously stronger than that of Li Xun Precision, mainly because Goer's performance has maintained a high growth with the help of VR products, and the vertical integration of Luxshare's consumer electronics and automotive electronics business still needs some time to be cultivated to release the performance increment.