The reinvestment income mainly comes from the recognition of Asia (B.V.I.) and Powerlink(B.V.I). At present, Yaguang's shareholding in Asia (B.V.I) has increased from 60% to 70%, and it is expected that the profit will be confirmed at 70% in the second half of the year. In addition, Yaguang financial measurement is compiled according to the exchange rates of USD 65,438+0: 365,438+0 and JPY 65,438+0: 0.2897. If Taiwan dollar depreciates 1 yuan, Yaguang's net profit before tax will increase by 320188,000 yuan. In view of the rising domestic labor costs and the difficulty in obtaining industrial land, Yaguang has set up production bases in Chinese mainland and the Philippines since 8 1. Because the United States and Japan have advantages in optical design and coating technology, they cooperate with internationally renowned manufacturers such as Canon, Nikon, Olympus and Pentax to jointly invest in overseas production bases and obtain precision optical components (such as aspherical lenses and coatings). The following is the classification of reinvestment business:
1. Hong Kong Zhilian, Dongguan Tailian and RICHMAN(B.V.I)
In August1year, we invested in Hong Kong Zhilian with Ricoh * * * of Japan, and invested HK$ 40,000 to hold 40% of the shares. Later, we invested US$ 420,000 in Dongguan Tailian to hold 30.9% of the shares, mainly engaged in camera assembly business. 1986, Hong Kong returned to the mainland. Considering the political and economic risks, Richman(B.V.I), a reinvested subsidiary of 100%, was established in June 1987, and purchased the equity of Dongguan Tailian 16. 1% for 700,000 US dollars. However, Hong Kong Zhilian initially invested in Dongguan Tailian. Therefore, through Richman(B.V.I), the investment in Dongguan Tailian * * * is USD 65,438+065,438+02,000, and the shareholding ratio is increased to 40%. It is planned to dispose of all shares of Hong Kong Zhilian this year.
Second, Asia (B.V.I) and Dongguan Xintai:
Due to the long-term cooperation with Nisshoko and the company's site, Nisshoko, considering the language exchange and cultural differences in Chinese mainland, entrusted Asia Optical's long-term supervision subsidiary Asia (B.V.I), 100% to reinvest in Dongguan Xintai. Considering the international division of production strategy, Yaguang purchased 5 1% equity of Asia (B.V.I) from Nishangzhou in April, 1988, and increased its shareholding ratio to 60% in August last year and 70% in July this year, indirectly holding 60% equity of Dongguan Xintai.
Dongguan Xintai is the production base of Yaguang Mainland, mainly responsible for the production of optical lenses, lens assembly, laser rangefinder assembly and camera assembly. Since the products produced by Dongguan Xintai are sold by Asia (B.V.I.), only Asia (B.V.I.) pays the processing fee to Dongguan Xintai, and the profits remain in Asia (B.V.I.). 1988 Asia (B.V.I) revenue was 2.305 billion yuan, after-tax profit was 499 million yuan, Asia Optical confirmed 89 million yuan, and EPS contributed 2.4 1 yuan. Last year, the pre-tax profit of Asia (B.V.I) was 600 million yuan, which was recognized by Asia Optics as 360 million yuan, and EPS contributed 6.68 yuan. The pre-tax profit of Asia (B.V.I) this year is estimated to be 965.438+0 billion yuan, and Asia Optics can recognize 573 million yuan. In June, the revenue of Asia (BVI) was 732 million yuan, an increase of 104.8% over the same month of last year, and the accumulated revenue in June-June was 3.956 billion yuan, an increase of 13427% over the same period of last year.
Third, POWERLINK(B.V.I) and SCOPRO:
1In June, 1987, Asia Optics purchased a 0/00% stake in Powerlink (B.V.I.)/kloc-0 from the major shareholder Yi Liren and others for140,000 yuan, and indirectly held a 55% stake in Scopro. POWERLINK(B.V.I) is mainly engaged in the sales of scenic spots, while SCOPRO in the Philippines is responsible for the processing and assembly of scenic spots. 1988 POWERLINK(B.V.I) earned 546 million yuan, with after-tax profit of 65.438+0.44 billion yuan, confirmed by Asia Optics of 65.438+0.39 billion yuan, and EPS contributed 3.77 yuan. However, due to the use of guns in the United States last year, the shipment of sights was affected. The pre-tax profit of POWERLINK(B.V.I) is 67 million yuan, and its contribution to the EPS of Asia Optics is 1.24 yuan.
4. Nikon in Hangzhou
2000/ 1 Established a joint venture with Japanese Nikon and the official Hangzhou Photographic Machinery Research Institute in mainland China, with 35% shares, mainly producing monocular cameras and their components B.V.I First of all, DWDM filter is the focus of development this year.
Although the market price of DWDM filters has been falling continuously recently due to the dual effects of increased supply and weak demand, according to ITIS' prediction, the global DWDM market will increase from $4.33 billion last year to $5.76 billion, and will reach $65.438+03.427 billion in 2003. Yaguang expects that the 200GHz DWDM filter will be launched in September this year, and then the 200GHz DWDM module will be mass-produced in June 5438+065438+ 10. 100GHz DWDM filter will be completed in February 65438, and 100GHz DWDM module will be mass-produced in March next year. By the third quarter of the same year, the quarterly production capacity of DWDM filter optical devices will reach 65438.
2. Build a production and marketing model of "Taiwan Province province orders, made in mainland China" to strengthen cost competitiveness.
In the fierce market price competition, domestic manufacturers gradually moved to Chinese mainland and other low-wage areas for production. Therefore, it has become an inevitable trend to combine the production technology and marketing experience of Taiwan Province Province with the low labor cost of Chinese mainland. Yaguang's operation strategy is that the parent company grasps the core technology of product R&D and trial production, and produces products with high automation, high precision and high coating level, while the products with labor-intensive and high manual assembly are processed and produced by mainland subsidiaries. By deploying the production and marketing mode of "Taiwan Province province orders, made in mainland China", the productivity is effectively improved, and the labor cost and transportation cost are reduced.
Third, overseas subsidiaries Powerlink and Asia(B.V.I) are the main profit contributors.
Since 1988, at least 80% of Mattel's profits have come from the contributions of its subsidiaries Asia (B.V.I.) and Powerlink(B.V.I), among which Asia (B.V.I.) has contributed 70% of its profits, which is the most important. It can be seen that Xintai in Dongguan, the mainland is its most important production base and profit source, while Scopro in the Philippines is slowing down in the global market of traditional attractions. Generally speaking, overseas subsidiaries play a very important role in future profit contribution. In view of the fact that Yaguang increased its shareholding in Asia (B.V.I) to 70%, the overall profit in the future is still relatively optimistic.
Investment risk assessment:
I. Industrial aspects
Matte products are good at coating, and their technology is no less than that of Japanese manufacturers. With the continuous growth of the optical device market, the industrial prospect is still optimistic.
Second, the financial aspect.
As far as Yaguang's solvency is concerned, it has improved year by year as of the first quarter of this year. Although its operating capacity is not perfect, it is still within a reasonable and acceptable range. Yaguang has no immediate financial crisis.
Third, the overall situation.
At present, the global economy and stock market are in a downward trend, which is not good for Yaguang. Yaguang's products are mostly used for leisure purposes. In addition, the recent high-end share price of Yaguang shares has worried the market that there may be a callback trend. Therefore, the stock market has not risen recently, and it is still not appropriate to chase high.