Foxconn "working girl" counterattacked; With AirPods, an OEM for Apple, its revenue increased by 1.74% in three years, and its market value exceeded 400 billion RMB, surpassing Foxconn's parent company Hon Hai Group. Received praise from Apple CEO Cook. ......
In Weifang, Shandong, one thousand kilometers away from Kunshan, Goer Co., Ltd., another Apple supply chain enterprise, has also achieved rapid growth by OEM for AirPods. Its share price rose from the low level in 6 yuan at the end of 20 18 to 44 yuan now, with a market value of about140 billion, which is called "Xiaolixun".
However, looking back at the development history of the two companies, Goer is a pioneer in the field of acoustics and an industry leader that Luxshare has overtaken.
Before 20 17, the development of Goer and Luxshare was in an "approximately parallel" state.
Goer was founded in a year similar to Luxshare.
In the 1990s, Weifang No.8 Radio Factory, which mainly engaged in miniature microphones, closed down. Jiang Bin, one of the workshop technicians, started a small private enterprise with the original technology, and the main product is still the microphone. 200 1, the company was renamed Goer acoustics.
At the same time, in 1997, Wang Laichun, who worked as a class teacher from a Foxconn girl, also left Foxconn to set up a factory with her brother Wang Laisheng. His initial business was TV backshell, wire patch panel and so on. Around 2002, Foxconn's orders surged, and it began to hand over orders for PC converters to Luxshare.
After changing its name to Goer Acoustics, Goer's business expanded to manufacture and sell MEMS sensor modules, micro-speakers, microphones, antennas, receiver modules and other acoustic components. Its customers cover Samsung, Sony, Google, Microsoft, Cisco and other top manufacturers in the world, and gradually grow into a global leader in the acoustic industry. It went public in 2008, with operating income of 1, 01.200 million yuan and net profit of 65448.
During this period, Luxshare also achieved rapid growth in performance after receiving orders from Foxconn. OEM products gradually expand from a single PC converter to notebooks and consumer electronics cables.
Luxshare was listed 20 10 two years later than Goer. In the year of listing, the operating income was almost the same as that of Goer, which was10.10/billion respectively, and the net profit was1.10.6 billion.
The time for the two to cut into Apple's supply chain is similar.
20 10 goer shares cut into apple's industrial chain to supply apple with acoustic components and wired headphones.
One year later than Goer, Luxshare entered Apple's supply chain through the acquisition of Kunshan Liantao at 20 1 1, and became one of the main suppliers of Apple's connecting cables. Since then, I have successively obtained Apple orders such as iPad internal line, MacBook power cord, AppleWacth wireless charging/strap, MacBookType-C and iPhone adapter.
Thanks to the continuous improvement of Apple's mobile phone shipments, both of them have achieved rapid growth in recent years from listing to 20 17. Goer increased from 65,438 billion yuan at the time of listing to 25.5 billion yuan in 20 17, and Li Xun increased to 22.8 billion yuan.
The turning point also appeared on 20 17. Looking back now, it is this key card position that led to the different growth rates and business heights of the two companies.
In 20 16, AirPods went on the market with iPhone7. At first, the supplier chosen by Apple was Inventec, a Taiwan Province company. However, Inventec didn't realize that the small AirPods would have a market size of 1000 billion, and it was slow to respond.
Between these two gaps, Gore was not keenly aware of the opportunity. 2065438+July 2007, Luxshare was awarded the OEM qualification of Apple AirPods, and was favored by Apple with a yield of nearly 100%, and gradually became the main supplier of AirPods, accounting for 60% of the OEM share.
The reacted Goer, 20 18, entered the AirPods supply chain and eventually became the second generation factory of AirPods, accounting for 30% of the OEM share, a difference of two times.
As a foundry with high dependence on big customers, the card position of key time nodes determines the growth ceiling and even life and death of the foundry. It is this key position of "fast and slow" that has laid the different growth rates and industry positions of Luxshare and Goer.
Since 20 17, the sales of AirPods have increased greatly, which has promoted the TWS (true wireless stereo) headset industry chain to become one of the tracks with good growth in the next few years. Counterpoint data shows that the global shipments of TWS 20 19 and 2020 will reach 1 0.5 billion and10.5 billion respectively, and the market size will be nearly 7.5 billion US dollars and 1 1 0 billion US dollars respectively.
Among them, taking 20 19 as an example, AirPods firmly dominates the global TWS market with 50% share and 7 1% revenue.
Taking advantage of the east wind of the industry, Goer and Luxshare have achieved explosive growth, but behind the growth, the gap between them is also obvious.
From the perspective of revenue and net profit, in 20 17, the operating revenues of Goer and Luxshare were at the same level, which were 25.5 billion yuan and 22.8 billion yuan respectively. In terms of net profit, Goer's 210.40 billion yuan is higher than Li Xun's10.75 billion yuan.
The gap began to widen at 20 18. In 20 18, goer's operating income was 23.7 billion yuan, down 7. 14% year-on-year. The net profit was 868 million yuan, a year-on-year decrease of 59.42%; In this year, Luxshare's operating income increased by 57.06% to 35.8 billion yuan, and its net profit increased by 665,438+0.05% to 2.7 billion yuan.
After experiencing the pain of 20 18 transformation, the revenue of 20 19 Goer increased to 35 1 100 million yuan, and the net profit 1307 billion yuan, up 50.59% year-on-year. Luxshare further widened the gap, with operating income increasing to 62.5 billion yuan and net profit of 4710.40 billion yuan, up 7.310.3% year-on-year.
The latest comparable financial report of the two companies is the first half of 2020. Goer's operating income was 65.438+0.55 billion yuan, up 65.438+04.71%,and Li Xun was 36.452 billion yuan, up 70.05438+0%. In contrast, in three years, the two are not an order of magnitude.
Gross profit margin reflects the company's premium ability and market competitiveness. In terms of gross profit margin, Goer and Li Xun are also at different levels.
From 20 17 to 20 19, Goer's gross profit margins were 14.73%, 12.6 1% and 12.66%, respectively, and Luxshare's gross profit margins were/kloc-0. The average difference between them is about 8%
In addition to the slowness and quickness of the 20 17 key card position, the R&D investment amount of Goer and Li Xun may also be one of the reasons for the gap between them.
The financial report shows that in 20 16, the R&D expenses of the two companies were at the same level, and even Goer shares were higher than Luxshare, which were 1024 million yuan and 932 million yuan respectively. During the three years from 2065438+07 to 2065438+09, the R&D expenses of Lux gradually exceeded that of Goer.
During this period, Goer's R&D expenses were: 65.438+23.2 million yuan, 65.438+0.665438+0.8 billion yuan and 65.438+0.807 billion yuan respectively, and a total of 4.657 billion yuan was invested in R&D in three years; Luxshare's R&D expenditure is 65.438+54.2 million yuan, 256.5438+50 million yuan and 4.376 billion yuan respectively, totaling 8.433 billion yuan in three years; The difference between the two is also nearly double.
At the same time, the capitalization ratio of R&D expenses of Goer shares in recent three years is about 30%. In contrast, Luxshare's capitalization ratio remains zero, and all R&D's investments have been spent.
All this is ultimately reflected in the difference in market value. Since 20 17, the market value of Goer has increased from 40 billion to14 billion, and the market value of Luxshare has increased from 44 billion to nearly 400 billion.
The rapid growth of TWS industry has brought explosive growth to the two companies in the past two years. It can be predicted that TWS will remain the foothold of the short-term growth of the two companies in the next year or two, but the existing gap will undoubtedly be irreparable and even expanding.
In terms of medium and long-term growth, Goer and Li Xun also chose different layouts.
In the 20 18 annual report, goer divided its main business from the original two major items of electroacoustic devices and electronic accessories into three major businesses: precision components, intelligent acoustic machines and intelligent hardware. Intelligent hardware business based on VR/AR is the long-term growth point of Goer stock selection.
Goer Co., Ltd. is one of the enterprises that entered the VR/AR field earlier in China.
Up to now, Goer has laid out core technologies such as optics, acoustics, sensors and structural parts around VR/AR products, and can provide design, R&D and manufacturing solutions including optical components, head-mounted display equipment and VR/AR related peripheral products.
In 20 19, the operating income of Goer's intelligent hardware business was 8.5.1300 million yuan.
Luxshare chose to cut into the track, especially in the fields of communication and automotive electronics.
20 18 Relying on the advantages of traditional connectors, Luxshare cut into the fields of communication and automotive electronics in the previous layout.
Li Xun's communication Internet products mainly include electronic harnesses, connectors, cables and structural parts. In 20 19, the income of related products was 2.237 billion yuan. Automotive Internet products mainly include automotive wiring harness and connector products, and the income of related products in 20 19 was 236 10 billion yuan. The total amount of the two is about 4.6 billion yuan.
At present, in the long-term growth business, Goer's operating income is more than Luxshare.
In the future market scale, according to IDC's estimation, the five-year compound annual growth rate of global AR/VR expenditure during 20 19-2024 will be 76.9%, and it will reach136.9 billion USD by 2024.
Behind the communication business is the general trend of 5G and new infrastructure, and the market scale exceeds 1000 billion; In the field of automotive electronics, according to the data of Geshi Automobile, it is estimated that by 2022, the global automotive electronics market will be 2 14 trillion yuan, of which the China market will be 978.3 billion yuan.
At present, the market scale of communication+automotive electronics is larger than AR/VR, but whether the next key node can be accurately locked, whether the high-end precision manufacturing capability, rapid technology iteration capability, strict management capability and large-scale rapid shipment capability can be maintained and sustained is the better fundamental.
Before 20 17, the development of Goer shares and Luxshare was almost synchronous, starting from a single component, and at the same time, almost the same revenue went public and entered the Apple supply chain.
However, there is only one step behind in the key card position of 20 17, a little determination and courage in R&D investment and a little improvement in precision manufacturing, and the final result is completely different.
A miss is as good as a mile. This is a common occurrence in business.