Investor Network Liu Liang
"The passive safety products provided by Sheng Jun Electronics for Tesla helped Tesla obtain the five-star standard of NCAP crash test; The new energy vehicle battery and circuit protection system independently developed by the company has supplied more than 300,000 pieces to Tesla, and will provide the second generation products for Tesla in 2020. "
This is Ningbo Sheng Jun Electronics Co., Ltd. ("Sheng Jun Electronics" for short), 600699. SH) said in the investigation letter from June 5438+1October 65438+July, 2020, this part shows that the cooperation between Sheng Jun Electronics and Tesla is getting closer and closer.
As a Trass concept stock, the share price of Sheng Jun Electronics has risen by nearly 60% in the past three months, and the closing price as of 20201October 20th is 22.93 yuan/share.
However, Sheng Jun Electronics also has a series of problems. For example, in recent years, through continuous mergers and acquisitions, high goodwill and high debt have been generated. In addition, in the first three quarters of 20 19, the company's revenue was 45.806 billion yuan, a year-on-year increase of16.20%; The net profit of returning to the mother was 702 million yuan, a year-on-year decrease of 33.60%.
Then, whether Sheng Jun Electronics can continue to increase the company's profits and gradually solve the above-mentioned related problems through cooperation with upstream vehicle manufacturers such as Tesla in the future is a concern of investors.
Continued mergers and acquisitions lead to high debt and high goodwill.
20 1 1, Sheng Jun Electronics listed its A shares through Liaoyuan Deheng ... Since then, Sheng Jun Electronics has made several rounds of mergers and acquisitions on the platform of listed companies.
20 12 Sheng Jun electronics invested nearly 2 billion yuan to hold german rip holdings limited. Rip Holdings is mainly engaged in R&D and production of automotive electronics; In 20 16, Sheng Jun Electronics bought shares of two other companies, namely KSS, a global supplier of automotive safety systems in the United States, and TS, a German company engaged in intelligent driving, vehicle networking technology research and development and related equipment production. In 20 18, Sheng Jun electronics acquired the main assets of Japanese auto parts manufacturing co., ltd (hereinafter referred to as "takada") for15.88 million USD.
As a result, Sheng Jun Electronics has gradually formed three business segments: automobile safety system, automobile electronic system and functional parts assembly.
Although the continuous merger and acquisition in recent years has made the revenue and net profit of Sheng Jun Electronics show an upward trend, it has also brought a very high reputation to the company. The goodwill of 20 16 to 20 18 is 7.468 billion yuan, 7.829 billion yuan and 8.65438+0.28 billion yuan respectively. At the end of the first three quarters of 20 19, the company's goodwill reached 8.387 billion yuan, accounting for 15.03% of the company's total capital in the same period.
In the same period, the company's asset-liability ratio also showed an upward trend. From 20 16 to 20 18, the company's asset-liability ratio was 62.82%, 6 1.24% and 69.35% respectively. At the end of the first three quarters of 20 19, the company's asset-liability ratio was 67.37%.
Wind data shows that by the end of the first three quarters of 20 19, Sheng Jun Electronics' monetary fund was 6.434 billion yuan, while its short-term loan was 6.422 billion yuan, and its current liabilities due within one year were 874 million yuan, indicating that the company was under great repayment pressure.
Investor.com replied to Sheng Jun Electronics that the company is still in the process of integration after the merger. In the first three quarters of 2065438+2009, the company's non-operating losses totaled1.1.200 million yuan, which were mainly related to the integration and restructuring expenses, such as the integration and relocation of production lines in Mexico factories in North America, the integration of production lines in Romania in Europe, and the integration of R&D centers in Germany, and were included in the financial report as management expenses.
Most of the above-mentioned non-recurring losses are one-off, and the net profit of main business in the first three quarters of 20 19 still increased compared with the same period of 20 18. In the first three quarters of 20 19, the company's net profit was 8140,000 yuan, up 15.66% year-on-year, and there was no such thing as "increasing income without increasing profits".
In this regard, Sheng Jun Electronics further explained that "the asset-liability ratio of 20 18 increased year-on-year, mainly due to the company's acquisition of Gaotian assets and the increase in M&A loans. With the improvement of M&A integration performance, the capital-liability ratio of 20 19 company has begun to decline. "
Therefore, with the completion of mergers and acquisitions and the promotion of integration, the quick ratio of the company has also improved (see the table below). In the future, with the improvement of the company's operating performance, the short-term debt repayment pressure is expected to be further reduced.
Regarding the problem of high goodwill, Sheng Jun Electronics said, "The company will regularly conduct goodwill impairment tests on the acquired enterprises. According to the current operating results and expectations of operating results, we believe that there is no significant impairment risk in the company's goodwill in 20 19. "
The gross profit margin of sales is expected to be improved.
While continuing M&A, Sheng Jun Electronics also pays attention to research and development.
Wind data shows that since 20 14, the R&D expenditure of Sheng Jun Electronics has continuously exceeded the net profit returned to its mother. In the first three quarters of 20 18 and 20 19, the R&D expenditure of the company was 3.900 billion yuan and1999 million yuan respectively, and the net profit attributable to the mother was13/kloc-0.80 million yuan and 702 million yuan respectively.
If from Weichai Power (000338. SZ), a leading enterprise in the auto parts industry, has an annual revenue of 20 18 billion yuan, ranking first among listed auto parts companies. By comparing the ratio of R&D expenditure to revenue, we can see that Sheng Jun Electronics' R&D investment is greater than Weichai Power (see the table below).
It is not difficult to see that the continuous expansion of M&A and the increase of R&D make Sheng Jun Electronics have many capabilities. In the annual report of 20 18, Sheng Jun electronics introduced itself as follows:
1. is capable of hardware design, software development and data processing, with R&D centers in Asia, Europe and America, more than 5,000 engineering and R&D personnel and more than 5,000 patents worldwide.
Second, the main customers include BMW, Daimler, Volkswagen, Audi, GM, Ford, Toyota, Honda, Nissan and other global vehicle manufacturers and domestic first-line independent brands.
Thirdly, it has strong manufacturing capacity and global support system to ensure that it can respond to customers' needs quickly. It has several major production bases in the world and has achieved globalization.
Wind data shows that in recent years, the revenue of Sheng Jun Electronics mainly comes from overseas. In 20 18, 76.26% of Zhongsheng Electronics' income came from abroad, and the domestic market income only accounted for 23.74% of its total income. However, in terms of gross profit margin, Sheng Jun Electronics has shown a downward trend in recent years. The gross profit margin of sales in 20 15 years was 2 1.65%, in 20 17 years it was 16.39%, and in the first three quarters of 20 18 years and 20 19 years it rebounded slightly, both of which were/kloc.
It is estimated that in 20 19, the income generated by the related businesses of Sheng Jun Electronics and Tesla will not exceed 2 billion yuan, which is not high in the total income of Sheng Jun Electronics, but Sheng Jun Electronics has high hopes for cooperation with new car-making forces like Tesla.
Regarding the next direction, Sheng Jun Electronics said, "The cooperation between Sheng Jun Electronics and Tesla is gradually extending to power management module, human-computer interaction system and automobile safety system. In addition, the company is actively looking for opportunities to cut into other technical fields of Tesla, such as the field of automotive intelligent networking, and seek cooperation opportunities. "
Jia, a senior automobile analyst, commented, "China's new energy automobile industry has been developing for 10 years, but it has not formed a core technology and industrial chain system. Through continuous research and development, Tesla has formed a complete industrial chain system of new energy vehicles from battery cells to motor electronic control, from powertrain to system software, providing supporting facilities for Tesla, which will drive domestic new energy auto parts enterprises to improve their technical strength and profitability. "
Li, an analyst at fortune securities, said in a recent research report, "Sheng Jun Electronics currently holds orders of about 60 billion yuan a year, and its market position is stable. However, limited by the process of mergers and acquisitions in recent years, the low utilization rate of production capacity has led to an increase in production costs. The company's recent development focus will shift to reducing costs and increasing efficiency, and the gross profit margin is expected to reach about 20% in the future. " (produced by Thinking Finance) ■