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2023-01-30   ES  

At present, the car networking industry is entering the “fast lane” of development. Some companies are enjoying the market dividend brought by the “Internet of Vehicles”, but some networking terminal manufacturers have fallen into an embarrassing situation of “crisis”.

According to the data of the “Institute of Smart Automobiles”, the predecessor of the new domestic car (autonomous+joint venture brand) in 2020 is 90.453 million, an increase of 47.57%year -on -year in 2019.

From this, the new car is equipped with T-BOX’s risk volume of 37.26%year-on-year to 8.318 million units, including the standard of the vehicle wireless terminals including Desesiwei, Lianyou Technology and other companies. promote.

However, in 2020, the network of car networking business with Fang Technology has fallen by nearly 70%, resulting in both operating income and net profit declined, and the net profit loss reached 750.648 million yuan, a year -on -year decrease of 237.58%; and deduction Non -net profit losses were 89,777,400 yuan.

Fang Fang Technology said that the main reason for the double decline in operating income and net profit was due to factors such as epidemic and chip shortage. At the same time, the price of chip shortage fluctuates greatly. If the shortage of chip continues further, it is expected that the company will once again face the risk of decline in profitability in 2021.

In fact, according to the first quarter of the 2021 performance report, the losses of Fang Technology are further increasing, and the net loss in the first quarter reached 23.92 million yuan, a decrease of 148.34%compared to 2020.

Behind this, Fang Technology also faces many risks and challenges in the Internet of Vehicles, such as sales customers and suppliers are more concentrated, high accounts receivables, operating cash flow continuously declined, and so on.

1. Decreased performance

2020, the double -clicking of the epidemic and the “core” crisis, and Fang Technology, which has increased for many years, has encountered “face change” in performance.

Annual report shows that Fang Technology achieved operating income of 574 million yuan in 2020, a year -on -year decrease of 26.66%; the net profit attributable to shareholders belonging to listed companies was 750,648,800 yuan, a year -on -year decrease of 237.58%; realizing non -net profit was 8947.74 10,000 yuan.

This is the first time that Fang Technology has recorded performance losses in recent years.

In the past 2017 to 2019, the operating income of Fang Technology was 499 million yuan, 557 million yuan, and 782 million yuan, respectively, showing a rise in rise. The net profit was 51.5778 million yuan, 43.4952 million yuan, and 5456.055 10,000 yuan.

The main business of Fang Fang Technology is the IoT wireless communication industry. It has three major products: wireless communication module, wireless communication terminal, and wireless communication solution. It is mainly used in the two major areas of smart energy and Internet of Vehicle.

Among them, the wireless communication module product is an important link to connect the Internet of Things perception layer and network layer. It is mainly used in the field of smart energy, Internet of Vehicles (front modules), and industrial Internet of Things. Provide facilities for the State Grid and others.


annual report shows that in 2020, the revenue of Fang Technology’s wireless communication module fell 13.57%year -on -year to 452 million yuan, accounting for 78.75%of the total revenue.

and wireless communications terminals mainly include Internet-loaded 4G smart OBD, T-BOX, vehicle AI smart machines and other Internet-connected terminal products, which are mainly sold for overseas customers such as Harman. In 2020, the revenue of Fang Technology’s Internet of Internet of China fell by 68.23%, which caused the operating income of the wireless communication terminal to fall by 66.19%to 75.887 million yuan.

Wireless communication solutions are mainly used in the Urban Internet of Things Specialty and Real Estate Property Comprehensive Solutions of Smart City. The income in 2020 reached 20.5975 million yuan, an increase of 75.03%year -on -year.

Data show that some Fang Technology has deployed the field of wireless communication application terminal development in the Internet of Vehicle -connected wireless communication application terminal development since 2016. It is mainly aimed at overseas high -end markets, and in 2017, 4G smart OBD products were successfully delivered overseas.

In the past two years, the Internet of Vehicle Network of Fang Technology has achieved rapid growth, and at the same time, it is also accelerating the expansion of the Internet of Vehicles. Benefiting from this, from 2017 to 2019, the operating income of Fang Technology Wireless Communication Terminal Products (the higher is the quasi-front and rear loading network 4G smart OBD products) increased from 10.8 million yuan in 2017 to 2019 The year of 224 million yuan, and the gross profit margin level reached 31.36%in 2019.

At the same time, the revenue of Fang Technology in overseas markets has also achieved rapid growth, from 560,700 yuan in 2017 to 231 million yuan in 2019. Overseas revenue has accounted for 29.3%of its total operating income.

but the good times is not long. In the first half of 2020, the impact of the epidemic in the first half of 2020, and the performance of Fang Technology was in a situation of losing money. In the second half of the year, although the automotive market began to recover, the chip and electronic components used by the Internet of Vehicles (T-BOX, etc.) were imported from abroad. In the context of the global chip shortage, the shortage of global chips is high. , Encounter “blow” again.

Youfang Technology said that the current company’s order is still severe, and the shortage of chip will cause the chip price to fluctuate greatly. In the future, the company will still face huge uncertainties.

2. The crisis is four volts, and the future is still not optimistic

“Smart Automobile” learned from the annual report of the past few years that the reason why Fangfang’s scientific and technological performance can achieve rapid growth is largely due to cooperation with Harman (Harman), a well -known international vehicle supplier.

Data show that in 2017, Fang Technology cooperated with Harman, a well -known international vehicle, and made customized design and development according to the latter’s needs, and began to supply large -scale Harman in the following year.

In 2018, some Fang Technology’s sales from Harman reached 66.6361 million yuan, accounting for 68.40%of the income of wireless communication terminals that year; in 2019, Harman has become the company’s largest customer, with sales significantly increased to 161 million yuan. It accounted for 71.88%of the income of wireless communication terminals at that time, and the proportion of total operating income of the year had reached 20.59%.

By 2020, although the sales of Harman (43.1331 million yuan) from Harman have declined under the influence of the epidemic, Harman is still its second largest customer, accounting for 7.52% of the total annual sales of its annual sales reaching 7.52% Essence

Similarly, Fang Technology is also very dependent on procurement.The top five suppliers of Fang Fang Technology are Hengzhi Technology (chip agent), Qualcomm (chip), Jialijia (chip agent), Zhuoxingtai (processing), Hengchang Sheng (processing). The proportion was 24.34%, 23.15%, 7.51%, 3.44%, and 3.34%, respectively, with an average concentration of more than 60%per year.

Sales customers and suppliers are more concentrated, and the right to speak in Fang Technology is not high, which has led to a series of risks, such as accounts receivable at a high level, continuous decline in operating cash flow, and so on.

From the past 2018 to 2020, the accounts receivables of Fang Technology were 306 million yuan, 372 million yuan, and 290 million yuan, respectively, accounting for 40.96%, 37.72%, and 29.3%of the total assets, accounting for the current current period The proportion of operating income is 54.94%, 47.57%, and 50.52%, respectively, at a high level of industry.

The same risk is also reflected in the company’s cash flow. In the past 2017-2020, the net cash flow generated by Fangfang Science and Technology operations was -616.73 million yuan, -87.436 million yuan, and -2037,100 -91.9433 million yuan, all in a net outflow state.

Youfang Technology’s performance report in 2020 stated that if the company cannot effectively control the speed of receivables and the speed of inventory, continuously strengthening cash flow management or bank loan raising funds will not be timely, and the company’s operations and business Expansion will be greatly affected.

At present, the network market market has entered the era of Red Sea competition, but the business form of Fang Technology is still in a weak position in the industrial chain. Most of its networking products are concentrated in the back -loading market. 5G+C-V2X market.

During the reporting period of

, the company’s Cat.1 module was commercially commercialized before the domestic car networking.

In the future, with the continuous expansion of the business scale, some Fang Technology still needs to continue to invest in research and development (the development of the front -loading market, especially the vehicle communication will enter a new round of 5G front -loading rapid growth period), and the company’s cash flow management will face will face the company’s cash flow management. More challenges.

For example, the company’s 5G wireless communication modules and solutions, high -speed LTEV2X wireless communication modules and solutions are in R & D status, and the cumulative investment amount is only 6.93%and 29.16%of the total investment scale.


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