Fude liuyou, the hottest supplier of Apple touch s

Apple's touch screen protective glass supplier is rich and will soon be listed on the gem

the biggest personal winner of apple and Samsung's hot sales is probably Ms. Zhou Qunfei (Hong Kong permanent resident). Lansys technology, which she founded in 2006, has become the world's largest supplier of touch screen protective glass for mobile devices. According to the prospectus, lansys' 2014 revenue was 14.5 billion, with accumulated undistributed profits of 6.2 billion plus complex synthesis methods and processes! It is estimated that the revenue in the first quarter of 2015 will be 4 billion to 4.5 billion. When such a cash cow is listed on the gem, it will also take 6.2 billion undistributed profits to share with shareholders. Obviously, Ms. Zhou Qunfei, who holds more than 90% of the shares of lansic, believes that the benefits of listing on the gem are greater than directly taking 6.2 billion home

now, there is a quasi listed company with an operating revenue of more than 10billion yuan and a net profit of more than 1billion yuan for three consecutive years. In fact, when the leader sees such business performance, I believe most investors will think that the company is going to land in the main board market

on the contrary, lansys technology will bring this data to the GEM market, and plans to make the subscription on March 10 (next Tuesday). It is noted that its operating income and net profit are both among the best, far exceeding those of similar stocks in the sector. however, "We played the role of catalyst, but the net profit of Lansi technology in 2014 fell by 51% year-on-year, and hidden many difficulties, such as heavy dependence on key customers and steep decline in comprehensive gross profit margin.

the performance exceeded the sum of the top three on the gem.

according to the prospectus of Lansi technology, the company plans to issue shares publicly (including the issuance of new shares and the transfer of old shares) The total number of shares is no more than 67.36 million, and the main body of the transfer of old shares is Hong Kong Lansi, with a total share capital of no more than 673 million shares after issuance

it is noted that lansys' main business is the R & D, production and sales of window protective glass. Its main products are window protective glass, which is widely used in consumer electronic products such as, tablet computers, laptops, etc

among them, the shipments of lansys' and tablet computer protective glass in 2013 were 451 million and 25.508 million respectively, with a total of 476 million; In 2012, the shipments of protective glass for tablet computers were 350million pieces and 31.0476 million pieces, respectively, with a total of 382 million pieces. It is estimated that the market share of lansys technology in 2012, 2013 and tablet computer protective screen was about 20.27% and 23.37% respectively

in fact, lansys technology has a long history. Apple and Samsung are its major customers. From 2012 to 2014, lansys technology achieved operating revenue of 11.163 billion yuan, 13.352 billion yuan and 14.497 billion yuan respectively, with net profits of 1.996 billion yuan, 2.44 billion yuan and 1.176 billion yuan respectively

it should be reminded that lansys technology has such a large scale, but it only plans to enter the GEM market, which is very surprising

according to the statistics of flush Ifind, among the gem in 2013, Jifeng agricultural machinery (300022, the previous closing price of 10.29 yuan) ranked first in terms of operating revenue, with a revenue of 5.954 billion yuan; Blue cursor and Nandu power followed, with revenue of 3.584 billion yuan and 3.508 billion yuan respectively; Unfortunately, the sum of the top three revenue on the gem is only 13.046 billion yuan, which is not comparable to the value of Lansi technology in the same year

it is commendable that lansys technology has increased both revenue and profit, and this financial data is also the best among the group. In 2013, Bishui ranked first on the gem with a net profit of 839 million yuan. Huayi Brothers and Sanhuan group ranked second and third respectively, but the sum of the net profits of the three was 2.07 billion yuan, far lower than the 2.44 billion yuan of Lansi technology that year

there are many difficulties hidden in Lansi technology

although the performance level is very good, Lansi technology has to face many problems, such as heavy dependence on key customers, steep decline in comprehensive gross profit margin, and halving decline in net profit

through several years of efforts, the production capacity of all kinds of protective glass of lansys technology increased from about 623million pieces in 2012 to about 840million pieces in 2014, becoming the world's major manufacturer of window protective glass; The expansion of production capacity and the enrichment of product varieties have also led to the rapid expansion of the company's business scale, and the sales revenue increased from 11.163 billion yuan in 2012 to 14.497 billion yuan in 2014

in fact, lansys technology suffers from serious big customer dependence. From 2012 to 2014, the company's sales to the top five brands due to the high density of the material accounted for 96.25%, 93.10% and 86.69% respectively, of which the total sales to apple and Samsung accounted for 87.65%, 83.60% and 74.15% respectively. In the future, if Apple and Samsung make a slight mistake, lansys technology does not rule out the possibility of fluctuations and declines in performance in the year of listing and a year-on-year decline in operating profit of more than 50%

it is found that from 2012 to 2014, the comprehensive gross profit margin of lansys technology was 30.95%, 31.68% and 22.35% respectively, especially in 2014. In fact, lansys technology was really cheated by apple. Looking at the prospectus declaration draft in December last year, we can see that its fund-raising projects include small and medium-sized touch function glass panel technology transformation project, large-size touch function glass panel construction project, sapphire production and intelligent terminal application project, with a total investment of more than 5billion yuan

in 2014, in order to arrange sapphire products in advance and ensure the smooth mass production of new products, Lansi technology has raised funds to implement fund-raising projects in advance, and built, purchased and reserved a large number of plants, equipment and employees. Due to the expansion of scale, the fixed costs such as depreciation, amortization and labor increased, as well as the impact of the difficult processing of new products and the high rate of defective digital filters in the second half of 2014, the comprehensive gross profit margin fell sharply. According to the latest prospectus, sapphire production and intelligent terminal application projects have been excluded from the raised investment projects, and the total amount of raised investment has decreased to 3.622 billion yuan

correspondingly, lansys' net profit fell to 1.176 billion yuan in 2014, a year-on-year decrease of 51.79%. Lansi technology explained that in 2014, affected by the decline of Samsung's sales, the company's sales revenue to Samsung and Samsung OEM fell sharply, including a decrease of 1.374 billion yuan to Samsung compared with 2013, and a decrease of 411 million yuan to melfasinc (Samsung OEM) compared with the same period in 2013; The sales revenue of the company to Nokia and other brands and their OEM plants also decreased compared with the same period in 2013

today, lansys technology is adjusting its customer structure and starting large-scale cooperation with domestic well-known manufacturers Xiaomi and Huawei. It is estimated that from January to March 2015, the sales revenue will reach 4billion yuan to 4.5 billion yuan, with a year-on-year increase of 60% to 80%; The net profit was 400million yuan to 450million yuan, with a year-on-year increase of 35%~55%