Shulou(Shulou.com)11/24 Report--

1. From watch glass to mobile phone glass, Zhou Qunfei led Lansi Technology to step on the tuyere of mobile phone industry, relying on Apple orders to become a star enterprise, and she also jumped to the richest woman in China at one stroke. However, too much reliance on Apple also makes Lansi Technology's performance change frequently, and it is also faced with being kicked out of the fruit chain.

2. After the growth of mobile phone industry peaked, Zhou Qunfei intended to lead Lansi Technology to launch an impact on new energy automobile and other industries, but the growth of old business was sluggish and the investment in new business was too large, which made Lansi Technology fall into a loss situation, and the stock price performance went down all the way.

Hurun's list of rich women in 2015 has attracted public attention to a black horse female entrepreneur named Zhou Qunfei.

Lansi Technology, which she founded, not only went to the Shenzhen Stock Exchange for supplying mobile phone glass to Apple, but also put her on the throne of China's richest woman.

However, in recent years, the former richest woman has become more low-key. As the mobile phone industry faces recession, Lansi Technology is also under pressure. Lansi Technology recently released 2022 semi-annual report shows that its revenue not only fell double-digit year-on-year, but also fell into losses, profitability dropped sharply.

Once star fruit chain enterprise, why not fragrant?

Embrace Cook, the richest woman in the world. Zhou Qunfei, founder of Lansi Technology, has a legendary experience. It is a reverse story from a working girl to the richest woman in China.

In her early years, Zhou Qunfei, who dropped out of middle school, worked in the Australia-Asia Optical Glass Factory, which mainly engaged in watch glass, while studying evening school to improve her academic qualifications; in 1993,23-year-old Zhou Qunfei and her family started the road of starting a business in the watch glass industry, accepting orders in the form of a family workshop; and later, a friend offered her the opportunity to enter the mobile phone glass industry.

In 2001, her friend received an order from TCL for a batch of flip phone panels and assigned the processing of mobile phone panels to Zhou Qunfei. Therefore, Zhou Qunfei tried to apply his watch glass manufacturing technology to the production of mobile phone panels, replacing the popular plexiglass screen with glass screen at that time. Plexiglas screens are prone to scratches, are not resistant to high temperatures, and are prone to deformation, while glass screens solve these problems and are popular.

In 2003, Zhou Qunfei founded Lansi Technology, focusing on the R & D, production and sales of mobile phone protective window glass, and obtained orders from Motorola and other international brands. What really made Lansi Technology rise was Apple's order.

In 2007, Apple released the first iPhone, ditching the physical buttons of traditional phones and replacing them with a large touch-screen, which was seen as the beginning of the smartphone era. The glass of the first generation iPhone touch screen was processed and produced by Lansi Technology.

With Apple's order, Lansi Technology's performance has risen all the way and was listed on the Shenzhen Stock Exchange in 2015. It was also that year that Zhou Qunfei became the richest woman in China with the soaring share price of Lansi Technology.

Zhou Qunfei, then 45, became China's richest woman and the world's richest woman from scratch with a fortune of 50 billion yuan, making her the biggest dark horse on the list, according to Hurun's 2015 Global Self-made Women Rich List. "No one paid attention to Zhou Qunfei before. I didn't expect her to become the most successful female entrepreneur in China and the most successful female entrepreneur in the world as soon as she went public. "Hurun said.

Later, reports of cordial meetings with Apple CEO Cook also appeared frequently in newspapers. Lansi Technology and Zhou Qunfei were both in the limelight for a while.

The pros and cons are all because Apple's financial data show that Apple has been the No.1 customer of Lansi Technology since 2012. Over the years, sales from Apple orders have remained high as a percentage of Lansi's revenue.

Take 2021 as an example, the total sales amount of the top five customers disclosed by Lansi Technology accounts for 80.56% of the total annual sales, while Apple, the largest customer, accounts for 66.49%, and the proportion of the remaining second to fifth is single digits.

There are pros and cons. On the plus side, Apple orders are an important source of revenue growth for Lansi Technology. In 2012, Apple brought in order revenue of 6.255 billion yuan, compared with 30.098 billion yuan in 2021; on the downside, it relies too much on Apple, and the stability of Lansi Technology's performance is also greatly affected.

For example, in 2016, due to the decline in Apple mobile phone sales, Lansi Technology's revenue fell 11.56% year-on-year and net profit fell 16.50% year-on-year; In 2018, under Apple's order cutting, Lansi Technology realized a year-on-year growth of 16.94%, but the net profit attributable to shareholders of listed companies declined by 68.88% year-on-year, and the decline of net profit after deduction of non-profit reached 121.44%.

The bigger risk is that there are also examples of Apple's supply chain companies being kicked out.

Oufeiguang, which is mainly engaged in optical imaging business, was once an important supplier of Apple industry chain. For example, in the first half of 2020, Oufeiguang realized a net profit of 502 million yuan, with a year-on-year growth of nearly 23 times. At that time, Ou Feiguang said that it was mainly due to the increase in orders from some large customers during the reporting period, and the overall profitability of the company continued to improve. The main customer is Apple.

However, shortly after the release of the 2020 semi-annual report, there were rumors that Ofeiguang had been kicked out of the supply chain by Apple. Finally, in the first quarter of 2021, Ofeiguang confirmed the termination of its partnership with Apple, and its performance and share price have plummeted since then. After losing Apple, Oufeiguang lost 1.945 billion yuan in 2020 and 2.625 billion yuan in 2021, and 874 million yuan in the first half of this year.

It is worth noting that Lansi Technology has also been caught in rumors similar to Ofei Light. In October 2021, some investors asked questions on the investor interactive platform: online transmission that your company was kicked out of Apple mobile phone supplier, please confirm. Lansi Technology responded that the content is false information, is rumor, please do not believe rumors, do not spread rumors.

In its 2021 annual report, Lansi Technology, which has intentionally not mentioned Apple for many years, highlighted Apple as its No.1 customer. However, although Apple has not kicked Lansi Technology out of the supply chain, the downturn in the mobile phone industry in the past two years has also greatly affected Lansi Technology.

In addition to Apple, Lansi Technology's customers also include Samsung, Xiaomi, OPPO, vivo, Huawei, Glory and many mobile phone manufacturers. However, in the first half of this year, demand in the consumer electronics industry weakened significantly due to the epidemic and economic fluctuations. Global smartphone shipments fell 7.52% year-on-year to 605 million units in the first half of 2022, according to Strategy Analytics, a market research firm. In addition, notebook computers, tablets and other consumer electronics shipments also showed a certain degree of year-on-year decline.

Winter was also transmitted to Lansi Technology. Lansi Technology recently released the first half of 2022 financial report shows that the revenue reached 19.183 billion yuan, down 10.32% year-on-year; the net profit attributable to shareholders of listed companies reached-305 million yuan, down 113.20% year-on-year.

Against the backdrop of poor mobile phone industry conditions, Lansi Technology is also seeking breakthroughs in new areas.

After losing Apple as a big customer, Ofeiguang began to push into smart cars. In the first half of this year, Oufeiguang intelligent automobile products realized operating income of 596 million yuan, accounting for 7.66% of the company's current operating income, an increase of 44.31% compared with the same period last year.

Lansi Technology is also taking this path. In the annual report of 2021, Lansi Technology also disclosed Tesla, BMW, Mercedes-Benz, Volkswagen, Ideal, Weilai and other new energy vehicle customers, mainly providing vehicle touch display panel, new B-pillar, new automobile glass, etc. for automobile enterprises. In the first half of this year, Lansi Technology said in its earnings report that sales revenue from the company's smart car business increased by 50% compared with the same period last year.

However, the revenue brought by the automobile business to Lansi Technology is relatively limited and is still in the investment period.

Lansi Technology is frank in the financial report of the first half of 2022 that Huanghua and Xiangtan new parks are still in the early stage of construction and operation. The new parks need to accept the comprehensive certification of customers. The research and development expenses in the early stage are relatively high, and the income in the short term has not yet reached the scale. Among them, Lansi Technology invested 4.531 billion yuan to build the "Changsha (II) Park car glass and large size function panel construction project, just in Huanghuayuan District.

In addition to automobiles, Lansi Technology has also expanded its business to smart wear, AR / VR, photovoltaic and other fields, which also require substantial investment.

Conclusion: In January 2021, the share price of Lansi Technology rose to 41.4 yuan, with a market value of 205.88 billion yuan. However, since then due to poor performance, the stock price also fell all the way, as of August 30 close, Lansi technology share price only 10.95 yuan, market value 54.46 billion yuan. In less than two years, the market value of Lansi Technology evaporated by more than 150 billion yuan. This also makes Zhou Qunfei, the former richest woman in China, greatly shrink.

Just as Zhou Qunfei created a reverse legend from a working girl to the richest woman in his early years from watch glass to mobile phone glass, and from mobile phone glass to car glass, can he continue to write the legend again? Is it to create a blue think, or can't get out of the loss quagmire? It would undoubtedly be a gamble.

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