“Cheng” is also Apple, “Defect” is also Apple.
As the first batch of machine vision companies–Tianzhun Technology, listed on July 22, 2019, it experienced a maximum market value of 13.8 billion. After the Yuan, the market turned sharply, as of 10:30 on November 11, 2019, the company’s stock price was 26.91 yuan.
The prospectus shows that the company’s performance in 2016-2018 has increased significantly, with a compound annual growth rate of over 60% and a net profit growth rate of 73.21%. However, in the first three quarters of 2019, the financial report showed a sharp decline in performance, and the market value was low. According to the recently disclosed third-quarter earnings report, Tianzhun Technology’s revenue in the first three quarters was 295 million, down 19.06% year-on-year; net profit was 15.41 million, down 80% year-on-year; this is not the case, Tianzhun Technology’s business activities are generated. The net cash flow has deteriorated rapidly, from 98.29 million yuan before the listing, in just three months, it has become -8.982 million yuan.
After studying the prospectus, we provided some reasons for the company’s business situation, market trends, and competitors.
The reason why Tianzhun Technology’s revenue has risen in the past three years
Tianzhun Technology was established in 2009, using machine vision as the core technology, researching, producing, selling and selling industrial vision equipment and providing related services. The main products include precision measuring instruments, intelligent testing equipment, intelligent manufacturing systems, and unmanned logistics vehicles. The service is mainly to provide upgrade and transformation services for intelligent testing equipment and related equipment in intelligent manufacturing systems. The above is the main business income.
The company’s customer base covers the consumer electronics industry, automobile manufacturing industry, photovoltaic semiconductor industry, warehousing and logistics industry, etc.; representing customers in the industry, including Apple, Samsung, Foxconn, Xinwangda, Desai Group, Doctoral Group, Valeo Group, Rookie Logistics, etc. In 2016-2018, the proportion of the top five customers in the company’s total revenue increased rapidly, reaching 49.67%, 69.22%, and 70.28% respectively. Although the cooperation with major customers has brought more orders, Tianzhun Technology also has problems of excessive customer concentration, which directly led to the decline in the first three quarters of 2019. We will be in the second quarter. Specific explanation.
From the perspective of the industry chain, Tianzhun Technology is in the middle reaches – the location of equipment manufacturers also shows that the company has certain industry competitiveness, especially in domestic enterprises. The reason is –
At present, the domestic machine vision market participants are divided into foreign and domestic enterprises. Despite the rapid growth of the total number of domestic enterprises, domestic companies are still dominated by system integrators, they directly purchase core components,