Upon joining the WTO, China has seen fast economic growth and becomes one of the world's most important electronics manufacturing bases. In 2016, China produced 160 million TVs, among which over 100 million were smart TVs. The production volume of mobile phones was over 2 billion; that of laptops was over 160 million and that of tablet computers was over 80 million, all ranking the first in the world. The development of the electronic assembly industry is driven by the fast growth of China's electronics industry.
Enterprises along the supply chain of electronic assembly are classified into four tiers. Brand companies are at the bottom of the chain and deal with end customers. Enterprises at other tiers are all suppliers to those at one tier lower. Brand companies have the sales channel, brand, design capability and may also have some production capacity. Against the economic globalization background, many of them sell their products to the whole world instead of focusing in one area. Tier 2 consists of ODM/OEM companies which design and assemble products. They may have their own brands, thereby competing with brand companies. Tier 3 companies provide components for tier 2 and tier 4 is mainly raw material suppliers.
In addition to these supply and demand relationships, tier 3 company may also provide products for brand companies; raw material suppliers might directly supply to tier 2 companies. As a result, the supplier system is quite complicated. The whole manufacturing cycle is being shortened by market demand.
In this report, CRI analyzes 10 electronic assembly enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies in the report:
1 Shenzhen Zhongheng Huafa Co., Ltd. (000020.SZ)
2 Shenzhen Desay Battery Technology Co., Ltd. (000049.SZ)
3 Guoguang Electric Company Limited (002045.SZ)
4 Shen Zhen Mindata Holding Co., Ltd. (002137.SZ)
5 Bus Online Co., Ltd. (002188.SZ)
6 Goertek Inc. (002241.SZ)
7 Edifier Technology Co., Ltd. (002351.SZ)
8 Shenzhen Zowee Technology. Co., Ltd. (002369.SZ)
9 Shandong Gettop Acoustic Co., Ltd. (002655.SZ)
10 Shenzhen Sunwoda Electronics Co., Ltd. (300207.SZ)
1 Shenzhen Zhongheng Huafa Co., Ltd. (000020.SZ)
2 Shenzhen Desay Battery Technology Co., Ltd. (000049.SZ)
3 Guoguang Electric Company Limited (002045.SZ)
4 Shen Zhen Mindata Holding Co., Ltd. (002137.SZ)
5 Bus Online Co., Ltd. (002188.SZ)
6 Goertek Inc. (002241.SZ)
7 Edifier Technology Co., Ltd. (002351.SZ)
8 Shenzhen Zowee Technology. Co., Ltd. (002369.SZ)
9 Shandong Gettop Acoustic Co., Ltd. (002655.SZ)
10 Shenzhen Sunwoda Electronics Co., Ltd. (300207.SZ)
