The proportion of intelligent hardware increases the gross profit margin, why does the "foundry giant" Goly attach to the Yuan universe?

China Times (chinatimes.net.cn) reporter Yan Xiaohan Lu Xiao Beijing Beijing report

The concept of the "Yuan Universe" has continued from 2021. It has been officially renamed Meta last year to the most resolute technology giant Facebook to the Yuan universe and announced the All in Yuan universe. As a foundry manufacturer of META's VR equipment, Goel Co., Ltd. repeatedly emphasized at the investor meeting on August 30 that the company will focus on the Yuan universe industry without shaking and focusing on the XR (VR/AR/MR) track. constant.

Intelligent hardware, including VR virtual reality, also became the only business to drive Goor's shareholding performance in the first half of this year. On the evening of August 29, the semi -annual report disclosed by Goer's shares showed that its revenue of 43.6 billion yuan in the first half of the year increased by 43.96%year -on -year; the net profit of 2.08 billion yuan was 20%year -on -year.

In an interview with the "Huaxia Times" reporter on August 31: "The second half of this year to next year, domestic and foreign head manufacturers will have many new products, and the entire industry will be better. In the long run, VR/ The AR market will still increase significantly. The company is very optimistic about the intelligent hardware field and will continue to invest. "

Consumer electronics still has downward pressure

The three main businesses of Goor's Co., Ltd. include precision component business, intelligent acoustic machine business, and intelligent hardware business.

In the first half of the year, Goer's performance growth mainly relied on the smart hardware business with the largest income proportion, especially the sales growth of products such as VR virtual reality and smart game consoles. In the current period, this business has achieved a year -on -year growth rate of 121%.

According to the financial report, in addition to the above two products, its intelligent hardware business also includes AR augmented real products, smart wearable products, and smart home products.

Goor's shares did not disclose the specific income of various products on the "Huaxia Times" reporter. It only said that it accounted for relatively high, and the highest growth rate was VR, AR and game consoles.

In comparison, the other two traditional consumer electronics business continued to show a downturn, and the number of digits of digits fell year -on -year in the first half of the year. The background of this performance is that the demand for the entire consumer electronics market in the first half of this year is tight. The decline in mobile phone shipments brings certain pressure on the precision component business related to smartphones.

Goer's precision component business includes products such as microconuous speakers, speakers modules, and is mainly used in terminal products such as mobile phones, tablets, wireless headphones. This business was originally the biggest source of income from Goer's shares, but after 2018, the proportion of precision component business revenue gradually declined. In the first half of this year, the proportion of precision components' business revenue accounted for 13%, and the proportion of the same period last year was about 20%.

Including smart wireless Bluetooth headsets, smart speakers and other products, the proportion of smart acoustic machines has a greater decline in business revenue. In the first half of last year, it contributed about 41%of revenue, but the proportion of revenue in the same period this year was 28.3%.

It should be mentioned that precision component business is the most profitable business of the three major businesses. The changes in Goor's business income structure have lowered its overall gross profit margin again. In the first half of the year, its gross profit margin fell by 1.47 percentage points.

"The decline in gross profit margin is related to the business model. The gross profit margin of the intelligent hardware business itself is low, and the increase in income ratio has led to further decline in the overall gross profit margin." Goor said to the reporter of the Huaxia Times.

Jiang Han, a senior researcher at Pangu Think Tank, analyzed the China Times "Huaxia Times" that "From the perspective of long -term market development, the pressure on the decline in the consumer electronics business of Goer's stock is normal. The core reason is that the current consumer electronics market is currently the entire consumer electronics market. They are in a state of downturn, and Goer has no differentiated competitive advantage or the growth point of the breakthrough cycle in this regard. "

Internet analyst Ge Jia told the reporter of the Huaxia Times that at present, the traditional consumer electronics industry has not seen the growth momentum. In the second half of the year, the precision components and intelligent acoustic machine business of Goer's stock will have relatively large downward pressure. But in the second half of the year, major manufacturers released VR -related new products, and there is also a wave of VR boom, which is still the growth point of Goer's shares.

The VR industry is facing challenges in the second half of the year

VR and other related businesses have been highly hoped for Goor's shares. Intelligent hardware business, including VR/AR, game consoles and other products, has become the most important business of Goer's shares. After half of the first half of the first quarter, its revenue continued to increase to 56.9%in the first half of the year.

In the third quarter, Goer's net profit is expected to increase by 9.5%to 40.71%year -on -year, mainly because of the expansion of smart hardware business represented by VR virtual reality to improve its profitability.

According to a reporter from the Huaxia Times, Goor Co., Ltd. has deployed VR/AR related businesses since 2012. In 2020, it became the exclusive supplier of Meta's VR device QUEST 2. At that time, its intelligent hardware business revenue reached 107%year -on -year.

IDC data shows that as a global head brand with virtual reality and augmented reality, Meta Quest 2 accounted for 78%of the market in 2021, and its market share increased to 90%in the first quarter of this year.

It should be mentioned that Meta announced that the price of Quest 2 heads has been raised by $ 100 from August. Some people in the industry believe that this may lead to a decline in demand and affect the shipments of the hardware supply chain.

In the investor conference, Goer said that there are objective reasons for the price adjustment of large foreign customers in VR, such as high inflation. "Customers' product price increase is to maintain full confidence in product experience, daily work, etc., and is still the most attractive product. In the future, new hardware and new content will appear. Ge Jia told the reporter of "Huaxia Times" that the price increase of Meta Quest 2 showed that the global supply chain is undergoing violent fluctuations, and the pressure of destocking in the third quarter is in the third quarter. As the leader of the ecological chain, Meta adjusts its VR equipment price, which will not have much impact on sales. Because VR itself is not just needed, and consumers are not so sensitive to prices.

He expects that the growth rate of the VR industry will slow down in the second half of the year. Growth is more unreliable growth driven by the market rising period, not consumers really have demand. Once the industry changes, or starts with reshuffle, moisture will be squeezed out a lot. "

Zhao Siquan, an analyst at IDC China, also believes that due to the influence of the epidemic in Beijing and Shanghai in the second quarter of this year, many plans formulated by VR manufacturers at the beginning of the year have experienced delay or change to a certain extent. From the perspective of demand, consumers 'expenditure budgets on non -essential products this year are generally adjusted, all of which have challenged manufacturers' efforts this year. Starting in the second half of the year, with the gradual release of new products and the advancement of various offline plans, the consumer market will gradually open.

Editor -in -chief: Editor -in -chief Huang Xingli: Han Feng

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