What is the reason for the decline of Goer's shares?

Significant growth in performance in the first and third quarters: desperately making up for the "short board" of research and development.

/kloc-at the end of 0/0, goer shares handed over the third quarterly report as scheduled.

In the first three quarters of 2020, the operating income was 34.73 billion yuan, a year-on-year increase of 43.90%; Realized a net profit attributable to RMB 206,543,806,000, up by 65,438+004,438+0% year-on-year; Deducting non-net profit was 65.438+98.4 billion yuan, up 82.44% year-on-year.

2. It can be said that this performance is excellent and the growth rate is gratifying, and the growth rate in the third quarter has obviously accelerated.

3. In the first quarter and the second quarter of 2020, the operating income increased by 65,438+03.47% and 65,438+05.61%respectively, and the attributable net profit increased by 44.73% and 565,438+0.79% respectively, and the net profit after non-deduction increased by 85.69% and 765,438 respectively.

4. In the third quarter alone, Goer achieved operating income of1910.57 billion yuan, up by 810.44% year-on-year; The net profit attributable to the company was 65.438+0.236 billion yuan, a year-on-year increase of 654.38+0.67.92%.

5. From the perspective of main business, in the first three quarters, the operating income of the precision component segment increased by 13.64% year-on-year to 8.308 billion yuan; The operating income of the smart machine sector increased by 665,438+0.45% year-on-year to 654,38+052.72 million yuan; Operating income of intelligent hardware segment increased by 52.05% year-on-year to1010.50 billion yuan.

6. At the same time, R & Goer shares; D investment has been criticized by market stakeholders, so that it has been overtaken by Luxshare's latecomers.

7. Global Finance stumbled across the slogan of listed companies displayed on the scrolling screen in front of Shenzhen Stock Exchange, in which Goer shares are "world-class enterprises" and Luxshare shares are "in-depth innovation and forward-looking layout", meaning comfortable.

8. Of course, Goer shares are also aware of this problem, but obviously they are also aware of this problem.

9. In the first three quarters of 2020, its R&; D expenses increased by 82.44% year-on-year to 2.045 billion yuan, mainly due to: D R&D increased investment in smart wireless headsets and virtual reality. Although this is still lower than R &；; D is in Luxshare's operating income, but it is also a huge innovation investment.

Two. Inventories increased by nearly 150% year-on-year: liabilities climbed and short-term debt pressure increased.

1 the downward trend of the concept. TWS is more or less related to the statement in a summary, "In order to save costs, Apple changed the delivery method of Airpods from air to sea". The longer the inventory is in transit, the greater the impact on capacity utilization.

2. At the same time, the stock problem of Goer shares itself can also be described as "very serious".

3. As of September 30, 2020, Goer stock was 65.438+02.262 billion yuan, up 654.38+046.74% year-on-year, accounting for 24.59% of total assets. In the third quarter of 2020, it is said that it is mainly due to the expansion of business scale and the increase of inventory reserves, and it is expected to be sold in the fourth quarter.

4. Although it is said that it is due to the expansion of business scale, in the first half of 2020, the stock of Goer shares has reached its peak, which is 80.438+0% higher than that at the beginning of the year. Among them, raw materials are 3.662 billion yuan, and goods in stock are 4.009 billion yuan, accounting for 4 1.6 1% of the inventory.

5. There was no destocking in the third quarter, but the growth was obvious. The inventory turnover rate dropped from 4.75 in the third quarter of 20 19 to 3.26 today.

6. Because the iteration of updating consumer electronic products is too fast, the price reduction of products is inevitable, which increases the risk of price decline for Goer shares with high inventory. At the same time, relevant data show that the market share of Apple Airpods is declining, and the rapid growth in previous years may be difficult to maintain, which also aggravates the market's concern about the stability of Goer shares.

7. It is worth noting that the company's accounts receivable are 1 1009 billion yuan, accounting for 22.07% of the total assets, while inventory and accounts receivable account for 44% of the total assets.

8. Moreover, Goer's performance in terms of assets and liabilities is not outstanding.

9. In the third quarter of 2020, the company's asset-liability ratio was 64. 13%, a record high. By September 30, 2020, the company's total assets were 49.874 billion yuan, and its total liabilities were 365.438+98.3 billion yuan.

10. Among them, Goer shares borrowed 4.099 billion yuan in the short term, 2.8365438 billion yuan in the long term and 3.646 billion yuan in bonds payable, but the monetary fund was only 5.280 billion yuan, which has certain short-term debt repayment pressure.