Source: Huaqiang Microelectronics Author: June
Introduction: This year, global inflation has intensified, the domestic epidemic has been under strict control, and the demand for consumer electronics has dropped sharply. Against this background, Huida Optoelectronics held its first extraordinary general meeting of shareholders in 2022 on September 8, 2022, and considered and adopted the Proposal on Submitting Shenzhen Huida Optoelectronics Technology Co., Ltd. to Dissolve and Liquidate. High inflation once in decades, unprecedented energy crisis... "cold wind" caused by the possible deep recession of the global economy is blowing all over the world.
On September 16, it was reported that Shenzhen Huida Optoelectronic Technology Co., Ltd. (hereinafter referred to as Huida Optoelectronic), an enterprise listed on the New Third Board, announced that it planned to dissolve Shenzhen Huida Optoelectronic Technology Co., Ltd. after careful consideration, based on the continuous loss of the company‘s current main business.
Source: Network
In fact, before the announcement of dissolution and liquidation, Huida Optoelectronics‘ main products provided COB soft light strips for home lighting, commercial lighting, engineering projects and other fields, and claimed to have advanced and stable lighting chip packaging technology.
As early as August 23, Huida Optoelectronics announced an unusual adjustment of its main business, changing the previous "R&D, production and sales services of LED packaging devices" to "R&D, production and sales of lighting strips". The editor learned that the reason for the change was that the original business was shrinking, and most of the customers‘ projects were engineering projects. The payment collection cycle was long, which greatly occupied the company‘s working capital. The original business was affected by the epidemic and the market was sluggish.
From the revenue data, the total revenue of Huida Optoelectronics in 2020 will be about 40.32 million yuan, which will drop sharply to 14.81 million yuan in 2021. However, the gross profit margin in 2021 will still be 15.3%. By the first half of 2022, the operating revenue will be only 43.6 million yuan, and only 22 employees will be employed, which has basically lost profitability.
It is reported that the top three bad debt customers of Huida Optoelectronics are from Shanghai, Shenzhen and Zhengzhou, all in the LED engineering equipment industry. Therefore, with the release of demand in the early stage of the epidemic, the closure of the epidemic in large cities and the decline of urban infrastructure investment, the order of the optoelectronic industry has declined in the past year.
Source: Network
In fact, the recent collapse of electronic factories is not new. It has occurred one after another, not only in Chinese Mainland, but also in Taiwan, China. For this reason, half a month ago, the editor has sorted out the relevant situation (sudden! Another Dongguan electronics factory has just closed down!).
It is not difficult to find that, like Huida Optoelectronics, these enterprises mentioned "the impact of epidemic", "the decline of orders", "the overstock of inventory", "the weakness of the industry" and other situations at the same time in their announcements, which is also the objective situation faced by many electronic enterprises.
Therefore, the electronic manufacturing industry seems to have entered a strange circle at this stage. Hard costs such as raw materials, rent, labor, water and electricity have been rising, but product demand has been plummeting. How to destock has become a big problem.
Not only did the news of "shortage of orders" in domestic manufacturing plants come to the press, but Vietnamese plants that had been queuing up until the end of the year had also started "shortage of orders". Many local factories reduced overtime and began to stop production and have holidays.
Even Samsung, a well-known electronics company, has been affected. According to relevant employees, Samsung Electronics has reduced the production scale of its large-scale smartphone factory in Vietnam. An employee of Samsung Vietnam Factory said that he only works three days a week, and some production lines are changing the original six day shift to four day shift.
Source: Network
In general, the industry has gradually transited from product competition to capital competition, and the operating cost is too high. Nowadays, all businesses are in the "inner volume", which is about the inside information and capital chain. "Difficult operation" has become the norm of many electronic enterprises. With the decrease of orders and the rise of raw materials, enterprises of any size will face many difficulties.
From the perspective of the number of accounts receivable disclosed by Huida Optoelectronics, by the end of 2021, it will be 11.01 million yuan (2.15 million yuan of bad debt reserves), accounting for 74% of the total revenue of the year, of which 7.25 million yuan is more than 6 months old. Although the accounts in the first half of 2022 decreased to 2.09 million yuan (bad debts accounted for 1.61 million yuan), most of them could not be recovered, and the operating conditions could not be recovered.
Fortunately, the number of employees of Huida Optoelectronics has decreased significantly in 2021, which is not expected to cause large-scale layoffs and arrears in supply chain accounts.
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