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On the evening of July 21st, Apple's leading mobile supply chain company, Lingyi Zhizao (002600. SZ), announced that in order to meet the company's business expansion and production layout needs, the company or its designated subsidiary plans to sign a project investment agreement with the Jingmen High tech Industrial Development Zone Management Committee to invest in the construction of a battery precision structural component project.

The total planned investment project for Lingyi Zhizao is approximately RMB 2 billion. The project plans to carry out large-scale supporting development around strategic customers by constructing production space in Jingmen City.

Company Notice

It is understood that the investment method of Lingyi Zhizao this time is cash investment, and the source of funds is self owned funds or self raised funds; The investment project is planned to be constructed in two phases, with the first phase investing 150 million yuan and the second phase investing 1.85 billion yuan.

According to the agreement, Lingyi Zhizao will establish a new company in Duodao District, Jingmen High tech Zone within 30 days after the contract is signed. The new company must be a wholly-owned subsidiary or holding company of Lingyi Zhizao. The listed company will be jointly responsible for the investment, construction, and operation of battery precision structural components projects with the new company.

The announcement states that this investment in the battery precision structural components project is conducive to meeting the company's business expansion and new energy vehicle production layout, improving the synergistic effect of the company's business regional development, meeting the company's development strategic goals, and promoting the company's sustained, stable, and healthy development.

Mobile phone business performance has exploded

The core business of Lingyi Intelligent Manufacturing is the production and manufacturing of precision functions and structural components, with important customers being major smartphone manufacturers. Lingyi Zhizao is not only an important supplier of functional components for Apple, but also a long-term supplier to major Android manufacturers such as Xiaomi.

In the first quarter of this year, Lingyi Zhizao achieved a net profit of approximately 463 million yuan, a significant increase of 614% year-on-year. The company stated that the important reason for this is the steady increase in sales revenue in various sectors and the stable profitability of core sectors.

But in the second quarter, profitability plummeted, and after calculation, it is expected that the net profit for the second quarter will be a loss of 0-100 million yuan. The industry claims that its performance is explosive. From July 12th to July 21st, the stock price of Lingyi Zhi Manufacturing fell by 21.23%, and its market value evaporated by 13.7 billion yuan.

The main reason for the decline in performance mentioned by Lingyi Zhizao in the notice is that due to the shortage of smartphone chip supply, some domestic customers' demand for orders has slowed down, leading to an increase in product fixed cost allocation.

Continuously increasing investment in the field of new energy vehicles

Lingyi Zhizao has strong technology and production capacity in the production of precision structural components. According to Frost Sullivan's report, Lingyi Zhizao is the world's largest supplier of precision functional components for consumer electronics, accounting for approximately 7.2% of the global market share in 2020.

The technology of manufacturing precision structural components by Lingyi Intelligence can effectively meet the production requirements of lithium battery structural components, laying a solid foundation for its expansion in the field of new energy vehicles.

In 2018, Lingyi Zhizao stated that exploring the development opportunities of emerging industries related to electronic information will comply with future development trends and expand industries with upward potential, such as wireless charging, intelligent security, new energy vehicles, etc., to enhance risk resistance capabilities.

On the evening of June 14th, Lingyi Zhizao announced that its wholly-owned subsidiary, Lingyi, plans to acquire 95% of Zhejiang Jintai held by Shanghai Lingyi with its own funds of 38 million yuan. After the transaction is completed, the company will use this opportunity to enter the field of new energy vehicles and implement its business development strategy.

According to media reports, in October 2020, Zhejiang Jintai became a partner with lithium battery suppliers from well-known car companies such as Mercedes Benz, BMW, and Porsche. In 2020, Zhejiang Jintai was recognized by TSLA's Shanghai factory to supply Busbar soft connection products.

On July 1st, Lingyi Zhizao stated on an interactive platform that the company's automotive product line is based on stamping and forging, combined with the advantages of the group's industrial chain, and can provide customers with comprehensive methods such as heat dissipation, precision mechanical components, and functional modules. Zhejiang Jintai, newly acquired by Lingyi Zhizao, is a supplier of structural components for international and domestic customers in the new energy vehicle industry.

Now, Lingyizhi Manufacturing has invested another 2 billion yuan in the construction of precision structural components for batteries.

In the secondary market, on July 22nd, Lingzhi Manufacturing opened higher and rose sharply by 6.11% to 7.64 yuan. As of the close of the day, Lingyi Zhizao reported a price of 7.47 yuan/share, up 0.27 yuan/share or 3.75 yuan, with a current total market value of 52.71 billion yuan.

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