Is the World Games Circuit's four-connected board trapped in the "Rashomon" for Tesla suppliers?
Shiyun Circuit (603920.SH), as the representative of Tesla's concept, walked out of four consecutive daily limits. However, behind its soaring announcement, it fell into the "Rashomon" of whether it was a Tesla supplier.
On the evening of January 7th, World Games Circuit announced that there were media reports that the company was involved in the "Tesla Concept". After verification, Tesla was not its customer, and World Circuit Circuit's automotive boards mainly indirectly communicated with downstream automotive parts suppliers. The automotive end customer supplied the company, the company could not obtain accurate data on its sales amount and sales proportion, and the rumor that the company is Tesla's main PCB supplier is inaccurate.
Shiyun Circuit said that it is a printed circuit board manufacturing company, and its products are mainly used in automotive, consumer electronics, computers and peripherals, industrial control, medical and other fields. The automobile board is only one of its main businesses, not the only one. After self-examination, it has been found that there have been no major changes in its main business, revenue sources, and existing customers, nor has its market environment and industry policies changed.
As soon as this announcement came out, the market opened on January 8th, and the World Games Circuit lost its momentum of early gains. The stock price opened slightly lower and turned green once. Since then, its stock price has been in a volatile state. As of the close of the day, the World Games Circuit closed at RMB 28.68 per share, up 2.61%.
Before World Games Circuit denied it as a Tesla supplier, on January 6th, it published a survey summary on the SSE interactive platform. The subject of the investigation was Gan Lu, secretary of the board of directors of World Games Circuit .
The survey date was January 4th. Guangfa Securities asked Ganlu: "Is Tesla the company's largest automotive customer? Is the company the exclusive PCB supplier of Tesla? What is the company supplying to Tesla? The core PCB board? "Ganlu replied:" The company's auto boards are not sold directly to the end car customers, but are sold indirectly to the end car customers through downstream auto parts suppliers. The company's sales to end car customers are According to the statistics of component suppliers, Tesla is currently the company's largest end-car customer. The company is not an exclusive PCB supplier to Tesla, and the company supplies BMB boards to Tesla. "
Earlier survey minutes showed that in a December 2019 survey of Founder Securities , World Games Circuit stated that "the company's new energy vehicle end customers are Tesla."
In the 2019 semi-annual report, World Games Circuit stated that the company is committed to serving international first-tier brand customers. After years of business accumulation, it has precipitated such as: Jabil, Flex, Panasonic, Mitsubishi , Tesla, Yazaki and a number of internationally renowned companies, and has established a long-term stable mutual trust relationship with the company, these quality customers are strong, stable orders, reasonable pricing, on-time checkout, providing the company with stable Revenue and profit sources.
It dates back to 2017. In April of that year, World Games Circuit went public. In its prospectus, World Games Circuit stated that one of its top five customers: Jabil, and its main downstream customers include Solaredge, Zebra, HP , Landis + Gyr, TESLA (Tesla Motors), ELSTER, etc. And from 2014 to 2017, the sales amount of World Circuits to Jabil (Jabil) accounted for 5.08%, 9.07% and 13.12% of the operating income, showing a year-on-year growth trend.
However, when the interface journalist called World Games Circuit to try to inquire about his relationship with Tesla, the phone was always unanswered. Regarding the above-mentioned behavior of Shiyun Circuit , lawyer Xu Feng of Shanghai Chuangyuan Law Firm told the interface reporter that the behavior of Shiyun Circuit was a flaw in the letter, the disclosure was not accurate enough, and it was slightly misleading, but the problem was not great.
The financial report shows that the financial status of World Games Circuit is relatively stable. In the first three quarters of 2019, its revenue was 17.66 yuan, a year-on-year increase of 9.08%; net profit was 217 million yuan, a year-on-year increase of 32.26%.