① Wulianboard Tefa expects a maximum pre-loss of 300 million yuan last year, mainly because the market expansion of individual mergers and acquisitions subsidiaries fell short of expectations last year; ② Tefa Information is planning to transfer 70% of Sichuan Huatuo's shares, and Sichuan Huatuo claims that it is expected to generate revenue related to 800G optical modules this year. It remains to be seen whether TEFA will receive 800G-related revenue this year.
Financial Services Association, January 28 (Reporter Fu Jing) Recently, optical module concept stocks have continued to be strong. However, this afternoon, Wulianban Special Information (000070.SZ) revealed a performance forecast that last year's net profit changed from profit to loss over the same period last year, with a maximum forecast loss of 300 million yuan.
Tefa estimates that net profit loss due to mother last year was 220 million yuan to 300 million yuan, and the previous year's profit was 13.2728 million yuan, turning a year-on-year loss. The main reason is that the market expansion of the company's individual mergers and acquisitions subsidiaries fell short of expectations last year. It is expected that the goodwill and related assets involved will be reduced and the final accrued amount is yet to be determined; several of the company's major projects were fixed at the end of 2022, causing expenses such as depreciation and amortization to increase last year.
In fact, since the first quarter of last year, Tefa Information's net profit index has declined significantly over the same period last year. The company stated in its 2023 semi-annual report that domestic optical fiber network operators are slowing down in fiber broadband network construction growth, foreign home network broadband demand is declining, domestic investment in communication and power network construction is declining, demand for fiber cable and optical device products is weakening, and orders and prices are declining. The company uses key projects to drive sales of optical cables, optical devices, optical modules, network terminals, etc., in an effort to eliminate the adverse effects of the external environment.
Regarding the optical module that the market is most concerned about, the company did not disclose any relevant disclosure in the performance forecast. However, the transfer of shares in the holding subsidiary Sichuan Huatuo Optical Communications Co., Ltd. (hereinafter referred to as “Sichuan Huatuo”) was mentioned as a risk warning in the abnormal stock trading fluctuation announcement issued simultaneously today.
Tefa Information announced after the market on December 21 last year that it plans to pre-list on the Shenzhen Joint Property Exchange and publicly transfer 70% of its shares in Sichuan Huatuo. Currently, the project is undergoing the state-owned assets evaluation and filing procedure.
According to information, the company's acquisition of Sichuan Huatuo in 2019 was mainly based on the fact that the development of optical modules in the telecom access network market application scenarios was on the rise. However, after the merger and acquisition, the transformation of Sichuan Huatuo optical modules from the telecom access network market to the high-speed digital communication market progressed slowly, and the performance fell short of expectations. In recent years, the optical module industry has developed rapidly, and the industrial pattern has changed greatly. Both sides need to explore new development directions.
In addition, according to the company's 2023 semi-annual report, Sichuan Huatuo is an optical module manufacturer integrating R&D, production, sales and service, and has production capacity for a full range of optical communication modules and high-speed interconnect products. “At present, two PON production lines have production capacity and achieved delivery to domestic customers. A 100G digital DT optical module production line has been mass-produced and continuously delivered, and a 400G SR8 production line will be put into operation in the second half of the year.”
The reporter noticed that Tefa said on the investor interactive platform on September 19 last year, “Sichuan Huatuo released an 800G optical module at the 24th Optoelectronics Expo. Currently, customers are testing samples, and it is expected to generate sales revenue next year (referring to 2024).” However, according to the company's recent disclosure, after the aforementioned share transfer is completed, Sichuan Huatuo will no longer be included in the scope of consolidated financial statements. From this perspective, whether Tefa Information can obtain revenue related to 800G optical module products this year may have to put a question mark.
It is worth mentioning that the performance forecast disclosed by another leading CPO company, Zhongji Xuchuang (300308.SZ) after the market on the 26th can be described as a stark contrast to TEF information. Zhongji Xuchuang expects net profit without deduction to mother increased by 83.15% to 121.70% year-on-year last year. The main reason is that the surge in AI computing power demand and related capital expenses led to a significant increase in demand for high-speed optical modules such as 800G. Benefiting from a significant increase in the proportion of high-end products such as 800G shipments and continuous optimization of product design, its product revenue, gross profit margin, and net profit margin were further steadily increased.