Fiberhome Communication (600498)- hereinafter referred to as "Company"

After reading the relevant research report, the general idea is that the 5G industry is beginning to recover, and individual stocks will also usher in investment opportunities. Then see if the company has investment opportunities.

The ultimate controller of the company is the State Council State-owned Assets Supervision and Administration Commission, and the pledge rate of major shareholders is 43.67%. However, when you see the root is brilliant, the pledge rate is not important.

The company is mainly engaged in the production and sales of communication system equipment, optical fiber cables, data networks and other products.

The core business of the company is the sales of optical cables and optical cable construction, with a gross profit margin of 20. 19%. In the industrial chain of 5G, the company belongs to the most bitter and tiring part of the whole industry and can't make much money.

Revenue keeps growing, but net profit can't keep up. The typical increase in income does not increase profits, and the final result is mostly a loss. After the company's net profit in 20 19 reached a record high of 979 million yuan, its net profit in 2020 fell to 102 million yuan, which was not as good as that ten years ago. The company explained that (1) the COVID-19 epidemic and its prevention and control measures had an impact on the company's production and operation at home and abroad; (two) due to the intensification of international trade friction and other matters.

From 20 15, the company has no funds left, that is, the company can't make money. The reason is that since 20 15, the company's foreign investment funds began to increase, reaching132 billion yuan in 20 18, but the company's sales rebate failed to increase, so naturally there was no retained funds.

There are many accounts receivable and inventories, which will be 5.759 billion yuan and 65.438+0.3574 billion yuan respectively in 2020, accounting for 65.438+06.44% and 38.74% of the total assets respectively. Explain that the company's sales problems have caused the accounts to be unrecoverable and the inventory to accumulate. Most of these figures are not good phenomena, and there is a risk of impairment. For example, in 2020, the company's inventory fell by 258 million yuan.

The company's asset-liability ratio is as high as 65.54%, current liabilities are 65.438+0.858 billion yuan, and interest expenses are 65.438+0.91billion yuan.

To sum up:

Let's start with the track. 5G is a technology developed vigorously in China. As the saying goes, there must be technology, support, documents and models. But friends around us seldom use 5G, because there is no reason. There is 4G outside, and WIFI at home is enough. Moreover, 5G is expensive and the personality ratio is not high.

Besides, the status of the industry, the company at the end of the industry, under the banner of high above, is doing the work of dredging and laying pipelines, not looking down on the company, but these jobs are highly competitive and less profitable; Moreover, after the early high-speed construction, the demand for hardware such as dredging and pipe laying is not as strong as before.

Then there is the company. The capital chain of the company has not been under much pressure. The company is rooted in Hong Miao, which is relatively safe, but the risks are accumulating. No one can tell when it will break out.

What is clear is that the company has paid dividends for 20 times since its listing, and the accumulated dividend amount is 3.202 billion yuan. Even if the net profit in 2020 is only 654.38+0.2 billion yuan, dividends will be 0.9654.38+0 billion yuan. It looks beautiful, but these "beauties" only belong to large shareholders with high shareholding ratio. For minority shareholders, it is undoubtedly watching the company take out profits. Does the company still want to develop?

Finally, as the price of optical fiber continues to fall, the more inventory the company has, the greater the possibility of unsalable sales and the greater the risk of inventory decline.

Please think carefully before you want to invest in this company.