BYD Electronics plunged 20%: a camera chip data report triggered

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We live in an era of data flooding, which has led to the creation of a number of third-party agencies to publish data reports of various sub-sectors on a regular or irregular basis, and to make a living. Some organizations have taken a responsible attitude, and each report has undergone detailed investigation and evidence collection. However, some organizations have not been able to withstand scrutiny and may even make mistakes, which has caused huge losses to the target and investors.

On June 28th, BYD Electronics (00285.HK), a subsidiary of Shenzhen BYD, plunged 20.94%, and the market linked the “abnormal” volatility of the company’s share price to a sharp fall in the shipment of BYD’s camera chip, which was released in April. together.

According to an interview conducted by the Daily Economic News, BYD Electronics does not currently have a camera chip business. So, where does the data from the Rising Sun Big Data come from? Reporters were investigated.

BYD Electronics: I don't know where the data comes from.

The reporter noted that on June 27, BYD Electronics, one of the Hong Kong stocks of the White Horse stocks, began to fall, but the day's decline was only 2.18%. The next day, that is, on June 28th, BYD Electronics was attacked by the "Black Swan Incident" and it plunged 20.94% in intraday trading. As of the close of the day, BYD Electronics fell 10.47%, with a turnover of 934 million yuan, a record high.

According to public information, Hong Kong stock BYD Electronics is a subsidiary of A-share company BYD (002594.SZ). Its main business consists of two parts, one is mobile phone components and modules, including metal bodies, plastic casings and others; It is an assembly service. The main products are mobile phones, laptops, and tablet lights. The models are EMS (OEM + full service) and ODM (design + manufacturing).

Regarding the reason for the stock price crash, BYD Electronics said in a subsequent conference call: "We don't know what the reason is. It may be affected by the decline of US technology stocks the previous day, or it may be the recent fluctuation of the Hong Kong market. From the basics of the company. From a point of view, everything is still normal. The business is mainly driven by metal casings as a profit, the penetration rate of metal casings is also increasing, and the market share of customers is also increasing."

However, there is a view in the industry that after a report on BYD's camera chip is released, BYD Electronics' share price will start to fall, and there may be a correlation between the two.

On June 26th, Rising Sun Data released the "2017 April Camera Chip Shipment Rankings". The list shows that except for Sony, OV and Hynix, the other manufacturers have experienced a year-on-year decline. Samsung and BYD are particularly fierce. Samsung's camera chip shipments have fallen sharply from 25.65 million in March to 13.08 million in April, down 96.1% year-on-year; followed by BYD, its camera chip shipments from 16.39 million in March It fell to 8.68 million in April, plummeting 88.82%, while it also rose 5.33% in March.

A few days later, BYD Electronics made a rumor about the statement in the report. On June 29, the research report issued by Industrial Securities, "Orders and production operations are normal, metal casing business is increasing", BYD Electronics said that the decline in shipments of camera chips in some media reports is purely nonsense, the company simply Without this business, I don't know where the data comes from.

Rising Sun Big Data Zhang Guan Li Dai

As a company that publishes data, where does the statistics of Rising Sun Data come from? In this regard, the "Daily Economic News" reporter has repeatedly contacted the relevant staff of the Rising Sun Big Data. At first, the staff told reporters "Do not use our data in April first. The data in May will soon come out, and the company's researchers went to BYD in May, so the data in May will be more realistic. After that, the officer will no longer respond to any interviews with reporters.

A-share company BYD told reporters that the information on the Rising Sun Big Data was wrong, and BYD has officially contacted them. However, for the key questions such as "What company of BYD is responsible for the production of camera chips, shipments and gross profit?", BYD has not responded after 5 working days.

By consulting BYD's data, the reporter noted that the company that develops the camera chip business is not BYD Electronics, but BYD's Shenzhen BYD Microelectronics Co., Ltd. (hereinafter referred to as "BYD Microelectronics"). According to BYD Microelectronics official website data, the company focuses on the research and development and production of semiconductor products: the main products are IGBT chips and modules, intelligent power modules (IPM), AC-DC chips, battery protection and management chips, CMOS image sensors, touch control Chips, etc.

After repeatedly calling BYD, the reporter finally contacted Mr. Dong, who sells BYD's camera chip. He sent a list of CMOS products currently sold by BYD Microelectronics to reporters, including 5 million pixels and 2 million pixel arrays. A variety of products including 720P.

However, an inconvenient and well-known electronics industry analyst told reporters that the products on the list are mainly for the low-end thousand yuan machine, and these CMOS products have been a few years ago. "In the past two years, BYD's camera chip shipments are not large, mainly for their own ODM projects, but even so, the amount is not large."

Li Yongsen, a professor at the Institute of Finance and Securities of Renmin University of China, expressed his views on the "Daily Economic News" reporter for stock price fluctuations caused by third-party data. He pointed out that the securities market is increasingly focused on fundamental analysis, and changes in fundamental information can be quickly reflected in changes in stock prices. However, in the current market, there are many channels for data analysis. The results of channel analysis from different sources may vary greatly. On the one hand, the authoritative authenticity of the source of the data should be considered; on the other hand, the data analysis of the same consulting company is selected. Different data indicators, start and end points, data frequency, data source, etc. may also result in different analysis results. With the development of the market, the market will also verify, identify and select information to achieve the so-called survival of the fittest.

In the view of Wang Yanhui, secretary-general of the China Mobile Alliance, third-party data statistics agencies such as IDC and Sino, will regularly send special personnel to visit the company and have their own data sources (set up to investigate). In fact, the more large research institutions are surveyed, the more detailed, and small analysts or data research institutions often do not visit enough or do not visit. Therefore, when citing or reviewing various rankings and shipment data, try to avoid using data published by small companies or analysts. Some errors are obvious, but small analysts are often not aware of them.

According to the data of the Rising Sun Big Data website, the Rising Sun is a professional data research institution of the mobile phone newspaper. In fact, the mobile phone newspaper is not an industry newspaper, but a mobile phone industry chain trading platform. According to the filing information, the reporter of “Daily Economic News” inquired that the mobile newspaper online is an industry website operated by “Shenzhen Qianhai Mobile Newspaper Online Network Technology Co., Ltd.”.

Investigation: BYD chip is hard to find

Initially clarified the affiliation of BYD's camera chip, what is its market size?

It is understood that the main components of the mobile phone camera are image sensor (CMOS), optical lens, voice coil motor, plus module package. At present, there are eight major image sensor (CMOS) suppliers, namely, camera chip suppliers, namely Sony, Samsung, Haowei Technology (OV), Gekewei, Sibike, BYD, Hynix and Wonderland.

It is worth noting that more than half of the main components of the camera industry chain are concentrated in the top three manufacturers, and most of them are Japanese and Korean companies. In the entire CMOS market, Sony accounts for about 40% of the total, mainly providing 8MPs and 13MPs or more sensors, basically monopolizing the high-end CMOS market. Compared with the high-end market, the low-end camera chip market is almost divided by domestic chip makers. Among them, Gekewei is a big one with a market share of about 70%.

According to Rising Sun Data, the company’s March 2017 camera chip shipments list, the domestic manufacturer BYD ranked after Samsung with 16.39 million shipments, the performance is remarkable. However, Mr. Li, who used a cool phone but the camera was broken, told reporters that the original BYD camera chip of the mobile phone was difficult to buy on the market, which made it impossible to replace it.

On the afternoon of July 13, the reporter of "Daily Economic News" visited more than ten stores of Shenzhen Huaqiang North to repair mobile phones, and found that it was indeed as Mr. Li said. An engineer at a repair service center on the third floor of Huaqiang Electronics World told reporters that there are very few BYD camera chips on the market. "If you want, tell me the model first, but I can only transfer the goods. There is no guarantee that there will be ."

In the vicinity of other repair mobile phone stores, the reporter learned similar situation, and even some merchants heard the purchase of BYD's camera chip, even if the specific model does not ask, bluntly "no, now there is almost no market."