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On August 6, Tenda Technology (001379.SZ) hit the limit down in late trading, and staged a "earth-earth" performance during the session. The intraday turnover rate reached 86.25%, and the transaction volume exceeded 1.5 billion yuan.

As it involves the concept of "commercial aerospace", Tengda Technology has previously achieved 11 consecutive daily limit increases, and its stock price has continuously broken new highs. According to the recent Dragon and Tiger List of this stock, many well-known hot money investors such as Ningbo Sangtian Road, West Lake International Trade, Zhao Lao Ge, Huli Avenue, Siming South Road, Chen Xiaoqun, and Yu Ge have successively bought the stock, pushing its stock price up all the way.

Although the stock price has performed strongly, Tenda Technology has many problems in its own operations. Data such as product revenue and gross profit margin have declined, and the company has also distanced itself from commercial aerospace. After this expectation was dashed, how much is there to watch in this company?

"Earth and Earth" is staged in the plate

In recent years, as aerospace and satellite Internet have become new focuses of international competition, countries have continued to accelerate the pace of building satellite Internet. It is understood that my country's G60 constellation plans to launch 108 satellites this year, and by 2027, it will complete the deployment of 1,296 satellites in the first phase.

Recently, the capital market has been increasingly speculating on the concept of commercial spaceflight. Tianfeng Securities believes that with the increasing maturity of the GW constellation and G60 Starlink, rockets and satellites are closely linked from design to manufacturing, which can effectively reduce the cost of satellite manufacturing and launch. The development of my country's commercial satellite industry will be further accelerated, and the rocket launch capability may be gradually improved.

Tengda Technology said in a previous interactive platform that the company's high-temperature alloy and special alloy fastener products are used in aerospace engineering. Therefore, the stock was naturally defined by the market as a "commercial aerospace" concept stock. Since Tengda Technology was just listed in January this year, it belongs to the new stock sector and there was no locked-in position before, so funds are doubly chasing it.

If you don't make a sound, you'll be amazing. Since its first daily limit on July 22, Tenda Technology has achieved 11 consecutive daily limits, with a strong offensive. In just 11 trading days, the stock has risen by 185.35%.

Judging from the data of the Dragon and Tiger List, many well-known hot money investors participated in the speculation of Tengda Technology. Hot money investors such as Ningbo Sangtian Road, West Lake International Trade, Zhao Lao Ge, Huli Avenue, Siming South Road, Chen Xiaoqun, and Yu Ge successively bought the stock, pushing its stock price to continue to rise.

However, the place where people are bustling may also be the time when risks are bred. On August 6, Tenda Technology quickly fell to the limit after opening, and then was pulled up by funds at 9:42 until it reached the limit. Near noon, the limit was pried open again, and it fluctuated and fell in the afternoon, and finally closed at the limit again, playing a good show of "earth and earth". If an investor happened to buy at the limit, he would lose 20% on the same day.

Seeing that the hype is overheated, Tenda Technology has recently issued a number of risk warning announcements. Tenda Technology stated that the company's main business is the research and development, production and sales of stainless steel fasteners such as bolts, and it does not directly supply commercial aerospace customers.

Overall, although Tenda Technology is identified as a commercial aerospace concept stock, the company's business does not directly supply commercial aerospace customers, and there is a certain suspicion of concept speculation. At the same time, the stock has risen too much in the short term, and there is a certain risk of adjustment. Investors should remain cautious.

Performance has been declining since listing

According to the official website, Tengda Technology was established in 2015 and mainly engages in fasteners, auto parts, metal products and their processing. The company adopts independent research and development and innovative technology to produce more than 10,000 kinds of standard and non-standard fastener products. The products are widely used in construction materials, electric power, hardware products, machinery and equipment, petroleum and petrochemical, rail transportation and other fields.

After years of accumulation, Tengda Technology has established good cooperative relations with internationally renowned companies such as Tsingshan Steel and WURTH GROUP. It has a high industry reputation and market influence and is one of the important suppliers in the global stainless steel fastener industry.

Despite this, Lanfu Finance found that Tenda Technology's operating performance has continued to decline since its listing. From 2022 to 2023, the company's revenue was 2.187 billion yuan and 1.735 billion yuan respectively; net profit attributable to the parent was 135 million yuan and 85.6068 million yuan respectively. According to the company's latest 2024 semi-annual express report, Tenda Technology achieved revenue of 857 million yuan in the first half of this year, a year-on-year decrease of 6.96%; net profit attributable to the parent was 39.96 million yuan, a year-on-year decrease of 11.94%.

In fact, the revenue performance of Tenda Technology's various products has declined. According to the 2023 annual report, Tenda Technology's bolts, nuts, screws, washers and other products achieved revenues of 928 million yuan, 359 million yuan, 176 million yuan, and 56.6975 million yuan, respectively, down 15.14%, 31.71%, 9.18%, and 23.79% year-on-year, respectively.

In addition, the profitability of the above products has also declined. According to the company's disclosure, the gross profit margin of bolt products in 2023 was 10.84%, a decrease of 3.61 percentage points compared with the same period last year; the gross profit margin of nut products was 12.25%, a decrease of 2.55 percentage points compared with the same period last year; the gross profit margin of screw products was 10.10%, a decrease of 2.93 percentage points compared with the same period last year.

It seems that Tenda Technology needs to come up with a solution as soon as possible in order to reverse the company's business decline.

The actual controller was previously involved in a bribery case

For listed companies, the reputation of the actual controller is very important. It should be noted that Chen Peijun, the actual controller of Tenda Technology, was previously involved in a bribery case and was criticized and educated by the Supervision Commission.

According to the company's disclosure, in April 2021, Chen Peijun, the actual controller of Tengda Technology, assisted in the investigation of the bribery case of Liu Wei, the former general manager of Northeast Special Steel Group Co., Ltd., in accordance with the requirements of the case handlers of the Xihu District Supervisory Committee of Benxi City, as the chairman of Zhejiang Tenglong Precision Wire Co., Ltd.

The case shows that on May 12, 2022, the Xihu District Supervisory Committee of Benxi City ended its investigation into Chen Peijun and, in accordance with the relevant provisions of the Regulations on the Implementation of the Supervision Law and the opinions of the Liaoning Provincial Commission for Discipline Inspection and Supervision, made a final decision on Chen Peijun's criticism and education. The above-mentioned treatment has been implemented and the case has been closed. However, Tenda Technology did not provide further explanation as to why Chen Peijun was criticized and educated.

Overall, Tenda Technology has many problems in its own operations. The actual controller of the company was previously involved in a bribery case. The concept of commercial aerospace given to it by the market has also been denied, and the company's future development is worrying. Although the stock price soared in the short term, the concept speculation often ends in a mess.