In 2015, it was quite helpless for China's LED listed companies. According to the annual report data, only 6 companies with 24 LED listed companies have a net interest rate of more than 10%, and only 13 companies have 'camp' and 'profit'.
Last year's market almost reversed in the first half of this year. "The industry is picking up" has become the focus of everyone's discussion.
According to the statistics of the High-tech Research Institute LED Research Institute (GGII), LED listed companies achieved operating profit of approximately 6.141 billion yuan in the first half of the year, an increase of 33.07% over the same period of the previous year.
On the one hand, it shows that the profitability of LED enterprises is in a recovery cycle; on the other hand, industry M&A and enterprise cost control and product structure optimization and adjustment have certain effects. Especially after the consolidated financial statements of some listed companies, the performance in the first half of this year has increased significantly.
However, these LED listed companies still show a clear differentiation trend. Some rely on their own operational capabilities and continued expansion to maintain steady growth in revenue and profits; some are bleak, and even gradually withdraw from the heart.
According to the performance and business performance of various listed companies in the first half of this year, the High-tech Research Institute LED Research Institute (GGII) has evaluated the “Nine Bests†to show the LED industry's first half of the year.
The highest subsidy: Sanan Optoelectronics
Government subsidies have always been the main force contributing to Sanan Optoelectronics' annual business income.
As a frequent visitor on the subsidy list, Sanan Optoelectronics has become the “subsidy king†of the spring-country enterprises in the first half of the year with 348 million yuan, ranking 23rd in the A-share subsidy list.
As an industry leader, Sanan Optoelectronics is also a major subsidy for the LED lighting industry. From 2013 to 2015, it received subsidies of 352 million, 505 million, and 594 million, respectively, accounting for about 30% of the net profit for the year.
Sanan Optoelectronics (600703) released a semi-annual report. In the first half of the year, it achieved sales revenue of 2.778 billion yuan and net profit attributable to shareholders of listed companies of 966 million yuan. Compared with the same period of last year, sales revenue increased by 21.25% and belonged to shareholders of listed companies. Net profit increased by 6.89%.
However, the company's non-recurring gains and losses in the first half of the year amounted to 324 million yuan, including the current government subsidy amount of 348 million yuan. Net profit attributable to shareholders of listed companies, net of non-recurring gains and losses, decreased by 9.49% year-on-year. The data shows that current government subsidies accounted for 36.24% of net profit.
The most limitless: Mulinsen
From the IPO listing, to the continuous strategic layout of the upstream and downstream industry chain, and then to the joint IDG and other bidding for Osram lighting, Mulinsen's every move is dazzling and unpredictable.
Mulinsen (002745) released a semi-annual report. In the first half of the year, the company achieved operating income of 2.087 billion yuan, an increase of 4.31% over the same period of the previous year.
During the reporting period, the re-integration and distribution of resources in the LED industry was continuously staged, and the integration of mergers and acquisitions became more and more fierce. In the first half of 2016, the company's fixed-income project supporting funds will be put in place, and the implementation of fund-raising projects in Jiangxi Xinyu and Ji'an production bases will be further expanded. The company's business scale enhances the company's comprehensive competitiveness and ability to resist risks.
At the same time, through the acquisition of the equity of Hong Kong Super Time Lighting (Group) Co., Ltd. and the two capital increase of the development of Jingguang Lighting (Xiamen) Co., Ltd., the company can quickly acquire the technical process and market share of lighting emerging products, and complete the LED industry chain. The upstream extension has enabled the company to maintain strong competitiveness in the fierce competition in the LED industry.
At the same time of the semi-annual report, Mulinsen issued an announcement on foreign investment, and plans to invest 5.5 billion yuan to build an annual LED lighting production base of 10 billion yuan in Yiwu.
The data shows that as of the end of the first half of the year, the company's total cash, bank deposits and other monetary funds amounted to 5.967 billion yuan, which provided good financial support for the company's continued market force and industrial mergers and acquisitions.
Most persistent: sunshine lighting
As a traditional lighting company, LED's dedication and continuous operation make Sunlight become the "invisible champion" of the LED era.
Sunshine Lighting (600621) released a semi-annual report. In the first half of the year, the company achieved operating income of 2.126 billion yuan, an increase of 11.92% year-on-year. The net profit attributable to shareholders of listed companies was 218 million yuan, a year-on-year increase of 22.01%. The company's revenue and net profit continued to remain stable. increase.
Among them, LED products revenue was 1.740 billion yuan, a year-on-year increase of 39.71%, and revenue accounted for 82.78%. In the first half of the year, the gross profit margin of the company's products was 26.26%, an increase of 2.38 percentage points over the same period of the previous year. Among them, the gross profit margin of LED light source and lighting products was 1.36 percentage points higher than the same period of the previous year.
At the same time, the company further upgraded Jiangxi and Anhui into R&D bases based on the original Shangyu and Xiamen R&D bases. At the same time, the newly established Hangzhou R&D Center will continue to invest in the construction of the Shanghai R&D Center, making R&D an important growth driver for the company.
In addition, the company has established four bases in Zhejiang, Fujian, Jiangxi and Anhui, with an annual production capacity of 300 million LED light sources and 80 million LED lamps. In the bulb products and lamp products, some of the company's single products have formed a scale.
With the gradual commissioning of the company's fundraising projects, the company's LED lighting products increased its operating income in the first half of the year, achieving a net profit attributable to owners of the parent company of RMB 218 million, and completed 54.50% of the plan. The completion is in line with the progress of the business plan. .
Most helpless: Guangdong Ganhua
In the context of the general performance of LED listed companies in the first half of the year, Guangdong's 800 million yuan LED industry investment has been harvested so far.
The company even issued an announcement based on the decline in corporate profitability, in which the upstream competition was particularly fierce, the overall profit margin fell significantly, and Deli Optoelectronics incurred losses.
According to the current actual situation, considering the factors such as industry and market, the company has no plans to increase investment in the optoelectronic industry. The original commitment of not less than 1.5 billion yuan in the LED industry investment, the company also decided to shift the remaining uninvested amount to other areas.
Guangdong Ganhua semi-annual report data show that in the first half of the year, Deli Optoelectronics LED epitaxial chip operating income was 0.27 billion yuan, an increase of 33.01% over the previous year; product gross profit margin was -45.55%, net profit loss was 20,416,800 yuan. The LED business has the largest loss in all LED listed companies.
The most cross-border: Qinshang Optoelectronics, Changfang Group
In August, Qinshang Optoelectronics purchased the shares of Guangzhou Longwen Education through the issuance of shares and payment of cash. The transaction has been reviewed by the CSRC and obtained conditional approval.
Qin Shang Optoelectronics believes that under the natural pattern of uneven distribution of educational resources in China, the selection of examinations and the choice of schools and placements with the college entrance examination as the main type are basically “just needed†for many K12 children in a certain period of time.
On the basis of the acquisition of the scientific implementation of the Guangzhou Longwen supporting fundraising project, the next step is to strive to set up a good capital platform to accelerate the promotion of the K12-related industrial chain by accelerating the extension drive, and promote the company to enter the fast lane of the trillion-dollar market and strive to build the company's education industry. Collaborate with a complete industry chain platform.
To this end, the shareholders of Qinshang Group, which holds more than 10% of the shares of Qinshang Optoelectronics, even proposed to remove the positions of Zhao Jun’s directors and vice chairman. The reason is to fully consider the future strategic development of Qinshang Optoelectronics, the industrial layout, and the reasons for the company's transformation.
In March 2016, Changfang Lighting was renamed Shenzhen Changfang Group Co., Ltd.; in June, it participated in the establishment of the Education Industry M&A Fund; the wholly-owned subsidiary Shenzhen Qianhai Changfang Education Management Co., Ltd. The company began to expand its industry to the outside of the industry.
In June 2016, the company and Eide Capital jointly invested in the establishment of a M&A fund of no more than 2 billion yuan, mainly investing in pre-school education industries such as international education and early childhood education; and establishing a wholly-owned subsidiary in Shenzhen with its own funds of 100 million yuan. Hai Changfang Education Management Co., Ltd. is mainly engaged in the investment and construction of early childhood education institutions.
But the education industry faces the same level of competition as LED. According to incomplete statistics, from 2014 to now, about 20 listed companies have set up education industry (investment) funds.
At present, there are more than 3,000 online education companies in K12, but only 5% of the enterprises are profitable, and most of them are still exploring. In the next few years, the “death peak†of enterprises will come soon.
Finally: Fangda Group
As an early pioneer of the LED industry, Fangda's LED layout is typical of the early morning, catching up with the late set. But Fangda does not seem to stop.
In August 2014, Fangda Group issued an announcement to acquire Zhongshan Suzheng Optoelectronic Lighting, Zhongshan Henglan Lighting Factory, and Jinjin Yingke Electronics Co., Ltd. in Shenzhen for no more than 48 million yuan in cash. 60% of each share.
The agreement stipulates that in 2015, the sales income will be 600 million yuan and the net profit will be 36 million yuan. In 2016, the sales income will be 1 billion yuan and the net profit will be 60 million yuan. However, in the first half of the year, these goals have become "unexpected" dreams.
Fangda Group (000055) released the 2016 interim report, and the company achieved operating income of 1.09 billion yuan, down 12.23% year-on-year.
Among them, Fang Dasuo realized operating income of 110 million yuan in the first half of the year, a net profit loss of 145.223 million yuan, and a balance of bad debt reserves of more than 40 million yuan. Another LED subsidiary, Shenyang Fangda, suffered a net profit loss of 3.8046 million yuan in the first half of the year.
Most timely: Op Lighting
In the fast integration period of the LED industry, the IPO of Op Lighting has made this traditional lighting company catch up with the capital market.
Optel Lighting's 2016 Interim Report shows that its operating income was 2.234 billion yuan; the net profit attributable to shareholders of listed companies was 183 million yuan, an increase of 33.58% over the previous year. The net cash flow from operating activities was 342 million yuan, an increase of 1986.64% over the previous year.
The most timely is because the entire lighting industry, oversupply but insufficient demand, the industry may be undergoing a new round of reshuffle, Ou Pu Lighting successfully listed at this time can raise funds for expansion, flexible fund raising channels also let the enterprise The ability to resist risks has been strengthened.
The lighting industry is undergoing profound changes, gradually shifting from a fragmented market of many enterprises to a pattern of concentrated competition among a few enterprises. The competition elements are transformed from the traditional “brand + channel†to the comprehensive ability of “product + brand + channel + management + capitalâ€. competition.
However, the company's existing production line has not been fully operational, and the risk of future inventory increases has increased sharply. Coupled with the fierce competition environment, the company also has the risk of idle capacity due to factors such as unfavorable market development.
Of course, the risk of listing companies has also increased dramatically.
In early May of this year, Wang and other three people sued the Op Lighting Infringement case in the Chaoyang District Court in Beijing. The lawyer of Wang et al. said that Op Lighting Company enjoys the trademark rights of “Oupu OUPU†on the lamps, but does not enjoy the trademark right in the electrical products, infringing the trademark rights of Wang and others. At present, there is no clear disclosure of the court's judgment in the case of Op Lighting's trademark infringement.
The most far-sighted: Huacan Optoelectronics
As the second largest LED chip manufacturer in China, Huacan Optoelectronics' industrial layout in recent years can be described as low-key and extraordinary.
In order to expand the company's development space in the third-generation semiconductor application direction and expand the new application fields of the company's products, the company plans to invest 3 million yuan to participate in the field of robotics and radar-related fields. After more than a year of mergers and acquisitions, the 100% equity of Lanjing Technology was registered and transferred to the company to achieve successful mergers and acquisitions.
In the asset restructuring plan released on July 21 this year, Huacan Optoelectronics indirectly acquired 100% equity of Meixin Semiconductor Co., Ltd. As a technology-leading company in the sensor industry, the main competitors of the company are in the United States and Japan, and currently have no competitors in China.
With the entry of Huacan Optoelectronics, Meixin Semiconductor will conduct industry acquisitions and mergers in the future, and Huacan Optoelectronics will also form the dual main industry development of LED and sensor.
In addition, Huacan Optoelectronics' LED main business expansion has not slowed down.
The Zhangjiagang plant also started 15 MOCVD this year to further replenish production capacity. Even the production facilities in the Wuhan headquarters will be further modified to increase chip production.
The investment of 6 billion yuan in the Huacan LED project in Yiwu Industrial Park has completed land leveling. After the factory is built at the end of the year, it can be mass-produced early next year.
The company also signed a strategic cooperation agreement with its main customer, Mulinsen Co., Ltd. in April this year. The other party will purchase no less than 1.5 billion yuan of LED chip products from Huacan in the next three years, which will make Huacan once again embarked on the market. The fast lane of development.
The first half of the financial report showed that Huacan Optoelectronics achieved a net profit of 53.171 million yuan in the first half of the year, an increase of 323.02%. The reason for the sharp increase in net profit is that after the chip products experienced a decline in the fourth quarter of 2015, the price in the second quarter of this year was slightly higher than that in the fourth quarter of the previous year and the first quarter of this year.
The most stable: Hongli Zhihui, Guoxing Optoelectronics
The LED industry has experienced full competition for a long time, and some inferior enterprises and their production capacity have gradually withdrawn from the market. With the deepening of de-capacity, the price decline of industrial products has slowed down, cross-border mergers and acquisitions in the industry are frequent, and the industry's leading market share and competitiveness. Get strengthened.
As one of the leading companies in China's LED packaging companies, two Hongli Zhihui and Guoxing Optoelectronics companies in South China have continued to grow steadily in the LED packaging industry in recent years, both in terms of production capacity, revenue and profitability.
Hongli Zhihui achieved revenue of 994 million yuan in the first half of the year, up 43.34% year-on-year; realized a net profit of 138 million yuan, a year-on-year increase of 141.60%. The company's overall sales net profit margin was 13.86%, an increase of 3.45 percentage points over the full year of 2015. The results were in line with market expectations.
The LED production base invested and constructed by the company in Nanchang was gradually put into production. The company's production capacity in the LED industry chain continued to expand; the LED automotive lighting module was taken as the entry point to further enhance the company's mid-to-high-end product layout.
Since the company put forward the strategic goal of "LED + Internet of Vehicles" dual main business, under the premise of making the LED main business bigger and stronger, actively deploy the car networking industry.
The annual operating income of Guoxing Optoelectronics was 1.055 billion yuan, a year-on-year increase of 16.36%. The net profit attributable to shareholders of listed companies was 94.261 million yuan, a year-on-year increase of 13.23%.
With the support of the controlling shareholder Guangsheng Company, the company continuously integrates the high-quality assets of all parties, actively deploys forward-looking industry sectors, and promotes the rapid and steady development of the company.
The company will expand the production of the company with its own funds of no more than 240 million yuan, and the production capacity will be released in batches. Based on the high-end, differentiated market routes, we will promote the marketing strategy of “big customers and strong customersâ€.
At the same time, it optimizes the layout of upstream chips (National Semiconductor + Yaweilang Technology) and downstream lighting applications. Currently, it has more than 1,000 lighting sales channel outlets, 8 provincial operation centers, 5 direct sales offices, and the number of core dealers in the country. More than 800 companies have continuously strengthened the market channel construction of their own products.
Most poetic: Liard
Different from the semi-annual report of the ordinary listed company, Li Jun, the chairman of the Liard, expressed his "mood" in a semi-annual report for the first time. It is quite novel. And continue the previous form of "letter" to comprehensively expound the company's achievements in the past six months and future business prospects.
Message from the Chairman
Hurrying for half a year,
How to overcome the doubling of performance;
The hero is good at raising faith,
What is the enemy of the territory?
In the first half of the year, Liard (300296) realized a total operating income of 1.732 billion yuan, an increase of 188.44% over the same period of last year. The net profit attributable to shareholders of listed companies reached 183 million yuan, an increase of 125.67% over the same period of last year. 1.66 billion yuan, an increase of 215.53% over the same period of last year, while maintaining a high gross profit level, the comprehensive gross profit margin was 37.01%.
In 2016 and 2018, the revenue target is 4 billion+ and 10 billion+, and the net profit target is 750-700 million yuan and 1.5 billion yuan. In the first half of this year, Liard achieved operating income of 1.732 billion yuan (up 188% year-on-year) and net profit of 1.83. Billion (up 125% year-on-year).
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