“From the whole year of last year to the first half of this year, the LED industry has frequent mergers and acquisitions. According to the research data of the High-tech Research Institute LED Research Institute (GGII), in 2014, the overall amount of the M&A case was 6.07 billion yuan, compared with 1-8 this year. In the month, the amount of M&A has reached 29.31 billion yuan, and the amount of M&A has been increased by 5 times.†Dr. Zhang Xiaofei, Chairman of Gaogong LED, recently said that the total amount of M&A in the next two years will reach 100 billion, and the M&A case with a scale of more than 500 million yuan will be The increase will be accompanied by internationalization and the number of overseas mergers will increase simultaneously.
Beginning in the second half of 2014, LED upstream and downstream can be described as a wave of mergers and acquisitions. Big fish eat small fish, a number of small and medium-sized enterprises have withdrawn, and large enterprises have been acquired by larger companies. After entering 2015, this kind of trend has become more and more fierce, and mergers and acquisitions have been raging, especially after entering July, the number of various types of mergers and acquisitions has reached the monthly peak.
But there are still a few companies still sticking to the IPO.
The reporter learned from the official website of the China Securities Regulatory Commission that the current LED and related companies including Op Lighting, Xiamen Guangyi, Shanghai Mingzhi, Overclocking III, Sichuan Huati Lighting, Shenzhen Mingjiahui and Huayang Group are in the IPO pre-disclosure stage. In addition, Huizhou Yuanhui Optoelectronics has entered the IPO termination review list of the CSRC.
According to the 2014 financial report data disclosed by the above-mentioned company , Oupu Lighting achieved operating income of RMB 3,843,304,400 in 2014 , an increase of 13.36% over the previous year , and a net profit of RMB 30,084,870 , a decrease of 37.17% from the previous year .
In 2014, Opal Lighting's net profit margin was 7.83%, a sharp decline from the same period of last year, mainly due to the company's product gross profit margin decreased by 1.85 percentage points. As LEDs have replaced traditional lighting processes, the company's LED product sales have increased significantly. On the one hand, due to the intensification of market competition, the gross profit margin of LED lighting products has decreased; on the other hand, traditional lighting products, including traditional lamps and traditional light sources, are greatly affected by LEDs, and the gross profit level continues to decrease.
The data shows that Oupu Lighting's traditional advantage business - home lighting fixtures achieved sales revenue of 1,47,871,400 yuan in 2014, a slight decline from the previous year, and its share of the company's total revenue also dropped from 43.52% in 2013 to 38.72%.
In addition, the company's OEM capacity share has also increased year by year, from 18.28% in 2012 to 24.21% in 2014. Among them, Zhongshan Auman Technology, Jiangsu Linyang Lighting for its 2014 LED light source category accounted for a relatively large OEM.
Xiamen Guanghao , 2014 operating income of 18,043,730 yuan, down 19.9% ​​from the previous year , the net profit attributable to shareholders of the parent company was 22,159,600 yuan, down 12.3% from the previous year .
In terms of capacity utilization, the company's LED packaging capacity utilization rate declined in 2014 compared with the previous year. The utilization rate of SMD LED capacity decreased from 89.9% in 2013 to 65.96% in 2014. The utilization rate of LED light source has dropped from 92.46% in 2013 to 38.25% in 2014.
In terms of sales of LED lighting products, the sales of LED panel lights, ceiling lamps and light panels in the company increased significantly in 2014 compared with the previous year, and the sales volume of LED light source products dropped sharply.
Sichuan Huati Lighting, in 2014 , achieved operating income of RMB 36,071,900 and RMB 3,576,140 . In the case of an increase in operating income of 2.17% over the previous year , net profit decreased by 12.51% year-on-year .
The above profit changes mainly came from the impact of the company's accounts receivable. As of December 31, 2014, the book value of the company's accounts receivable was 147,730,400 yuan, accounting for 43.75% of the total assets. At the end of 2014, the balance of accounts receivable was relatively large, resulting in an increase in asset impairment losses of RMB 2,954,500 in the year, an increase of 49.69%.
As the largest urban lighting enterprise in the western region, the company is first based on the urban lighting market in Sichuan Province. In 2014, the company's sales revenue in Sichuan Province accounted for 75.45% of its operating income.
Shanghai Mingzhi mainly includes two core businesses of control motor and its drive system products, LED control and drive products. Among them, LED drive power products achieved sales revenue of RMB 14,662,600 in 2014 , an increase of 81.69% over the previous year . The unit price of power supply is 105.12 yuan, and the unit price of intelligent drive power supply is 157.10 yuan.
The top five customers of the company's high-power drive power accounted for 63.68% of the total revenue in 2014. Shanxi Guangyu and Jiangxi Zhongxin Energy-saving Crystal and Lighting are the two major domestic customers.
One of the IPO fundraising projects is planned to renovate some of the existing plants in the existing plant area of ​​No. 168, Mingjia Road, Minbei Industrial Zone, Minhang District, Shanghai, and increase production equipment to form a new annual output of 4.25 million LED control and driving products. Production capacity. According to the company's forecast, the annual production of LED control and drive products will be 5.45 million in 2021, and the sales revenue will reach 620 million yuan.
Overclocking three technologies, during the reporting period, the company's LED lighting cooling components realized sales revenue of 0.27 billion yuan, 106 million yuan, 177 million yuan, showing rapid growth.
The company's main products include LED lighting and cooling components and PC cooling components. The downstream demand, upstream production capacity, industry technology development and price competition between manufacturers have an important impact on product price trends. With the development of technology, the progress of production technology and the continuous improvement of large-scale production, the production cost of products has been continuously decreasing. The reduction of product costs and the intensification of market competition will eventually lead to the downward adjustment of the prices of products in the industry.
The company disclosed that if the LED chip technology makes breakthrough progress in the future, the photoelectric conversion efficiency is greatly improved to reduce heat consumption, or the LED lighting industry fluctuates due to unpredictable factors, the company may face a decline in the market demand for LED lighting and heat dissipation components, resulting in a decline in sales revenue. risks of.
According to the data, the number of LED lighting and cooling components sold in 2014 was 1,639,854, a slight increase of 8.65% from the previous year. According to the data of the fundraising project, the company will further increase the production capacity to an annual output of 5 million sets based on the existing 2 million sets of LED lighting and cooling components. At the same time, the production capacity of 53 million sets of low-power LED lighting and cooling components was added.
Shenzhen Mingjiahui is mainly engaged in lighting engineering business. The company has established 4 subsidiaries and 14 branches in Beijing, Hefei, Chengdu and Chongqing . In 2014, the company realized operating income of RMB 234,815,900 , with an average annual compound growth rate of 17.75% and net profit of RMB 47,600,200 , which continued to grow.
The data shows that the company's accounts receivable has a higher proportion in the asset structure and is closely related to the lighting engineering industry in which the company is located. As of the end of 2014, the company recognized long-term receivables of RMB 66,763,300. If the government agency fails to pay the project funds to the company in a timely manner and there is objective evidence that it has been impaired, it will result in the risk of impairment of long-term receivables.
Huayang Group is mainly engaged in automotive electronics manufacturing, precision electronic components manufacturing, precision die-casting and LED lighting. In 2014 , it realized operating income of 455,877,340 yuan, down 11.98% from the previous year , and realized net profit of 244,482,300 yuan, down from the previous year. 22.73% .
The company's LED lighting business mainly includes packaging and lighting business. In 2014, it achieved operating income of RMB 204,192,200, a decrease of 15.32% from the previous year.
The capacity utilization rate of the packaging business in 2014 was significantly lower than that of the previous years. The reason was that the market was generally optimistic about the prospects of the LED lighting industry. In the past two years, more companies have entered the field of LED lighting, especially in the middle of the package. It has a certain negative impact on the company's ability to acquire orders.
Huayang Solar has been manufacturing LED lamps since 2013. It is mainly for large customers. Since 2014, the company has expanded the production scale of LED lamps and started to produce ordinary household lamps.
The Huayang Solar Power Co., Ltd. is mainly responsible for the fund-raising project of high-power LED driver power projects. It plans to raise funds of 85.06 million yuan. The proposed scale is to produce 1.1 million sets of high-power LED driver power, including 100W high-power LED driver. 360,000 sets, 150W high-power LED drive power 480,000 sets, 200W high-power LED drive power 260,000 sets.
GGII expects that in the second half of 2015 , market concentration will further increase, and leading enterprises in various fields will also have more technological advantages and scale effects. With the rapid increase in LED lighting demand, the LED industry will usher in the peak period of development, and the industry chain will enter a new round of expansion and distribution channels to seize more market share.
For the enterprises that are still in the IPO impact stage, due to the previous market slump in July, as one of the means of “maintenanceâ€, the IPO and refinancing business have been suspended, which is not good for the above companies. Despite reports, the regulator has notified some of the members of the audit committee to return to Beijing before August 5, which was interpreted by the market as a signal to refinance.
But when the IPO restarts, it is still unknown.
Beginning in the second half of 2014, LED upstream and downstream can be described as a wave of mergers and acquisitions. Big fish eat small fish, a number of small and medium-sized enterprises have withdrawn, and large enterprises have been acquired by larger companies. After entering 2015, this kind of trend has become more and more fierce, and mergers and acquisitions have been raging, especially after entering July, the number of various types of mergers and acquisitions has reached the monthly peak.
But there are still a few companies still sticking to the IPO.
The reporter learned from the official website of the China Securities Regulatory Commission that the current LED and related companies including Op Lighting, Xiamen Guangyi, Shanghai Mingzhi, Overclocking III, Sichuan Huati Lighting, Shenzhen Mingjiahui and Huayang Group are in the IPO pre-disclosure stage. In addition, Huizhou Yuanhui Optoelectronics has entered the IPO termination review list of the CSRC.
According to the 2014 financial report data disclosed by the above-mentioned company , Oupu Lighting achieved operating income of RMB 3,843,304,400 in 2014 , an increase of 13.36% over the previous year , and a net profit of RMB 30,084,870 , a decrease of 37.17% from the previous year .
In 2014, Opal Lighting's net profit margin was 7.83%, a sharp decline from the same period of last year, mainly due to the company's product gross profit margin decreased by 1.85 percentage points. As LEDs have replaced traditional lighting processes, the company's LED product sales have increased significantly. On the one hand, due to the intensification of market competition, the gross profit margin of LED lighting products has decreased; on the other hand, traditional lighting products, including traditional lamps and traditional light sources, are greatly affected by LEDs, and the gross profit level continues to decrease.
The data shows that Oupu Lighting's traditional advantage business - home lighting fixtures achieved sales revenue of 1,47,871,400 yuan in 2014, a slight decline from the previous year, and its share of the company's total revenue also dropped from 43.52% in 2013 to 38.72%.
In addition, the company's OEM capacity share has also increased year by year, from 18.28% in 2012 to 24.21% in 2014. Among them, Zhongshan Auman Technology, Jiangsu Linyang Lighting for its 2014 LED light source category accounted for a relatively large OEM.
Xiamen Guanghao , 2014 operating income of 18,043,730 yuan, down 19.9% ​​from the previous year , the net profit attributable to shareholders of the parent company was 22,159,600 yuan, down 12.3% from the previous year .
In terms of capacity utilization, the company's LED packaging capacity utilization rate declined in 2014 compared with the previous year. The utilization rate of SMD LED capacity decreased from 89.9% in 2013 to 65.96% in 2014. The utilization rate of LED light source has dropped from 92.46% in 2013 to 38.25% in 2014.
In terms of sales of LED lighting products, the sales of LED panel lights, ceiling lamps and light panels in the company increased significantly in 2014 compared with the previous year, and the sales volume of LED light source products dropped sharply.
Sichuan Huati Lighting, in 2014 , achieved operating income of RMB 36,071,900 and RMB 3,576,140 . In the case of an increase in operating income of 2.17% over the previous year , net profit decreased by 12.51% year-on-year .
The above profit changes mainly came from the impact of the company's accounts receivable. As of December 31, 2014, the book value of the company's accounts receivable was 147,730,400 yuan, accounting for 43.75% of the total assets. At the end of 2014, the balance of accounts receivable was relatively large, resulting in an increase in asset impairment losses of RMB 2,954,500 in the year, an increase of 49.69%.
As the largest urban lighting enterprise in the western region, the company is first based on the urban lighting market in Sichuan Province. In 2014, the company's sales revenue in Sichuan Province accounted for 75.45% of its operating income.
Shanghai Mingzhi mainly includes two core businesses of control motor and its drive system products, LED control and drive products. Among them, LED drive power products achieved sales revenue of RMB 14,662,600 in 2014 , an increase of 81.69% over the previous year . The unit price of power supply is 105.12 yuan, and the unit price of intelligent drive power supply is 157.10 yuan.
The top five customers of the company's high-power drive power accounted for 63.68% of the total revenue in 2014. Shanxi Guangyu and Jiangxi Zhongxin Energy-saving Crystal and Lighting are the two major domestic customers.
One of the IPO fundraising projects is planned to renovate some of the existing plants in the existing plant area of ​​No. 168, Mingjia Road, Minbei Industrial Zone, Minhang District, Shanghai, and increase production equipment to form a new annual output of 4.25 million LED control and driving products. Production capacity. According to the company's forecast, the annual production of LED control and drive products will be 5.45 million in 2021, and the sales revenue will reach 620 million yuan.
Overclocking three technologies, during the reporting period, the company's LED lighting cooling components realized sales revenue of 0.27 billion yuan, 106 million yuan, 177 million yuan, showing rapid growth.
The company's main products include LED lighting and cooling components and PC cooling components. The downstream demand, upstream production capacity, industry technology development and price competition between manufacturers have an important impact on product price trends. With the development of technology, the progress of production technology and the continuous improvement of large-scale production, the production cost of products has been continuously decreasing. The reduction of product costs and the intensification of market competition will eventually lead to the downward adjustment of the prices of products in the industry.
The company disclosed that if the LED chip technology makes breakthrough progress in the future, the photoelectric conversion efficiency is greatly improved to reduce heat consumption, or the LED lighting industry fluctuates due to unpredictable factors, the company may face a decline in the market demand for LED lighting and heat dissipation components, resulting in a decline in sales revenue. risks of.
According to the data, the number of LED lighting and cooling components sold in 2014 was 1,639,854, a slight increase of 8.65% from the previous year. According to the data of the fundraising project, the company will further increase the production capacity to an annual output of 5 million sets based on the existing 2 million sets of LED lighting and cooling components. At the same time, the production capacity of 53 million sets of low-power LED lighting and cooling components was added.
Shenzhen Mingjiahui is mainly engaged in lighting engineering business. The company has established 4 subsidiaries and 14 branches in Beijing, Hefei, Chengdu and Chongqing . In 2014, the company realized operating income of RMB 234,815,900 , with an average annual compound growth rate of 17.75% and net profit of RMB 47,600,200 , which continued to grow.
The data shows that the company's accounts receivable has a higher proportion in the asset structure and is closely related to the lighting engineering industry in which the company is located. As of the end of 2014, the company recognized long-term receivables of RMB 66,763,300. If the government agency fails to pay the project funds to the company in a timely manner and there is objective evidence that it has been impaired, it will result in the risk of impairment of long-term receivables.
Huayang Group is mainly engaged in automotive electronics manufacturing, precision electronic components manufacturing, precision die-casting and LED lighting. In 2014 , it realized operating income of 455,877,340 yuan, down 11.98% from the previous year , and realized net profit of 244,482,300 yuan, down from the previous year. 22.73% .
The company's LED lighting business mainly includes packaging and lighting business. In 2014, it achieved operating income of RMB 204,192,200, a decrease of 15.32% from the previous year.
The capacity utilization rate of the packaging business in 2014 was significantly lower than that of the previous years. The reason was that the market was generally optimistic about the prospects of the LED lighting industry. In the past two years, more companies have entered the field of LED lighting, especially in the middle of the package. It has a certain negative impact on the company's ability to acquire orders.
Huayang Solar has been manufacturing LED lamps since 2013. It is mainly for large customers. Since 2014, the company has expanded the production scale of LED lamps and started to produce ordinary household lamps.
The Huayang Solar Power Co., Ltd. is mainly responsible for the fund-raising project of high-power LED driver power projects. It plans to raise funds of 85.06 million yuan. The proposed scale is to produce 1.1 million sets of high-power LED driver power, including 100W high-power LED driver. 360,000 sets, 150W high-power LED drive power 480,000 sets, 200W high-power LED drive power 260,000 sets.
GGII expects that in the second half of 2015 , market concentration will further increase, and leading enterprises in various fields will also have more technological advantages and scale effects. With the rapid increase in LED lighting demand, the LED industry will usher in the peak period of development, and the industry chain will enter a new round of expansion and distribution channels to seize more market share.
For the enterprises that are still in the IPO impact stage, due to the previous market slump in July, as one of the means of “maintenanceâ€, the IPO and refinancing business have been suspended, which is not good for the above companies. Despite reports, the regulator has notified some of the members of the audit committee to return to Beijing before August 5, which was interpreted by the market as a signal to refinance.
But when the IPO restarts, it is still unknown.
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