Since the beginning of this year, the IPO review speed of the China Securities Regulatory Commission has obviously accelerated. It is basically a batch of enterprise audits passed in a week. In this regard, financial people believe that the CSRC intends to accelerate the "digestion" of queuing IPO enterprises.
In any case, the acceleration of IPO audits is indeed a good news for the majority of LED lighting companies. Those LED lighting companies that have been waiting in line for many years have finally had a hope, instead of "endless waiting."
1, LED explosion-proof lamp enterprise sprint IPO
On April 10, according to the website of the China Securities Regulatory Commission, Huarong Technology Co., Ltd. (abbreviation: Huarong Technology) disclosed the “Investment Manual for Initial Public Offering of Sharesâ€. Huarong Technology intends to apply for listing on the Shanghai Stock Exchange. The number is not more than 82.77 million shares, and the proportion of unrestricted shares outstanding after the issue is not less than 25%.
According to Huarong Technology's official website, Huarong Technology is a company specializing in explosion-proof electrical, energy and electrical, lighting, offshore platforms, solar photovoltaic, LED optoelectronics, contract energy management, industrial automation and other products. Among them, explosion-proof electrical appliances include explosion-proof switches, explosion-proof LED lights, and explosion-proof energy-saving lamps.
According to the prospectus, Huarong Technology will mainly use the following funds for the following three projects: 1. The factory uses explosion-proof electrical production base project, with a total planned investment of 289.96 million yuan, and raised funds of 266.62 million yuan; 2. Professional lighting production base The total investment of the project is 134.44 million yuan, and the funds raised are 121.71 million yuan; the supplementary working capital is 380 million yuan. Huarong Technology raised a total of 76,733,000 yuan.
As a domestic explosion-proof electrical appliance and professional lighting equipment supplier, Huarong Technology has formed a strong scale advantage in the industry with years of development. In the past three years, Huarong Technology's main business income has exceeded 1 billion yuan.
In the past three years, Huarong Technology's operating income and net profit have declined to a certain extent. Among them, the sales revenue of explosion-proof electrical appliances, which contributed more than 60% of the business revenue, declined greatly. The declines in 2015 and 2016 were 9.99% and 6.77%, respectively.
Huarong Technology said that it was mainly affected by factors such as the adjustment of the domestic overall economy and the slowdown in investment growth in the downstream petroleum and chemical industries. The explosion-proof electrical appliances fell significantly, while the revenue of professional lighting equipment and other products remained stable.
It is particularly noted that the large revenues of Huarong Technology's lighting products are mainly concentrated in explosion-proof lamps, professional lighting equipment and architectural installation lighting projects, in which the sales amount of ordinary LED lighting products is small.
In 2014-2016, Huarong Technology's total sales revenue to the top ten customers was 38,092,700 yuan, 534,286,600 yuan and 40,694,300 yuan, respectively accounting for 27.82%, 40.61% and 33.9% of Huarong's operating income. Ten customers are mainly state-owned enterprises and foreign companies.
2, from smart + to the Internet of Things +, LED is really noisy
On the afternoon of April 7, the signing ceremony of Lidaxin Intelligent Photoelectric Lighting Industrial Park and Internet of Things Research Town was held at the headquarters of Xiamen Lidaxin Group. The project was located in Changtai Economic Development Zone.
The total investment of the contracted project is about 3 billion yuan, and the newly added land is about 2,000 mu. After the completion of the project, the newly added construction area is over 1 million square meters. The project is planned to invest in the construction of intelligent lighting industry parks integrating IoT intelligent lighting products, large lamps, home lamps, outdoor lighting, industrial lighting and commercial lighting.
At the same time, the plan is to build a research town with a population of 20,000 by building supporting projects such as the headquarters building, research and development center, exhibition center, training college, and talent apartments.
After the completion of the project, by 2020, the annual output value will reach 10 billion yuan, the annual tax payment will be more than 450 million yuan, and the annual export will be more than 1.2 billion US dollars. Strive to achieve an annual output value of 50 billion yuan by 2025, driving the output value of Changtai's upstream and downstream industrial chain to 100 billion yuan, annual tax payment of 4 billion yuan, and annual export earnings of 6.5 billion US dollars.
3. Will there be a lot of “naked swimmers†in the future?
Jinghua Hong (870196), which focuses on LED light source device packaging and LED lighting applications, recently released its 2016 annual report, showing that its operating income in 2016 was 240.754 million yuan, an increase of 78.31% over the same period of last year; Net profit was -423.07 million yuan, compared with 357,900 yuan in the same period of last year, from profit to loss; basic earnings per share was -0.41 yuan, compared with 0.07 yuan in the same period last year.
As of 2016, Jinghuahong's assets totaled 16.23 million yuan, down 9.38% from the end of the previous year. The asset-liability ratio was 60.66%, an increase of 17.95 percentage points from the end of the previous year of 42.71%. The net cash flow from operating activities was -496,600 yuan in the current period, compared with 4,083,200 yuan in the same period of the previous year.
During the reporting period, Jinghuahong's operating income increased by 78.31% compared with the previous year, mainly because Jinghuahong adjusted its business strategy, introduced sales talents, increased sales, expanded sales channels, stabilized old customers, developed new customers, and expanded production. Scale, add first-line personnel, add machine equipment; develop new products.
During the reporting period, Jinghuahong's operating costs increased by 96.82% over the previous year, mainly due to the increase in direct business materials, the increase in direct material costs and the increase in labor costs, due to the corresponding increase in the cost of equipment purchased for new machines.
4, the industry chain share model, can create a successful sample
In recent days, Shenzhen Science and Technology Co., Ltd. revealed that its subsidiary, Development Crystal, currently has 82 MOCVD equipments in mass production, and its production status is good. Through technological upgrading, it will have an annual production capacity of 4 million epitaxes in the future.
Development Crystal continues to expand in the research and development and industrialization of LED epitaxial wafers/chips and application systems, expand the manufacturing scale of LED backlight modules and lighting products, provide diversified LED lighting system solutions, and form stable profitability and development. Crystal launched a new model of epitaxial package integration, and the high-efficiency product reached 200lm/W, which is at the world-class level.
In recent years, the competition in the LED industry has intensified. According to the changes in the LED market, the company has made strategic adjustments in a timely manner, and has made a strategic transformation from a simple manufacturing enterprise to a brand-operated enterprise, and has taken various measures to support the realization of the transformation plan.
Including the acquisition of US Puri equity for 130 million US dollars, the introduction of the industry's well-known enterprise Mulinsen, and the acquisition of its holding subsidiary Shenzhen Quanjing Chuang Optoelectronics Co., Ltd. 30% equity, etc., to further improve the development of Jingde LED industry layout , to build a complete industrial chain structure, laid a good foundation for future development and seeking listing, and strive to enter the top three in China.
5, from small spacing to Micro LED, grab the market
Drive IC factory to accumulate announcements, and sign a co-development contract with the Institute of Industrial Engineering for ultra-small-pitch LED digital display technology. Accumulation means that the contract date will run from today until April 10, 2020, for a total of 36 months.
In order to respond to market demand and enhance competitiveness, Accumulation pointed out that it has signed a co-development contract with the Institute of Industrial Technology for ultra-small-pitch LED digital display technology to jointly develop a massive transfer development plan with high production efficiency and ultra-small-pitch LED digital display technology.
The small-pitch display screen market is expected to continue to grow at a high level. The legal person expects that the accumulation will benefit. This year's revenue and profit should be able to grow at the same time. This year's revenue estimate can grow by about 10% to 12%. Breaking through the level of NT$7.
In addition to the continuous expansion of the small-pitch display screen market, the accumulation of the next-generation Micro LED market, and actively deploy the automotive market, lock the lighting, taillights, daytime running lights and headlights of the rear-mounted and front-loading markets, the target market In 2020, it became a lighting supplier for first-line vehicles.
Accumulated last year's consolidated revenue of NT$ 2.491 billion, an increase of 22.5% over the previous year. Last year's net profit after tax was 197 million yuan, a 72.7% increase over the previous year of 114 million yuan.
6, LED lighting sampling, frequent quality problems
The Shenzhen Municipal Market Supervision and Administration Bureau recently released the "Notice on the Quality Supervision and Inspection Results of Lighting Products, Lighting Sources, Lighting Products and Their Control Devices (including LED Lighting Fixtures, LED Drive Power Sources) in 2016".
The LED floodlights of the model EEB207 (LQ) 36W produced by the lighting factory of Shenzhen Guangda Lighting Technology Co., Ltd. in April 2015 have unqualified items such as “marking, creepage distance and clearance, electrical strengthâ€.
According to the report, there are various specifications for light source and luminaire products. There are also certain requirements for replacement and installation. The information provided in the product mark to the user for installation and use does not meet the standard requirements, which may easily lead to dangerous operation of the user.
Failure of the creepage distance and clearance of the luminaire is usually manifested by insufficient surface distance between different polarities or between live parts and accessible metal parts. At the same time, the failure of creepage distance and clearance may also lead to electric shock accidents when consumers use related products, which may cause harm to consumers' lives.
The electrical strength does not meet the standard requirements, which may cause insulation breakdown of the product during normal use, which may cause the user to be exposed to electric shock. In severe cases, it may endanger life safety.
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