Guangdong Golden Wright (002723) Electric Co., Ltd. ("Gold Wright"), which is about to land on the Shenzhen Stock Exchange, announced the winning number on January 23. However, the Financial Investment News reporter noted that the professional manufacturer in the field of backup lighting plans to raise 272.49 million yuan for the expansion of the main business rechargeable rechargeable LED lamps and rechargeable AC and DC fan projects and the construction of the R&D center. However, in the case of the domestic LED industry's swarming investment and overcapacity, the company's fundraising is mainly invested in projects with continued price declines and overcapacity, which has caused industry insiders to worry about its sustainability. In addition, the company has not yet listed, its performance has changed its face and other financial issues, but also suffered from the industry.
Suspected that the performance has not been listed, "face change"
Jinlaite's new prospectus shows that the company's revenue for January-September 2013 was 449,446,423.50 yuan, net profit was 32,797,727.42 yuan, while the revenue and net profit for January-September 2012 were 442,976,736.51 yuan and 52,319,094.14 yuan respectively. In September, the company's revenue increased by 1.46% compared with the same period of 2012, but the net profit decreased by 37.31%. In addition, the company expects net profit attributable to owners of the parent company after net profit for 2013 and after deducting non-recurring gains and losses to decrease by approximately 30%-40% and 20%-30%, respectively, compared to 2012.
Some investors said that Jinlaite has not been listed yet, and its performance has fallen sharply. How can a company that is mainly assembled and used for export in a fully competitive market guarantee its advantages in a large number of similar enterprises in a fully competitive market?
Intense market share continues to shrink
Not only that, in fact, from the data of the new version of the prospectus, with the change of performance, the market share of Golden Wright in the industry has begun to shrink. Through the data of the General Administration of Information of the General Administration of Customs, during the period from 2010 to June 2013, Kinglet's export rankings in the same industry companies have always been in the top two. It seems that the leading position is always in the grip, but under the circumstance, the company's market position has been Thinned. In 2010, the company's export value reached 40,793,800 US dollars, far ahead of the second place of 17,732,300 US dollars and the third place of 16.0542 million US dollars. However, by 2011, the company's export value decreased to 35.437 million US dollars, a year-on-year decrease of 13.13%, while the gap between the second and third places narrowed. The export value of the two companies increased to 28.63 million and 18.18 million respectively. Dollar. However, in 2012, although the company's export value increased compared with 2011, it reached 39.408 million US dollars, but the second and third export value also remained at 20,281,200 US dollars and 1,806,170 US dollars. It is worth noting that in 2012 and the first half of 2013, the export-first position has been replaced by Shenzhen Zhongdian Investment Co., Ltd., and in the first half of 2013, the export value opened a large distance from the first place, and the first The difference between the export value of the three companies and the second-place Golden Wright is further narrowed.
From the perspective of segmented product market share, the market share of self-powered portable lights has dropped from 4.90% in 2010 to 1.97% in January-June 2013, a huge decline.
Analysts believe that the shrinking market share of Kinglet is likely to cause big problems in the company's performance, and in the case of competitors' continuous efforts, it is likely to erode the company's original market share.
Product single production threshold is low
In the fierce market competition, even if Kinglet is ranked in the top two, it only has a market share of 3%, and it is constantly eroding for the same type of enterprises, and the industry is fiercely competitive.
Some analysts pointed out that the current value-added of LED enterprises is very low, and the production threshold is low, a large number of enterprises flocked, resulting in fierce competition in the LED industry. At present, the integration of small and medium-sized LED enterprises will lead to a significant increase in supply. With the weakening of the international economy, market demand is likely to continue to decline. The result of industry competition is to drive down prices. The result of fierce competition is the dilution of profits. According to incomplete statistics, at least 5,000 LED companies in the country have closed down in fierce market competition. In the context of market supply and demand, as well as fierce market competition, export-oriented LED companies will face greater challenges.
According to the prospectus, the average unit price of major products in 2012 was only 45.47 yuan per Taiwan. Although the sales revenue reached 550 million yuan, the main business cost was as high as 440 million yuan, of which the cost of raw materials accounted for 77.58% of the main business. The number fluctuated during several reporting periods. It can be seen that the company's future profitability may be subject to the cost of raw materials.
Not only that, but some investors also suggested that the company's products are relatively single, only two: rechargeable rechargeable lighting products and rechargeable AC and DC fans. According to the prospectus, Jinlaite's revenue from indoor and outdoor rechargeable lighting fixtures in 2010-2012 accounted for 66.00%, 56.29%, and 63.87%, respectively. The revenue of rechargeable AC and DC fans accounted for 20.13%, 32.61%, and 23.49, respectively. %. The company's product structure is too singular. If the industry policies or industry standards of rechargeable outdoor lighting products in China or overseas change, it will inevitably affect the company's performance. In China, large, medium and small enterprises producing flashlights, lighting fixtures and electric fans are everywhere. Similar substitute products are extremely common. The company's main products have no absolute competitive advantage. Due to the large number of manufacturers, if the company's products encounter quality problems. Its market share will inevitably be replaced by other companies, thus affecting performance. From the point of view of this fundraising project, the company is still continuing to expand production of two major categories of main products, and the product's single ability to resist risks is not alleviated.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Suspected that the performance has not been listed, "face change"
Jinlaite's new prospectus shows that the company's revenue for January-September 2013 was 449,446,423.50 yuan, net profit was 32,797,727.42 yuan, while the revenue and net profit for January-September 2012 were 442,976,736.51 yuan and 52,319,094.14 yuan respectively. In September, the company's revenue increased by 1.46% compared with the same period of 2012, but the net profit decreased by 37.31%. In addition, the company expects net profit attributable to owners of the parent company after net profit for 2013 and after deducting non-recurring gains and losses to decrease by approximately 30%-40% and 20%-30%, respectively, compared to 2012.
Some investors said that Jinlaite has not been listed yet, and its performance has fallen sharply. How can a company that is mainly assembled and used for export in a fully competitive market guarantee its advantages in a large number of similar enterprises in a fully competitive market?
Intense market share continues to shrink
Not only that, in fact, from the data of the new version of the prospectus, with the change of performance, the market share of Golden Wright in the industry has begun to shrink. Through the data of the General Administration of Information of the General Administration of Customs, during the period from 2010 to June 2013, Kinglet's export rankings in the same industry companies have always been in the top two. It seems that the leading position is always in the grip, but under the circumstance, the company's market position has been Thinned. In 2010, the company's export value reached 40,793,800 US dollars, far ahead of the second place of 17,732,300 US dollars and the third place of 16.0542 million US dollars. However, by 2011, the company's export value decreased to 35.437 million US dollars, a year-on-year decrease of 13.13%, while the gap between the second and third places narrowed. The export value of the two companies increased to 28.63 million and 18.18 million respectively. Dollar. However, in 2012, although the company's export value increased compared with 2011, it reached 39.408 million US dollars, but the second and third export value also remained at 20,281,200 US dollars and 1,806,170 US dollars. It is worth noting that in 2012 and the first half of 2013, the export-first position has been replaced by Shenzhen Zhongdian Investment Co., Ltd., and in the first half of 2013, the export value opened a large distance from the first place, and the first The difference between the export value of the three companies and the second-place Golden Wright is further narrowed.
From the perspective of segmented product market share, the market share of self-powered portable lights has dropped from 4.90% in 2010 to 1.97% in January-June 2013, a huge decline.
Analysts believe that the shrinking market share of Kinglet is likely to cause big problems in the company's performance, and in the case of competitors' continuous efforts, it is likely to erode the company's original market share.
Product single production threshold is low
In the fierce market competition, even if Kinglet is ranked in the top two, it only has a market share of 3%, and it is constantly eroding for the same type of enterprises, and the industry is fiercely competitive.
Some analysts pointed out that the current value-added of LED enterprises is very low, and the production threshold is low, a large number of enterprises flocked, resulting in fierce competition in the LED industry. At present, the integration of small and medium-sized LED enterprises will lead to a significant increase in supply. With the weakening of the international economy, market demand is likely to continue to decline. The result of industry competition is to drive down prices. The result of fierce competition is the dilution of profits. According to incomplete statistics, at least 5,000 LED companies in the country have closed down in fierce market competition. In the context of market supply and demand, as well as fierce market competition, export-oriented LED companies will face greater challenges.
According to the prospectus, the average unit price of major products in 2012 was only 45.47 yuan per Taiwan. Although the sales revenue reached 550 million yuan, the main business cost was as high as 440 million yuan, of which the cost of raw materials accounted for 77.58% of the main business. The number fluctuated during several reporting periods. It can be seen that the company's future profitability may be subject to the cost of raw materials.
Not only that, but some investors also suggested that the company's products are relatively single, only two: rechargeable rechargeable lighting products and rechargeable AC and DC fans. According to the prospectus, Jinlaite's revenue from indoor and outdoor rechargeable lighting fixtures in 2010-2012 accounted for 66.00%, 56.29%, and 63.87%, respectively. The revenue of rechargeable AC and DC fans accounted for 20.13%, 32.61%, and 23.49, respectively. %. The company's product structure is too singular. If the industry policies or industry standards of rechargeable outdoor lighting products in China or overseas change, it will inevitably affect the company's performance. In China, large, medium and small enterprises producing flashlights, lighting fixtures and electric fans are everywhere. Similar substitute products are extremely common. The company's main products have no absolute competitive advantage. Due to the large number of manufacturers, if the company's products encounter quality problems. Its market share will inevitably be replaced by other companies, thus affecting performance. From the point of view of this fundraising project, the company is still continuing to expand production of two major categories of main products, and the product's single ability to resist risks is not alleviated.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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