On February 27th, whether Guanghao Electronics can become the first new three-board IPO success case in the LED industry, and whether it can become a LED enterprise that has successfully entered the capital market after Debon Lighting and Sanxiong Aurora is worth looking forward to.
Recently, Guangsheng Electronics announced the updated IPO prospectus on the official website of the China Securities Regulatory Commission. The data shows that the company's 2014-2016 annual revenue was 210 million yuan, 260 million yuan and 320 million yuan respectively, corresponding to the net profit of the shareholders of the parent company was 21,614,200 yuan, 31,114,700 yuan and 4,302,600 yuan.
During the reporting period, the total sales of the top ten customers accounted for about 70% of the operating revenue, and the major customers included TPV, Foxconn, LG, Anda House, GE, Osram, Sandy and so on. According to the light, the LED lighting business, which has the largest revenue and profit contribution of the company, is affected by the overseas market to a large extent, and has great market uncertainty.
Most of the funds in this IPO fundraising project are about 130 million yuan, and will also be mainly invested in the expansion of LED lighting products. During the reporting period, LED lighting business revenue increased from 53.03 million yuan to 146 million yuan, an increase of 47.42%. The company's LED lighting business mainly includes panel lights, ceiling lamps and light panels. Mainly through the ODM / OEM way, for the international brand OEM LED lighting products.
Another part of the LED packaging business mainly includes LAMP LEDs and SMD LEDs. Some of them are used in the signal light field of displays. The main customers include display manufacturers such as TPV, Foxconn and LG. Some products integrate the company's LED backlight module and accessory business, mainly used in the backlight field of the display. During the reporting period, the proportion of LED packaging business decreased from 25.36% in 2014 to 18.62% in 2016.
During the reporting period, the gross profit margin of the company's LED lamps decreased from 32.36% in 2014 to 27.28% in 2016, showing a downward trend. Mainly due to fierce competition in the LED lighting market, the unit price of the product showed a downward trend. In 2015 and 2016, the unit price decreased by 29.35% and 19.25%, which was higher than the unit cost. Among them, labor costs increased by 13.57% compared with 2015.
The gross profit margin of LED light source decreased by 6.78 percentage points compared with 2015, mainly due to the increase in the performance of LED bulbs with lower unit price and lower gross profit margin, which lowered the overall product price and gross profit margin. In terms of labor costs, the company introduced an automated production line for LED bulbs in 2016, which increased production efficiency and diluted some labor and manufacturing costs.
Taking the main business of LED lighting of Guanghao Electronics as an example, compared with the peer companies, the existing production scale and production capacity are insufficient.
For example, Debon Lighting, which has passed the IPO meeting, has revenues of 2.465 billion yuan, 2.792 billion yuan, 3.230 billion yuan and 1.341 billion yuan in 2013, 2014, 2015 and the first half of 2016, respectively. The sales revenue accounted for 31.65%, 22.60%, 31.03% and 36.25% of the current operating income.
In terms of product gross profit margin, in 2015, the gross profit margin of Debon Lighting's LED bulb products was 19.28%; from January to June 2016, the gross profit margin was 21.47%. The gross profit margin of lighting products decreased from 29.66% in 2015 to 21.82% in the first half of 2016.
In recent years, the overseas LED lighting market has been subject to rising global economic fluctuations and export destination policy risk factors. At the same time, the overseas LED lighting giant's own business operations are also in a period of volatility.
The High-tech Research Institute LED Research Institute (GGII) released the “2016 LED Lighting Export Market Reportâ€. The data shows that the export value of China's LED lighting in 2016 was US$10.568 billion, down 26% year-on-year. The main reason for the year-on-year decline in the scale of LED lighting exports was the drop in volume and price, especially the price drop of 18.5%. Due to the emerging and Southeast Asian exchange rate factors, the LED export volume decreased. At the same time, the certification standards of some countries have increased.
In addition, in recent years, the export of LED lighting products of Chinese companies has frequently been recalled. At the end of last year, the US Consumer Product Safety Commission (CPSC), Health Canada and LD Kichler jointly announced a voluntary recall of 70,000 ceiling lamps in China.
The United States is the largest exporter to China, and it has always been a market that allows LED lighting export companies to “love and hateâ€.
On November 9, 2016, Republican presidential candidate Donald Trump was elected the 58th President of the United States. Trump's China policy, in which Trump said that "the tariffs imposed by China's imports of goods up to 45%" have a greater impact on China's LEDs, causing more uncertainties in Sino-US bilateral trade exports. For the LED lighting industry, the export sales situation of export companies has fallen into an uncertain situation.
"Understanding this market, we can better enter this market." Nie Pengxiang, chairman of the incentive test, once pointed out that the North American market has always been the gold-clad place for Chinese LED companies, and the US market is the largest overseas market for Chinese companies. Comparable to the whole of Europe.
According to the US Department of Energy report, the overall size of the US lighting market will reach US$25.1 billion in 2016, while China’s imports of LED products account for 70.50% of China’s total, which is about US$420 million, two-thirds. The American public has purchased home LED lighting products.
Trump will also allow companies to bring back funds that are stranded overseas to the United States and pay taxes at a 10% rate. That is to say, under the Trump policy, the processing industry of American companies may be transferred to the United States.
As we all know, China is the world's largest manufacturing country. As far as the LED industry is concerned, several major lighting giants in the United States have production bases in China, and there are also a large number of orders for Chinese companies to carry out OEM production.
Once the US LED companies shift the production and processing industry to the US, it will directly lead to the uncertainty of orders for China's LED lighting foundry companies, and will further intensify the competition between Chinese LED companies and US LED companies in the North American market.
In fact, the high entry conditions and technical thresholds in the United States have made many LED companies in China want to be “nugged†in North America. This time Trump won the US presidential election, which opened up the North American market for Chinese LED companies. Work has increased the difficulty.
Nie Pengxiang revealed that the impact of consumer lighting products through retail channels is limited, but market supervision measures will be strengthened, and various types of sampling and recalls will increase significantly, because this is the best technical barrier to trade, which is more than direct tax increase. It's much easier.
In 2016, the export orders for LED lighting in the United States, the three types of trade methods of feed processing, processing and non-matching of feeds accounted for about 31% of the total trade volume. This part of trade is mainly simple processing. About 50% of orders are in general trade, but most of the general trade is unbranded or unmarked products, followed by OEM brands for foreign manufacturers, and fewer self-owned brands.
At the same time, as GE gradually shrinks its front line and exits the Asia-Pacific market; Philips Lighting's "equity" transfer is on the agenda; OSRAM has already sold the general lighting business assets. The uncertainties of the future of the three major lighting giants in the North American market will undoubtedly have an uncertain impact on the OEM business of domestic lighting companies.
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