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After announcing the acquisition of 20.05% stake in NVC Lighting held by Wu Changjiang, Wang Donglei, Chairman of Dehao Runda, responded to the industry's question about its series of “gamble†behaviors in the field of LED lighting at the company's new product launch conference.
Weak small appliances illuminate LED
The reporter was informed that at this conference, many NVC lighting regional dealers were invited. This is considered by the outside world as "the first step for Dehao Runda to open up the domestic market through the NVC lighting, and the two sides will start more cooperation."
Since 2009, the company has raised nearly 3 billion yuan through the issuance of private placements, short-term financing bonds, corporate bonds, etc., including the distribution of epitaxial wafers to chips, packaging and applications. According to public data, in 2010, 2011 and the first three quarters of 2012, the government subsidies for the current profit and loss of the LED project were 270 million yuan, 310 million yuan, and 164 million yuan respectively. It is 196 million yuan, 392 million yuan, and 115 million yuan.
Policy support from the government has been the biggest driver of the company's growth in LED lighting over the past three years. The company's 2012 semi-annual report also shows that it provides OEM processing and manufacturing business for small household appliances for European and American enterprises, and also accounts for nearly 70% of the revenue of Dehao Runda. The LED lighting business with a layout of 3 years is still in the “climbingâ€. period".
LED lighting has become the only breakthrough for Dehao Runda to go to small household appliances.
"The global financial crisis in 2008 has sounded the alarm for many home appliance companies that rely on OEM OEMs to survive." Zhang Yanbin, president of Aowei Consulting Research Institute, told the China Enterprise News reporter that it is like Europe and America in the case of Dehao Runda. The OEM business, which is mainly engaged in export business, is more affected by the economic environment. The government is also guiding the business transformation through policies such as home appliances going to the countryside.
“Is it the road to own small brands of home appliances, or is it looking for new business growth points?†The transformation became the biggest issue facing Wang Donglei during that period of time.
"An accidental opportunity, Wang Donglei, who is in the earliest development of China's LED lighting industry in the Pearl River Delta, did not like his small household appliances counterpart Kangbao Electric, and went to the domestic market to expand his own brand of small household appliances business, but decided to join the market competition at that time. It is not fierce, and it is supported by the government policy and the LED lighting field where the domestic enterprises are relatively weak," said a person familiar with the overseas business of Dehao Runda Small Appliances.
Statistics show that at present, among the more than 4,000 LED lighting enterprises in China, there are less than 50 enterprises engaged in epitaxial chip production, and about 1,000 packaging companies, and the rest are lighting application enterprises.
It is precisely the blank point of Chinese enterprises in the LED lighting industry chain. Since 2010, Dehao Runda has raised nearly 3 billion yuan of funds, and invested in the industrial layout and core technology breakthrough of LED upstream epitaxial chips and packaging. At present, the company's MOCVD equipment for epitaxial chip manufacturing is more than 90 units, and there is news that "there are less than 50% of the equipment in mass production."
Pull to help NVC lighting to start again
Since 2011, due to the weakening of government policy effects, the weak external economic environment and the oversupply of the market, only four LED lighting companies with output value of more than 100 million yuan have been shut down in Shenzhen. In a period of time, the huge chaos of Chinese and foreign giants caused by the huge business opportunities in China's LED lighting market has caused many companies to fall on the eve of “LED burst growthâ€.
The channel is considered to be the biggest development shortcoming of the LED lighting of Dehao Runda.
Zhang Yanbin pointed out that “Derhao Runda has been a foreign OEM for many years in the development of small household appliances business. It has not established a corresponding marketing system and sales network in China. After entering the LED lighting industry, this short board has also become The biggest obstacle to the development of enterprises."
Similar to the quick acquisition of the acquisition, this time, Dehao Runda has adopted the “entry†NVC lighting method in the downstream marketing channel breakthrough.
In this regard, Huatai Securities researcher Zhang Bin pointed out that “brand and channel are the core competitiveness of NVC Lighting. The marriage of Dehao Runda and NVC Lighting is intended to prepare for the sales channel of LED chip production capacity. The advantage of the lighting channel will be the main motivation of Dehao Runda.
"For Dehao Runda to enter NVC lighting, the most direct benefit is to digest the company's LED device capacity. LED lighting is an important strategy of NVC, it is expected to account for half of its revenue in 2015, we estimate that then LED The demand for devices will be more than 1 billion yuan. The cooperation with NVC and possible future purchases will greatly increase the impact on the company's chips and devices," said Yan Jian, an analyst at Everbright Securities.
However, in an LED industry analyst who asked for anonymity, “Dahao Runda and NVC Lighting cooperation looks beautiful, and it is the perfect graft of technical resources and channel resources. For the LED lighting industry, the current mainstream The market is not in the end consumers, but in the commercial market such as sports stadiums, landscape lighting, automotive LEDs, and smart phones. This is actually not covered by the traditional lighting company NVC channel."
Government subsidies become the biggest bargaining chip
On December 27 last year, on the first trading day of Dehao Runda (002005) announced the acquisition of 20.05% equity of NVC Lighting, the company's share price opened up to 8.5 yuan per share, and finally fell 3.99%, 7.46 yuan per share. At the close, the stock price amplitude was as high as 17.89%. As of January 8, Dehao Runda closed at 7.19 yuan / share, down 3.8%. In the same period, the Shenzhen Stock Exchange Index climbed from 893.98 points to 9432.3 points, up 5.5%.
The trend of the company's stock price shows the complex mood of the capital market for the company's LED business layout. The aforementioned DHL Runda sources revealed that “government subsidies have always been the biggest bargaining chip for LED lighting in Dehao Runda. Whether it is the company’s production plant in Wuhu or Dalian, it has always been the beneficiary of the government subsidizing the LED industryâ€.
The recent financial subsidy from the Finance Bureau of Dalian Jinzhou New District has allowed Dehao Runda Dalian to obtain 6 million yuan of non-operating income. However, the reporter noted that compared with the government subsidies obtained in 2010 and 2011, the company's net profit attributable to shareholders of listed companies fell 57.41% year-on-year due to the decrease in government subsidies and the increase in expenses in the first three quarters of 2012.
"Since 2009, the state has introduced a series of financial subsidies for the LED industry, which has released the illusion of development that only earns no compensation for the entire market, and has triggered various forces such as industrial capital and financial capital to stimulate the LED industry in a short period of time. Chips, packaging and other projects have overcapacity and oversupply." The above-mentioned LED industry analysts worry that this pattern of industrial surplus will undoubtedly impact the large-scale investment of Dehao Runda in the past few years, hidden inside the enterprise. The risks will be exposed as the industry's growth slows or even declines.
(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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115 |
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