Deciphering the new three-board LED enterprise Aoqisi 8.7 billion super big single doubt cloud

A new three-board company that has been listed for only two months, if it has "God" help, announced that it has won nearly 8.7 billion yuan in large orders overnight, which is rare in even the main board companies. However, such "beauty" happened to the three-board company Owens.

On June 13, Ochis announced that it had received a total of 8.659 billion orders from Shanghai Gaoyuan Investment Development Co., Ltd. (hereinafter referred to as “Shanghai Gaoyuan”) for the three years from 2016 to 2019. This announcement has caused great concern in the market as soon as it is released.

Some media raised doubts that Otis had a revenue of only 440 million yuan last year, and Shanghai Gaoyuan’s customer contributed 2.988 billion yuan in revenue in the next three years, which is 6.5 times its current revenue. Is the dragon really a thing? What is the sacredness of Shanghai Gaoyuan with such power?

Super big single

In its announcement, Auches said that the company recently received a long-term contract from Shanghai Gaoyuan on the annual order contract. Shanghai Gaoyuan expects the total contract value for the three-year contract from 2016 to 2019 to be RMB 8.695 billion and the contract quantity is 119.151 million. only.

It is understood that Aoqisi was established in June 2012. Its main business is the production and manufacturing of LED lighting products and the development of smart home lighting. It was listed on the New Third Board on April 20, 2016.

According to financial data, Och's revenue last year was 440 million yuan and net profit was 50.726 million yuan. According to this data, Shanghai Gaoyuan will bring a total of 2.988 billion yuan in revenue for Occi in the next three years, which is 6.5 times its current revenue. The resulting net profit will reach 327 million yuan.

If the aforementioned orders can be implemented, the profitability of Otis will surpass the competitor Mulinsen (002745.SZ) in one fell swoop, and the competitors such as Yuanfang Optoelectronics (300306.SZ) and Lehman Shares (300162.SZ) will be left behind.

A number of LED industry insiders told reporters that Owens' domestic orders could not be 8.7 billion yuan, and if it is an international order, the increase in revenue will not increase profits, which may not help its performance to grow substantially.

Otis did not announce the proportion of domestic and foreign orders in its 8.7 billion yuan order. According to the contract price, the unit price agreed by Ochos in the order contract is 7.29 yuan per share, which is 20%~30% lower than the price of “9.9” yuan (bulb light) in the previous two years.

"Mystery" Shanghai Gaoyuan

Regarding why the contract details were not announced, a staff member of the Olympus secretarial office said that because the company had signed a confidentiality agreement with Shanghai Gaoyuan, it was inconvenient to publish more information. "The announcement has been announced."

According to the annual report data, Shanghai Gaoyuan is one of the top five customers of Aoqis in 2015, and its revenue contributed to Ochos in 2015 was 52.775 million yuan. And the first major customer of Aoqisi only only brought 85% of its operating income. Why does Shanghai Gaoyuan “suddenly advance” within half a year?

Regarding Shanghai Gaoyuan, there is no more information on the Internet. According to the National Enterprise Credit Information Publicity System, Shanghai Gaoyuan was established on December 11, 2001 with a registered capital of 10 million RMB. The registered residence is Room 506, 5th Floor, No. 31, Shuangliu Road, Changning District, Shanghai. Industrial investment, real estate development and management, hardware and power supply, and foreign trade operations engaged in the import and export of goods and technology.

According to the registration information, Shanghai Gaoyuan has two shareholders, and Wang Bicheng holds 90% of the shares and is the legal representative of the company. Huang Yaohua holds 10% of the shares. This name has the same name as the chairman of Great Wall Securities. The reporter failed to confirm whether it is the same person.

Shanghai Gaoyuan's foreign investment companies include Nanjing Yonggu Changfa Real Estate Co., Ltd. and Shanghai Jiadeng Real Estate Co., Ltd. The former project is Nanjing Tangshan Howard Johnson International Ecological Hot Spring Resort Hotel Group, covering an area of ​​about 1000 acres, planning The total construction area is about 330,000 square meters.

In addition, the reporter failed to find out more about Shanghai Gaoyuan's investment information. According to sources, Shanghai Gaoyuan was established in 1991 in Sao Paulo, Brazil. The company is mainly engaged in China-Pakistan trade.

Occi Capital Office?

Since we couldn't find out more about Shanghai Gaoyuan, we couldn't find out where Shanghai Gaoyuan got such a large order.

It should be noted that Ochos also hinted at the risk in its announcement, saying that “since the order involves a large amount, the actual production quantity will be adjusted according to market demand, and there is a risk of fluctuations in the order quantity”.

That is to say, the amount of orders of 8.7 billion yuan is only "expected", not the amount of revenue of the final production quantity. The aforementioned staff of the Olympus secretaries said that there is no problem with the company's production capacity.

It is understood that Aoqisi has realized all industrial automation from raw materials to total assembly, with an average of 8 finished products in 3 seconds and an annual production capacity of 2.1 billion sets. The supply of order contracts is about 400 million per year, and there is a large surplus in production capacity.

The question in the market is why Okus does not publish more detailed information. Investors are not sure how Occis will increase production and income.

For the order problem, there are analysis articles pointing out that Aoqisi's product sales channels cover the whole world, including Thailand, Brazil, Russia, etc., and Gao Yuan Investment is mainly engaged in China-Pakistan trade. The significant increase in its operating revenue in 2015 was mainly due to the vigorous development of the market and the significant increase in market share. “So it is very possible to obtain such large orders.”

Another analyst put forward different opinions. The person said that a new three-board company with less than two months of listing sent such a gift to the market, and did not rule out the arrangement of other capital layout.

The Otis public listing transaction data indicates that its current shareholder list includes a number of investment institutions. According to the quotation information on June 16, the average selling price of the Oss Daily newspaper was 12.11 yuan, and the number of shares sold was 380,000 shares. The highest price was 13 yuan, and the lowest was 10 yuan. Prior to June 13, there was a transaction with a transaction price of 15.2 yuan/share and a turnover of 228,000 yuan.

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