[Reporter/Wang Cairong ] Recently, Furi Electronics (600203.SH) released its first half of 2013 performance report. The company achieved revenue of 1.331 billion yuan in the first half of the year, up 4.76% year-on-year; the net profit attributable to shareholders of listed companies was 50.367 million yuan. Compared with the same period of last year, the growth rate was 28.38%.
Although Furi Electronics' net profit increased by nearly 30%, its non-recurring profit and loss amounted to 900.869 million yuan. This includes projects such as the investment income of 365.967 million yuan and the saleable financial assets of 9.94 million yuan from the sale of Huaying Technology (Group) Co., Ltd. shares on June 30. If the investment income is deducted, the main business of Furi Electronics will actually lose nearly 40 million yuan.
Gross profit margin risk
It is understood that Furi Electronics' business operations mainly cover LED industry, industrial energy conservation, building energy conservation, smart home appliance communication and internal and external trade business. However, for a long time, the company has been plagued by uncertainties in its main business and its performance has been slow.
Furi Electronics' annual report for the first half of 2013 showed that its electronic complete machine products achieved revenue of 306 million yuan, an increase of 105.52% over the same period of the previous year. The revenue of electronic components business was 134 million yuan, up 8.27% year-on-year; The performance of product export and domestic trade business declined respectively. The revenues of the two companies were 628 million yuan and 260 million yuan respectively. The latter saw a large decline, and the revenue decreased by 26.71%.
It is worth noting that compared with the slow growth of performance, the greater risk faced by Furi Electronics is due to the continuous decline in its gross profit margin. According to the data of the first half of 2013, Furi Electronics reported that the gross profit margin of its electronic whole machine products and electronic components business in the first half of this year has been negative, the two are -0.22% and -1.07%, respectively, while exporting and internal The gross profit margin of the trade business was 1.48% and 0.48% respectively.
Furi electronic gross margin change comparison table
“In recent years, the overall gross profit of the electronic whole machine and component industry is very low. If there is no scale, it is very common for enterprises to lose money.†A person in the electronic components industry told reporters that many companies have turned to other companies. industry.
LED business can save the field
The pressure of continued gross decline in gross margin has forced Furi Electronics to seek new profit growth points, among which the LED business is one of the hopeless straws.
In fact, as early as 2001, Furi Electronics has been involved in the LED industry, and has gradually increased capital investment and technology research and development. Furi Electronics has been claiming that it has accumulated a strong technical reserve and industry resources, but in the past 12 years, its LED business has not improved.
The reporter read the relevant information and learned that as of now, there are 12 subsidiaries and shareholding companies of Furi Electronics, among which the LED industry is mainly composed of two holding subsidiaries, Furi Lighting and Furi Optoelectronics. However, the two holding subsidiaries have not really contributed profits so far. In the first half of 2013, the net profit of Furi Lighting and Furi Optoelectronics decreased by -1,104,200 yuan and -539,290 yuan respectively.
Furi Lighting and Furi Optoelectronics revenue status comparison table (unit: 10,000 yuan)
Recently, the board of directors of Furi Electronics reviewed and approved the proposal to increase the capital of 320 million yuan for the acquisition of 92.8% of the shares of Shenzhen Mairui Optoelectronics. Obviously, Furi Electronics wants to take advantage of its product advantages, sales network and large-scale customers in Europe and America to improve its layout in the LED industry chain, enhance its competitiveness and reverse the downturn.
Fu Zhihang, chairman of Furi Electronics, said that after years of research and research, the company has determined the process of building LED chips according to the implementation of industrial support policies for the LED industry in Fujian Province and the actual situation of the company's actual controllers in the upstream of the industry. Development strategy for complete industrial chains such as R&D, production and application of packaging and application products.
"From the current layout, the parent company is more optimistic about the LED industry. Compared with electronic components, domestic trade and other businesses, the LED industry's gross profit margin and market are relatively good. The current LED business orders are mainly from overseas markets." An executive inside the lighting told reporters that LED lighting and display are definitely the main business in the future.
Despite his ambitious efforts to create LED lighting and dual-engine display performance, in recent years, with the influx of capital from various sources, the competition in the LED industry has been fierce, and Furi Electronics has made great efforts at this time. Not necessarily able to occupy a considerable advantage.
"The LED display market is growing slowly and the prospects are limited. Most display companies are transforming into LED lighting. However, the LED general lighting market has not really exploded yet. There are too many companies entering the market, coupled with channel construction problems, competition will More and more cruel." Pang Guiwei, chairman of Shenzhen Tongpu Technology, told reporters.
In addition, the competition in the overseas market of LEDs is also growing, especially in the Southeast Asia, South America and Africa, where the price of malignant products is staggering, and the quality of LED products is uneven. The reporter learned that the lighting orders of Furi Electronics are mostly from low-end markets such as Southeast Asia, so the future road to rescue the market will not be easy.
In fact, the continued downturn in performance for several consecutive years has put Furi Electronics under pressure, and its revenue from product exports and domestic trade has declined for the first time since the first half of this year, down 1.37% from the same period last year. 26.71%. Therefore, its bet on the transformation of the LED business can save the performance of the field, still waiting for the market test.
[Note: This article is from the original logo of Gaogong LED reporter. Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "anti-infringement action" statement , otherwise it will be regarded as illegal reprint, this website will be investigated for law responsibility! 】
Although Furi Electronics' net profit increased by nearly 30%, its non-recurring profit and loss amounted to 900.869 million yuan. This includes projects such as the investment income of 365.967 million yuan and the saleable financial assets of 9.94 million yuan from the sale of Huaying Technology (Group) Co., Ltd. shares on June 30. If the investment income is deducted, the main business of Furi Electronics will actually lose nearly 40 million yuan.
Gross profit margin risk
It is understood that Furi Electronics' business operations mainly cover LED industry, industrial energy conservation, building energy conservation, smart home appliance communication and internal and external trade business. However, for a long time, the company has been plagued by uncertainties in its main business and its performance has been slow.
Furi Electronics' annual report for the first half of 2013 showed that its electronic complete machine products achieved revenue of 306 million yuan, an increase of 105.52% over the same period of the previous year. The revenue of electronic components business was 134 million yuan, up 8.27% year-on-year; The performance of product export and domestic trade business declined respectively. The revenues of the two companies were 628 million yuan and 260 million yuan respectively. The latter saw a large decline, and the revenue decreased by 26.71%.
It is worth noting that compared with the slow growth of performance, the greater risk faced by Furi Electronics is due to the continuous decline in its gross profit margin. According to the data of the first half of 2013, Furi Electronics reported that the gross profit margin of its electronic whole machine products and electronic components business in the first half of this year has been negative, the two are -0.22% and -1.07%, respectively, while exporting and internal The gross profit margin of the trade business was 1.48% and 0.48% respectively.
Furi electronic gross margin change comparison table
| years | Electronic machine products (%) | Electronic Component (%) | Other products export business (%) | Other products domestic trade business (%) |
| 2012 | 1.014 | 3.863 | 1.435 | 0.483 |
| January-June 2013 | -0.22 | -1.07 | 1.48 | 0.48 |
“In recent years, the overall gross profit of the electronic whole machine and component industry is very low. If there is no scale, it is very common for enterprises to lose money.†A person in the electronic components industry told reporters that many companies have turned to other companies. industry.
LED business can save the field
The pressure of continued gross decline in gross margin has forced Furi Electronics to seek new profit growth points, among which the LED business is one of the hopeless straws.
In fact, as early as 2001, Furi Electronics has been involved in the LED industry, and has gradually increased capital investment and technology research and development. Furi Electronics has been claiming that it has accumulated a strong technical reserve and industry resources, but in the past 12 years, its LED business has not improved.
The reporter read the relevant information and learned that as of now, there are 12 subsidiaries and shareholding companies of Furi Electronics, among which the LED industry is mainly composed of two holding subsidiaries, Furi Lighting and Furi Optoelectronics. However, the two holding subsidiaries have not really contributed profits so far. In the first half of 2013, the net profit of Furi Lighting and Furi Optoelectronics decreased by -1,104,200 yuan and -539,290 yuan respectively.
Furi Lighting and Furi Optoelectronics revenue status comparison table (unit: 10,000 yuan)
| company name | Registered capital | 2012 revenue situation | Revenue in the first half of 2013 | ||
| Operating income | Net profit | Operating income | Net profit | ||
| Furi Lighting | 4800 | 3407.58 | 14.43 | 527.53 | -1104.21 |
| Furi Photoelectric | 1650 | —— | —— | 710.75 | -539.29 |
Recently, the board of directors of Furi Electronics reviewed and approved the proposal to increase the capital of 320 million yuan for the acquisition of 92.8% of the shares of Shenzhen Mairui Optoelectronics. Obviously, Furi Electronics wants to take advantage of its product advantages, sales network and large-scale customers in Europe and America to improve its layout in the LED industry chain, enhance its competitiveness and reverse the downturn.
Fu Zhihang, chairman of Furi Electronics, said that after years of research and research, the company has determined the process of building LED chips according to the implementation of industrial support policies for the LED industry in Fujian Province and the actual situation of the company's actual controllers in the upstream of the industry. Development strategy for complete industrial chains such as R&D, production and application of packaging and application products.
"From the current layout, the parent company is more optimistic about the LED industry. Compared with electronic components, domestic trade and other businesses, the LED industry's gross profit margin and market are relatively good. The current LED business orders are mainly from overseas markets." An executive inside the lighting told reporters that LED lighting and display are definitely the main business in the future.
Despite his ambitious efforts to create LED lighting and dual-engine display performance, in recent years, with the influx of capital from various sources, the competition in the LED industry has been fierce, and Furi Electronics has made great efforts at this time. Not necessarily able to occupy a considerable advantage.
"The LED display market is growing slowly and the prospects are limited. Most display companies are transforming into LED lighting. However, the LED general lighting market has not really exploded yet. There are too many companies entering the market, coupled with channel construction problems, competition will More and more cruel." Pang Guiwei, chairman of Shenzhen Tongpu Technology, told reporters.
In addition, the competition in the overseas market of LEDs is also growing, especially in the Southeast Asia, South America and Africa, where the price of malignant products is staggering, and the quality of LED products is uneven. The reporter learned that the lighting orders of Furi Electronics are mostly from low-end markets such as Southeast Asia, so the future road to rescue the market will not be easy.
In fact, the continued downturn in performance for several consecutive years has put Furi Electronics under pressure, and its revenue from product exports and domestic trade has declined for the first time since the first half of this year, down 1.37% from the same period last year. 26.71%. Therefore, its bet on the transformation of the LED business can save the performance of the field, still waiting for the market test.
[Note: This article is from the original logo of Gaogong LED reporter. Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "anti-infringement action" statement , otherwise it will be regarded as illegal reprint, this website will be investigated for law responsibility! 】
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