With the further advancement of China's urbanization process, a large number of infrastructure construction and urban lighting projects have directly driven the rapid development of the lighting industry. At the same time, under the advocacy of the concept of energy conservation and environmental protection, more and more consumers of consumers choose energy-saving lighting products as the preferred lighting products, and the rapid popularization of energy-saving lighting products such as LED lamps has strongly supported the growth of the overall lighting market.
According to the survey data of the High-tech Research Institute LED Research Institute (GGII), the market size of China's LED downstream application field in 2016 was 369.7 billion yuan, a year-on-year increase of 15.71%, which was equivalent to 2015. Display, backlight, lighting and other application sectors accounted for 12%, 11%, 66% and 11% respectively. GGII expects that the output value of China's LED downstream applications will reach 455.1 billion yuan in 2017, an increase of 20.4%.
Sunlight Lighting is the first nationally recognized technology center in the domestic lighting industry. Its main business is the development, production and sales of lighting appliances. The main products are green lighting products for general lighting, including LED lighting products, integrated electronic energy-saving lamps, T5. High-power fluorescent lamps and matching lamps.
Up to now, Sunshine Lighting has established four bases in Zhejiang, Fujian, Jiangxi and Anhui, with an annual production capacity of 400 million LED light sources and 80 million LED lamps. In the products of bulbs and lamps, some items have already formed a scale.
According to Gaogong LED's financial report, Sunshine Lighting achieved operating income of 2.403 billion yuan in the first half of 2017, an increase of 13.01% year-on-year. The net profit attributable to shareholders of listed companies was 232 million yuan, a year-on-year increase of 6.71%. The company's revenue and net profit remained. Steady growth. Among them, LED products revenue was 2.128 billion yuan, an increase of 22.34%, accounting for 89.41% of revenue, and traditional energy-saving lamp products revenue was 252 million yuan, a year-on-year decrease of 30.46%, and revenue accounted for 10.59%.
On September 5, Sunshine Lighting held the 2017 semi-annual on-site performance briefing. The participants were Mr. Guan Yong, the general manager, Ms. Zhou Yamei, the financial controller, Mr. Zhao Fanghua, the secretary of the board of directors, and some shareholders and institutional investors.
The performance briefing session was first introduced by the company's board secretary, Mr. Zhao Fanghua, to the company's 2017 semi-annual report, followed by the company's business question and answer session. The specific questions and answers are as follows:
Q: What is the trend of the LED industry in the future?
A: From the overall shipment of the lighting industry, more than 80% of LED lighting products. From the perspective of replacement, the penetration rate is only 20%-30%. The industry has not reached the bottleneck within three years, and the concentration of the industry will gradually increase.
Q: What measures does the company have for brand promotion and channel construction?
A: At present, we are increasing the development of independent brands in brand promotion. Like the Australian market with good growth last year, nearly half of the business is self-owned, but there are also problems with OEM customers. However, we still focus on Like the adjustment of independent business, this year, the Oceania business has undergone major adjustments. US subsidiaries have increased their capital this year and continue to increase investment in engineering professional channels, because this business develops its own brands to be less difficult than retail channels, including our newly established companies in France and Germany. The development of independent brand business. In terms of domestic sales, the focus in the future is on establishing strategic partnerships with real estate developers and large renovation companies, gradually projecting projects and expanding channels in the residential sector.
Q: The level of gross profit margin of lighting has dropped rapidly. What is the main reason? Is the bargaining power weak? How long does it take to negotiate with customers?
Answer: The rising price of lighting materials is more obvious. For example, plastic parts and hardware of packaging and outer cover, the cost rises more than the light source. This year, the material has increased by a large margin, slightly exceeding the company's expectations. There will be a lag in negotiating with customers. The main reason is that when the pressure of rising costs increases, depending on the company's cost bearing capacity, it will negotiate with customers.
Q: What is the year-on-year increase in LED sales in the first half of the year? What is the main reason for the increase in revenue in the first half of the year compared to the budget at the beginning of the year?
A: LED sales have increased by more than 60%, but sales revenue has increased by 22%. Therefore, the price decline has reached 25%, which is greater than the 15% decline in the budget at the beginning of the year, resulting in a lower revenue growth rate than the budget for the beginning of the year.
Q: The company's semi-annual report has affected more than 12 million yuan due to the adjustment of accounting policies. If it was based on the new accounting policy last year, what is the estimated amount of other comprehensive income last year?
A: The government subsidy for this part of the company is deferred income, which is amortized in ten years. Because there is no new government subsidy coming in this year, even if it is adjusted according to the new accounting policy last year, the amount of other comprehensive income calculated last year is estimated this year. almost.
Q: In the past few years, the company's non-operating income project government subsidy income is about 50 million yuan? Will this part of the subsidy continue in the future?
A: The government subsidies in non-operating income mainly come from the local government's tax rebate income, which will be available in the next few years, but the specific amount may gradually decrease with the increase of the year.
Q: In 2016, the company made provision for more than 90 million impairment of assets. What will happen this year?
A: Since the beginning of this year, the amount of energy-saving lamps has been very small. If there are provisions, more LED equipment, we will do the book value and market price test. If there is any impairment, it is still accounted for, but this year's overall It will be much less than last year.
Q: Many enterprises that do OEM lighting are gradually listed. What is the competition pattern for foundry?
A: At present, part of our business is foundry, part of which is domestic sales, and domestic sales include engineering and furniture. The listed companies doing the project are mainly Sanxiong Aurora and NVC Lighting; the furniture part is similar to Op Lighting, one is similar to Foshan Lighting; the OEM mainly has Shanghai Yaming and Debon Lighting under Feile Audio. The company's business is relatively complex, and the overall is similar to Debon Lighting, but the scale is bigger than him. Therefore, the areas in which each company excels are still different. As the concentration of the industry rises, the advantages of large enterprises appear, while the closure of small enterprises is more obvious, and the foundry market of large enterprises still has room for growth. The company needs to increase its efforts in domestic sales, because the base is still relatively small, so there is a lot of room for growth.
Q: The company's operating cash flow is very good, but it is a bit conservative from the perspective of capital operation. What considerations does the company have?
A: The company has been concerned about the changes in capital operations in the industry, but the current good targets are difficult to obtain. The company's industrial layout is still focused on the expansion of channels, including engineering lighting, commercial lighting and other fields. In the second half of the year, the company also launched overseas mergers and acquisitions, but has not disclosed it.
Q: What are the current measures for the introduction of talents in the company?
A: Since this year, the people we recruited are no longer limited to being introduced to the Shangyu. Many marketing talents are recruited from abroad, such as the United States and Germany. The recruitment of technical talents is difficult. The company has set up R&D centers in Shanghai and Hangzhou, and the introduction of talents will be relatively easy.
Q: Where is the company's focus in the next few years?
A: In the next few years, the company's focus is still on the main business of lighting. Of course, from the product category, it will focus on increasing the proportion of lamps.
Q: What are the next steps for the company in terms of employee incentives? Will the employee incentive plan at the group level be considered?
A: At present, the company's business is mainly concentrated in subsidiaries. At the subsidiary level, equity incentives have been completed. The management team of each subsidiary holds a 5% equity ratio. Further research will be conducted for group-level equity incentive companies.
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