In the general lighting market, the demand has slowed down noticeably, and in 2015, the market was “sadâ€. Kang Mingsheng, which was acquired by Changfang Lighting, began to exert its strength. In 2015 alone, it contributed more than 80% of the net profit to Changfang Lighting.
From the self-built channel, the expansion of production capacity, the market changes are making LED lighting companies' mergers and acquisitions more "golden expensive."
Recently, Changfang Lighting (300301.SZ) disclosed the 2015 annual report. According to financial report data, 2015 senior lighting achieved total operating income of 1.419 billion yuan, up 53.99% from 921 million yuan in the same period of last year; net profit attributable to shareholders of listed companies was 101 million yuan, compared with 50,673,100 in the same period of last year. Yuan increased by 84.36%.
In February 2015, Changfang Lighting acquired 60% equity of Kang Mingsheng in cash and issued shares. It was approved by the China Securities Regulatory Commission and was approved by the China Securities Regulatory Commission on April 1, 2015. April 9, 2015 Kang Mingsheng's 60% stake has been transferred to the name of Changfang LED Lighting, and Kang Mingsheng has officially become a holding subsidiary of Changfang Lighting.
According to the financial report data, in 2015, Kang Mingsheng realized the main business income of 914 million yuan and net profit of 111 million yuan, of which the net profit contributed to the listed company Changfang Lighting was 87.671 million yuan, accounting for 86.92% of the total net profit of Changfang Lighting.
The great power of mergers and acquisitions is undoubted.
According to Changfang Lighting, M&A and reorganization will promote the company to achieve vertical integration of the industrial chain, complement each other's advantages, enhance the proportion of the company's LED lighting application business, give full play to the advantages of the industrial chain, strengthen the cooperation between the company and Kang Mingsheng's production process, and facilitate cooperation. Production. At the same time, it can reduce the intermediate links of product circulation, save transaction costs, and help strengthen the core competitiveness of the company and Kang Mingsheng in the LED industry.
The excessive dispersion of industrial structure has always been a major problem in the domestic economic development. Many industries, including LEDs, have more or less the embarrassing situation of a large number of enterprises and relatively overcapacity, which has led to a variety of "pathological" such as low-price competition.
After restructuring and mergers and acquisitions, it will not only promote the concentration of industrial structure, eliminate unreasonable competition among companies, but also achieve economies of scale. This is the primary meaning of the company's restructuring and mergers and acquisitions - optimizing resource allocation and bringing economies of scale.
The rapid growth of net profit brought by listed companies to listed companies is another significant result of restructuring mergers and acquisitions.
EMC packaging is another important part of the development of rectangular lighting in 2015.
It is reported that the LED with PCT bracket has been over-drive to 1.5W and is moving towards 2W. The EMC bracket is undoubtedly a major focus of the packaging industry in recent years. The EMC bracket has been rapidly developed from 1-2W LED to 2-3W LED in the past, coupled with the accelerated price decline, synchronizing the threat of PPA brackets for low power and high-power ceramics. Substrate market.
2015 Senior Lighting has introduced EMC brackets with high heat resistance, UV resistance, high integration, high current and small size.
Recently, Changfang Lighting also plans to invest non-public offering of A-shares to invest in lighting energy-saving service projects based on PPP mode and to supplement working capital.
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