Recently, Guangsheng Electronics announced the updated IPO prospectus on the official website of the China Securities Regulatory Commission. The data shows that the company's 2014-2016 annual revenue was 210 million yuan, 260 million yuan and 320 million yuan respectively, corresponding to the net profit of the shareholders of the parent company was 21,614,200 yuan, 31,114,700 yuan and 4,302,600 yuan.
During the reporting period, the total sales of the top ten customers accounted for about 70% of the operating revenue, and the major customers included TPV, Foxconn, LG, Anda House, GE, Osram, Sandy and so on. According to the light, the LED lighting business, which has the largest revenue and profit contribution of the company, is affected by the overseas market to a large extent, and has great market uncertainty.
Most of the funds in this IPO fundraising project are about 130 million yuan, and will also be mainly invested in the expansion of LED lighting products. During the reporting period, LED lighting business revenue increased from 53.03 million yuan to 146 million yuan, an increase of 47.42%. The company's LED lighting business mainly includes panel lights, ceiling lamps and light panels. Mainly through the ODM / OEM way, for the international brand OEM LED lighting products.
Another part of the LED packaging business mainly includes LAMP LEDs and SMD LEDs. Some of them are used in the signal light field of displays. The main customers include display manufacturers such as TPV, Foxconn and LG. Some products integrate the company's LED backlight module and accessory business, mainly used in the backlight field of the display. During the reporting period, the proportion of LED packaging business decreased from 25.36% in 2014 to 18.62% in 2016.
In 2011, the company officially incorporated FPC business into the company's business chain of Guangsheng Electronics through the acquisition of Aipusheng (established by the company's actual controller) to avoid related transactions.
During the reporting period, the gross profit margin of the company's LED lamps decreased from 32.36% in 2014 to 27.28% in 2016, showing a downward trend. Mainly due to fierce competition in the LED lighting market, the unit price of the product showed a downward trend. In 2015 and 2016, the unit price decreased by 29.35% and 19.25%, which was higher than the unit cost. Among them, labor costs increased by 13.57% compared with 2015.
The gross profit margin of LED light source decreased by 6.78 percentage points compared with 2015, mainly due to the increase in the performance of LED bulbs with lower unit price and lower gross profit margin, which lowered the overall product price and gross profit margin. In terms of labor costs, the company introduced an automated production line for LED bulbs in 2016, which increased production efficiency and diluted some labor and manufacturing costs.
Taking the main business of LED lighting of Guanghao Electronics as an example, compared with the peer companies, the existing production scale and production capacity are insufficient. For example, Debon Lighting, which has passed the IPO meeting, has revenues of 2.465 billion yuan, 2.792 billion yuan, 3.230 billion yuan and 1.341 billion yuan in 2013, 2014, 2015 and the first half of 2016, respectively. The sales revenue accounted for 31.65%, 22.60%, 31.03% and 36.25% of the current operating income.
In terms of product gross profit margin, in 2015, the gross profit margin of Debon Lighting's LED bulb products was 19.28%; from January to June 2016, the gross profit margin was 21.47%. The gross profit margin of lighting products decreased from 29.66% in 2015 to 21.82% in the first half of 2016.
Therefore, the expansion of production capacity is not timely, which may affect the company's original customer orders can not continue to effectively improve, and based on the scale effect, it will also affect the smooth maintenance of product gross margin.
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