From the development status of the LED industry, the more it enters the cold winter, the corresponding capital carnival is getting more and more crazy. Why is this? As we all know, due to the lower barriers to entry, the speed of product upgrading is accelerated. Previously, with a new technology and a new technology. The good times when products can last for three or five years are gone, so it is difficult to achieve rapid expansion through differentiated development.
Therefore, the extension of M&A-based extension has become an inevitable trend in the development of the LED industry. Enterprises with capital, technology and resource advantages have achieved complementary advantages through strong alliances. The industry believes that following the decline in the gross profit of the LED industry, the consolidation of mergers and acquisitions in the industry has intensified, which is conducive to the improvement of industry concentration and the opportunity for the rise of leading enterprises.
At the end of the year, the annual performance announcements of various LED listed companies have been released. Compared with the general cold in the LED industry, the net profit of companies including Wanrun Technology, Chau Ming Technology, and Changfang Lighting is expected to increase significantly, bringing a little warmth to the industry.
Among them, the gains from mergers and acquisitions are very eye-catching, showing the super charm of M&A 1+1>.
On the evening of January 25, Wanrun Technology (002654.SZ) disclosed the 2015 annual report. According to financial report data, in 2015, Wanrun Technology achieved operating income of 839 million yuan, a year-on-year increase of 60.34%; net profit attributable to shareholders of listed companies was 56.408 million yuan, an increase of 39.79% over the same period of the previous year.
The subsidiary's subsidiary, Wanshang Optoelectronics, acquired a revenue of 310 million yuan from its main business. Since its purchase, it has contributed a net profit of 37.558 million yuan to the parent company Wanrun Technology, accounting for 66.50 of Wanrun's net profit. %, the net profit from mergers and acquisitions accounted for two-thirds.
Coincidentally, from the 2015 annual report disclosed by Changfang Lighting (300301.SZ), 2015 Senior Lighting achieved a total operating income of 1.419 billion yuan, an increase of 53.99% over the same period of the previous year of 921 million yuan; attributable to listed companies The net profit of shareholders was 101 million yuan, an increase of 84.36% over the same period of the previous year of 50,673.31 million yuan.
In February 2015, Changfang Lighting acquired a 60% stake in Kang Mingsheng in cash and by way of issuing shares. 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. %.
Zhou Ming said that the subsidiary company Redio has been included in the company consolidated statement since December 2015. In fact, from the third quarter earnings report of LED listed companies in 2015, the expansion of the consolidation scope of this industry chain and cross-industry mergers has become the main reason for the company's performance increase. Only in the fourth quarter, the LED industry entered the peak season of the traditional year, and the profit contribution of the subsidiary was even more dazzling.
In fact, the excessive dispersion of the industrial structure has always been a major problem in the development of the domestic economy. In many industries, including LEDs, there are more or less enterprises with a large number of enterprises and relatively overcapacity. This has led to a variety of "morbid" such as plagiarism imitation and low-price competition, which affects the healthy development of the LED industry.
According to the rectangular lighting, after horizontal or vertical reorganization and mergers and acquisitions, the advantages can be complemented and the intermediate links of product circulation can be reduced. Saving transaction costs can not only promote the concentration of industrial structure, eliminate unreasonable competition among companies, but also achieve Scale economic benefits.
"In the next two years, the amount of M&A in the LED industry will reach 100 billion. At the same time, it will go international, and the number of overseas mergers will increase simultaneously." Zhang Xiaofei, chairman of Gaogong LED, said that the technology and the dominant position can be obtained through mergers and acquisitions. Resources, increase production scale, and lower production costs; Second, M&A sales companies can also strengthen market development efforts.
“In 2016, China's LED lighting industry and M&A will mainly be carried out to overseas lighting brands and overseas distribution channels, mainly through the acquisition of international lighting brands and local brands in overseas markets, supplemented by or integrated into local markets of overseas markets.†Li Shengfa, a senior analyst at the LED Research Institute (GGII), believes that in 2016, LED companies will enter other fields through mergers and acquisitions to get rid of price wars.
Large-scale mergers and acquisitions require funds, and listing becomes the only way. It is no wonder that Li Cheng, deputy general manager of Guoxing Optoelectronics, proposed that the idea that technology can revitalize enterprises has been a big mistake. The only thing that can save a company is capital. To survive, companies must seek financing through development, while technology is It plays a role of promotion under the premise that the enterprise is alive.
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