Mao power supply industry to accelerate the acquisition of new energy loss

Yesterday (October 28th), Mao Shuo power (002660, SZ) released the report in the three quarter, the company's first quarter net profit of -1384.57 million, down 145.12%, while the company expects a loss of $30 million in ~5000 in 2014. According to the announcement, the loss mainly lies in the competition, coupled with wages and rising prices, product gross margin declined, in addition to inventory disposal and impairment effect of gains and losses and the company issued shares to buy assets to pay agency fees, Huizhou factory completed impact loss and asset depreciation expenses increased.

An anonymous industry analyst said in an interview with reporters, the current maoshuo power supply in performance is not what the release of power management, LED lighting power supply is also increasingly fierce competition, the company is seeking transformation, or the future will turn to new energy.

Moso Dong secret Ji Penang told reporters that the company is very optimistic about the new energy especially the photovoltaic industry and the development of the construction of the power plant, "we think this is a very important direction".

For the loss of three quarterly, Mao Shuo power as early as in the semi annual report is expected. Semi annual report shows that the company achieved operating income of about 326 million yuan, an increase of 21.56%%, net profit of about $1 million 370 thousand, down by 94.15%. Mao power was expected in the first three quarters of this year, net profit loss, loss of about 0~1500 million.

Industry analyst Zhou Chunlin said in an interview with reporters, Moso three quarter results below expectations, mainly due to accounts receivable and inventory impairment greatly, in the three quarter of 11 million 120 thousand yuan provision for impairment, while the same period last year is 776 thousand yuan.

LED power supply and consumer switching power supply business income accounted for more than 95% of the company, consumer switching power supply business growth space is very small, LED driver power supply room for growth, but the gross margin continued to decline. The overall scale of the LED industry is still in the stage of high growth, but because of the fierce competition, the enterprises in the industry are generally in the situation of not increasing profits". Zhou Chunlin said.

Reporters combed found that this year to accelerate the acquisition of Mao power supply, 4 acquisitions are being carried out, the total value of the total transaction value of 43 million 998 thousand and 400 yuan. In March 8th this year, a wholly owned subsidiary of Hongkong mosopower intends to not more than $1 million for stage BRILLIANT 55% stake in the company, in addition to pass 23.53% stake, Xinyuan mosopower new energy 6.8423% stake, Novartis mosopower 19.6% stake. In related acquisitions, Party Jibin said, now is not convenient to disclose, the future will be through mergers and acquisitions in the disclosure of the annual report.

Zhou Chunlin said that the 4 acquisitions were reflected in mosopower to seek new business growth, but due to the choice of the acquisition target is a small enterprise, its business is in the incubation period, the short term does not bring great contribution to the performance of the company.

Fang also said publicly that the company's main business and will not give up, in addition to mergers and acquisitions will increase highlights. In this regard, he responded to reporters yesterday, said that for small and medium private enterprises, at any time there is the possibility of mergers and acquisitions, is currently doing only in this extension, the future is still not to say.

Moso chairman Gu Yongde has publicly said, according to the company for the next five years the development of strategic planning, the layout of the new energy field, and adjust the business model around the power industry, leading enterprises to enter a new round of growth period.

In fact, Mao Shuo power repeatedly said that the car charging pile, smart home, robot business optimistic. Although the future prospects are very promising, but there is still a lack of a mature business model. Mao Shuo power in these three areas do not have too much resources to accumulate, and their own business is not much integration advantages, the company entered the three areas, the development prospects are not clear. Zhou Chunlin said.

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