More than half of the revenue of the company relies on export tax rebates accounts receivable rose

Foreign LED sales rely more on the export tax rebate, if the policy changes will have a greater impact on the company's performance. Moreover, foreign competition environment is more complex than domestic, it is difficult to achieve rapid growth. "

Recently, the domestic electronics sector led the market, and the LED industry is one of the main force.

Pre disclosure of the company, the main Regent LED optical packaging and its application products, due to the growth of foreign sales, the performance of the Regent photoelectric has been steadily rising.

However, it is regrettable that the development of the domestic market is not successful, and foreign LED sales rely more on export tax rebates, if the policy changes will have a greater impact on the company's performance. Moreover, foreign competition environment is more complex than domestic, it is difficult to achieve rapid growth. Shenzhen, a new wealth analyst introduction to the electronics industry.

At the same time, due to business development, the continued increase in accounts receivable Lijing photoelectric, from 2011 at the end of to 2013 at the end of the year, the direct cause of the company continued to reduce the carrying amount of funds.

Export revenue growth year after year, the export environment variables

Founded in November 2004, the company has been registered as a Limited by Share Ltd with a registered capital of 62 million 670 thousand in the year of July 2011. Since its inception, Richland photoelectric has been focused on the development and design, production and sales of LED packaging and its application products, the main business has not changed. At present, the company's main products include LED display module, LED full-color display and LED application solutions.

2011 -2013, Richland photoelectric operating income were 289 million, 299 million and 305 million, attributable to shareholders of the parent company net profit of $31 million 896 thousand, 34 million 817 thousand and 100 and 38 million 835 thousand and 700.

From the main business income regional structure analysis, revenue revenue mainly from the export revenue. 2011 -2013, the main business of domestic sales revenue 189 million 110 thousand and 400, respectively, 164 million 372 thousand and 700 and 117 million 409 thousand and 200, year on year decline. Over the same period, the company's export sales revenue was 99 million 92 thousand, Richland, respectively, 134 million 650 thousand, accounting for the same period, the proportion of main business income was 34.38%, respectively, 45.03% and 61.54%, respectively.

It is understood that the Regent photoelectric LED display applicable export tax rebate rate from December 2008 to 14% by the year of, from June 2009 onwards again raised to 17%. In order to export revenue and export tax rebate rate simple calculation, in 2011 -2013, the Regent photoelectric LED display product tax rebate of about 16 million 845 thousand and 700, 22 million and 31 million 939 thousand and 300, respectively, accounting for the same period profit of 52.81%, 65.74% and. Therefore, in the case of the gradual decline in the domestic market revenue, the continued growth of foreign markets for the maintenance of the Regent photoelectric performance has an important role.

However, the prospectus said, with respect to the domestic market and overseas market, political and economic environment is more complex, which is the background of the international economic recovery, doubts about the European debt crisis continue to simmer, Richland photoelectric foreign market uncertainty is further increased, Richland photoelectric face certain international markets risk.

In addition, although the country to promote the optimization and upgrading of the LED industry, be sure to support the export tax rebate policy, but if in the future the country lowered the export tax rebate rate, the issuer will exist export sales margins decline risk.

At the same time, Regent photoelectric products prices also fell. From the main point of view of the composition of the main business, in the past three years, full-color display and LED display module revenue accounted for more than 90% of the main business income, however, the price of these products is also declining in the two categories.

The 2013 year, the high pixel pixel, low pixel full-color display unit sales growth rates were 15.74%, -7.95% and 0.90%, but which accounted for the major share of foreign sales prices fell sharply, down 14.73%, 15.62% and 4.68% respectively. The 2012 year, the full display of the color of the three pixels are negative growth. In addition, the high pixel LED display module sales price in 2013 and the year 2012, respectively, a negative growth of 13.89% and 26.88%.

Accounts receivable growth of over 50%

With the increase in the scale of the operation of the company, the company's accounts receivable is also increasing year by year, and the growth rate of accounts receivable significantly faster than the growth in operating income.

2011 at the end of, the balance of accounts receivable were 22 million 989 thousand and 500, 37 million 888 thousand and 500, 59 million 770 thousand and 500. At the end of 2012, the balance of accounts receivable in the end of 2013, an increase of 64.81%, respectively, over the same period of the year of 2012, annual revenue of 2013, an increase of only 3.67%, respectively, an increase of only $2.07%.

Prospectus, accounts receivable balance growth rate is higher than the reason of revenue over the same period the growth rate for 2012, with the company's business development, client continued to increase cooperation, in accordance with the company's sales credit policy, can give the number of customers preferential installment in the year of increase; leasing channel customer sales year-on-year increase, leasing channel customers the settlement pattern also led to an increase in accounts receivable.

At the same time, with the continuous development of the company's business in 2013, after the assessment of the company can give a certain amount of arrears to improve the quality of the number of customers.

Prospectus, the company accounts receivable at the end of 2013, the top five customers were TechnoProLLC, AEGROUPCORP, GableSigns, Shenzhen New Vision Arts Culture Media Co. Ltd and Diamodking.inc. Five accounts receivable accounts for a total of up to 28 million 61 thousand, accounting for the proportion of accounts receivable