Packaging industry's first annual report interpretation: performance breakthroughs have to rely on acquisitions

China LED network] in 6 to LED packaging based business of listed companies, at least from the first quarter of 2014, the performance of the revenue in the first quarter of the year, the technology is one of the smallest volume of three.

In the increasingly fierce market competition environment, in order to achieve the "quantity" breakthrough, only rely on their own efforts is not enough, Mason technologies move on after, there is still not reflected in the 2014 annual report.

Body Petite slow growth

In 2010 revenues of 234 million yuan, net profit of 36 million 139 thousand and 900 yuan; 2011 revenue of 374 million yuan, an increase of 60.10%, net profit of 54 million 69 thousand and 100 yuan, an increase of 49.61%; 2012 revenue of 389 million yuan, an increase of 3.76%, net profit of 38 million 485 thousand and 600 yuan, down 28.82%; 2013 revenue of 436 million yuan, an increase of 12.32%, net profit of 44 million 449 thousand and 200 yuan, an increase of 15.5%; in 2014 revenues of 523 million yuan, an increase of 19.91%, net profit of 40 million 404 thousand and 900 yuan, down 9.10%.

See from the above data, Mason technologies in 2014 entered the threshold of 500 million yuan, while fellow country star, Hongli, Ruifeng, poly fly, rectangular, excluding the country star over 1 billion yuan is not, other home has a 800 million yuan of the door and ran, but allring technology.

But the story continues, in September 1, 2014, Li Zhijiang, chairman of the board of science and technology, said in exchange with investors, and strive to use three years, the company has become the market value of tens of millions of science and technology.

Write these words, the background is allring technology in the August 15, 2014 announcement that intends to 10.76 yuan / share issue price does not exceed 66 million 60 thousand shares, the total funds raised not more than 710 million yuan, will be used for the acquisition date photoelectric 100% equity and supplement working capital.

And how about the financial situation of the day? In 2012 revenues of 250 million yuan, net profit of 20 million 240 thousand and 500 yuan; 2013 revenue of 376 million yuan, an increase of 50.02%, net profit of 25 million 529 thousand and 800 yuan, an increase of 26.13%; expected 2014 revenue of 527 million yuan, net profit of 32 million 921 thousand and 300 yuan; forecast 2015 revenue of 664 million yuan, net profit of 42 million 248 thousand and 200 yuan.

If the data is not large and small, once the day of the financial integration of the sun into the million run technology, then run million technology will successfully enter the 1 billion yuan club. Performance in order to speed up the next level, relying on their own main business growth is not enough, still have to rely on the extension of mergers and acquisitions.

However, as of today (February 4, 2015), the market value of ten thousand yuan technology also remained at 2 billion 545 million yuan, the market value of $10 billion or a large distance, as well as two and a half years of effort.

LED lighting business growth is weak

In the 2014 annual results briefing, allring technology finance director Qing union said that as the product price promotion, LED lighting to replace energy-saving lamps and incandescent lamps of the trend is very clear, is expected to enter the stage of rapid growth.

Even braving the risk of lighting applications with customers to grab the market, with other peers, as well as the technology of LED lighting products for the early layout.

On 2012, Mason technologies LED lighting products revenue 93 million 322 thousand and 200 yuan, an increase of 15.59%, gross margin of 34.46%, an increase of 2.28%, revenue accounting for 32.87%; 2013, allring technology LED lighting products revenue 120 million 305 thousand and 400 yuan, an increase of 28.91%, gross margin of 43.34%, an increase of 8.88%, revenue accounting for 27.6%; 2014, 000 science and technology of China LED lighting products revenue 121 million 464 thousand and 600 yuan, an increase of 0.96%, gross margin of 37.95%, down 5.39%, revenue accounting for 23.23%.

From the above data can be clearly seen, million run technology LED lighting products in 2014 grew weak, but also the gross profit margin is still bad, of course, this is closely related with the entire LED lighting market.

In 2014, the main market direction of LED lighting products is the high-end commercial lighting and municipal engineering lighting. The continue JKL, Shirble department stores, department stores, department stores Wanda sunshine number of super chain provide energy-saving EMC lighting in the domestic lighting market, using the BT model of general contracting Xiantao housing and urban and Rural Construction Committee of the Xiantao city road lighting construction project, the China Southern Power Grid, Dongguan subway, Shenzhen Guangming Street project other projects in foreign countries; the lighting market, dig the traditional European lighting replacement stock market, actively explore new markets in America, Southeast Asia etc..

As we all know, the project accounts receivable has been a big problem, the worst thing is that the project has not been able to get the money back. By the end of 2014, million run technology accounts receivable was 153 million yuan, accounting for the total revenue of $29.25%. (text / China LED network Amber)

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