Premium 11 times the acquisition of the acquisition of the acquisition of the acquisition of $230 million accused of spending money

Beijing daily news suspended for 3 months Lehman photoelectric finally disclosed the details of the company plans to restructure assets. Lehman photoelectric 14 announcement that the proposed price of 230 million yuan acquisition of Shenzhen city enjoy Extension Technology Co. Ltd. (hereinafter referred to as the "dynamic technology"), and enjoy science and technology extension net assets as of April this year, only 18 million 530 thousand yuan, the acquisition premium of 11 times, but from the acquisition of the underlying level of profitability, the acquisition of the company are not optimistic about the market.

The acquisition is the income evaluation method, evaluation agency said, is to assess the value of 11 times, one is because the main acquisition targets for LED, a good opportunity to bring the LED industry of national industry support for the future development of science and technology extension share trading relationship; two is the acquisition of the subject in an expected growth period in the value of the expected growth of enterprises greatly influence the income valuation method results comprehensively reflect its value.

But I must mention that the LED industry as research report on the surface of said future performance has great potential for growth, at least in the case of the main LED of Lehman photoelectric who did not see, because the LED industry technical barriers are not high, the competition is too large, the gross margin decline. Although the realization of Lehman photoelectric 2014 about 405 million yuan in revenue, but net profit was only 25 million 770 thousand yuan, compared to the company's products gross margin fell in 2013, Lehman photoelectric is currently the main source of income in LED in a display business including football, the main source of net profit is the company, including in 2014 the entire LED products the company achieved operating income of 383 million yuan, and the display on the contribution of 271 million yuan.

Heng Tuo technology main products are mainly LED lamp, its 2014 net profit of 8 million 660 thousand yuan, although compared with the previous year, an increase of more than two times, and the extension of Heng technology major shareholders also promised 2015-2017 net profit of not less than 20 million yuan, 25 million yuan and 31 million 250 thousand yuan, but the late performance or growth will encounter and Lehman photoelectric similar bottlenecks, performance commitments have risk can not be fulfilled, 11 times the Acquisition Premium does not good.

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