OPPO Lighting raises 1.2 billion yuan to invest in LED products, which have been repeatedly exposed and referred to as' ldquo '; Lamp Sanlu;
Recently, OPPO Lighting Co., Ltd. (hereinafter referred to as OPPO Lighting) has pre disclosed its prospectus application draft. According to the prospectus, the company's main business is the research and development, production, and sales of lighting sources, lamps, and control products. In 2013, the company's operating revenue and net profit were 3.39 billion yuan and 479 million yuan, respectively.
The reporter learned that the company intends to raise approximately 1.2 billion yuan in funds through this IPO, which will be used for; Green Lighting Production Project; 、 “ Exhibition Center and Marketing Network Construction Project; 、 “ R&D Center Construction Project; The three major projects are planned to raise funds of 567 million yuan, 471 million yuan, and 167 million yuan respectively.
The net profit growth rate slowed down in 2013
OPPO Lighting is a comprehensive lighting enterprise that integrates research and development, production, and sales. The company provides professional lighting solutions for customers in various application fields such as home, office, commercial, and industrial lighting. Its products cover lighting fixtures, light sources, lighting control, and other related fields.
At present, the company's main products are divided into four categories, including home lighting fixtures, light sources, commercial lighting fixtures, lighting controls, and other products. The home lighting business has the largest proportion of revenue, with a revenue of 1.466 billion yuan, accounting for 43.52%, and a gross profit of 47.03%.
It is worth mentioning that according to the financial data released by the company, from 2011 to 2013, the company's operating revenue was 2.69 billion yuan, 3.14 billion yuan, and 3.39 billion yuan respectively, with year-on-year growth of 16.73% and 7.96% in 2012 and 2013, respectively; During the same period, its net profits were 149 million yuan, 429 million yuan, and 479 million yuan, respectively, with year-on-year growth of 187.92% and 11.66% in 2012 and 2013, respectively. Obviously, the growth rate of revenue and net profit in 2013 has begun to slow down.
On the other hand, the reporter noticed that the company's gross profit margin is much higher than that of listed companies in the same industry. In 2011, the comprehensive gross profit margin of companies including Sunshine Lighting (600261, SH), Foshan Lighting (000541, SZ), Xuelaite (002076, SZ), and Leishi Lighting (02222, HK) was 27.34%, while OPPO Lighting was 31.21%; In 2012, the industry average gross profit margin was 25.59%, while OPPO Lighting achieved a high of 34.56%.
For this reason, OPPO Lighting stated that it is related to the company's brand advantage, product structure, and sales policies. Its sales products are all independent brands, and compared to companies in the same industry with a high proportion of OEM business, its brand advantage is obvious. Secondly, the average proportion of the company's lighting products and lighting control products is over 60%, which has a higher added value compared to other companies in the same industry that mainly focus on light sources. On the other hand, given the strong bargaining power of commercial lighting customers, the gross profit margin of commercial lighting products is generally lower than that of home lighting. As the company mainly focuses on home lighting, its gross profit margin is higher compared to other companies in the same industry that mainly focus on commercial lighting business. Finally, the gross profit advantage of the company's products benefits to some extent from the channel promotion fees, product promotion fees, and advertising fees invested by the company.
It has to be mentioned that from 2011 to 2012, due to various factors such as overcapacity, the LED industry as a whole was sluggish, and the net profit of OPPO Lighting's peer companies almost all declined. Among them, the net profit of Xuelaite in 2012 was only 15.1661 million yuan, a year-on-year decrease of 44.38%; Sunshine Lighting's net profit in 2012 was 210 million yuan, a year-on-year decrease of 6.62%; Although Foshan Lighting's net profit increased by 37.31% in 2012, both revenue and non recurring net profit declined. In addition, the net profit of Qinshang Optoelectronics in 2012 also decreased by 15.56% year-on-year.
But the data from OPPO Lighting is abnormal; Fierce” The company saw a significant increase in net profit of 187.92% in 2012. In response, the company explained that the lower net profit in 2011 was mainly due to the management expenses of 167 million yuan incurred by the controlling shareholder of the company transferring equity to the management holding enterprise to implement equity incentives. The low base in 2011 led to a sharp increase in net profit growth in 2012.
In addition, the reporter noticed that in the past three years, the company's largest customer has been Linyi Tianma Qinxing Co., Ltd. (hereinafter referred to as Tianma Qinxing) and its affiliated units. Interestingly, according to industrial and commercial information, the registered capital of Tianma Qinxing is only 500000 yuan, mainly engaged in audio equipment, household appliances, performance equipment, lighting equipment, and maintenance and after-sales services. And this company and its affiliated units have generated over 100 million yuan in transaction volume with the company for three consecutive years, with amounts of 109 million yuan, 167 million yuan, and 217 million yuan, respectively.