The former "China Light King", after experiencing a lot of circumstances such as the founder's departure, investor claims, and major shareholder replacement, finally began to slowly slow down and make a commitment to LED transformation.
On the evening of March 27, Foshan Lighting (000541.SZ) disclosed the 2015 annual report. According to the financial report, in 2015, Foshan Lighting achieved operating income of 2.877 billion yuan, down 6.26% year-on-year; due to investors' claims and large amount of provision for asset impairment, the total profit reached 459.93 million yuan, down 85.59 percent year-on-year; The net profit of the shareholders of the listed company was 53.405 million yuan, a year-on-year decrease of 79.93%.
In 2015, the demand for traditional lighting products continued to decline rapidly. After the rapid development and replacement of LED lighting in recent years, the growth rate of LED lighting market has slowed down significantly compared with previous years. The homogenization competition and price competition of industrial products have further intensified. Enterprises in all segments of the LED industry chain are generally in a period of low growth and even negative growth.
Foshan Lighting has not been spared. However, it is worth noting that the proportion of LED products in Fozhao is close to 50% for the first time.
In 2015, the sales revenue of traditional lighting products of Fozhao was 1.46 billion yuan, down 31.84% year-on-year; the sales revenue of LED products was 1.416 billion yuan, up 52.92% year-on-year; the revenue of LED products accounted for 49.24% of the total revenue.
Foshan lighting product revenue breakdown Unit: yuan
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Foshan Lighting said in its annual report that the domestic sales revenue in 2015 was 1.923 billion yuan. The domestic market continued to deepen the advantages of traditional channels, strengthen conference marketing and literacy promotion activities, improve online store coverage and effectiveness, and achieve channel sinking; strengthen store Construction; newly established engineering business unit, launched the high-end brand “Ming Minghuiâ€, which is the main channel for the project, and vigorously expanded the retail e-commerce channel. The total number of stores in the country has exceeded 1,000.
In terms of export, Fo Zhao has increased the development of emerging markets in the Middle East, Southeast Asia, Asia, South America, etc., actively entered the blank market, explored emerging market distributors, and gradually pushed the FSL brand to the world. In 2015, the income from the export business of Fozhao was 953 million yuan, an increase of 8.37 percent year-on-year, and overseas revenue accounted for 33.14 percent of the total revenue.
In December 2015, State-owned Assets Management Co., Ltd. (hereinafter referred to as “Guangyi Assetsâ€) officially entered Foshan Lighting and became the actual controller of its largest shareholder.
Before the inclusion of Foshan Lighting, Guangsheng has become another Buddhist enterprise – the actual controller of Guoxing Optoelectronics, which is known as “Packaging Daxieâ€.
For the large-scale direct or inter-access to the two major LED manufacturers in Foshan, the chairman of Guangdong Electronic Information Industry Group Co., Ltd. and the chairman of Guoxing Optoelectronics, He Yong, said in an interview with the media that the LED industry is the three major strategies for the development of Guangdong Province. One of the emerging industries is also an industry that is strongly supported. In addition, he revealed that entering the National Star Optoelectronics is the first step to realize the complete industrial chain of LED construction. The choice of Foshan Lighting is more due to the consideration of the entire industry chain. “Guo Xing Optoelectronics has a leading edge in upstream chip and packaging, while Foshan Lighting has significant competitiveness in downstream applications. The synergy between the two parties is conducive to the creation and improvement of the entire industry chain.†He Yong said.
"As of the end of 2015, the company's compensation for the litigation case has been basically completed, and will not have a substantial impact on the 2016 and future results." Huatai Securities researcher Zhang Wei believes that with the further development of the transformation and upgrading of the Buddha, LED The proportion of products will increase.
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