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LED drive power "M&A cross-border wind up" Supplement lighting short board!
In the first quarter of 2017, the company's performance was still in a slow growth state, in which the sales revenue of LED driver power in the first quarter was 141 million yuan, up only 2.17% year-on-year; other business income was 71.073 million yuan (mainly for housing leasing and related property service income). , an increase of 231.39%. The company's net profit decreased by 60.84% ​​year-on-year. IPO was listed for only half a year, and Infinex (300582)'s business expansion began to accelerate. Infineon announced on the evening of the 5th that the company is planning a major event involving the issuance of shares and payment of cash to acquire assets. The main products of the target enterprise are new energy vehicle charging and LED display power supply. It is expected that the transaction amount will meet the needs of the shareholders meeting to review the standards. As the only listed company on the GEM that is mainly engaged in LED lighting power supply, Infineon's 2016 annual 650 million LED driver power supply revenue has been ranked among the top LED lighting power companies in the world. But in the past year, I still feel the chill of the market. According to financial data, Infinex achieved revenue of 654 million yuan in 2016, an increase of 24.08% over the previous year, and achieved a net profit of 66,880,200 yuan, down 28.17% from the previous year. The gross profit margin of the products decreased by 2.86 percentage points year-on-year. In the first quarter of 2017, the company's performance was still in a slow growth state, in which the sales revenue of LED driver power in the first quarter was 141 million yuan, up only 2.17% year-on-year; other business income was 71.073 million yuan (mainly for housing leasing and related property service income). , an increase of 231.39%. The company's net profit decreased by 60.84% ​​year-on-year. Layout display power supply, supplement lighting short board began in 2015, subject to the price war of downstream lighting application market and the fluctuation of engineering lighting demand, plus the low concentration of LED driving power industry, the number of enterprises, the scale is generally small Many power companies have suffered from survival difficulties. Even many companies have already withdrawn from the market. At present, taking the lighting drive power supply as an example, the cost of the same performance product is not large, and only the enterprises that are optimal in terms of material cost, management cost, and quality control can occupy a favorable market competition position. Infinet said that the company's products are facing competition from international and domestic competitors. Some existing or potential competitors have high brand awareness, a well-established distribution network, a stable customer base or a deeper understanding of the target market. It may invest more product development, promotion and sales resources to intensify market competition. Competition between LED drive power manufacturers can lead to oversupply of products, product prices and industry profit levels. In the long run, with the intensification of market competition, the impact of supply and demand, the improvement of production efficiency and the decline of production costs, the price of LED drive power products of the company has a downward trend. If the company can't offset the price drop by effectively reducing the production cost of the product. Risk, or the inability to continuously introduce new products to upgrade the product structure, the decline in the company's product prices will lead to a decline in the gross profit margin of the product, and ultimately affect the company's profitability. More insiders pointed out that at present, the LED power supply industry is really doing well, doing big, and doing branding, there are still ten homes left, and the power market share tends to be concentrated, especially in terms of price, quality, service, etc. This trend is more obvious driven by factors. Infinex hinted in the prospectus that the sales revenue of the company's LED driver power supply continued to increase during the reporting period, but the growth rate fluctuated greatly. If the development speed of the LED lighting industry slows down, the growth stagnates or even declines, the company's business activities and operating results will be adversely affected to a large extent. Compared with the homogenization competition in the lighting industry, the display field has been starting from last year, and the small pitch has driven the industry out of a rising market. The relatively low-key display power supply has also become the beneficiary of this round of market. In recent years, the continuously upgraded small-pitch LED display technology has expanded the market application range of LED display screens. The small pitch has become the leader in the development of LED display industry, which has greatly promoted the pace of LED display to enter HD display applications. In 2016, the small-pitch LED display ushered in a year of explosive growth. The company increased technology research and development, and the product spacing continued to achieve breakthrough innovation, the display effect was greatly upgraded, the industry market demand surged, and the 2017 small-pitch LED display industry It will usher in a bigger round of growth opportunities. Taking the domestic LED small-pitch display leader Liard as an example, in 2016, the small-pitch products were newly signed with a total of 1.82 billion yuan, and the company maintained a global market share of more than 50%. In 2016, the revenue of small-pitch products was confirmed to be 1.256 billion yuan, an increase of 55% over the same period last year. Since the small-pitch products entered the market in 2012, the company has signed a total of 4.18 billion yuan, confirming revenue of 3.057 billion yuan. The small pitch led the display industry to usher in the peak period of performance growth, which also led to the growth of the driving power industry as the main supporting components. For example, Xinlian board listed company Chuanglian Power (838918), which is mainly based on display power supply, has an operating income of 332 million yuan in 2016, an increase of 29.49% over the same period of the previous year; the net profit attributable to shareholders of listed companies is 27,116,400 yuan. Compared with the same period of last year, it increased by 65.02%. Another major domestic display power supplier, Ju Neng Weiye, was acquired by Helen Zhe, a listed company, for 72 million yuan in 2014. The company promised to deduct non-net profit of not less than 8.5 million yuan, 20 million yuan, 26 million yuan and 33.8 million yuan from 2014 to 2017, totaling not less than 88.3 million yuan. The data shows that Jueneng Weiye achieved revenue of 217 million yuan in 2016 and net profit of 28.77 million yuan, basically meeting the previous performance commitment. Grab the air, get involved in the charging of new energy vehicles In the 2016 financial report, Infineon has clearly put forward the layout idea based on the LED driving power supply to create a 1+1 new industry direction. Infineon said that in the field of switching power supply, the company has accumulated deep experience in switching power supply technology and has innate technical advantages. The company has begun to set up a dedicated technical team to enter the new energy car charger market. From switching power supplies to new energy vehicle charging modules, the two have strong technical interoperability. Extending from the LED driver power supply to the new energy vehicle charging field, there is also a laser power supply listed company Moso Power. As early as 2014, Moso Power has set up Maoshuo Electric for research and development and production of new energy vehicle charging piles, mainly in cooperation with Shenzhen Heshengli Technology Co., Ltd., and then participated in the polyelectric network to participate in the charging pile operation business. In April 2016, Maoshuo Power announced that its subsidiary, Maoshuo New Energy, and the Yongcheng People's Government of Henan Province signed the “New Energy Project Strategic Cooperation Framework Agreementâ€. The main content of the agreement is that Maoshuo New Energy is planned to be within Yongcheng City. The photovoltaic power station project, charging pile operation and new energy car rental project will be carried out, among which the total investment of the charging pile project is about RMB 500 million. In the same year, Infineon's LED driver power supply business did not increase profits. In 2016, Moso Power's LED driver power supply realized operating income of 259 million yuan, an increase of 62.86% compared with 2015. However, before the IPO, the gross profit margin of the LED driver power supply of Moso Power was above 36%, and the highest reached 44.79%. After the listing, the gross profit margin of the LED driver power supply of Moso Power decreased from 32.79% in 2012 to 24.12% in 2016, in 2015. The year is as low as 17.02%. Compared with the LED industry, the huge market potential of the new energy vehicle charging industry and the policy dividend of the Chinese government's strong push for the electric vehicle strategy are the cheeses that attract companies to enter. With the announcement by the National Energy Administration of the “Notice of the General Secretary of the National Energy Administration on Accelerating the Notice of Accelerating the Construction of Electric Vehicle Charging Piles and Supporting Facilities in Residential Areas (Draft for Comment) and the bidding time of the State Grid Charging Pile Project, it is expected that Driven by relevant bullish policies, the construction of charging piles in various provinces and cities in China will enter a stage of concentrated outbreak in the next five years. According to the 1:1 ratio of new energy vehicles and charging facilities, by 2020, the number of charging and replacing stations in China will reach 12,000, and the number of charging piles will reach 4.5 million. If the average price of charging piles is 20,000 yuan/piece and the charging station is 3 million yuan/seat, the market size of charging and replacing equipment is expected to reach 124 billion yuan. According to the statistics of the High-tech Research Institute LED Research Institute (GGII), the global LED lighting power supply output value in 2016 was only 44.6 billion yuan. For LED-driven companies, cross-border new energy vehicle charging business, one more point is to look at the future charging mode based on LED street lights. Due to the continuous development of the electric vehicle industry and the dividend of the national policy, the development of the electric vehicle charging pile industry is showing a good trend. The market prospect of LED+ charging piles is expected, which also gives the LED industry a new direction. Qin Chuanjun, chairman of Maoshuo New Energy, said. Last year, the power generation of Moso Power's shares was withdrawn from the streetlight charging pile products. This charging pile is small in size and can be directly embedded into the street lights in the city with temporary parking spaces, without the need to make major modifications to the street lights themselves, helping to create a smart transportation city. Its power is 7KW, it can output 32A current. If the car owner wants to make up the electricity, as long as the temporary parking charge can be used, the mileage anxiety of the electric car owner is greatly eliminated.