As the saying goes, only when the tide recedes can we know who is swimming naked, and the deterioration of the economic environment can better test the ability of an enterprise to face difficulties. With declining net revenue, rising liquidity risk and rising share pledge ratio, the drawbacks of acquisition gradually emerge. Which will become the last straw to crush lighting enterprises?——Emergency lamp
The Victim of PPP Model of Flying Music Audio
In August, when Feiler Audio announced its first half performance forecast, it forecast a loss of about 400 million yuan in the first half of the year, while the third quarter report showed that the company's turnover in the first three quarters was 812 million yuan, down 50.80% from the same period last year; net profit loss was 828 million yuan, down 58.78% from the same period last year; the loss in the third quarter alone reached 400 million yuan, and the growth rate of the loss was stunning.——Emergency lamp
The main reason for the great change of Feiluo audio performance is the change of national PPP project policy and the continuous tightening of market liquidity. It is well known that PPP mode is famous for its large scale of funds and long repayment cycle. In the downturn of the economy, the reduction of the number of national infrastructure projects has led to a substantial reduction in the number of Feiluo audio project undertakings. The policy of de-leveraging has led to the increase of the difficulty of bank loans, the increasing difficulty of enterprise financing, and the increasing cost. Under the influence of the two policies, the market share of Feiluo Audio is shrinking, and the gap of capital chain is expanding gradually.——Emergency lamp
In late November, Feiluo Audio received a financial support of 150 million yuan from the parent company of the major shareholder, but for the huge loss, it was only a drop in the buck. It had no choice but to transfer the valuation of the creditor's rights of garage lighting and other projects to 200 million yuan. Even so, it is impossible to fill the huge deficit caused by performance. The annual report of 2018 is not so good.——Emergency lamp
It is worth mentioning that the 1.5 billion yuan goodwill brought about by the previous acquisition of Feiluo Sound is facing the risk of impairment, and the assets impairment of its subsidiary company is 230 million yuan, which undoubtedly adds a layer of shadow to the troubled Feiluo Sound.——Emergency lamp
Wanrun Technologies & Joint Construction of Optoelectronic State-owned Business to Purchase Scattered Chicken feathers
On November 15, Wanrun Technologies Holding Shareholder, Actual Controller Li Zhijiang, Luo Xiaoyan, Li Chi and their concerted actors Luo Ming, Huang Haixia, Luoping, Li Zhijun and Hu Jianguo transferred their total holdings of 182 million shares of Wanrun Technologies to Hongtai Investment Company for 951 million yuan. Hongtai Investment Company will hold 20.21% of Wanrun Technologies and the actual controller of the company will be changed to the State Asset Commission of Hubei Province.——Emergency lamp
The three-year expenditure of 2.6 billion yuan, almost crazy cross-border extension expansion, has brought the rapid growth of Wanrun Technology's performance, but also buried the risk of whether the promised performance can meet the standards, and the impairment of goodwill. With the pace of acquisition, Wanrun's main business has been gradually diluted. In the first half of 2018, the former main business of light source devices revenue was only 231 million yuan, accounting for only 10.90%, LED business revenue was 766 million yuan, accounting for 35.55%, advertising and media business revenue was 1.389 billion yuan, accounting for 64.45%.——Emergency lamp
Buying a company and using it to buy the next one is relatively risky, sowing the seeds of risk for the capital chain, and eventually triggering a chain reaction when the stock price plunges.
Also dragged into trouble by the acquisition is Joint Optoelectronics. Over the past five years, Lianjian Optoelectronics has acquired and participated in more than 10 companies in the field of marketing services, forming the layout of marketing industry chain from marketing planning, brand PR to online and offline media delivery, marketing activities and Internet self-Media marketing, in order to realize the transformation to digital marketing. The acquisition mode of performance-to-bet leads to the lack of deep integration of the acquisition target enterprises and the hopelessness of fulfilling their promises, which ultimately makes them go to court with their subsidiary shareholders.——Emergency lamp
On December 17, Liaojian Optoelectronics signed the Stock Investment Framework Agreement with the People's Government of Dongchangfu District, Liaocheng City, Shandong Province, and Zhongtian Hongyuan Asset Management (Shenzhen) Co., Ltd., which set up a special fund with a total scale of 400 million yuan by Zhongtian Hongyuan to invest in the company's wholly-owned subsidiary of Digital Display Equipment Business Plate, Liaojian Optoelectronics Co., Ltd. and Shenzhen Yishida Co Electronics Co., Ltd. (hereinafter referred to as "Easy Shida"), and then obtain a limited joint construction and Easy Shida part of the equity, digital display equipment business sector will set up the northern regional headquarters, and establish production lines to achieve large-scale production.——Emergency lamp
Judging from the agreement published abroad, the government also seems to want to focus on its original main business operation.
Only when the tide of subsidies receded did we know who was swimming naked
With the continuous development of the LED industry, the inclination of policy is gradually reduced. Especially in the past two years, the state's subsidization strategy for the LED industry has gradually shifted from flooding to targeted and precise delivery. The subsidies mainly focus on the chip packaging field with relatively high technology gold content. According to Aladdin Lighting Network's previous statistics on public data, more than 90% of the government subsidies received by LED companies from January to October were concentrated in the field of chip packaging.——Emergency lamp
In the field of chips, Sanan Optoelectronics has established its leading position in China. Its performance, expansion speed and technological advantages are all ahead of other counterparts. It strives for more government subsidies than its counterparts. In addition, Huacan Optoelectronics and Mulinsen are two big subsidies. The subsidies of the three enterprises have accounted for the majority of the subsidies of the LED industry.——Emergency lamp
From the public information, DHL did not receive much subsidies in 2018, and the three-quarter report showed that it had a small loss, it seems to be sitting on the argument that DHL was exempt from subsidies. First fell into a patent lawsuit dispute with Lumileds, then 70% of the majority shareholders'equity was frozen, and the decline of stock prices made the majority shareholders fall into an embarrassing situation of passive reduction. For DHL, the comfortable days of 2018 are really few.——Emergency lamp
No matter how hard it is to gather brilliant photovoltaic energy, it can't make a miserable profit.
Jucan Optoelectronic's first year's performance on the market has changed, plunging it into the whirlpool of public opinion, which has attracted criticism from the media.
According to the information disclosed, the subsidies received in 2018 are not small, but they can not hide the decline of their performance. On the one hand, after several years of development, compared with leading enterprises such as Sanan Optoelectronics and Huacan Optoelectronics, the size of enterprises and product technology are no longer dominant, and enterprises have lost the source of power for development; on the other hand, while receiving subsidies, the pace of expansion is also continuing, and money equals left-hand in and right-hand out. Therefore, at the end of the year, in order to hand in a good report form next year, a performance is not enough to sell houses to make up the play.——Emergency lamp
Shellett's First LED Enterprise Stepped on the Stock Pledge Mine
During the three-quarter report period, Shellett attracted the attention of many people in the industry as the first company to disclose its performance and fall into loss.
With the increasing attention of the media, some problems have gradually been picked out. Chai Guosheng, the controlling shareholder, and his concerted actors have pledged 249,250,000 shares of the company, accounting for 95.21% of the total shares held by the company and 32.04% of the total shares of the company. Because of the poor performance and the decline of the dramatic stock price, it touched the equity pledge liquidation line earlier, and the controlling shareholders of subsidiaries had been leveled before the state called for a strong liquidation of brokerage firms.——Emergency lamp
In the past two years, the main supporter of profits, subsidiary Fushun Optoelectronics, has also been tightened by liquidity, some bank accounts have been frozen, assets have been seized, and a large number of receivables have led to bad debts preparation for accounts receivable, which has become the fuse of its performance "collapse", further cracking down on stock prices. On December 28, Shellett's controlling shareholders were leveled by the agency at 3.7 million shares.——Emergency lamp
With the deepening of media investigation, some details are more suspicious. Shellett's largest supplier is not only suspicious, but also exposed in residential buildings.
Diligent share & dilemma in the transformation of Changfang Group
In the past two years, when the LED industry fell into a low ebb, both Qin Shang Share and Changfang Group chose to transform, coincidentally, they both chose the education industry. What's more, the two companies have returned to the LED industry as the industry warmed up.——Emergency lamp
I do not know whether the timing is wrong, or whether luck has not come to them. After turning to the education industry, the competition in the education industry has become increasingly fierce, more and more problems, and the state's supervision has become stricter. Two years after leaving the LED industry, these two formerly powerful companies have no advantages, especially diligent shares. As one of the most representative street lamp enterprises before, in this round of smart street lamp upsurge, in the face of street lamp peers and cross-border entry competitors, they finally choose to divest the lighting business, and their three-quarter reports show that they have been in a loss situation, which makes people sigh.——Emergency lamp
Under the influence of deleveraging policy, the financing environment of private enterprises is getting worse and worse, and the financing cost is constantly increasing, which has become an important reason for the decline of net profit of many enterprises in the first three quarters. The volatility of the stock market has aggravated the already difficult private enterprises. Short-term liquidity risk has become an unpredictable variable for lighting enterprises. As more and more performance-based betting agreements expire, the drawbacks of acquisitions will be further revealed, which is an unavoidable problem for the enterprises that have made a lot of acquisitions before.——Emergency lamp
Dalian Xinghai Technology is committed to building an excellent LED brand, producing quality products and serving customers. All kinds of LED lamps, if necessary, please feel free to contact us.