Feile audio "transformation" lighting manufacturing plant

[Source: "High-tech LED - Research and Review" April issue / reporter Tang Guirong] Fei Le Audio (600651.SZ), formerly known for its IC cards and electronic components, has now become a lighting-based business. Listed company.

Feile Audio 2011 financial report shows that in 2011 the company completed the transfer of 75% equity of Shanghai Pujiang Smart Card System Co., Ltd. and 26.64% equity of Shanghai Changfeng Smart Card Co., Ltd., officially exited the non-lighting business.

The predecessor of Feile Audio is a diversified industrial company integrating green lighting industry, IC card industry, electronic components industry, computer system integration and software development. In recent years, due to the financial crisis and the global economic recession, domestic and international demand has decreased sharply, and the gross profit margin of related products has gradually declined. The average gross profit margin of the products of Feile Audio is only 20%, and the performance of traditional IC and audio business continues to decline.

According to the company's financial report, IC business revenue in 2011 was 36.18 million, down 64.39% year-on-year. This is the beginning of 2009, the company's IC business revenue has declined for three consecutive years, a decline of more than 97.06%. In recent years, the performance of the company has mainly driven the growth of the lighting business. The data shows that in 2009, the company's lighting products revenue reached 1 billion yuan; in 2010, revenue increased by 32.7% year-on-year to 1.328 billion yuan; in 2011 it was 1.883 billion yuan, an increase of 41.8%.

In March of this year, Feile Audio announced that the company intends to acquire 54.47% stake in Shengyi Industrial for RMB 169 million. After the completion of the acquisition, the company will hold a total of 93.175% of the latter. The relevant person in charge of the company said that following the acquisition of Shengyi Industrial's equity into the automotive LED lighting business in 2010, the company continued to increase its holdings, in line with the company's strategy of simultaneous development of traditional lighting and LED lighting.

Resolutely transform LED lighting
In fact, as early as 2010, Feile Audio had envisaged a strategic adjustment of the company's business through additional issuance. According to the plan, the company plans to raise 499 million yuan, mainly for the acquisition of 70% equity of Shengyi Industrial, expansion of energy-saving lighting products of Shanghai Yaming Bulb Factory Co., Ltd., and construction of technology center.

However, at that time, most of the company's shareholders did not approve to abandon the diversified business with strong profitability, and instead focused on the strategy of LED energy-saving lighting. Therefore, the above fundraising plan was forced to “abort”.

However, Shanghai Yidian, the major shareholder of Feile Audio, did not give up. Since then, the company has gradually reduced the investment in IC card and real estate through multiple equity transfers. The company has also been positioned to focus on developing green lighting.

On the eve of the passage of the Shenglu Industrial Capital Increase, on March 17, Shanghai Yaming Lighting Co., Ltd., a wholly-owned subsidiary of Feilo Audio, signed a package of high-voltage LED modules and high-voltage LEDs with Taiwan’s Dayou International Optoelectronics and Jingyuan Optoelectronics. Finished lamp joint venture project. According to the project plan, in the future, Jingyuan Optoelectronics is responsible for providing HV-LED chips, Dayou is responsible for HVLED packaging technology, and Shanghai Yaming is responsible for finished lamp technology.

Huang Feng, general manager of Shanghai Yidian Holding Electronics Group, said that he will fully support the project construction and is willing to create more convenient conditions for the joint venture project. He hopes that all parties will achieve win-win and win-win results. This shows that Shanghai Yaming, which has a history of nearly 90 years, has taken a crucial step in the development strategy of LED lighting.

The transformational urgency of Feile Audio comes from the LED transformation pace of traditional lighting companies. Ding Long, general manager of the LED business unit of Dehao Runda, said, "With the decline of LED lighting products, this year has ushered in a new turn, many traditional lighting companies believe that the time has come." It is reported that including NVC lighting, sunlight, snow Many traditional lighting companies including Wright and Sanxiong Aurora have been increasing their layout of the LED lighting market.

In the current domestic LED general lighting market has not opened the market breakthrough, Feile audio first stared at the domestic LED automotive lighting market.

According to the research data of the High-tech LED Industry Research Institute (GLII), in the field of LED automotive lighting, the proportion of domestic LED lamps is not high, the market share is less than 1%, and the market entry threshold is higher. According to industry insiders, the models with relatively large LED usage are still concentrated in the mid-to-high-end automobile brands. These brands generally limit the quality and supplier qualification of LED lamps. Therefore, domestic LED companies are difficult to enter their supply in the short term. chain.

According to the data, Shengyi Industrial Co., Ltd. is an enterprise that produces, processes and sells electrical equipment, instrumentation and auto parts. From January to September 2011, the company's top five customers had total sales of 104 million, accounting for 60.65% of total revenue. At the same time, after the completion of the acquisition, the net profit attributable to the listed company was 196 million, and the gross profit margin of automotive lighting products was 20.59%. In terms of Feile Audio, the company's market share in automotive lighting will be further consolidated in the future, and there is hope to enter the civilian LED field.

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