At present, the most important thing for Op Lighting is the LED project, but the pressure from domestic and foreign competitors will be an insurmountable stumbling block to enter this market.
Different from the good news that the mid-stream enterprises in the industrial chain in the past few years have been rushing in the capital market and arrogantly “circling moneyâ€, the attractiveness of lighting application enterprises to capital has been increasing in the past two years.
In the recent IPO declaration journey, the domestic lighting giant Op Lighting Co., Ltd. (hereinafter referred to as "Ou Pu Lighting") can be described as twists and turns. When Opto Lighting was only one step away from the listing last year, the Securities and Futures Commission suspended the IPO process of many companies due to market turmoil and imbalance between supply and demand. On March 9th, the China Securities Regulatory Commission issued an announcement, and the application for the IPO of the Opal Lighting IPO was officially approved, and it was officially granted the qualification to issue shares to the public.
According to the A share prospectus, the company intends to issue no more than 58 million shares, no less than 10% of the total issued share capital, and the total share capital after the issue does not exceed 579 million shares. The funds raised by the company will be used for green lighting production, lighting R&D center construction, exhibition center and marketing network construction.
"Investment Times" reporter interviewed the industry insiders said, "In the future, the main business home lighting is affected by the decline of the real estate market, the arrogant growth may be hard to see. At the same time, the company still has too much equity in the company, profits decline year by year, products Many problems such as unqualified quality and prospects for fundraising projects are unpredictable."
Profits are falling year by year
Op Lighting is a comprehensive lighting company integrating R&D, production and sales. The company's predecessor can be traced back to the small workshop of only 8 employees set up by Wang Yaohai and Ma Xiuhui in August 1996. Twenty years later, the original small workshop has grown into an industry leader with more than 6,000 employees and several production bases in Shanghai, Zhongshan Industrial Park and Wujiang Industrial Park.
According to the reporter's understanding, Wang Yaohai and Ma Xiuhui currently directly hold 40.97% of Op Lighting, and the two also hold 51.37% of the shares of Op Lighting through the jointly controlled Zhongshan Op. In addition, Ma Xiuhui also indirectly holds 0.0035% of the shares of Op Lighting. After the listing, Wang Yaohai and Ma Xiuhui are still in an absolute controlling position. However, the company's equity is too concentrated and will have a negative impact on major decisions of the company in the future.
The reporter's review of the company's prospectus found that the more important issue is that the company's profits have continued to decline in recent years. According to the data of the prospectus, the company's operating income from 2012 to 2014 was 3.138 billion yuan, 3.39 billion yuan and 3.843 billion yuan respectively. Compared with 2012, Op Lighting's total operating revenue increased by 22.4% in 2014, but the total profit decreased by 12%. The net profit dropped from 478 million yuan in 2013 to 300 million yuan in 2014, down 37.2% year-on-year. .
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