For the LED industry chain enterprises that are struggling with LED lighting blue ocean, 20% of the gross profit margin can already make many companies get very moist, but for the landscape lighting engineering traders who are about to land on the A-share GEM, 20 % is the net profit margin of this lighting engineering company. According to the arrangement of the Shenzhen Stock Exchange, Mingjiahui has started to purchase yesterday, stock code 300506.SZ. The data shows that Shenzhen Mingjiahui Technology Co., Ltd. (Mingjiahui) was established in May 2001 with a registered capital of 90 million yuan. The company's main business is lighting engineering business and related lighting engineering design, lighting product research and development, Production, sales and contract energy management business. In September 2012, the name of the company was changed to a company limited by shares. The “IPOs published on the GEM prospectus†(hereinafter referred to as the “Prospectusâ€) disclosed by the famous company revealed that the company intends to issue no more than 30 million shares, of which the original shareholder intends to publicly sell no more than 12 million shares. . It is estimated that the net proceeds after deducting the issuance expenses will be 227 million yuan, which will be used for the main business related projects and the working capital required for the development of the main business. Masters' initial fundraising plan As early as May 2014, Mingjiahui submitted the listing report to the China Securities Regulatory Commission for the first time, and it was not affected by the policy. In June 2015, Mingjiahui once again disclosed the draft of the initial prospectus, and in the same month, it was approved by the China Securities Regulatory Commission's GEM. “The fundraising will alleviate the financial pressure on the company's business expansion, enhance the project's contracting capacity, further improve the company's industrial chain, and enhance the integrated comprehensive service capability.†Haitong Securities pointed out in a research report. According to the financial report data, the operating income of Mingjiahui in 2012-2014 was 169 million yuan, 206 million yuan and 235 million yuan respectively, and the net profit was 42.404 million yuan, 45.9975 million yuan and 47.6602 million yuan respectively. The most noteworthy is that the gross profit margin of Mingjiahui in the past three years is close to 50%. In 2012-2014, the company's comprehensive gross profit margin was 51.29%, 48.55%, and 49.51%, respectively, and its net profit rate exceeded 20 per year. %, of which the net profit rates for 2013 and 2014 were 22.3% and 20.3%, respectively. According to the data, the main business of Mingjiahui is the landscape lighting project. The revenue from lighting projects in 2012-2014 was 96.55%, 89.16% and 89.47% respectively. Famous household income segmentation According to the research of high-tech LED, as of the end of 2015, there are more than 200 enterprises in the field of lighting engineering, including “Classification of Urban and Road Lightingâ€, and 36 enterprises of “Special Grade A for Lighting Engineering Designâ€. Low competition is fierce. The famous family is one of the 27 companies that have both qualifications. “Mingjiahui has the industry-leading “design-production-construction†whole industry chain and integrated comprehensive service capability. It solves the capital bottleneck faced by enterprise development through listing, expands brand awareness and further enhances its comprehensive competitive strength.†Haitong Securities analyst Said. The statistics of the High-tech Research Institute LED Research Institute (GGII) show that in 2015, the output value of China's LED landscape lighting market reached 47.8 billion yuan. In 2016, the output value of landscape lighting is expected to reach 50 billion yuan. The listing of famous companies will undoubtedly accelerate the market share in the field of landscape lighting engineering with the help of capital. Some seniors in the landscape lighting industry told Gaogong LED, “For design teams, urban road landscape lighting management departments, lighting engineering companies, they value product quality, company cooperation and after-sales service.†However, the overall operating cost of the landscape lighting project is higher and the cycle is longer, and it is more “complex†in many aspects. Not to mention the "objective" complexity of art design and control technology, there is a lot of trouble in single construction. For example, if you do a project in a different place, you have to ask the construction team from a different location. Collection is also a big problem. Masters also highlighted the bad debt risk of accounts receivable in the prospectus. “The net amount of accounts receivable at the end of 2012, the end of 2013 and the end of 2014 were RMB 62.854 million, RMB 94,500,500 and RMB 136,595,200 respectively, accounting for 29.53%, 29.87% and 30.41% of the total assets respectively. At the end of 2014, the company The balance of accounts receivable of 87.05% is less than 2 years. The proportion of accounts receivable in the asset structure is relatively high, which is closely related to the lighting engineering industry in which the company is located. The main increase in the net amount of accounts receivable at the end of the year The reason is that the project installment settlement and customer payment approval process are long. In the future, with the rapid growth of the company's lighting engineering business, the balance of accounts receivable may continue to maintain a high level. If the company's accounts receivable rises sharply, customers In the event of a deterioration in financial conditions or the inability to pay on time, the company will be exposed to the risk of bad debt losses." With the acceleration of urbanization, landscape lighting has developed rapidly in both prosperous cities and second- and third-tier cities. And gradually become the branch of the field of LED lighting applications next to indoor lighting. Recently, the LED manufacturer F-Daxia (Grand Canyon Semiconductor Lighting System, 5281.TT), which has a large number of lighting projects in the Chinese mainland market, is also trading in Taiwan in Taiwan. It is optimistic about the potential market opportunities for outdoor architectural landscape lighting in mainland China. According to the financial report, F-Daxia had an annual operating income of 634 million and a net profit before tax of 87.06 million. In 2015, the operating income was 830 million, and the net profit after tax was 110 million yuan. In 2016, the estimated revenue could reach more than 1 billion yuan, and the net profit after tax is expected to be 1 to 120 million yuan. Its three-year gross profit margin has also reached more than 40%. Black Light Tube,Blb Tube,Blb Bulb,Blb Lamp Changxing leboom lighting product CO.Ltd. , https://www.leboomuv.com.jpg)
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