Can the Wang Donglei team play NVC lighting?

On August 8, 2014, the board of directors of NVC Lighting announced the removal of the CEO of Wu Changjiang. The position was taken over by Wang Donglei, chairman of the company and chairman of the company's largest shareholder, Dehao Runda. Prior to this, NVC Lighting 11 The chairman of the subsidiary company has been replaced by Wang Donglei, Xiao Yu and Wang Dongming, representatives of Dehao Runda's board of directors. As a leading company in the lighting industry, NVC Lighting has a huge production cluster and has been cultivating channels for many years. Can Wang Donglei, who is half-way out of the house, really play NVC?

Unsatisfactory performance of LED <br> <br> difficult to see from Elec-Tech's 2013 earnings, in recent years, so-called "LED high performance" but a flirtation. In addition to the huge government subsidies, the sales of LEDs of Dehao Runda in the first half of the year was only 388 million yuan. Among them, the subsidiary Ruituo showed that it relied on the display business to contribute 250 million yuan of revenue in the first half of the year. According to this calculation, in addition to part of the chip and device revenue, in the first half of the year, Dehao Runda's revenue in the LED lighting application part is only about 50-60 million yuan.

According to recent financial data from Dehao Runda, the company is in a state of loss. In 2013, Dehao Runda's sales revenue reached 3.13 billion yuan, but the net profit was only 8.826 million yuan, down 94.22% year-on-year; the first quarter of 2014 sales revenue was only 765 million yuan, an increase of only 8.56%, net There has been a loss of 35.66 million yuan in profits.

Dehao Runda's LED business is far from meeting the company's expectations, and government subsidies are decreasing year by year, which makes DeHao Runda's capital flow problem worse.

Dehao Runda's profit trend in recent years

Frequency play the game <br> <br> additional capital over the past few years, BDO Runda LED industry in the hustle and bustle constantly, constantly release of rhetoric, additional fund-raising constantly, constantly changing technology team. The industry has raised doubts, Dehao Runda funds have also, the technical team has, the factory has also, the equipment has arrived, can be described as everything is ready, but why LED chips have not made achievements?

As the actual controller of Dehao Runda, Wang Donglei insisted on changing the enterprise that exports small household appliances for three years ago, and cut into the strange LED industry, using a more aggressive investment and acquisition strategy. In the past three years, Dehao Runda relied on the plan to raise funds for private placement, short-term financing bills, corporate bonds, bank loans and other channels. However, it still did not let the company's LED business get rid of the “eat subsidy to earn performance” situation, but instead It has a high financial cost, and the input and output are always not proportional, resulting in a decline in performance or even a loss.

Some analysts said that Wang Donglei acquired NVC Lighting, and apparently hoped to consume Dehao's products through NVC Lighting, and found a stable and powerful seaport for Dehao Runda's chip production capacity. However, from the actual actions of Dehao Runda in recent years, the speed of its capital increase is not proportional to the growth of LED chip sales. Does Dehao Runda acquire NVC to use NVC lighting to lay the channel, or use it as a scorpion to play with the capital market? A chip manufacturer leader believes that Dehao Runda is still playing capital games, LED industry is always only one Unknown, just the chips are getting bigger and bigger.

The cooperation between Dehao Runda and NVC Lighting has come to this day. For the purpose of saving Dehao Runda, Wang Donglei is approaching step by step and wants to further control NVC lighting. The fact is as if he responded to personnel changes. Can absolutely control NVC, NVC lighting can have today's achievements and status, not just a single industry can be easily controlled, not to mention a "out-of-door" that has not yet grasped the direction of its own business. ?

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