Foshan Lighting: LED accounted for only 30% of the subsequent transformation pressure

[Text|High-tech LED reporter Luo Shenghua] At the moment when the domestic LED lighting company's net interest rate is generally low, Foshan Lighting (000541·SZ) tops the net interest rate of domestic listed lighting companies with a net interest rate close to 10%.

However, it is worth noting that the high net interest rate of the Buddha photo is due to the fact that its traditional lighting sales still account for 70% of the proportion. At the same time, its LED products are on the low-end route and the price is low, which makes the LED lighting gross margin lower than Traditional lighting business.

On April 27th, Foshan Lighting released its 2014 annual report. The annual report shows that during the reporting period, the company achieved operating income of 3.069 billion yuan, a year-on-year increase of 21.45%; net profit of 267 million yuan, an increase of 5.70%.

It is worth noting that after deducting non-recurring gains and losses, the company realized a total profit of 319 million yuan, a year-on-year increase of 6.68%. This means that in 2014, Foshan Lighting's net profit margin reached 9.97%. Due to the downward adjustment of product prices and the increase in labor costs, the gross profit margin of LED lighting companies has gradually declined, and the net profit has generally fallen to less than 10%.

Foshan Lighting's 2014 major accounting data and financial indicators:



The reporter looked through the reports of various lighting listed companies and found that in 2014, there were not many lighting companies that maintained “increasing revenue and increasing profits” in China. Apart from the few solar lighting and long-distance lighting, most companies have suffered “waterloo” on net profit. Even for companies such as Sunshine and Changfang, after deducting non-recurring gains and losses, Sunshine Lighting accounted for 8.12% of total revenue, while Changfang Lighting only reached 5.50%, which is lower than Fo Sun Lighting.

“Compared to other lighting companies, traditional lighting fixtures are still the main business of Foshan Lighting. At the same time, the LED products of Fozhao are taking the low-end route, so the gross profit margin of the traditional lamps of Fozhao is more than the gross profit margin of its LED products. Gao." An industry insider explained to Gao Gong LED reporter.

Appendix: Partial Lighting Enterprise Revenue and Net Income Statement



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