Hubei Chenglongwei Special Purpose Vehicle Co., Ltd. , https://www.clw-automobile.com
According to statistics, according to the financial report of listed companies, in the first three quarters of 2016, the total operating income of 26 A-share listed companies with LED business was 45.1 billion yuan, an increase of 33% compared with 2015, and 28 levels in Shenwan. In the ranking of revenue growth in the segment, the LED sector ranked second, second only to real estate, and far higher than the overall average A-share water from the industry, enterprises, technology and other aspects, the development of the semiconductor lighting industry in 2016 Panoramic review and outlook. In terms of enterprise development, listed companies have outstanding performance and mergers and acquisitions have become the main theme. First, the performance of listed companies is bright. According to statistics, according to the financial report of listed companies, in the first three quarters of 2016, the total operating income of 26 listed companies with A main business of LED is 45.1 billion yuan, an increase of 33% over the same period of 2015. In the ranking of the growth rate of Shenwan's 28 first-class classifications, the LED sector ranked second, second only to real estate, and far higher than the overall A-share average; the accumulated total profit was 5.9 billion yuan, up 25 %, the growth rate of revenue and profit both returned to highs. In the first three quarters of 2016, the overall profitability of LED listed companies improved slightly. Sales gross profit margin and operating profit margin both rebounded. The gross profit margin of sales of 26 LED listed companies was 28.4% (up 0.4 percentage points over the same period of last year), and the operating profit margin was 10.5% (increased compared with the same period of last year). 0.3 percentage points); the company's net interest rate was affected by factors such as tax adjustment (the impact of short-term changes in the business reform) and subsidies, which was 0.5 percentage points lower than the previous year. Second, M&A integration sings the main theme of the industry In 2016, there were 40 important M&A integration transactions in the semiconductor lighting industry, in which the total amount of transactions disclosed exceeded RMB 22 billion. The integration direction includes not only the vertical integration within the industry (the transaction amount accounts for 37%), but also the cross-border integration of different industries (the transaction amount accounts for 63%), and the overseas mergers and acquisitions are frequent (the transaction amount accounts for 17%). 1. Vertical integration and extension of business areas. For example, after the layout of sapphire and solar energy, Sanan has also actively developed LED automotive lighting and plant lighting in the past two years, and has also carried out forward-looking deployment in the field of third-generation semiconductor materials RF applications, integrated circuits, etc. The strategic layout of lighting and its industrial chain extension; and Mulinsen succeeded in acquiring LED light source of Osram's light source business after acquiring the super-light source layout filament lamp, and at the same time, through the overweight development of the crystallizer Bridgelux, and Huai'an Aoyang Shunchang increased its capital and completed the entire industrial chain layout of LED chips, devices and applications. 2. Cross-border integration improves profitability. Enterprises have implemented LED+ strategies one after another, and the two main businesses are in parallel. For example, Lianhe Optoelectronics invested in the Bear Network, Lehman Optoelectronics acquired Huashi New Culture and Australia's Newcastle Jet Football Club, and Weiwei shares the purchase of Guoyuan Power. Qinshang Optoelectronics acquired 3 educational enterprises including Longwen. 3. Overseas mergers and acquisitions acquire brands to expand into the international market. Through the acquisition of the US NP company with strong profitability in the VR/AR field, the company has rapidly expanded its international markets such as North America and accelerated the strategic goal of achieving balanced development of overseas and domestic performance. Mulinsen obtained the OSRAM light source by acquiring the light source business LEDVANCE of OSRAM. Ten years of brand authorization and patent licensing have helped Mulinsen to expand its light source business and cross the patent barriers to achieve overseas market expansion. It is a pity that the Fujian Hongxin Investment Fund's acquisition of Ai Siqiang for 670 million euros was terminated due to obstruction by the US government. Although overseas mergers and acquisitions are not smooth sailing, the deep participation of China's semiconductor lighting companies in international competition has already begun. 4. Stripping the business adjustment strategy layout. Just as Fangfang transferred its wholly-owned subsidiary Nantong Semiconductor and 100% equity of Shenzhen Multimedia, it further implemented the industrial layout with advance and retreat, gradually contracted and divested some businesses with low gross profit margin and fierce market competition, and adjusted organizational structure. , increase efficiency and tap the potential. Dehao Runda sells the equity of the subsidiary to divest the international lighting business, and makes reasonable adjustments to the lighting business to better focus and enlarge the domestic lighting business.