Dehao Runda mid-term deduction of non-net profit fell more than 4 times who is the next acquisition target?
[Text / high-tech LED Zhao Hui] The acquisition target is the German company Osram lighting business unit assets or rumored domestic lighting listed company? August 28 (Friday) afternoon, Gaogong LED call is in many mergers and acquisitions In the rumor, Dehao Runda’s secretary-general Deng Fei and Deng Fei declined the interview on the grounds that they were disclosing the semi-annual report.
On the evening of August 28th, Dehao Runda (002005.SZ) 2015 semi-annual report was finally released. According to the financial report, from January to June 2015, Dehao Runda's operating income reached 2.054 billion yuan, an increase of 6.15% year-on-year; the net profit attributable to shareholders of listed companies was 14.88 million yuan, a decrease of 54.63% compared with the same period of last year.
It is worth noting that Dehao Runda's net profit loss after deducting non-recurring gains and losses in the medium term was as high as 101 million yuan, down 460.16% year-on-year.
At present, Dehao Runda's main business is still LED and small appliances. Data show that in the first half of the year, Dehao Runda LED business revenue was 985 million yuan, down 5.53% over the same period of last year. LED business accounted for 47.96% of total revenue, and gross profit margin was 20.63%.
The gross profit margin of the LED business also decreased by 9.48% compared with the same period of last year.
In the annual report, Dehao Runda said that due to the intensified competition in the LED industry, the price of LED chips and lighting products has decreased compared with the same period of last year. At the same time, due to changes in the structure of LED products, high-margin LED display products account for business. The proportion of revenue declined, and the proportion of LED lighting products with lower gross margins to sales revenue increased, resulting in a decline in the gross profit margin of the LED industry by 9.48% over the same period of the previous year. .
However, Dehao Runda did not disclose in detail the detailed revenue data of the chip and application parts of the LED business in the annual report.
Dehao Runda LED business subsidiary revenue unit: 10,000 yuan
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Source: Semi-annual financial report data
It can be clearly seen in the semi-annual report that as of June 30, 2015, the Dehao Runda MOCVD machine equipment was still 92 units, which was no increase compared with the end of last year. The number of machines that have been commissioned for mass production has increased from 70 at the end of last year to 74.
On the evening of June 14, Dehao Runda announced a non-public offering plan. The company plans to raise no more than 378 million shares to no more than 10 specific investors at a price of not less than 11.89 yuan per share. The total amount of funds does not exceed 4.5 billion yuan, of which, it plans to invest 2 billion yuan for LED flip chip projects, 1.5 billion yuan for LED chip-level packaging projects, and 1 billion yuan for liquidity.
At present, the issuance plan has passed the review by the China Securities Regulatory Commission.
The latest in the development of the LED industry is the rumored mergers and acquisitions, involving the OSRAM lighting business and a domestic listed LED company.
On the evening of August 25, Dehao Runda announced that it was planning a major asset and equity acquisition. It includes major acquisitions that are unveiled. One is that Dehao Runda and its affiliates intend to purchase equity in a domestic listed company. The second is to cooperate with state-level industrial funds to jointly acquire the assets of a lighting enterprise outside the country. It is estimated that the amount involved is between RMB 4 billion and RMB 6 billion, and has entered the stage of substantive negotiation.
The above amount is in line with the previous institution's valuation of Osram's assets. It is reported that OSRAM has commissioned UBS to select a best buyer for it. Analysts said that Osram's lighting business value is as high as 1 billion euros (equivalent to about 6.893 billion yuan), including debt.
According to sources, since April this year, OSRAM has held informal talks with a number of potential buyers, including Chinese counterparts. Major candidates may include Foshan Lighting, NVC Lighting (Dhao Run Runda), Sunshine Lighting, etc. Home listed company.
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