With the release of the “Juli†performance of a batch of LED lighting listed companies in the third quarter, the new round of industrial adjustment represented by technological innovation, quality improvement and resource integration has gradually entered the “deep water zone†with market competition to eliminate backward production capacity.
Sunshine Lighting (600261) released three quarterly reports. The company achieved operating income of 3.26 billion yuan from January to September 2016, an increase of 4.15% year-on-year; net profit attributable to shareholders of listed companies was 355 million yuan, up 31.40% year-on-year. The chain increased by 17.00% compared with the previous quarter.
Benefiting from the rapid growth of LED lighting demand and the company's early deployment, the cumulative growth rate of solar LED lighting sales in the past three years reached 187%, and sales in 2015 reached 200 million. In 2015, LED lighting accounted for 74% of the company's revenue, and has become a LED-based company.
According to the latest data from Gaogong LED Research Institute (GGII), the output value of China's LED lighting market in the first half of the year was 212.7 billion yuan, which is expected to reach 457.6 billion in 2016, an increase of 15.35%. LED lighting penetration rate has increased rapidly, and traditional lighting manufacturers have accounted for more than 50% of LED revenue.
GGII expects LED penetration to be close to 90% by 2018, and the LED industry chain will be basically settled. This means that from the beginning of this year to 2018, the LED replacement lighting market will enter the final 100-meter sprint.
According to the data of the High-tech Research Institute LED Research Institute (GGII), the LED revenues of traditional lighting listed companies such as Sunlight, Op Lighting, Foshan Lighting and NVC Lighting have generally increased by more than 30% compared with the same period of last year, and the gross profit margin is generally higher. The same period of the year has improved.
In the first half of the year, the gross profit margin of Sunshine Lighting products was 26.26%, an increase of 2.38 percentage points over the same period of the previous year. Among them, the gross profit margin of LED light source and lighting products was 1.36 percentage points higher than the same period of the previous year.
At the same time, sales of traditional energy-saving lamps for solar lighting decreased by 34% year-on-year in 2015, in line with the industry. We estimate that sales will continue to decline rapidly in the next few years until they are basically replaced.
However, in 2015, energy-saving lamps accounted for 25% of the company's revenue, and the impact of its revenue decline on the company should be smaller and smaller. Although the revenue of this business has declined, we expect the gross profit margin to be stable due to the more moderate competition.
Sunshine Lighting's semi-annual report data shows that in the first half of the year, the company achieved operating income of 2.126 billion yuan, an increase of 11.92% year-on-year. The net profit attributable to shareholders of listed companies was 218 million yuan, a year-on-year increase of 22.01%. The company's revenue and net profit continued to grow steadily.
Among them, LED products revenue was 1.740 billion yuan, up 39.71% year-on-year, accounting for 82.78% of revenue, and traditional energy-saving lamp products revenue was 362 million yuan, down 42.74% year-on-year, accounting for 17.22%.
At the same time, Sunshine Lighting has further upgraded Jiangxi and Anhui into R&D bases based on the original Shangyu and Xiamen R&D bases. At the same time, the newly established Hangzhou R&D Center will continue to invest in the construction of the Shanghai R&D Center, making R&D an important growth driver for the company.
In addition, Sunshine Lighting has established four bases in Zhejiang, Fujian, Jiangxi and Anhui, with an annual production capacity of 300 million LED light sources and 80 million LED lamps. In the bulb products and lamp products, some of the company's single products have formed a scale.
In the overseas market, following the establishment of the company in Dallas and Australia in the past two years, Sunlight has invested in the establishment of German companies and French companies. The foreign market has expanded more than 60 customers, ensuring that the company's growth in the original regional market slows down. Under the circumstances, the newly developed regional market has experienced rapid growth, especially in markets such as Africa and Oceania, which grew rapidly during the reporting period.
According to the previous plan, the 2016 sunshine lighting business plan is operating income of 4.8 billion yuan.
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