Net profit increased by 100.58%. This whole industry chain listed company handed over a “superior student†transcript.
On the evening of August 20, Mulinsen released the first half of 2017 performance report. During the reporting period, the company achieved operating income of 3.624 billion yuan, an increase of 73.68%; net profit attributable to shareholders of listed companies was 306 million yuan, an increase of 100.58%.
During the reporting period, as the price of LED lighting products stabilized, the company's investment project capacity was gradually released, and the scale effect was significantly improved, which further reduced the unit cost of the products. The market competitiveness of the company's products continued to increase and the market share continued to expand. .
Industry boom will renew upwards and welcome a new round of demand cycle
The LED packaging industry has shifted significantly to mainland China, and the next new cycle led by China has arrived.
After the development of the LED industry in the past few years, the industry chain has been increasing from the top to the bottom, and the concentration of the industry has increased significantly. From last year to this year, the price surge of the upstream chip and packaging industry also indicates that the industry's prosperity has returned to the upward trend; The new application represented by the company will also bring a new round of demand cycle in the industry.
During the reporting period, the company has been focusing on the R&D, production and sales of LED packaging and application products. It is a major supplier of LED packaging and application products in China. The products are widely used in indoor and outdoor lighting, lighting, landscape lighting, home electronics, Traffic signals, flat panel display and lighting engineering.
According to the data, Mulinsen's main products include SMD LED, Lamp LED, LED applications (including lighting products and others). Relying on the strength of technology research and development, the company has continuously stabilized its position in the LED packaging market, and gradually increased its investment in LED applications, extending to the LED downstream application and its supporting lighting component industry chain.
The main series of products are introduced as follows:
Extending to the upstream and downstream of the LED industry chain
At present, Mulinsen continues to expand the company's sales channels by continuously extending to the upstream and downstream of the LED industry chain, through the integration of the industrial chain, and at the same time cooperating with well-known foreign companies. Introduce excellent management talents, improve the training of talents, consolidate the company's core competitive advantages, and promote the company's business scale to continue to grow and develop, and the industry's leading position is further consolidated.
1 three major business, three places linkage, steady forward
The company is currently divided into three major business segments: components and LED devices, EMS (lighting foundry business), OBM (lighting own brand). Components include brackets, copper clad laminates, materials and accessories related to lighting fixtures, and LED devices are the company's traditional packaging business, which is a necessary support for the other two businesses. EMS is mainly the OEM production of finished lamps.
The company is headquartered in Zhongshan, with manufacturing bases in Xinyu, Ji'an, Jiangxi, Shaoxing and Yiwu, Zhejiang. The three cities are linked together, and the company's upstream and downstream businesses are combined to achieve good cooperation.
2 operation and profitability control
Through a large scale and production capacity, the company has obtained considerable voice and pricing power in the industry. At present, the company's monthly production capacity ranks first in the country, opening up a large gap with other packaging companies in the industry.
From the perspective of accounts receivable turnover, the company is much higher than its peers, indicating that the company's collection period is shorter than its peers, and its customers' quality is excellent, which indirectly illustrates the company's competitiveness. In terms of gross profit margin, the company is also significantly better than its peers and has excellent profitability.
3 The upstream and downstream industry chain layout has been formed
As the middle of the LED industry chain, when the packaging factory is large enough, the supply of chips is crucial to it. Whether the supply is timely, sufficient, and excellent price determines the cost and production safety of the packaging plant.
In the case of increasing concentration of upstream chip manufacturers, in order to avoid the constraints of the chip factory, Mulinsen may form alliances with a number of chip factories in a direct shareholding manner or in a strategic cooperation manner, mainly through additional development of crystal lighting ( Xiamen) Co., Ltd.'s investment amount and investment in Huai'an Aoyang Shunchang Photoelectric Technology Co., Ltd. to ensure the safety of chip supply.
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