[Text / reporter Hu Yanling]
The rapid growth of the LED business has allowed Sunshine Lighting (600261.SH) to accelerate the pace of strategic transformation.
On December 6th, Sunshine Lighting announced the change announcement of the fundraising project, and changed the “micro-mercury environmental protection energy-saving lamp industrialization project†part of one of the funds for the private placement project in 2011 to “annual production of 20 million (set) LEDs. Lighting product industrialization project".
Sun Yong, general manager of Sunlight Lighting, told the reporter of "New Industry" that "this year's LED performance has grown rapidly. Last year, LED performance accounted for only 8% of the company's total revenue. This year's LED performance will increase to 15%. The rapid growth of performance. Promote the company to increase the intensity of LED transformation."
In 2011, Sunshine Lighting's total operating revenue was 2.35 billion yuan. According to the growth rate of 11.6% in the first three quarters of this year, the annual proportion of 15% means that LED operating income will reach 400 million yuan.
LED accelerated transformation
In 2011, there were two investment projects for directional additional sunshine lighting. One of them was the “micro-mercury environmental protection and energy-saving lamp industrialization projectâ€, with a total investment of 480 million yuan; the second is the “LED energy-saving lighting product projectâ€. The total investment of the project is 419.2 million yuan.
According to the announcement of the change of fundraising projects, Sunshine Lighting plans to reduce the scale of the annual production of 150 million micro-mercury environmental protection energy-saving lamps into 75 million, and the amount of funds raised from the 4,790,000 yuan to 210 million yuan, as of 2012. On November 30, the project has invested RMB 49,546,000 in raised funds. After the change, the company will use 269.90 million yuan of non-public funds to implement the "annual production of 20 million (sets) LED lighting products industrialization project", the total amount involved in the change of investment accounted for 30.02% of the net proceeds.
Regarding the reasons for the change of the fundraising project, the company explained that due to the rapid development and rapid growth of LED lighting in the past two years, and through the market research and the combination of Xiamen Sunshine's current LED sales growth, the company considered the LED lighting investment after careful consideration and judgment. The output ratio is higher, and its future prospects and market growth potential are greater. Therefore, it is recommended that the board of directors and the general meeting of shareholders consider converting some of the funds raised in the original “micro-mercury environmental protection and energy-saving lamp industrialization project†into LED lighting projects.
According to the feasibility study report of “20 million (sets) LED lighting products industrialization project with annual output†issued by Sunshine Lighting, the new sales income of the project can reach 1.1 billion yuan (excluding tax) in normal years after the project is put into production. 172.8 million yuan. The investment profit rate of the project is 48.02%, the internal rate of return (after all investment income tax) is 32.68%, the investment recovery period (after tax, including construction period) is 5.14 years, and the break-even point is 56.28%.
Fluorescent lamps face the "mercury reduction" test
The LED business is developing at a rapid pace. At the same time, the energy-saving lighting industry, the main business of Sunlight Lighting, will face reshuffle again. In particular, companies that use fluorescent lamps as their main products will face the “Mercury Reduction†exam in the next few years.
On November 21, 2014, the Ministry of Industry and Information Technology released the “China Roadmap for Gradually Lowering the Mercury Content of Fluorescent Lamps†(Draft for Comment), and announced that by December 31, 2013, the production process of compact fluorescent liquid mercury will be eliminated; on December 31, 2014, Complete elimination of liquid mercury production process. It is expected that by 2014, by eliminating the liquid mercury process, mercury emissions from the production process will be reduced by approximately 20 tons compared to 2010.
"The introduction of this policy will not affect the lighting. We have started technology reserves and production very early." Guan Yong pointed out that this policy will have an impact on unprepared SMEs, they need to update equipment. And the process, the short-term impact will be relatively large.
Guan Yong said that energy-saving lamps still have a certain market and will gradually transform according to market demand. "The introduction of this policy will not accelerate the transformation of traditional lighting companies into the LED industry. Mercury reduction is something that mainstream companies have been doing, so everyone has already had a technical response."
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