With the acceleration of urbanization, urban road lighting and landscape lighting have developed rapidly in both prosperous cities and second- and third-tier cities. And gradually become a segment of the field of LED lighting applications to maintain rapid growth, especially in the Midwest market, but also has endless potential.
Recently, Chongqing Xinghe Optoelectronics Co., Ltd. (hereinafter referred to as “Xinghe Optoelectronicsâ€), an outdoor lighting and landscape lighting company, was officially listed on the New Third Board.
According to the prospectus, the business scope of Xinghe Optoelectronics (836368.OC) includes the provision of outdoor lighting such as municipal roads, tunnels, bridges, large and medium-sized buildings, indoor and outdoor lighting of commercial real estate, exhibition lighting of professional special places such as stadiums, museums, and art galleries. Comprehensive solution.
It is understood that Xinghe Optoelectronics has independently developed three series of more than 150 varieties of LED lighting, including LED tunnel lights, LED street lights, LED downlights and other special light sources, independently developed Chongqing high-tech products. LED solar street lights, LED panel lights, LED tunnel lights, etc.
According to the financial report data, in 2013, 2014 and January-July 2015, Xinghe Optoelectronics' operating income was 112 million yuan, 108 million yuan and 19,728,300 yuan respectively, and the net profit was 7.193 million yuan, 5,372,200 yuan and 137,710,100 yuan respectively. yuan.
Undoubtedly, macroeconomic fluctuations and the slowdown in demand growth of the LED lighting industry in 2015 also affected the revenue of Xinghe Optoelectronics. At the same time, the price of LED products continued to fall, which had a significant impact on its net profit. Xinghe Optoelectronics said that in 2013, the company undertook a large-scale energy-saving engineering transformation project. After the completion of the major projects of the above-mentioned projects in early 2015, the first half of 2015 was affected by the seasonal characteristics of government procurement, and the overall business scale shrank. At the same time, EMC was added in 2015. Business, the long-term implementation period of the previous project, the two major EMC businesses at the end of July 2015 did not meet the revenue recognition conditions.
Lighting engineering companies, especially those using EMC-based lighting projects, are also reflected in the influence of time and accounts receivable on Xinghe Photoelectricity. The data shows that as of July 31, 2015, the balance of long-term receivables of Xinghe Optoelectronics was approximately RMB 29.446 million.
However, it is undeniable that the future development potential of outdoor lighting and landscape lighting should not be underestimated.
The statistics of the High-tech Research Institute LED Research Institute (GGII) show that in 2015, the output value of China's LED landscape lighting market reached 47.8 billion yuan. In 2016, the output value of landscape lighting is expected to reach 50 billion yuan.
“The gross profit of landscape lighting is relatively high, and the western market is an opportunity for landscape and municipal lighting companies.†Zhou Hu, general manager of Baojian Lighting, said at the 2016 Gaogong LED Spring Festival.
The person in charge of lighting companies familiar with the Midwest market said that the central and western municipal and landscape lighting markets are still relatively blank, with many opportunities. Instead of being driven by the low price in the general lighting market, it is better to turn to these blank areas.
Especially in the current inventory of real estate, consumer demand for lighting products will gradually increase.
The bidding for municipal lighting replacement projects, which were once suspended due to the government's reelection and the suspension of major projects in the late 12th Five-Year Plan, has recently re-energized, and the outdoor lighting market has also warmed up.
According to GGII research data, in 2015, the domestic LED street lamp market reached 6.5 billion yuan, and the annual growth rate was less than 10%. On the other hand, the statistics of GGII also show that as of 2015, the penetration rate of China's LED street lamp market is less than 30%, and the market space is huge.
With the completion of the government's re-election and the arrival of the 13th Five-Year Plan, the outdoor lighting market is ushering in a new round of rapid development. GGII expects that with the implementation of the 13th Five-Year Plan, the growth rate of China's LED street lamp shipments will reach 18% in 2016.
According to the financial report data, the Earl King of Xinghe Optoelectronics Co., Ltd. currently has the qualification certificate for the construction industry (the main qualification level: urban and road lighting engineering professional contractor level, mechanical and electrical equipment installation engineering professional contractor level), engineering construction and construction organization quality management system certification Certificate and other qualifications. Since its establishment, Earl King has completed a number of LED lighting projects. The projects cover many cities across the country. The construction projects cover a wide range of projects. The project performance covers indoor and outdoor lighting of buildings, lighting of industrial plants, road and bridge lighting, and commercial Lighting, garden lighting, star hotel lighting and tunnel lighting.
In 2013, 2014 and January-July 2015, the proportion of Xinghe photoelectric lighting projects accounted for more than half of the total.
Xinghe Optoelectronics main income breakdown table Unit: yuan
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Source: Galaxy Optoelectronics Prospectus
GGII believes that the current domestic lighting engineering market is increasing at a rate of 25% per year, and it is expected to reach a market scale of 340 billion by the end of the year. LED lighting products have a strong competitive advantage in urban landscape lighting. With the increase in demand for urban lighting projects, it is expected that the industry will continue to maintain high growth rates in the future.
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