With Wang Donglei establishing a temporary headquarters in Huizhou, NVC Lighting has been caught in the state of Huizhou and Chongqing's dual headquarters. After NVC Lighting and Dehao Runda successively released semi-annual reports, Wang Donglei and Wu Changjiang's operational capabilities began to be placed in the data comparison.
One was exposed to huge gambling debts due to gambling, and the other began a large-scale LED gamble from a few years ago. Wu Changjiang and Wang Donglei, the protagonists of NVC lighting, seem to be in a gambling. The key to deciding whether to win or lose is whether Wang Donglei can enable effective integration of Dehao Runda and NVC Lighting along the LED industry chain.
Government subsidies are weaning
On August 28th, Dehao Runda issued a semi-annual report. In the first half of 2014, Dehao Runda achieved operating income of 1.935 billion yuan, an increase of 42.98% over the same period of the previous year. Among them, LED business revenue was 1.043 billion yuan, an increase of 50.39% over the same period of the previous year. During the reporting period, the net profit attributable to shareholders of listed companies was 3.872 million yuan, down 23.36% from the same period of the previous year.
It should be emphasized that in the first half of the year, the company's government subsidy income included in the current profit and loss was 64,430,800 yuan. In other words, if it is not a government subsidy, Dehao Runda's net profit for the first half of the year will be a loss of 25.7283 million yuan. According to the financial report of Dehao Runda over the years, since 2009, the total amount of government subsidies received by the company has reached nearly 1.109 billion yuan, which is 262 million yuan more than the total net profit realized in the same period.
Previously, Wu Changjiang’s major attack on Wang Donglei and Dehao Runda was that Dehao Runda’s business situation was not good, and it had long been relying on the government’s huge subsidy. Although this did not hit the key of Wang Donglei, it also revealed a big worry for Dehao Runda.
In the past few years, LED has been a advantageous industry supported by many local governments. In order to attract relevant investment, it has been implementing subsidy policies. As early as 2009, the Yangzhou Municipal Government of Jiangsu Province introduced the MOCVD (Key Equipment for LED Epitaxial Chips) subsidy policy. Each time a company introduces a MOCVD machine, it will provide a financial subsidy of 10 million yuan. Subsequently, other local governments followed suit and the number of subsidies increased. In addition to land concessions and public project purchases, many subsidies were paid in cash.
In the first half of this year alone, Sanan Optoelectronics, which has the largest domestic LED chip production capacity, received 28 government subsidies, totaling 196 million yuan. The reporter has compiled the financial report of Sanan Optoelectronics since 2010 and found that during the four and a half years, Sanan Optoelectronics has received more than 3.5 billion yuan of government subsidies. If the government subsidies are deducted, Sanan Opto's previous profitability will also be eclipsed.
It is worth noting that with the rapid expansion of LED production capacity and saturation, government subsidies are gradually decreasing, and the profitability of related companies has become an urgent problem to be solved. At the same time, as the LED lighting market began to erupt in the second half of last year, LED upstream enterprises also entered the harvest period, and some leading enterprises have begun to gradually get rid of dependence on government subsidies.
Sanan Optoelectronics semi-annual report shows that in the first half of this year, Sanan Optoelectronics achieved sales revenue of 2.177 billion yuan, and the net profit of shareholders belonging to listed companies was 666 million yuan, a year-on-year increase of 43.87%. Even after deducting government subsidies, there is still a net profit of about 470 million yuan. In contrast, in the domestic LED epitaxial chip production capacity second only to Sanan Optoelectronics Dehao Runda, its profitability does have to be improved.
A lot of capacity to be digested
Comparing the semi-annual report of Dehao Runda and Sanan Optoelectronics, it can be found that Dehao Runda has a lower operating income than Sanan Optoelectronics, except for research and development expenses, such as operating costs, sales expenses, management fees, financial expenses, etc. The cost items are higher than Sanan Optoelectronics.
In terms of the traditional small household appliances business that accounts for nearly half of the revenue of Dehao Runda, the profitability of Dehao Runda is not satisfactory. According to the semi-annual report, the gross profit margin of LED business in the first half of this year was 30.11%, down 4.55% year-on-year; while the gross profit margin of Sanan Optoelectronics LED business was 37.11%, up 4.36% year-on-year.
In this regard, some analysts told reporters that this is mainly determined by Dehao Runda's business model and the stage of development.
From the perspective of business model, Dehao Runda strives to integrate the entire LED industry chain from upstream chips to sales terminals. Compared with Sanan Optoelectronics, which only serves as an upstream supplier, Dehao Runda has invested in brands and channels. Much higher. In the first half of this year, Sanan Optoelectronics' sales expenses were less than 0.29 billion yuan, while Dehao Runda exceeded 130 million yuan. Dehao Runda attributed this to the company's increased market expansion of LED business.
From the development stage, Dehao Runda, as a latecomer in the LED field, has not yet produced corresponding benefits for its large-scale investment, which has greatly increased the cost, which is highlighted in the financial costs. According to the semi-annual report, the financial expenses of Dehao Runda reached nearly 152 million yuan, a year-on-year increase of 66.2%, while the financial expenses of Sanan Optoelectronics was only about 65 million yuan, a year-on-year decrease of 24.83%. In this regard, Dehao Runda's explanation is that the project loan interest and the increase in the size of the payment, and the increase in interest charges on the issuance of corporate bonds.
Closely related to the development phase is capacity utilization. According to industry-related data, the capacity utilization rate of MOCVD equipment has continued to rise due to the rebound of the LED industry, which has increased from 74% in 2013 to 85% today. According to the reporter's understanding, Sanan Optoelectronics has 144 MOCVD machines with an effective capacity of more than 130 units. Of the 92 MOCVD machines currently available from Dehao Runda, only 58 are in production (including 6 R&D machines).
"There is still a large amount of equipment not put into production, which means that in the near future, Dehao Runda has huge capacity to be digested." The analysts believe that in the case of domestic LED chip production capacity tends to be saturated, it has For the huge production capacity of Dehao Runda, it is imperative to digest production capacity and increase capacity utilization.
a desperate gamble
Let Dehao Runda enter the LED field from the field of small household appliances, Wang Donglei does not rumor that he is "gamble." Moreover, compared to Wu Changjiang’s previous gambling behaviors in Macao and other places, Wang Donglei’s gambling is obviously much bigger: the bet not only includes his personal possession, but also the future of Dehao Runda.
Under the dual pressure of government subsidies to reduce profit and capacity accumulation, the only way out for Wang Donglei and Dehao Runda is to step up the integration of Dehao Runda and NVC Lighting. Dehao Runda has invested heavily in becoming the major shareholder of NVC Lighting and has made Wu Changjiang the second largest shareholder of Dehao Runda through cross-share swap. Wang Donglei has already placed the bet on the road of LED transformation of Dehao Runda's production capacity and revitalized Dehao Runda, all of them on NVC Lighting.
However, in the NVC lighting led by Wu Changjiang, Wang Donglei's integrated integration ideas have been frustrated repeatedly, and the crisis of Dehao Runda is difficult to resolve fundamentally. This is the root cause of the dispute over the control of NVC lighting. .
The semi-annual report of Dehao Runda disclosed that in the first half of this year, NVC Lighting's dealer system achieved sales revenue of 120 million yuan for Dehao Runda, and according to the previous agreement, the total annual sales of the company was approximately RMB 1 billion. This obviously can't make Dehao Runda and Wang Donglei satisfied. In Wang Donglei's words, "the integration is not smooth."
Therefore, Wang Donglei finally couldn't help but integrate himself. In the establishment of the management and operation team of NVC Lighting Huizhou Temporary Headquarters, in addition to Wang Donglei's own resignation as the general manager of Dehao Runda, he focused on NVC lighting affairs, and he almost used all the backbone strength of Dehao Runda.
Xiao Yu, who is in charge of the manufacturing system, was called "the expert of the manufacturing system" by Wang Donglei. "The entire manufacturing system of Dehao Runda was established by him." Responsible for the sales system is Xu Fengyun, former vice president of Dehao Runda, who had previously digged from NVC lighting. The person in charge of the R&D system is Hong Xiaosong, the veteran of Dehao Runda. In addition, there is Wang Donglei's newcomer, Xiong Jie, who worked in the United States, responsible for personnel and legal affairs.
“Wang Donglei is almost desperate.†Some insiders said that if Wang Donglei can't quickly restore the production and operation of NVC Lighting and ensure the supply to dealers, the dealers who are cautiously supportive of him are likely to split further. . The most important thing is that if Wang Donglei can't prove his operational ability in NVC Lighting, it is likely that the impression of NVC will be inseparable from Wu Changjiang. "At that time, he was completely passive. Therefore, Wang Donglei has no choice."
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