On the evening of March 27, Foshan Lighting released its 2015 annual report. The company achieved a net profit of 53.405 million yuan last year, down 79.93% year-on-year, and its net profit plummeted nearly 80%. Since last year, the industrial and commercial departments of various places have been sampling the LED energy-saving lamps and lanterns, and the lamps of domestic famous brands such as Foshan Lighting have repeatedly appeared on the black list. The industry believes that the lighting industry is currently overcapacity, market growth is slowing, and competition will continue to be fierce in the future.
2015 revenue, profit double drop
On the evening of March 27, Foshan Lighting released its 2015 annual report. The company achieved a net profit of 53.405 million yuan last year, down 79.93% year-on-year, and earnings per share was 0.042 yuan. The company intends to distribute a cash dividend of 0.125 yuan (including tax) to every 10 shares of all shareholders.
According to the report, Foshan Lighting achieved operating income of 2.877 billion yuan in 2015, down 6.26% year-on-year. The sales revenue of traditional lighting products was 1.46 billion yuan, down 31.84% year-on-year; the sales revenue of LED products was 1.416 billion yuan, up 52.92% year-on-year; the domestic sales income was 1.923 billion yuan, down 12.13% year-on-year, and the foreign sales income was 953 million yuan, up 8.37 year-on-year. %.
Foshan Lighting said that the traditional lighting products market continued to shrink in 2015, but the LED lighting products market is still growing at a certain rate. After rapid development and replacement in recent years, the development speed of LED lighting has slowed down, and the homogenization competition and price competition of industrial products have further intensified. Especially in the field of LED downstream applications where the threshold is not high, there are obvious structural overcapacity problems. Large enterprises will expand through mergers and acquisitions, and some small and medium-sized enterprises that lack market competitiveness will gradually withdraw from the market, and the entire industry will enter the integration stage.
Indemnity, asset impairment, etc. lead to a decline in profits
In response to the company's 2015 net profit decline of nearly 80%, Foshan Lighting said that the decline in net profit in 2015 was mainly due to investor claims and large provision for asset impairment.
In 2015, the company's operating activities generated a net cash flow of 188 million yuan, a net profit of 38 million yuan, a difference of 151 million yuan, and a difference of 399.74%, mainly due to the compensation for the company's payment of false claims liability disputes. According to the judgment of Guangzhou Intermediate People's Court, the company compensated investors with RMB 132 million in 2015. Secondly, the company made provision for asset impairment of RMB 89,739,900. The third reason was that the sales price of the company decreased, resulting in a decrease in gross profit margin and a decrease in profits.
Contrary to Foshan Lighting, Guoxing Optoelectronics Co., Ltd., which is also engaged in LED production in Foshan, also disclosed its 2015 annual report. During the reporting period, Guoxing Optoelectronics achieved a total operating income of 1.839 billion yuan, an increase of 19.15% over the same period of the previous year; operating profit of 146 million yuan, an increase of 16.02% over the same period of the previous year; net profit attributable to shareholders of listed companies was 160 million yuan. It increased by 10.70% in the same period last year.
At the beginning of the year, another listed company, NVC Lighting, also issued a positive profit forecast. The company expects that the Group's profit will increase significantly compared with the same period in 2014 as of December 31, 2015. It is expected that the 2015 results will turn into a profit.
Foshan lighting repeatedly exposed product quality problems
From last year to this year, according to the sampling results of the local industrial and commercial departments, Foshan Lighting's lighting products have repeatedly been unqualified.
On May 12, 2015, Guangzhou Administration for Industry and Commerce issued a report on the inspection of lamps and lanterns. The results showed that the well-known manufacturing brands such as “Foshan Langshi Lighting Co., Ltd.†and “Foshan Electric Lighting Co., Ltd.†were all inspected. The product is unqualified. Among them, the T8 integrated electronic bracket with the nominal trademark “FSLâ€, the nominal manufacturer is Foshan Electrical and Lighting Co., Ltd. and the model “MW1-Y30 220V 50Hz 30W†was found to be unqualified.
In November 2015, the State Administration for Industry and Commerce released the inspection of LED energy-saving lamps in the third quarter of 2015 in Liaoning and other four provinces (districts). Among them, the LED brand energy-saving lamps whose nominal trademark is FSL and the nominal manufacturer is Foshan Electrical and Lighting Co., Ltd. were unqualified.
On February 22, 2016, the Guangdong Provincial Quality Supervision Bureau announced the announcement of the quality status of 13 product quality supervision and spot checks in 2015. In the category of lamps and lighting fixtures, 36 batches of products were tested and failed. Among them, the nominal production enterprise is “Foshan Electric Lighting Co., Ltd.â€, the model number is “WT5-12-30/111â€, and the production date is “2015-Iâ€.
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