Text / Senior Engineer LED Industry Research Institute senior analyst Ye Xiaoli
[High-tech LED News] Lehman Optoelectronics has been listed for more than half a year, and the stock market value has plummeted. The market value of the company on the day of listing was 2.828 billion yuan, and the market value as of today's closing (June 29) was 1.669 billion yuan, and the market value fell 41%. The main reason for this result is the company's first quarter 2011 net profit fell by 38.23% compared with the same period last year.
The display screen wants to change the brand effect but it is caught in the "selling" storm
On June 17, Shenzhen Lehman Optoelectronics Technology Co., Ltd. (300162), listed on the Shenzhen Stock Exchange, announced that Lehman Optoelectronics had signed a six-year relationship with Super League (June 16, 2011 to December 2016). Cooperation agreement on the 31st.
As Party B of the contract, Lehman Optoelectronics is responsible for providing the LED full-color display (advertising board) used in the 2011-2016 season to the Super League in addition to the Shenzhen Red Diamond and Changchun Yatai Club's 14 Super League participating clubs. The total length is 3360 meters. After the three-year cooperation period (December 31, 2013), the ownership of the LED advertising board was transferred to the Super League by Lehman Optoelectronics.
During the term of the agreement, Lehman Optoelectronics will enjoy the title of “Strategic Partner awarded by the Chinese Football Association†and related rights, as well as the relevant league and advertising rights granted by Super League.
However, I thought that with the influence of the Super League, Lehman Optoelectronics, which helped its brand promotion, did not expect to fall into the "difficult" fire pit of Chinese football.
For the return of Lehman's one-time investment of a total value of 75 million yuan, the terms of both parties clearly stipulate that "the total length of the above two-circle advertising board is 110 meters per season, placed opposite the stadium podium, a circle of advertising boards and audience Between the seats." And also agreed, "China Super League provides the above-mentioned advertising resources market value of not less than 20 million yuan per year, Lehman also can obtain 120 million operating income in 6 years.
However, in the face of such figures, many of the heads of the Super League clubs believe that they are “seriously underestimatedâ€. Except for Shenzhen Red Diamond and Henan Jianye, the other 14 clubs are even 10 meters as a unit. The board is 20,000 yuan, and it can be sold to 300,000 in 15 games a year. Then the value of the 1540m two-circle advertising board accumulated by 14 clubs will not be lower than 46 million, and even reached 270 million in 6 years.
Whether it can really jump out of the homogenization of the blue ocean is a key short-term performance pressure
According to data from Lehman Optoelectronics, the company's LED operating revenue in 2010 was 204 million yuan, an increase of 103.70% over the previous year; the comprehensive gross profit margin of LED products was 36.59%, down 7.11% year-on-year. Among them, the gross profit margin of the display screen fell by 0.6 percentage points, while the gross profit margin of the chip-type LED device fell by nearly 10 percentage points. The performance in the first quarter of this year has made investors stunned. The net profit in the first quarter was down by 38.23% compared with the same period last year.
Due to the relatively low barriers to expansion of Lehman Optoelectronics packaging, the overall capacity of the industry has expanded significantly in 2010, exceeding the growth rate of downstream demand, resulting in a rapid decline in the price of SMD packaged devices and color screen products, resulting in a year-on-year growth in revenue. Slow, even the chain fell. This situation is due to the fact that the first quarter is the off-season of the industry, and it also reflects that the company's products are indeed facing downward pressure on prices.
The High-Tech LED Industry Research Institute (GLII) believes that Lehman Optoelectronics will use ultra-raised funds to improve its product line structure in 2011, and increase investment in high-end products and lighting. However, can it jump out of the low-cost homogenization competition of LED packaging? The Red Sea is the key, and the company's performance is under increasing pressure in the short term.
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