Subsidy reduction Wanrun Technology stopped in 2014

[Text|High- tech LED reporter Wen Zhao] Recently, Wanrun Technology (002654.SZ) released its 2014 annual report. The annual report shows that in 2014, the company achieved operating income of 523 million yuan, an increase of 19.91% over the same period of the previous year; net profit was 40.404 million yuan, a decrease of 9.10% over the same period of the previous year, including net non-recurring gains and losses attributable to shareholders of listed companies. The profit was 36,480,900 yuan, an increase of 5.30% over the same period of the previous year.

In 2014, Wanrun Technology's performance was lower than expected, and there was no increase in revenue. The company said in the annual report that this is because LED lighting products did not increase in 2014, and the revenue growth rate was only 1.2%. Coupled with the relocation of the company's factory buildings at the end of 2014, non-recurring losses occurred during the relocation process.

Hao Jun, director of Wanrun Technology, said in an interview that the main reasons for the increase in revenue are as follows: First, the LED industry has strong demand and fierce competition, and labor costs have risen, which has reduced the company's comprehensive gross profit margin in 2014. 2.2%. Second, R&D expenses in 2014 increased by nearly 42% year-on-year. There was also a reduction in government subsidies that caused non-operating income to fall by 54% year-on-year in 2014.

It is understood that Wanrun Technology currently has a packaging capacity of 700 KK / month. For longer listed companies such as Changfang and Hongli, the scale is relatively small and the production capacity is relatively insufficient. This is also the move of Wanrun to Dongguan Songshan. One of the important reasons for the lake.

In addition, "High-tech LED" reporter found in the Wanrun Technology Annual Report that among the company's three main products, LED optical components achieved operating income of 391 million yuan, an increase of 27.18%, accounting for 74.72% of total revenue; LED lighting products business Revenue was 121 million yuan, up 0.96% year-on-year, accounting for 23.21% of total revenue; infrared receiver business income was 10.5 million yuan, up 28.32% year-on-year, accounting for 2.01% of total revenue.

In the case of a good lighting market in 2014, why does Wanrun Technology’s LED lighting business revenue increase by only 0.96%? In this regard, Zhang Hongbiao, research director of Gaogong LED Industry Research Institute, believes that Wanrun Technology's LED products are mainly used in municipal projects such as street lamps and tunnel lights. The sales model determines that the product will have a sales revenue from shipment to acceptance. Cycle, which will cause some fluctuations in income.

Wanrun Technology clearly stated in the announcement that it will increase the M&A and reorganization of high-quality target companies with core cutting-edge technologies, mature channels or brands in the LED downstream application industry, and carry out vertical integration within the LED industry chain or supporting integration of surrounding industries. The scale effect and the complementary complementary effect will be exerted to enhance the company's comprehensive competitiveness in the LED industry. In 2015, under the condition of steadily developing medium and high-end packaged devices, LED lighting products will be launched. It is expected that this year, LED lighting products will drive high growth.

However, some insiders said that the channel has always been a short-board of Wanrun Technology. Therefore, the LED lighting business has always targeted the business and engineering fields, but there are more uncontrollable factors in these two fields. The popularity of the company is not particularly high, so it has also led to the progress of Wanrun lighting business.

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