Shanghai Mingzhi Electric Co., Ltd. was listed on the Shanghai Stock Exchange on May 9. This time, a total of 80 million A shares were issued, with an issue price of 11.23 yuan per share, accounting for 25% of the total share capital after the issue. The total share capital is 320 million shares.
The main products of Mingzhi Electric are control motor and its drive system, LED intelligent lighting control and drive products and equipment state management overall solution, power supply electronic control and relay agent trade.
The data shows that Shanghai Mingzhi achieved revenue of 1.474 billion yuan in 2016 and net profit of 157 million yuan; of which LED control and driving business revenue was 179 million yuan, accounting for 12.14% of total revenue.
LED control and drive applications range from outdoor functional lighting (such as street lighting, tunnel lighting), landscape lighting and intelligent building lighting to special applications such as automotive lights, medical lighting, CCD precision lighting in factory automation, etc. Japan, Europe, the United States, Southeast Asia and other markets.
Customers are mainly well-known intelligent system manufacturers, LED application manufacturers and world-renowned electronic component distributors, including Stanley, Arrow, AcuityBrands, Schreder, Secom, Iguzzinni, Op, Shanxi Guangyu, Haoyang Electronics.
During the reporting period, only the issuer's LED control and drive business in 2016 had a very small amount of outsourcing processing. In 2016, due to the pulse-up of LED control and driving business, the company's SMT placement machine could not meet the production needs. In the short-term, in order to cope with business development, the company processed the materials with external materials.
In 2016, due to the new customer increase, the production capacity of LED basic lighting drive products has increased significantly. The company meets capacity expansion needs by leasing major equipment placement machines (SMT) and outsourcing production.
The reason for the large decline in the price of basic lighting drive products is due to the adjustment of business structure. The company's LED control and drive products are now mainly from the domestic municipal engineering market to the smart lighting market and outdoor high-power lighting market in developed countries and regions.
The sales of the top five customers in the LED control and driving business accounted for 63.68%, 69.73% and 63.37% respectively. The business fluctuated but there was no concentration trend. The main reason was that the domestic LED industry market declined in 2015 and the company turned to foreign markets. , taking the initiative to adjust the business.
In 2014, due to the rapid growth of sales volume and output, the products gradually formed economies of scale, with a gross profit margin of 28.50%.
In 2015, due to the adjustment of the company's overseas market strategy and the reduction of investment expenses such as roads and tunnels by domestic governments, the gross profit margin of sales and profit decreased, but the gross profit margin of such products still reached 27.26%.
In 2016, the company successfully stepped out of the transition period of sales strategy adjustment and developed a new foreign customer (Eisenpeng); because the company provides a low-power basic indoor LED driver for Aisenberg, the LED driver has lower gross profit. The LED control and drive product gross margin dropped to 26.03%.
The total investment of the company's fundraising plan is 792 million yuan, of which 118 million yuan will be invested in the LED power supply business. After the LED control and drive product expansion project is put into production, its production capacity will increase from 1.2 million sets to 5.45 million sets. .
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