According to the prospectus, the gross profit margin of Ocean King Lighting has reached 70%, which is much higher than the industry average of 25%. The high gross margin is due to the high pricing of the products.
Compared with Qinshang Optoelectronics in the same industry, we found that the difference between the average selling prices of the two companies is large. Among them, Ocean King sold 1,233,800 sets of lighting equipment in 2011, and realized operating income of 132,273,200 yuan, corresponding to the average sales price of products of 1072.08. Yuan/set, while Qinshang Optoelectronics sold the average price of outdoor lighting products in the first half of 2011 to 536.34 yuan/set, the former equivalent to twice the latter.
Behind the high pricing is the company's high commission for sales staff. According to financial data, the wages, bonuses and welfare fees provided by the company to sales personnel in each of the three years have reached 27% of the income, which is also much higher than the peers. In actual operation, many sales personnel take out the commission for the customer to make a rebate. Because Ocean King Lighting's customers are mainly state-owned enterprises, large coal mines, offshore mines, tunnels, etc., they do not care about the small proportion of lighting equipment purchases, so this strategy can be implemented for a long time.
However, the situation may change in the future. On the one hand, after the company's listing, the information is open, the price of the product is unrealistically high, and the way of selling by rebate may put the company and the customer at risk. GlaxoSmithKline is a good example. On the other hand, large state-owned enterprises are gradually shifting their procurement rights and implementing a centralized procurement system. This business model of Ocean King Lighting may not be sustainable in the future.
The supply price of the first largest supplier can be stupid?
Ocean King disclosed “the procurement situation of the company's top five suppliers during the reporting periodâ€. In 2011, the number of light sources purchased from the first largest customer Jinhongxin Electromechanical Department was 489,600 sets, corresponding to the purchase amount of 2,907,300 yuan, and the purchase price of the converted unit light source was 74.49 yuan.
However, according to the “Main Material and Energy Price Changes†section, the average purchase price of the light source in 2011 was as high as 136.26 yuan per piece. This means that the price of the light source of the first largest supplier is significantly lower than the average purchase price.
In 2011, the total cost of Ocean King's procurement of light source was 38.35 million yuan, accounting for 9.81% of the main business cost. If the average unit price of the light source increases by 1%, the company's comprehensive gross profit margin will fall by 0.03%. The unit price of Jinhongxin Electromechanical is 45% lower than the average purchase price, which directly pushes up the gross profit margin of 1.35%.
The amount of light source purchased by Ocean King from Jinhongxin Electromechanical Department in 2011 was 2,907,300 yuan, accounting for 75.89% of the company's purchase of similar products in that year. According to this calculation, the total purchase amount of the company's light source in 2011 was 38.307 million yuan, divided by the average purchase price of the light source in 2011, which was 136.26 yuan, and only 281,100 light sources could be purchased. And this data is even smaller than the number of purchases from Jinhongxin Electromechanical. The head data here is obviously problematic. What kind of secret is hidden?
Brand chaos: at least nine legal “marine kings†on the market
Searching for "Ocean King Lighting" with search engines will confuse many people: There are many companies in the lighting market that use the "Ocean King" trademark. The main business of these companies is also very similar to the upcoming Ocean King lighting. . The full name of the issuer Ocean King: Ocean King Lighting Technology Co., Ltd. But looking through the 10-page Baidu search page, most of the hundreds of "Ocean King" propaganda has nothing to do with the issuer.
One by one, check out the first three pages of Baidu's propaganda company with the same trademark and brand. After verification, it was found that the most outstanding of them was Ocean King Lighting Technology Co., Ltd., registered in Hong Kong with the number 1632450, which was completely identical to the issuer. There are as many as nine other legally existing Li Wei or Li Gui:
1. Shanghai Ocean King Lighting Engineering Co., Ltd. obtained the business license of Huangpu Branch on October 19, 2007, number 310101000394020, legal representative: Gao Aiying.
2. Yueqing Ocean King Lighting Engineering Co., Ltd., obtained the business license of Wenzhou Industrial and Commercial Bureau on August 4, 2008, No. 330382000050767, legal representative: Guan Guangxian.
3. Zhejiang Ocean King Explosion-proof Electric Co., Ltd., obtained the industrial and commercial business license of Zhejiang Industrial and Commercial Bureau on March 6, 2009: No. 330382000068488, legal representative: Li Rongyang.
4. Yongjia County Ocean King Lighting Engineering Co., Ltd., obtained the business license of Yongjia County Industrial and Commercial Bureau on September 1, 2009: No. 330324000037625, legal representative: Yao Lanmei.
5. Yueqing Ocean King Environmental Protection Technology Co., Ltd., obtained the industrial and commercial business license in Wenzhou City on September 3, 2010: No. 330382000132877.
6. Wenling Ocean King Lighting Engineering Co., Ltd. obtained the business license of Taizhou Industrial and Commercial Bureau on October 14, 2010, No. 33180100136647, legal representative: Chen Ailin.
7. Ocean King Explosion-proof Group Co., Ltd. was registered in Hong Kong on January 27, 2010.
8. Shenzhen Ocean King (China) Lighting Engineering Co., Ltd., registered in Hong Kong on November 1, 2010, company number 1409285.
9. Ocean King Lighting Technology Co., Ltd., registered in Hong Kong on July 14, 2011, company number 1632450. Rename the issuer.
According to the verification, the above 9 companies, except Ocean King Explosion Protection Group Co., Ltd. changed its name to Shenzhen Ocean King (China) Lighting Co., Ltd., the other 8 are legally surviving companies, all of which include explosion-proof lighting and lighting manufacturing. Processing, sales, installation, etc. And publicly promote the "Ocean King" company to produce and sell "OK Ocean King" products.
After carefully studying the Ocean King's prospectus, I found that the above nine companies have nothing to do with the issuer. There is no special explanation for the prospectus. I don't know if the sponsor's experience is not rich and negligent. Or is the sponsor institution deliberately concealing?
According to the analysis of senior patent attorneys, there are certainly many problems hidden behind this. Otherwise, any company will absolutely not allow Li Gui to indiscriminately infringe. Germany Osram Lighting won the case against Haiyan Osram Electric.
377 employees were not paid housing accumulation fund
According to the prospectus, Ocean King Lighting had a large-scale employee's unpaid housing provident fund in 2011, with a total number of 598 people. Except for the procedures for 221 new employees, the remaining 377 employees were not paid. The prospectus explained that “377 people are non-residents in Shenzhen, and they are voluntarily applying for non-payment of housing provident fund due to reasons such as cross-regional withdrawal of housing provident fund is not very convenient.â€
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Compared with Qinshang Optoelectronics in the same industry, we found that the difference between the average selling prices of the two companies is large. Among them, Ocean King sold 1,233,800 sets of lighting equipment in 2011, and realized operating income of 132,273,200 yuan, corresponding to the average sales price of products of 1072.08. Yuan/set, while Qinshang Optoelectronics sold the average price of outdoor lighting products in the first half of 2011 to 536.34 yuan/set, the former equivalent to twice the latter.
Behind the high pricing is the company's high commission for sales staff. According to financial data, the wages, bonuses and welfare fees provided by the company to sales personnel in each of the three years have reached 27% of the income, which is also much higher than the peers. In actual operation, many sales personnel take out the commission for the customer to make a rebate. Because Ocean King Lighting's customers are mainly state-owned enterprises, large coal mines, offshore mines, tunnels, etc., they do not care about the small proportion of lighting equipment purchases, so this strategy can be implemented for a long time.
However, the situation may change in the future. On the one hand, after the company's listing, the information is open, the price of the product is unrealistically high, and the way of selling by rebate may put the company and the customer at risk. GlaxoSmithKline is a good example. On the other hand, large state-owned enterprises are gradually shifting their procurement rights and implementing a centralized procurement system. This business model of Ocean King Lighting may not be sustainable in the future.
The supply price of the first largest supplier can be stupid?
Ocean King disclosed “the procurement situation of the company's top five suppliers during the reporting periodâ€. In 2011, the number of light sources purchased from the first largest customer Jinhongxin Electromechanical Department was 489,600 sets, corresponding to the purchase amount of 2,907,300 yuan, and the purchase price of the converted unit light source was 74.49 yuan.
However, according to the “Main Material and Energy Price Changes†section, the average purchase price of the light source in 2011 was as high as 136.26 yuan per piece. This means that the price of the light source of the first largest supplier is significantly lower than the average purchase price.
In 2011, the total cost of Ocean King's procurement of light source was 38.35 million yuan, accounting for 9.81% of the main business cost. If the average unit price of the light source increases by 1%, the company's comprehensive gross profit margin will fall by 0.03%. The unit price of Jinhongxin Electromechanical is 45% lower than the average purchase price, which directly pushes up the gross profit margin of 1.35%.
The amount of light source purchased by Ocean King from Jinhongxin Electromechanical Department in 2011 was 2,907,300 yuan, accounting for 75.89% of the company's purchase of similar products in that year. According to this calculation, the total purchase amount of the company's light source in 2011 was 38.307 million yuan, divided by the average purchase price of the light source in 2011, which was 136.26 yuan, and only 281,100 light sources could be purchased. And this data is even smaller than the number of purchases from Jinhongxin Electromechanical. The head data here is obviously problematic. What kind of secret is hidden?
Brand chaos: at least nine legal “marine kings†on the market
Searching for "Ocean King Lighting" with search engines will confuse many people: There are many companies in the lighting market that use the "Ocean King" trademark. The main business of these companies is also very similar to the upcoming Ocean King lighting. . The full name of the issuer Ocean King: Ocean King Lighting Technology Co., Ltd. But looking through the 10-page Baidu search page, most of the hundreds of "Ocean King" propaganda has nothing to do with the issuer.
One by one, check out the first three pages of Baidu's propaganda company with the same trademark and brand. After verification, it was found that the most outstanding of them was Ocean King Lighting Technology Co., Ltd., registered in Hong Kong with the number 1632450, which was completely identical to the issuer. There are as many as nine other legally existing Li Wei or Li Gui:
1. Shanghai Ocean King Lighting Engineering Co., Ltd. obtained the business license of Huangpu Branch on October 19, 2007, number 310101000394020, legal representative: Gao Aiying.
2. Yueqing Ocean King Lighting Engineering Co., Ltd., obtained the business license of Wenzhou Industrial and Commercial Bureau on August 4, 2008, No. 330382000050767, legal representative: Guan Guangxian.
3. Zhejiang Ocean King Explosion-proof Electric Co., Ltd., obtained the industrial and commercial business license of Zhejiang Industrial and Commercial Bureau on March 6, 2009: No. 330382000068488, legal representative: Li Rongyang.
4. Yongjia County Ocean King Lighting Engineering Co., Ltd., obtained the business license of Yongjia County Industrial and Commercial Bureau on September 1, 2009: No. 330324000037625, legal representative: Yao Lanmei.
5. Yueqing Ocean King Environmental Protection Technology Co., Ltd., obtained the industrial and commercial business license in Wenzhou City on September 3, 2010: No. 330382000132877.
6. Wenling Ocean King Lighting Engineering Co., Ltd. obtained the business license of Taizhou Industrial and Commercial Bureau on October 14, 2010, No. 33180100136647, legal representative: Chen Ailin.
7. Ocean King Explosion-proof Group Co., Ltd. was registered in Hong Kong on January 27, 2010.
8. Shenzhen Ocean King (China) Lighting Engineering Co., Ltd., registered in Hong Kong on November 1, 2010, company number 1409285.
9. Ocean King Lighting Technology Co., Ltd., registered in Hong Kong on July 14, 2011, company number 1632450. Rename the issuer.
According to the verification, the above 9 companies, except Ocean King Explosion Protection Group Co., Ltd. changed its name to Shenzhen Ocean King (China) Lighting Co., Ltd., the other 8 are legally surviving companies, all of which include explosion-proof lighting and lighting manufacturing. Processing, sales, installation, etc. And publicly promote the "Ocean King" company to produce and sell "OK Ocean King" products.
After carefully studying the Ocean King's prospectus, I found that the above nine companies have nothing to do with the issuer. There is no special explanation for the prospectus. I don't know if the sponsor's experience is not rich and negligent. Or is the sponsor institution deliberately concealing?
According to the analysis of senior patent attorneys, there are certainly many problems hidden behind this. Otherwise, any company will absolutely not allow Li Gui to indiscriminately infringe. Germany Osram Lighting won the case against Haiyan Osram Electric.
377 employees were not paid housing accumulation fund
According to the prospectus, Ocean King Lighting had a large-scale employee's unpaid housing provident fund in 2011, with a total number of 598 people. Except for the procedures for 221 new employees, the remaining 377 employees were not paid. The prospectus explained that “377 people are non-residents in Shenzhen, and they are voluntarily applying for non-payment of housing provident fund due to reasons such as cross-regional withdrawal of housing provident fund is not very convenient.â€
Ocean King Lighting Provident Fund Payment Status List Source: Prospectus
The state stipulates that the employer shall pay the housing provident fund to the employees. According to the provisions of the Interim Measures for the Administration of Housing Accumulation Funds in Shenzhen, the housing accumulation fund is deposited by state organs, institutions, enterprises, private non-enterprise units, social organizations (hereinafter collectively referred to as units) and their employees. Suspected of violating the above management measures.(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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