Although Foshan Lighting has all the shares purchased by its company after the publication of a quarterly report, the huge loss of 117 million yuan caused by the investment in the securities market has inevitably dragged down its mid-term results. On July 31, the semi-annual report released by Foshan Lighting showed that the company's net profit decreased by 45.73% year-on-year. Among them, its main business income was 802 million yuan, a year-on-year increase of 16.54%.
Lin Shuhui, the secretary of Foshan Lighting, told the Financial Weekly reporter: We feel that the current situation is quite good. Now we just want to do a good job in the main business. He highlighted to reporters that Foshan Lighting had won all the bids and subsequent sales in the bidding for the promotion of energy-saving lamps by the Ministry of Finance in April, and placed great expectations on the energy-saving lamp market.
Compared with the loss of investment, the pressure on its main business is more worthy of investors' attention. Analysts said that due to the use of heavy metals such as tungsten and molybdenum, as well as heavy oil and labor prices, the production cost of Foshan Lighting has risen a lot, and the gross profit margin has also declined. This is actually the common problem faced by this industry. Foshan Lighting is only one typical case.
First quarter investment dragged down profits
In 2007, Foshan Lighting began to invest through the securities market. At that time, it was announced that it had received a total investment income of 350 million yuan. After the news was released, Foshan Lighting's share price rose all the way, and it also had a historical high of 27.65 yuan on January 28, 2008. The matter is human beings. After half a year, the securities market brought Foshan Lighting a huge loss of 117 million yuan and a one-day drop of 9.02%.
Foshan Lighting disclosed the loss as early as the first quarter earnings report. On June 3, Foshan Lighting announced that the company sold all of the Bank of Communications (601,328, shares) legal person shares of 32,727,667 shares, and the net investment income was approximately 227 million yuan. However, the calculation of the financial report is not based on accumulative standards. The loss of the first quarter of 117 million accounted for 73.13% of the net profit, which greatly dragged down the rate of return.
According to the data, as of the end of the reporting period, the balance of the company's securities investment market value is 0 yuan. It can be seen that Foshan Lighting abandoned its strategy of investing in the secondary market at the end of the first quarter and turned to the main business such as energy-saving lamps.
Gross profit margin decline reflects industry dilemma
However, the situation of its main business is not smooth. Data show that in the first half of 2008, Foshan Lighting's main business income was 802 million, an increase of 16.54%. At the same time, the financial report data also showed that the main business income decreased by 0.7% compared with the income of 808 million yuan in the second half of 2007. The gross profit margin of the first half of the year was 18.66%, and the gross profit margin of sales decreased by 1.23%.
The 2008 mid-year report revealed the industry's dilemma facing the company. Zhang Lin of the Central University of Finance and Economics pointed out in a research report that the substantial increase in the company's operating income was due to the expansion of the company's production scale, but the prices of copper, heavy oil and petroleum gas continued to rise, and the export of products was affected by the appreciation of the renminbi. Pushing up the cost of the company.
Shao Qing, the person in charge of Ping An Securities, said that the industrial chain of Foshan Lighting has been covering from glass production to lighting. As a leading company in the lighting industry, Foshan Lighting has been able to control its cost based on its own scale advantage and industrial chain, and control its sales revenue to -1.23%. Many small businesses in the industry have been forced to stop production in the face of brutal competition.
Lin Yihui also agreed with the industry's predicament, but he also said that under such circumstances, the company's exports increased by 13%, domestic sales increased by 19%, better than the industry average.
Industry shuffling soon
High cost and poor competition are opportunities for shuffling, and it is not a bad thing for companies like us. Lin Yihui said that on the board of directors just held on July 30, they discussed the current situation and how to continue to do the main business.
According to the data, there are currently 1,404 large and small enterprises in the industry. The decline in gross profit margin will force enterprises with poor production efficiency to exit the market. If Foshan Lighting can seize the opportunity, integrate resources and optimize the configuration in the industry. Scale advantage and scale benefit. Zhang Lin evaluation.
In addition, Lin Yuhui focused on the company's opportunities in energy-saving lamps. The country is now pushing for energy conservation and emission reduction, and this is our strength. We have won the bid for all five varieties of energy-saving lamps, fluorescent lamps and high-pressure sodium lamps, with a quantity of about 7.4 million, and the price is close to our retail price. Lin believes that this is a good opportunity for companies to brand, and will increase the production of energy-saving lamps in the future.
Shao Qing said that compared with Foshan Lighting's total output of nearly 300 million, 7.4 million is not a big number, but it will help the company's channel sales and brand promotion. Previously, these two aspects were precisely the weakness of Foshan Lighting.
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