The development of network channels and the opening of subsidiaries have led to an increase in costs during the period, which in turn has affected the growth of net profit. In addition to continuing to be used for channel development, the company's fundraising is mainly used to increase LED production capacity. However, due to factors such as industry, there may be idle capacity in the future.
As a large enterprise in the domestic LED lighting industry (revenue of more than 2 billion yuan), Foshan Lighting, Sunlight Lighting, etc. have already completed listing in A-shares, while the same level of Op Lighting Co., Ltd. (hereinafter referred to as "Opp Shares") still Waiting outside the IPO.
With the restart of the IPO, Opal shares once again ushered in the listing opportunity, but the company's performance growth has declined. From 2012 to 2014, compared with the steady growth of about 10% of revenue per year, the net profit growth rate of returning to mothers was 186%, 11% and -38%, respectively. In this regard, some investors are concerned about whether the company's performance has entered the downtrend channel. What is the reason for the company's increase in revenue without increasing profits?
In order to help investors better understand the current business situation of the company, the author recently sent an interview outline to his public mailbox and called the relevant person in charge. The person on the phone claimed to be the head of the company's securities department. Although her voice is sweet, she said in her communication with the author that the company is currently in a silent period and is not convenient for interviews.
Since the company did not receive a specific response to the relevant questions, the reporter can only analyze through public information such as prospectus.
Increasing expenses during the period increases the performance burden
According to Wind data, in 2014, Oup shares achieved operating income of 3.84 billion yuan, a year-on-year increase of 13.4%, but the operating profit and net return to the mother have both declined to a certain extent, including a net profit of 290 million yuan, a decline of 38.4. %.
In the prospectus for the increase in revenue, the company stated in the prospectus that in 2014, the company's operating income continued to grow, but the profit level declined. Mainly from the increase in operating expenses, management fees and the decrease in non-operating income.
The author found that compared with 2013, the company did increase significantly in financial expenses and management costs. Among them, sales expenses increased by 150 million yuan, and administrative expenses increased by 0.5 billion yuan, totaling 200 million yuan. If we add two billion yuan, the net profit of the company's mothers will increase slightly.
So why does the company's sales and management expenses increase significantly in 2014?
This may be related to the decline in the LED industry in recent years.
In recent years, due to various factors such as the upgrading of domestic consumer demand and the replacement of LED technology, the lighting industry is undergoing profound changes, gradually shifting from a market where many enterprises are dispersed to a competitive market in which a few enterprises concentrate. The competition elements are traditionally “ The brand + channel has been transformed into a comprehensive competency of “product + brand + channel + managementâ€.
The company also stated in the prospectus that, based on this understanding, the sales team will be expanded in sales, and subsidiaries will be established in Europe and Brazil to increase investment in overseas business. These measures help to improve the company's competitiveness as a whole, but at the same time it also leads to an increase in the company's operating expenses and management expenses, which affects the profit level.
So, what is the performance of Oup shares in 2015?
Although the company has not released its 2015 performance report, it is still not optimistic from an industry perspective.
In 2015, the LED industry entered the “mature reshuffle stageâ€. As of October 15, the number of large-scale M&A investment projects of domestic lighting companies in China has reached 33, involving more than 31.8 billion yuan, and behind the mergers and acquisitions. Excess supply and insufficient demand.
From the perspective of industry structure, the first echelon company's annual sales income is more than 2 billion yuan, mainly including companies such as Op, NVC, Foshan, Sunshine Lighting, etc., and the industry is not good, but also reflected the performance of the above companies. Among them, NVC's operating profit in Hong Kong fell 32% year-on-year, and Foshan Lighting and Sunshine Lighting also fell 34% and 15% respectively in the third quarter.
It is no wonder that Ding Long, CEO of Opt China, once bluntly said: "The painful days have just begun!"
Raising funds to expand production brings hidden risks
In the face of downward pressure on the industry, can Opu Shares improve its current situation through fundraising?
From the perspective of fundraising purposes, the IPO, the company plans to raise about 1.2 billion yuan for green lighting production projects (560 million yuan), marketing network projects (470 million yuan) and R&D center projects (170 million yuan).
Once the IPO is completed, the production capacity of LED lighting products will be greatly improved. In recent years, the domestic LED industry has shown a trend of replacing LED lighting with traditional lighting equipment, which may be beneficial to the company's further expansion in the field of energy conservation. However, we also noticed that although the production and sales rate is relatively high, the production of the company's main products has never been fully operational, and the capacity utilization rate has been around 82% in recent years. If the expansion is completed, there may be a situation of low production capacity in the future, and it will also lay a hidden danger for the increase in inventory.
In this regard, the company also admitted that the industry will undergo a new round of reshuffle, in the process, the sales and profitability of lighting companies will be affected. Although the company's current fund-raising projects have been operating well after being put into production, in the fiercely competitive environment, there is a risk of idle capacity due to factors such as unfavorable market development.
In terms of development direction, in addition to fundraising and expansion, the company's main focus in the future will be on channel construction, and the amount of funds raised in the project will reach 470 million yuan. In recent years, it has been affected by the macro environment, from TVs to washing machines to light bulbs and gas stoves. Channel construction has become an important place for enterprises to compete. It can be said that holding channels and users is crucial for enterprises, but correspondingly The land also increases the financial burden of the company.
Taking employee compensation as an example, the employee benefits for 2012~2014 were 160 million yuan, 230 million yuan and 290 million yuan respectively. This is related to the company's efforts to strengthen the construction of e-commerce channels and the establishment of the e-commerce department. Growth. Therefore, how to balance the balance between channel construction and profitability is very important for the company. With the increase in investment in e-commerce, whether the future can be reflected in its own performance, the author will continue to pay attention.
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1.27mm (0.050") Pitch Female Headers
Like the 1.27mm pitch male header, the 1.27mm pitch female header is used in densely-packed devices, requiring space-saving connections. The low profile, 1.27mm pitch female header addresses the need for connecting a variety of board-to-board configurations, with vacuum pick and place that makes it suitable for high volume automated manufacturing. It can be available in varying elevated stack heights, pass-through, rugged, high-density, and in numerous low-cost designs.
Antenk offers 1.27mm pitch female headers in either SMT or THM orientation at high quality and affordable China-quoted price that snuggly fits with the pins of a male header and acts as a receptacle.
Assembly and service is simple with either vertical (straight), elevated or at a right angle orientation, which can dissipate current of about 1.0 A or less in a tape and reel packaging. The filleted corners can also remove shadowing allowing optimization of LED output.
The 1.27mm pitch female headers are commonly found in PC`s and are also made to work in Arduino boards, Arduino Pro and Arduino Mega with either single or double-row female headers, facilitating connections for programming and incorporation into other circuits. They have the perfect height for clearing the USB-B connector and great for stacking multiple shields.
Female header always called as [Header connector", Antenk provide widely range of header connector, from 2.54mm (.100″ inch) pitch to 1.0mm (.039″ inch) pitch. The number of pins (contacts) is from 2 to 40 pins per orw. There are three type: Straight (Dip Vertical), Right angle, SMT (surface mount).
If you can not find the items you interest from above items, welcome to contact us, and you will always get fully responsive from us.
Applications of 1.27mm Pitch Female Headers
Its small size is most suitable for PCB connections of small equipment and devices such as:
Arduino Boards
Architectural and sign lighting
Retail and display lighting
Fluorescent LED retrofit lighting
Cabinet or furniture lighting
Commercial / residential cove lighting
WiFi equipment
Gaming consoles,
Measurement instruments
Medical Diagnostic and Monitoring equipment
Communications: Telecoms and Datacoms
Industrial and Automotive Control and Test
At one side of this female header is a series of pins which can either be mounted and soldered directly onto the surface of the PCB (SMT) or placed into drilled holes on the PCB (THM).
Through-Hole (Poke-In)
Best used for high-reliability products that require stronger connections between layers.
Aerospace and military products are most likely to require this type of mounting as these products experience extreme accelerations, collisions, or high temperatures.
Useful in test and prototyping applications that sometimes require manual adjustments and replacements.
1.27mm vertical single row female header, 1.27mm vertical dual row female header, 1.27mm Elevated single row female header, 1.27mm Elevated dual row female Header, 1.27mm right-angle single row female header and 1.27mm right-angle dual row female header are some examples of Antenk products with through-hole mount type.
Surface-Mount
The most common electronic hardware requirements are SMT.
Essential in PCB design and manufacturing, having improved the quality and performance of PCBs overall.
Cost of processing and handling is reduced.
SMT components can be mounted on both side of the board.
Ability to fit a high number of small components on a PCB has allowed for much denser, higher performing, and smaller PCBs.
1.27mm Right-angle Dual Row female header, 1.27mm SMT Single row female header, 1.27mm SMT Dual row female header and 1.27mm Elevated Dual Row female Header are Antenk`s SMT female headers.
Soldering Temperature for 1.27mm Pitch Female Headers
Soldering SMT female connectors can be done at a maximum peak temperature of 260°C for maximum 60 seconds.
Pin-Type: Vertical (Straight) and Right-Angle
1.27mm pitch female headers may be further classified into pin orientation as well, such as vertical or straight female header or right-angle male header.
Vertical or Straight Female Header Orientation
One side of the series of pins is connected to PCB board in which the pins can be at a right-angle to the PCB surface (usually called "straight" or [vertical") or.
Right-Angle Pin Female Header Orientation
Parallel to the board's surface (referred to as "right-angle" pins).
Each of these pin-types have different applications that fit with their specific configuration.
PCB Connector Stacking
Profile Above PCB
This type of configuration is the most common way of connecting board-to-board by a connector. First, the stacking height is calculated from one board to another and measured from the printed circuit board face to its highest insulator point above the PCB.
Elevated Sockets/Female Headers
Elevated Sockets aka Stacked sockets/receptacles or Mezzanine are simply stacked female headers providing an exact distance requirement between PCBs that optimizes electrical reliability and performance between PCB boards.
Choosing this type of stacking configuration promotes the following benefits:
Connector Isolation - the contacts are shrouded preventing cable connection mishaps and good guidance for the mating header connectors.
For off-the-shelf wireless PCB module, stacking height is optimized with elevated sockets.
Offers superior strength and rigidity.
Polarisation prevents users from inverted insertion.
Single, Dual or Multiple Number of Rows
For a 1.27mm straight or vertical female header, the standard number of rows that Antenk offers ranges from 1 to 2 rows. However, customization can be available if 3 ,4 or n number of rows is needed by the customer. Also, the number of contacts for the single row is about 2-40 pins while for dual row, the number contacts may vary from 2-80 pins.
Pin Material
The pins of the connector attached to the board have been designed with copper alloy. With customer`s demand the pins can be made gold plated.
Custom 1.27mm Pitch Female Headers
Customizable 1.27 mm pitch female headers are also available, making your manufacturing process way faster as the pins are already inserted in the headers, insulator height is made at the right size and the accurate pin length you require is followed.
Parts are made using semi-automated manufacturing processes that ensure both precision and delicacy in handling the headers before packaging on tape and reel.
Tape and Reel Packaging for SMT Components
Antenk's SMT headers are offered with customizable mating pin lengths, in which each series has multiple number of of circuits, summing up to a thousand individual part number combinations per connector series.
The tape and reel carrier strip ensures that the headers are packaged within accurately sized cavities for its height, width and depth, securing the headers from the environment and maintaining consistent position during transportation.
Antenk also offer a range of custom Tape and reel carrier strip packaging cavities.
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ShenZhen Antenk Electronics Co,Ltd , https://www.antenkcon.com