[Source: "High - tech LED - Research and Review" December issue reporter / Tang Guirong ]
On May 18, 2012, Abbyson announced that the company's initial application was approved by the China Securities Regulatory Commission. However, half a year has passed and Abbyson has not yet been listed.
In fact, in addition to Abbyson, there are a large number of companies in China that are planning to seek financing through IPOs, some of which are already under review, some have already submitted materials, and many more LED companies have just completed the share reform. According to incomplete statistics of the High-tech LED Industry Research Institute (GLII), as of the end of 2011, there were more than 100 LED companies that have completed share reform in China, and this year has reached 150.
The topic of listing in 2012 is still hot, and unlike in previous years, this year's industry environment is no longer the same. From the financial report data of 18 LED listed companies in the past year, it can be seen that the overall performance of the LED industry changed rapidly last year, and the LED concept stocks were hit hard. Tong Ziping, vice president of Tongchuang Weiye, said that the peak period of the first round of the LED industry has passed, and the companies that plan to go public later just happened to catch up with the unfavorable economic situation. "It is not excluded that there will be some companies that have already met in the next year to consider suspending listing."
"Whether large enterprises or small enterprises are rushing to go public, it seems to be a life-saving straw for enterprises to expand production and spend the low-margin era." During the 2012 Senior Engineers LED CEO Conference held recently, the IPO of the Institute of Industrial Engineering Tian Chongliang, the director of the department, said that the current IPO listing opportunities for A-shares have been significantly different from those of the previous two years, and certainly not much before.
Great performance
Since the beginning of this year, especially in the third quarter, the performance of 18 LED companies that have been listed has not been optimistic. “There is a negative growth in profitability, a serious deterioration in profitability, and the phenomenon of increasing income and not increasing profits in enterprises.†Tong Ziping.
According to data from the High-Tech LED Industry Research Institute (GLII), in the third quarter of 2012, the operating income of 20 listed companies in the LED industry was about 4.45 billion yuan, up about 13.63% year-on-year, while the net profit was about 453 million yuan, down 29.76% year-on-year. (as shown in Figure 1)
The overall profit of the LED industry has seen a significant decline in the income of the main business from the first quarter of this year. Until the third quarter, the entire industry is still in the down market, and the real bottom has not yet been seen.
"With the decline in the main business income and net profit, the asset-liability ratio of listed companies continues to rise, and the LED industry inventory is also constantly rising, resulting in a chain reaction of the LED industry." Tong Ziping said.
The data shows that the average inventory turnover days of the above 20 listed companies in the first quarter of 2012 was 162.40, compared with 156.74 in the first quarter of 2011. At the same time, the receivables turnover days of these companies also reached 81.34 days in the third quarter of 2011, and by the third quarter of 2012, this figure has reached 111.40 days. (as shown in Figures 2 and 3)
Tong Ziping believes that the entire LED industry is now in the process of finding the bottom, the industry's survival of the inferior is an inevitable trend, and resource integration between enterprises will become a common phenomenon.
On May 18, 2012, Abbyson announced that the company's initial application was approved by the China Securities Regulatory Commission. However, half a year has passed and Abbyson has not yet been listed.
In fact, in addition to Abbyson, there are a large number of companies in China that are planning to seek financing through IPOs, some of which are already under review, some have already submitted materials, and many more LED companies have just completed the share reform. According to incomplete statistics of the High-tech LED Industry Research Institute (GLII), as of the end of 2011, there were more than 100 LED companies that have completed share reform in China, and this year has reached 150.
The topic of listing in 2012 is still hot, and unlike in previous years, this year's industry environment is no longer the same. From the financial report data of 18 LED listed companies in the past year, it can be seen that the overall performance of the LED industry changed rapidly last year, and the LED concept stocks were hit hard. Tong Ziping, vice president of Tongchuang Weiye, said that the peak period of the first round of the LED industry has passed, and the companies that plan to go public later just happened to catch up with the unfavorable economic situation. "It is not excluded that there will be some companies that have already met in the next year to consider suspending listing."
"Whether large enterprises or small enterprises are rushing to go public, it seems to be a life-saving straw for enterprises to expand production and spend the low-margin era." During the 2012 Senior Engineers LED CEO Conference held recently, the IPO of the Institute of Industrial Engineering Tian Chongliang, the director of the department, said that the current IPO listing opportunities for A-shares have been significantly different from those of the previous two years, and certainly not much before.
Great performance
Since the beginning of this year, especially in the third quarter, the performance of 18 LED companies that have been listed has not been optimistic. “There is a negative growth in profitability, a serious deterioration in profitability, and the phenomenon of increasing income and not increasing profits in enterprises.†Tong Ziping.
According to data from the High-Tech LED Industry Research Institute (GLII), in the third quarter of 2012, the operating income of 20 listed companies in the LED industry was about 4.45 billion yuan, up about 13.63% year-on-year, while the net profit was about 453 million yuan, down 29.76% year-on-year. (as shown in Figure 1)
The overall profit of the LED industry has seen a significant decline in the income of the main business from the first quarter of this year. Until the third quarter, the entire industry is still in the down market, and the real bottom has not yet been seen.
"With the decline in the main business income and net profit, the asset-liability ratio of listed companies continues to rise, and the LED industry inventory is also constantly rising, resulting in a chain reaction of the LED industry." Tong Ziping said.
The data shows that the average inventory turnover days of the above 20 listed companies in the first quarter of 2012 was 162.40, compared with 156.74 in the first quarter of 2011. At the same time, the receivables turnover days of these companies also reached 81.34 days in the third quarter of 2011, and by the third quarter of 2012, this figure has reached 111.40 days. (as shown in Figures 2 and 3)
Tong Ziping believes that the entire LED industry is now in the process of finding the bottom, the industry's survival of the inferior is an inevitable trend, and resource integration between enterprises will become a common phenomenon.
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