NVC goes up, Dehao down, can the LED industry recover to save the "synergistic effect"
NVC Lighting Holdings Co., Ltd. announced its annual results for the year ended December 31, 2016. Group revenue decreased by 1% year-on-year to RMB 3.806 billion; net profit increased by 170.7% year-on-year to RMB 151 million.
This is due to the significant increase in the performance of NVC Lighting for two consecutive years since the removal of Wu Changjiang, the main founder and former chairman. The announcement said that the profit growth was mainly due to the increase in gross profit margin.
However, the profit performance is still far from the peak period of NVC lighting. In 2011, the performance of NVC Lighting reached its peak, with a revenue of 3.798 billion yuan, a net profit of 548 million yuan, and a gross profit margin of 25.6%.
LED lighting has become the main booster for NVC lighting recovery.
In 2016, NVC Lighting's LED lighting products achieved sales revenue of 2.697 billion yuan, an increase of 21.3% over the same period. Sales of lighting products increased slightly by 2.2%, mainly due to the sales growth of the Group's home lighting products; sales of light source products decreased by 9.5%, mainly due to the impact of the decline in the volume and price of traditional light source products; lighting electrical products increased slightly, mainly during the reporting year. LED lighting and electrical products accounted for an increase in sales and exchange rate fluctuations.
During the reporting year, the gross profit achieved was RMB 1.021 billion, an increase of 13.3% compared with the same period, and the gross profit margin of sales rose from 23.4% to 26.8%.
For each product segment, the gross profit margin of lighting products increased from 25.9% to 30.9%, mainly due to the comprehensive cost reduction measures implemented by the Group during the reporting year, including strengthening inventory management, implementing automation reform and streamlining organizational structure. The overall cost is effectively controlled.
The gross profit margin of light source products dropped from 18.1% to 16.2%, mainly due to the unsatisfactory capacity of traditional light source products and higher price concessions for customers to stabilize customers, resulting in a decline in gross profit margin.
The gross profit margin of lighting appliances increased from 19.1% to 23.3%, which was mainly attributable to the comprehensive cost reduction measures implemented by the Group and the favorable factors that the export products benefited from the continued appreciation of the US dollar.
As the actual controller of NVC Lighting, another listed company of Wang Donglei, Dehao Runda, is still in the main loss stage of its main business.
Dehao Runda announced that its operating income for 2016 was 4.053 billion yuan, down 10.05% from the same period of the previous year; the net profit attributable to listed shareholders was 29.7285 million yuan, up 49.67% over the same period of the previous year.
Excluding the sale of 100% equity of Hong Kong Dehao Optoelectronics Co., Ltd., the company brought about 195 million yuan of revenue. During the reporting period, the company achieved a loss of operating income of 126 million yuan, an increase of 81.13% over the same period last year.
The differentiated division of labor between DHL Runda and NVC has been raised as early as Wang Donglei became the largest shareholder of NVC in December 2012. However, the synergy between the two sides has not been effectively played.
During the reporting period, the LED industry showed a certain degree of warming, but the fierce competition in the LED industry continued. The overall sales of the LED business of Dehao Runda was basically the same as last year.
On March 30th, Dehao Runda issued a performance forecast. The company expects net profit attributable to shareholders of listed companies from January to March 2017 to be 70 million to 90 million yuan, a year-on-year change of -1.55% to 21.02%.
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