[High-tech LED reporter / Wang Cairong] Since 2011, the consecutive years of loss of the main business of Furi Electronics has made the secondary market less optimistic about its prospects. On January 29, Furi Electronics released its 2013 results forecast, which is expected to achieve a net profit attributable to shareholders of listed companies in 2013 of 43.049 million yuan, an increase of 90%-140% over the previous period, but the day after the announcement, Furi Electronics shares fell 3%.
In 2013, the annual report opened, and many listed companies dressed up as “transcriptsâ€, and they have passed the measures of reducing financial assets and transferring their idle assets. Furi Electronics is no exception.
In its 2013 annual results forecast, Furi Electronics said that the main reason for the pre-increased performance was that the company reduced its holdings of Huaying Technology (Group) Co., Ltd. in 2013 to obtain large investment income. The industry initially estimated that after deducting the cost and related transaction taxes and fees, Furi Electronics can obtain an investment income of 205.572 million yuan.
In fact, since 2011, Furi Electronics' main business has been at a loss, and its main profit mainly depends on investment income and processing of its assets. In 2011 and 2012, the cash flow generated by Furi Electronics' operating activities was negative, but during this period, its investment income reached 189 million yuan and 99.79 million yuan respectively.
According to the data of Furi Electronics Annual Report, from the first three quarters of 2011 to 2013, the operating income of Furi Electronics was 2.14 billion yuan, 2.723 billion yuan and 1.791 billion yuan respectively, and the net profit for the same period was 79.46 million yuan, 43.05 million yuan, 1.04. 100 million yuan, but its net profit after deducting non-recurring gains and losses are all at a loss. Obviously, non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance.
It is understood that Furi Electronics' business operations mainly cover LED industry, industrial energy conservation, building energy conservation, smart home appliance communication and other fields. The holding and shareholding subsidiaries involved in LED business mainly include Furi Lighting, Furi Optoelectronics, Mairui Optoelectronics. And cross-strait lighting.
However, in addition to Mairui Optoelectronics, the remaining three control and shareholding subsidiaries were losing money in the first half of 2013, of which Furi Lighting achieved a net profit of only 144,300 yuan in 2012.
Behind the continued downturn in its main business, the greater risk comes from the continued decline in gross profit margins of its various businesses. According to the data of the first half of 2013 reported by Furi Electronics, the gross profit margin of its electronic whole machine products and electronic components business was negative in the first half of this year, and the two were -0.22% and -1.07%, respectively. The gross profit margin of the trade business was 1.48% and 0.48% respectively.
A person in the electronic components industry told reporters that in recent years, the overall gross profit of the electronic machine and component industry is very low. If there is no scale, it is very common for enterprises to lose money. Many companies have turned their targets to other industry.
For Furi Electronics, the acquisition of Mairui Optoelectronics is the beginning of its eagerness to seek new profit growth points. According to data from the “Merui Optoelectronics Earnings Forecast Review Report†published by Furi Electronics, the gross profit margin of Mairui Optoelectronics in 2012 was 21.92%, and the estimated gross profit margin in 2013 will reach 23.38%.
However, the current slowdown in the domestic LED display market demand growth is an indisputable fact, the market prospect is limited, and the profitability of display companies is declining year by year. According to the data disclosed in the announcement, Mairui's 2012 net profit margin was about 7.9%, but it has dropped to 5.9% as of the first half of 2013.
In addition, there is still a risk that the business integration of the two parties will not achieve the expected synergy. A private equity source said that the biggest possibility from the proposed listing to the sale is that the core competitiveness is frustrated, the net profit has fallen sharply, and even the daily operations have changed.
Therefore, it remains to be seen whether Furi Electronics can take advantage of the merger and acquisition of Mairui Optoelectronics to break through its own profit-making barriers and save the main industry from the difficulties.
In 2013, the annual report opened, and many listed companies dressed up as “transcriptsâ€, and they have passed the measures of reducing financial assets and transferring their idle assets. Furi Electronics is no exception.
In its 2013 annual results forecast, Furi Electronics said that the main reason for the pre-increased performance was that the company reduced its holdings of Huaying Technology (Group) Co., Ltd. in 2013 to obtain large investment income. The industry initially estimated that after deducting the cost and related transaction taxes and fees, Furi Electronics can obtain an investment income of 205.572 million yuan.
In fact, since 2011, Furi Electronics' main business has been at a loss, and its main profit mainly depends on investment income and processing of its assets. In 2011 and 2012, the cash flow generated by Furi Electronics' operating activities was negative, but during this period, its investment income reached 189 million yuan and 99.79 million yuan respectively.
According to the data of Furi Electronics Annual Report, from the first three quarters of 2011 to 2013, the operating income of Furi Electronics was 2.14 billion yuan, 2.723 billion yuan and 1.791 billion yuan respectively, and the net profit for the same period was 79.46 million yuan, 43.05 million yuan, 1.04. 100 million yuan, but its net profit after deducting non-recurring gains and losses are all at a loss. Obviously, non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance.
It is understood that Furi Electronics' business operations mainly cover LED industry, industrial energy conservation, building energy conservation, smart home appliance communication and other fields. The holding and shareholding subsidiaries involved in LED business mainly include Furi Lighting, Furi Optoelectronics, Mairui Optoelectronics. And cross-strait lighting.
However, in addition to Mairui Optoelectronics, the remaining three control and shareholding subsidiaries were losing money in the first half of 2013, of which Furi Lighting achieved a net profit of only 144,300 yuan in 2012.
Behind the continued downturn in its main business, the greater risk comes from the continued decline in gross profit margins of its various businesses. According to the data of the first half of 2013 reported by Furi Electronics, the gross profit margin of its electronic whole machine products and electronic components business was negative in the first half of this year, and the two were -0.22% and -1.07%, respectively. The gross profit margin of the trade business was 1.48% and 0.48% respectively.
A person in the electronic components industry told reporters that in recent years, the overall gross profit of the electronic machine and component industry is very low. If there is no scale, it is very common for enterprises to lose money. Many companies have turned their targets to other industry.
For Furi Electronics, the acquisition of Mairui Optoelectronics is the beginning of its eagerness to seek new profit growth points. According to data from the “Merui Optoelectronics Earnings Forecast Review Report†published by Furi Electronics, the gross profit margin of Mairui Optoelectronics in 2012 was 21.92%, and the estimated gross profit margin in 2013 will reach 23.38%.
However, the current slowdown in the domestic LED display market demand growth is an indisputable fact, the market prospect is limited, and the profitability of display companies is declining year by year. According to the data disclosed in the announcement, Mairui's 2012 net profit margin was about 7.9%, but it has dropped to 5.9% as of the first half of 2013.
In addition, there is still a risk that the business integration of the two parties will not achieve the expected synergy. A private equity source said that the biggest possibility from the proposed listing to the sale is that the core competitiveness is frustrated, the net profit has fallen sharply, and even the daily operations have changed.
Therefore, it remains to be seen whether Furi Electronics can take advantage of the merger and acquisition of Mairui Optoelectronics to break through its own profit-making barriers and save the main industry from the difficulties.
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