The old-fashioned LED company's "alternative" counterattack LED accounted for only 5.58%

In the past three years, the old-fashioned lighting companies such as Sunshine Lighting, NVC Lighting, Op Lighting, Sanxiong Aurora Lighting and so on have been leaping forward on the road of LED transformation. The proportion of LED lighting revenue has increased rapidly to over 50%. For the former king of incandescent lamps, Shanghai Yaming parent company Feile Audio, through the acquisition of Beijing Shenan, the field of lighting engineering, embarked on an alternative counter-attack.

On March 19th, Feile Audio (600651.SH) disclosed the 2015 annual report. According to the annual report data, in 2015, Feile Audio achieved operating income of 5.072 billion yuan, a year-on-year increase of 137.65%; net profit attributable to shareholders of listed companies was 376 million yuan, an increase of 482.01% over the same period last year.

It is worth noting that the revenue of LED products of Feile Audio is only 283 million yuan, accounting for only 5.58%.

According to the financial report data, the revenue of Feile Audio Lighting Engineering in 2015 reached 3.149 billion yuan, an increase of 127.62 times compared with 2014. This part of the revenue was mainly contributed by Beijing Shenan, a subsidiary it acquired.

Feile audio segmentation business income statement unit: yuan

In terms of subsidiaries, Shanghai Yaming, a wholly-owned subsidiary of Feile Audio, which is a wholly-owned subsidiary of the green lighting industry, achieved a total operating income of 1.563 billion yuan, an increase of 0.04% over the same period of last year, and a net profit of 47.47 million yuan, an increase of 201% year-on-year; Beijing Shenan, the engineering business, achieved a total operating income of 2.946 billion yuan, an increase of 234% over the same period of last year, and a net profit of 260 million yuan, an increase of 82% year-on-year; Shanghai Shenglu, which is mainly engaged in the automotive lighting business, achieved a total operating income of 602 million yuan. In the same period last year, it increased by 21%, and the net profit was 51.68 million yuan, an increase of 0.88%.

One-third of the net profit contributed to Feile Audio also includes Huaxin Securities, which is 24% of its shares. It is understood that Huaxin Securities achieved a net profit of 505 million yuan in 2015, contributing investment income of 121 million yuan to Feile Audio, an increase of 303% over the same period last year.

The acquisition has become an "alternative" counter-attack method for Feile Audio.

In recent years, Feile Audio has successively completed the completion of Shengyi Company and Shenan Group, and completed the extension from the general lighting field to the automotive lighting field and lighting engineering field. At the end of 2015, Feile Audio successfully acquired an 80% stake in Xiwannian Group and became an international lighting manufacturer with three world-class brands, Sylvania, Lumiance and Concord, and sales channels in 48 countries.

According to the annual report, in 2016, Feile Audio plans to accelerate the layout of intelligent control lighting products and achieve both channel and engineering projects. Intelligent street lighting products have become a breakthrough, and to accelerate the industrial chain layout of intelligent lighting products.

In terms of sales model, in 2016, Feile Audio will realize the channel and engineering projects with the two sales models of “channel product sales” and “lighting project”.

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