Mulinsen: First quarter revenue of more than 800 million, LED packaging leader position is stable

On the evening of April 28, Mulinsen disclosed the first quarterly report for 2016. The report showed that in the first quarter, the company achieved operating income of RMB 819,708,300, an increase of 9.15% year-on-year; net profit attributable to shareholders of listed companies was RMB 50,464,300, a year-on-year decrease of 45.32%. . Mulinsen said that the reason for the decline in net profit in the first quarter compared with the same period of last year was mainly due to the decline in gross profit margin.

It is estimated that the 2016 semi-annual profit will be 150 million.

Mulinsen expects the net profit to be attributed to shareholders of listed companies from January to June 2016 to be between RMB 1,350 and RMB 150 million. The reason for the change in performance is that since the second half of 2015, the price of the LED industry chain (upstream epitaxial chips, midstream packaging and downstream applications) has generally declined compared with the previous year. In the second half of 2015, the company's lighting products and components have a large decline in unit price, resulting in lower product gross profit. In the first half of 2016, as the price of the product stabilized and the cost decreased, the gross profit will gradually pick up.

Mulinsen Co., Ltd. 2016 First Quarter Results

Strong competitive advantage and brand effect

Since its establishment, Mu Linsen has formed its own strong market competitive advantage after a long period of development and accumulation: the advantages of technology research and development drive the innovation of production technology, enhance the market competitiveness of products, and the advantages of large-scale production and enhance the influence of the brand market; Rich product range, LED downstream application market is broad, improve market share; diversified sales channels and customer resource advantages; excellent product quality, establish brand image.

In 2015, Mulinsen actively participated in well-known exhibitions at home and abroad. Through the appearance of well-known exhibitions at home and abroad, the “Mullinsen Lighting” brand was widely recognized in domestic and foreign markets and consumers. At the same time, we will continue to expand domestic sales channels, and through the dealer conferences such as “Good Lights and Thousands of Thousands of Homes” and “Wandian Qili Winning Seasons” in large cities and secondary cities in China, and benevolent dealers and consumers. Interaction has enhanced the exposure, visibility and reputation of the company's brand.

As of December 31, 2015, the number of core distributors nationwide has reached 1,777, with more than 23,000 distributors and 880 specialty stores and specialty stores.

It is reported that in 2016, Mu Linsen will speed up the construction of two production bases in Xinyu and Ji'an, Jiangxi, and take market demand as the guide to improve the market share of products. Actively promote the work of non-public offering of shares, raise funds for development, ensure the realization of the company's development strategy, and ensure the company's sustained, stable and healthy development. At the same time, strengthen brand building, strive to enhance the brand effect, enhance profitability and core competitiveness.

Absolute leader in the LED packaging industry

It is understood that in 2015, in the context of China's economic growth, especially the slowdown in export growth, the annual export data of the lighting industry increased by 8.1% year-on-year. The latest data shows that the price fluctuations of LED products have gradually slowed down, and it is unlikely that there will be a cliff-like fall last year. According to Founder Securities Research Report, Mulinsen can achieve the industry's unpredictable cost leadership in the packaging field, mainly because of its keen sense of smell and superior execution, and has always insisted on “scale expansion/process innovation and radicalization”. The strategy of market strategy, scale capacity digestion, and scale expansion.

In addition, Mulinsen actively deployed downstream lighting applications, expanded mid- to high-end brands and channels, and increased valuation space. The cost advantage of Mulinsen LED lamp beads is obvious, and the layout of downstream lighting does not affect the sales of the company's lamp industry.

At the same time, Mu Linsen continued to strengthen the construction of e-commerce platform and the promotion of media advertising; increase efforts to introduce excellent sales talents, and build a high-quality, high-efficiency marketing team; as always, increase investment in scientific research and drive product innovation upgrade.

In terms of production management, we will increase the R&D and production lines that support the supply of raw materials such as brackets and epoxy resins for LED packaging products, integrate the raw material industry chain, improve production efficiency, improve product quality, and form economies of scale and cost. Consolidate the leading position in the integration of industrial chain; upgrade the technical level of Lamp LED, LED digital tube and dot matrix products, further optimize the production process; increase the investment of SMD LED and power LED products, improve the packaging product line; continue to the downstream field Expand and develop LED application products that are suitable for the trend of the times, high quality and highly competitive, including lighting and indoor and outdoor lighting products.

Mulinsen’s investment strategy for new business expansion is very clear. For example, in the upstream chip, it has established strategic partnerships with Taiwan’s Jingyuan and the mainland Huacan. The industry generally believes that large-scale production drives the company to implement large-scale procurement of chips, which can obtain lower chip prices from suppliers, stabilize the supply channel of Mulinsen chips and effectively reduce the cost of chip procurement.

Founder Securities pointed out that with the large-scale cost advantage (large-scale expansion + large-scale digestion capacity), aggressive market strategy, and production equipment, process technology and other innovative Mulinsen Dangren will not become the absolute leader of the LED packaging industry, with an annual production capacity of 350 billion SMD /Lamp, with a fixed expansion of 490 billion, will be fully ahead of the competition.

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