The reporter found that in early 2012, Dehao Runda signed a contract worth more than 1 billion yuan (including the framework contract), and the progress of these orders was very slow, which became an important reason for the company's performance was significantly lower than expected.
Both businesses are down
At the end of February this year, Dehao Runda issued a performance report, which explained the reasons for the decline. In terms of revenue, mainly due to the impact of the external economic environment, orders for small household appliances declined compared with the same period of the previous year. The revenue growth of LED business was also lower than the company's expectations. In terms of profit, the period expenses increased significantly and the government subsidies were higher than the previous year. The reduction has had an impact on the company.
At present, Dehao Runda mainly has two large businesses of small household appliances and LEDs, with operating income of 1.725 billion yuan and 1.007 billion yuan respectively. The revenue of small household appliances business fell by 18.7%. In the LED business, packaging and application product revenues fell by 9.77% and 14.7% respectively. The revenue of these two products was 772 million yuan, which was the head of the LED business. The remaining 235 million yuan of revenue contributed by the chip business. It is 1493%. However, because the overall proportion is relatively small, the rapid growth of chip business revenue is still difficult to pull the overall situation of the company.
The main income here has declined, and the non-operating income with government subsidies as the main body has also shrunk. In 2012, Dehao Runda received a total government subsidy of 225.5 million yuan, compared with 311 million yuan in the previous year.
In a major risk warning, Dehao Runda said that with the large number of MOCVD equipment purchased by various LED companies, local governments gradually suspended or canceled subsidies for new equipment, and government subsidies weakened. If the government's cancellation of equipment subsidies will significantly increase the company's input costs to the equipment, it will create uncertainty for the company to continue to expand production capacity.
Huge contract progress is worrying
From mid-January to the end of March last year, Dehao Runda signed a huge amount of orders (including framework contracts) with more than 1 billion yuan with Hangmei Advertising Group, Beijing Tianxu Hengyuan Energy Saving Technology, and Japan Double Bird Company. These orders are required to be completed step by step from 2012 to 2014.
The reporter inquired about the 2012 Annual Report of Dehao Runda. The contract execution is as follows:
According to the annual report, these contracts only completed 63.62 million yuan, which is far from the total amount of orders exceeding 1 billion yuan. The poor performance of these contracts is also an important reason why the company's LED business is not up to expectations.
On the 24th, the reporter called the Dehao Runda Securities Department in the name of the investor. The staff admitted that the execution of these contracts was not satisfactory. He once again stressed that for contract risks, the company has more hints, some contracts are intentional, and they must be confirmed by specific orders, and the overall market last year was not good.
However, for this year's development, the above-mentioned people are optimistic. "Our contract with Japan and the United States should have a relatively large progress, and our light bulbs will start to ship slowly." He said that it is predicted that the LED industry in 2013 The prosperity will be much better than in 2012.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
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