Wanrun Technology (002654.sz) announced that it plans to invest 30 million yuan in its own investment in Zhongshan Ouman Technology Lighting Co., Ltd. After the completion of the capital increase and equity transfer, Wanrun Technology holds a 22% stake in Auman Technology.
The original shareholders of Auman Technology jointly promised that the net profit in 2015 will be no less than RMB 15 million; the net profit in 2016 will be no less than RMB 19.5 million, and the net profit growth rate will reach 30% in 2015; net profit will be achieved in 2017. Not less than 25.35 million yuan, and the net profit growth rate reached 30% in 2016.
According to the data, Auman Technology is mainly engaged in LED high and low voltage strips, LED commercial lighting and landscape lighting products, and is a major customer of Wanrun Technology LED packaging devices. In the first half of 2015, Auman Technology realized operating income of 47.08 million yuan and net profit of 2.28 million yuan.
Li Shengfa, senior analyst of the High-Tech Research Institute LED Research Institute (GGII), said that compared with the recent mergers and acquisitions, the difference between Wanrun Technology's acquisition of Auman Technology is that it is a combination of a typical midstream and downstream enterprises. In the case, it is worthy of recognition that for Wanrun Technology, this initiative will improve the company's upstream and downstream supply chain and strengthen the company's partnership.
"In addition, for Auman Technology, after the cooperation with Wanrun Technology, the company's device cost will be further reduced. In addition, with the background of the listed company, it will also facilitate the further development of the company's downstream market." Li Shengfa said.
In addition, for the incident, the industry will also focus on the performance commitment of Auman Technology. In summary, from the net profit of Auman Technology in the first half of the year, the company must achieve a profit value of nearly 13 million in the second half of the year. Only to achieve the promised goal - 15 million yuan.
The marketing director of a lighting company in Zhongshan said that Auman Technology's products are positioned at high prices and high quality, and are also exported. Most of the 15 million net profits may need to be obtained through exports. However, he also admitted that "the difficulty in achieving the goal is great. First, the market environment itself is a very serious challenge, and secondly, the performance base is too far from the goal."
Li Shengfa said that in view of the overall lighting market this year, it is showing a situation of sudden braking. The growth of most lighting companies is not obvious, and more is stagnant and declining. "From the performance of Auman The company's first half of the year is 5% net profit, and to reach the 15 million profit target, equivalent to 15% of net profit, this gap is indeed very large."
In the announcement, Wanrun Technology also pointed out that due to the unfavorable factors such as the slow growth of LED lighting market demand and the increasingly fierce competition in the LED lighting market, Auman Technology may have the risk of not meeting the above promised performance.
However, the above-mentioned insiders said that since Auman Technology can make such a commitment, it should be prepared. Whether it can be achieved depends on the company's technical means. In addition, the engineering channel is also a huge market that cannot be underestimated.
Li Shengfa said that from the perspective of the industry, either developing peers or cross-border mergers and acquisitions has become a development trend. He speculates that "if the progress is smooth, Wanrun Technology may continue to invest in Auman Technology, but to achieve performance targets. The follow-up two companies will have other actions."
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