On April 24th, Shenzhen Hetai Intelligent Control Co., Ltd. (hereinafter referred to as “Hetaiâ€, 002402.SZ) released the first quarterly report of 2017. The company realized operating income of RMB 400 million from January to March 2017, an increase of 43.76. %, the average operating income growth rate of the electronics manufacturing industry was 24.46%; the net profit attributable to shareholders of listed companies was 3688.93 million yuan, an increase of 49.77%.
However, despite the growth in performance, the LED lighting business that has been testing the water for six years has encountered difficulties. As early as April 8, Hetai announced that it had decided to transfer its subsidiary and natural lighting 60% equity to natural person Qiu Guimei at a price of 0 yuan. After the transfer, the company only holds 10% of the equity of Hetai Lighting. .
Since its establishment in 2011, Hetai Lighting has been losing money. At present, its net assets are -1,702,300 yuan, which is already in a state of insolvency. However, in response to an interview with the company, Hetai Company said that the company is currently in a silent period, and it is not convenient to respond to the transfer and related issues of Thai lighting.
The reporter was informed that after the LED lighting business was broken, Hetai began to frequently deploy in the field of intelligent controllers, and successively raised funds to build a number of projects. However, its original plan is scheduled to start in September 2015, and the second phase of the project, which was completed at the end of 2016, will be postponed due to construction suspension.
Test water LED six-year performance is bleak
After entering the LED market for six years, Hetai began to opt out.
On April 8, Hetai issued an announcement and decided to transfer 60% of its subsidiary and Hetai Lighting to the natural person Qiu Guimei at a price of 0 yuan. After the transfer, the company only holds 10% of the equity of Hetai Lighting.
As early as May 2011, at the time, Hetai valued the huge market scale and broad market prospects of the LED industry, and used super-raised funds to set up a wholly-owned subsidiary and Hetai Lighting with a registered capital of 10 million yuan. The announcement shows that Hetai Lighting will be based on “high-end market, high-end customers, high-end productsâ€, which will enable the company to open up new business growth points based on the original intelligent controller application field.
At that time, the focus of the layout was on the "LED modern lighting product development and industrialization project" implemented by Hetai Lighting. According to the investment plan at that time, the total investment of the project is 100 million yuan, focusing on LED modern lighting products as the research and development direction, and finally realize the industrialized operation of LED modern lighting products. Hetai plans to invest 10 million yuan in advance, and the remaining 90 million yuan will be gradually invested before December 31, 2013 according to the company's development and operation needs.
However, Hetai Lighting did not wait for subsequent investment, and the prospect of “LED Modern Lighting Product R&D and Industrialization Project†is even more uncertain after two consecutive transfers of equity.
Prior to this transfer, Hetai had already sold part of the equity of the lighting business. In May 2015, 14 natural persons including Hetai and Dong Xiaoyong signed an equity transfer agreement, transferring the wholly-owned subsidiary of the company and 30% of the equity of Hetai Lighting to the above-mentioned natural person at a price of 3 million yuan. The company's shareholding in Hetai Lighting has dropped from 100% to 70%.
Liu Jianwei, chairman of Hetai, had confidence in the media interview: "The intelligent control industry that the company is engaged in is also a fully competitive industry. In the field of LED lighting, we will continue to be as respected as the industry." The regular army' and the leading enterprises." However, in the past six years, the transcripts handed over by the Thai Lighting has been quite bleak.
Since its establishment, Hetai Lighting has been losing money. According to the data of the last 3 years, the revenue of Hetai Lighting in 2014, 2015 and 2016 was 26.93 million yuan, 44.98 million yuan and 32.08 million yuan respectively, while the net profit of 3 years was respectively reduced by 5.02 million yuan, 6.34 million yuan, 153. Ten thousand yuan. As of December 31, 2016, Hetai Lighting Assets totaled 25.8541 million yuan, total liabilities were 42.875 million yuan, and net assets were -170.23 million yuan. It is already in a state of insolvency, and 0 yuan transfer seems to be helpless. Lift.
Regarding the reasons for the continued loss of Hetai Lighting, and the Thai side, due to the silence period, failed to respond to the reporter on relevant issues.
However, judging from the current development of the domestic LED market, and the transfer of lighting business at this time, perhaps some have been too hasty.
According to the statistics of the Institute of Advanced Industrial Research and Research, more than 75% of the global LED application products are concentrated in China. In 2016, the total output value of LED indoor lighting in China was 223.1 billion yuan, a year-on-year increase of 32.1%. On the one hand, the domestic LED industry is deeply mired in the price war, and the reshuffle of SMEs is intensifying; but on the other hand, the LED industry is also accelerating the subdivision process, and there are still good markets in the fields of intelligent lighting, automotive lighting, industrial lighting, etc. prospect. As a smart controller manufacturer, Hetai itself can rely on its own intelligent control technology to make breakthroughs in the segment of intelligent lighting.
Postponement of investment projects
Compared with the LED business, the development of the company's main intelligent controller has expanded rapidly in the past three years.
According to the 2016 Annual Report of Hetai, the data shows that in 2016, Hetai achieved revenue of 1.346 billion yuan and net profit of 120 million yuan, up 21.21% and 59.66% respectively, including automotive electronic intelligent controllers and power tool intelligent controller products. Revenue growth was rapid, with an increase of 85% and 47% respectively. The traditional smart controller for household appliances also maintained steady growth, with annual revenue growth of 14.14%.
Perhaps it is a fancy to the development prospects of intelligent controllers. As early as December 2016, Hetai released the "non-public offering plan", which is intended to be no less than 10.11 yuan per share, no more than 10 specific investors. The total amount of funds raised is not more than 1.03 billion yuan, which is used to invest in the Yangtze River Delta production and operation base construction project, electronic process automation and big data operation management and control platform system project, intelligent hardware product research and development and industrialization project, smart life big data platform system project and supplement Liquidity. Among them, the total investment of the Yangtze River Delta production and operation base construction project is 490 million yuan, the proposed investment fund is 380 million yuan, and the construction period is 3 years. The project will be implemented by Zhejiang Hetai, a wholly-owned subsidiary.
Hetai mentioned in the plan that the Yangtze River Delta region is one of the most developed areas of the domestic intelligent controller industry and the most concentrated application industry. It is also the main customer group of intelligent controllers such as automotive electronics and power tools in China; the main Customers such as Electrolux and Whirlpool (9.860, 0.01, 0.10%) have set up production bases or procurement centers in the Yangtze River Delta region. The implementation of this project can better provide product support services for international brand customers.
Anxin Securities analyst Hu Youwen also pointed out in the research report that the expansion of the company will help the company further expand its main business and realize the extension of the business chain; the intelligent hardware and smart life big data platform system project is also conducive to the realization of intelligence The second extension of the controller product to the smart home Internet online service cloud platform and the big data operation platform is very beneficial to the expansion of the company's product line and the expansion of its competitive advantage.
However, Hetai also mentioned in the announcement that since the implementation of the fundraising project will take some time, the expected benefits will be gradually realized after the project is completed. Therefore, in the short term, the company will face the risk of a decline in the return on net assets due to the rapid expansion of capital.
The reporter noticed that the intelligent controller project that was previously funded and invested by Hetai had been slow and stagnated.
In October 2014, Hetai non-publicly issued 16.01 million A shares, with a price of 9.99 yuan per share. After deducting the issuance expenses, the actual net proceeds were 151 million yuan. According to the preplan at the time, Hetai intends to use all the raised funds for the construction of the “Intelligent Controller Production Technology Transformation and Capacity Expansion Project (Phase II)†project, with a construction period of two years and a design capacity of 28 million sets/year. However, as of December 31, 2016, the funds used in the fundraising project totaled RMB 2,233.1 million, and the progress was almost stagnant. Regarding the slow progress of the fundraising project, and the Thai side said that the fundraising project was originally scheduled to start in September 2015 and will be completed by the end of 2016. However, due to the second phase of the project, the municipal roads around the Tianji community in Guangming New District, Shenzhen are not supported. Perfect, the municipal roads of the construction site of the second phase project have not been completed, and the work of the three links and one leveling cannot be carried out. The construction of the second phase of the project was suspended and postponed.
Hetai also confessed in the announcement that the lag of the fundraising project has an impact on the payback period of the company's investment. The company is in the process of completing the construction permit for the second phase of the project. It is expected that construction will begin in May 2017.
Liu Jianwei, chairman and president of Hetai, said at the 2016 annual performance briefing that the company's current production capacity has reached more than 95%, and is further expanding its production capacity by increasing equipment and production line layout. The second phase of the company has started construction and is expected to be put into operation in the first half of 2018.
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