Mulinsen: The first quarter revenue increased by 0.7 billion yuan to accelerate the expansion of capacity

The package leader Mulinsen is striding forward on capacity expansion and layout of the new high-margin segment.

On April 29, Mulinsen (002745.SZ) released the "First Quarterly Report 2016". According to the financial report, the operating income from January to March 2016 was about 820 million yuan, an increase of 9.15% compared with 751 million yuan in the same period of the first quarter of 2015, and the net profit attributable to shareholders of listed companies was 0.5 billion yuan.

Mulinsen said 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 unit price of lighting finished products and components was greatly reduced, resulting in a decrease in 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.

Lin Jili, executive general manager of Mulinsen, also attributed the decline in profits to the “price war”, R&D investment and new capacity expansion in 2015.

In June 2014, Mulinsen and Jinggangshan Economic Development Zone Management Committee signed a project investment contract. In September of the same year, Mulinsen and Jiangxi Xinyu High-tech Zone signed the “LED Product Production Project Investment Contract” with a total investment of 2 billion yuan. 600 million yuan.

Mu Linsen also intends to issue non-public shares of no more than 83.5 million shares. After deducting the issuance expenses, the net proceeds will not exceed 2.316 billion yuan, and all proceeds will be used for project construction.

“In 2015, Mulinsen increased its R&D investment. The company’s R&D investment was 151 million yuan, an increase of 21.95% over the previous year. During the reporting period, Mulinsen has obtained 234 authorized patents, including 12 invention patents and utility model patents. 152 items, 70 patents for appearance," Mulinsen said.

Xiao Bian also learned that Mu Linsen's construction of the first phase of the plant in Xinyu, Jiangxi has been completed and is now in use. The factory in Jiangxi Ji'an is also under construction.

"By implementing the fundraising project, the company will further consolidate its leading position in the LED packaging business, and accelerate the company's extension in the downstream LED application lighting field, and improve the layout of the company's LED industry chain." The announcement pointed out.

When talking about the main work in 2016, Mulinsen also said that it will speed up the construction of two production bases in Jiangxi Xinyu and Ji'an to increase the market share of products.

At the same time, after 2016, the market breakthrough in the segmentation field, Mulinsen is also intended to actively carry out the layout. In March this year, Mulinsen issued an announcement to purchase 80% of the ultra-era light source by Yan Jianguo. Equity, the main assets of Chaoshi are the land use rights of Sun Company's Xinhe Lighting, the ownership of the above-ground buildings and its production equipment.

New and green lighting, one of the largest manufacturers of LED filament lamps in China, once the holding company of Osram, so after the successful acquisition of the new and the new product, Mulinsen will also add growth momentum to the next market development. .

In the domestic market, Mulinsen, a major medium and medium-sized city in the country, has more than 20 subsidiaries, responsible for sales expansion and customer maintenance in the local and surrounding markets. At the same time, in response to the national “Belt and Road” call, Mulinsen opened a subsidiary in India this year. Previously, the company's products have already entered Southeast Asia, the Middle East, Africa, Latin America, the United States, Europe and other parts of the world.

For the next step on how to maintain the company's future performance growth, Mu Linsen said that it will further increase investment, improve the company's production scale and automation, reduce product costs, strengthen the company's scale and automation of competitive advantages, in order to improve the product's gross profit margin, while Increase R&D investment and increase the company's comprehensive gross profit margin.

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