[High-tech LED reporter report] The China Securities Regulatory Commission announced yesterday that the application for the IPO of Shenzhen Wanrun Technology was approved by the Board of Directors. The Wanrun Technology plans to issue 22 million shares and raise funds to invest in new high-efficiency SMD LED production and construction projects.

In 2011, Wanrun Technology was invited as the representative of the most growing companies in the domestic LED industry and was invited to join the G20-LED Summit. Dr. Zhang Xiaofei, Secretary General of G20-LED Summit, said: “Wanrun Technology is a representative representative of the packaging enterprises in South China. The development of China's LED industry requires such enterprises to participate in them. They represent a part of the industry and they issued The voice can reflect the voice of a large number of companies of the same type."

At the same time, Wanrun Technology has become the eighth listed company in the 20 member companies of the G20-LED Summit to successfully enter the domestic capital market.

After deducting the issuance expenses, Wanrun Technology will invest mainly in the following projects: a new high-efficiency patch-type LED production and construction project with a total investment of 126.91 million yuan; LED green energy-saving lighting production project with a total investment of 96.66 million yuan; The enterprise technology research and development center project has a total investment of RMB 2,188.3 million.

According to the prospectus, the company's operating income in 2008-2010 was 150 million yuan, 137 million yuan, and 230 million yuan respectively; operating profit was 0.23 billion yuan, 20 million yuan, and 39 million yuan respectively; net profit was 0.22 billion yuan and 0.19 yuan respectively. 100 million yuan, 0.36 billion yuan. . The fundraising project, including the new high-efficiency SMD LED production and construction project, will enable the company to increase the production capacity of 984 million SMD LED light source devices of various specifications each year; LED green energy-saving lighting production projects will be new Increase the production capacity of various types of LED lighting fixtures of 792,000 baht and light strips of 660,000 meters and implement the enterprise technology research and development center project.

SMD LED is an important development direction of Wanrun Technology's current product strategy. Although the market development of SMD LED products and customer cultivation have a certain lag effect relative to capacity expansion, the company will further deepen and broaden and expand with the company in the future. With the cooperation of customers and fully tapping and developing potential customers, the production and sales of SMD LEDs will gradually increase and remain at a high level.

In the report period, the proportion of LED light source device revenue in the main business income was 84.81%, 72.80%, 77.56% and 79.13%, respectively, which remained basically stable and was the main source of the company's main business income. SMD LED achieved rapid growth during the reporting period. In particular, in 2010, SMD LEDs increased by 292.22% compared with 2009, and the proportion of main business revenue increased to 27.01%. SMD LEDs from January to June 2011 Sales was 97.48% of the total sales revenue in 2010, and continued to maintain rapid growth. The proportion of main business income increased to 32.43%, which has become an important profit growth point for the company.

In terms of LED lighting application products, the prospectus shows that from January to June 2011, the operating income was 34,104,700 yuan, accounting for 18.05% of the total revenue. This figure is at the same level as in 2010, indicating that the company can maintain revenue stability during the low-speed period of domestic indoor LED lighting application development this year.

During the reporting period, the gross profit margin of the company's main business was 32.41%, 34.83%, 34.28% and 30.87%, respectively, which was in the middle level of comparable companies in the same industry. In 2009, the gross profit margin of main business increased by 2.42 percentage points compared with 2008, mainly due to the increase in gross profit margin of direct-insertion LED; the gross profit margin of main business income in 2010 remained stable compared with 2009; gross profit margin from January to June 2011 Compared with 2010, it decreased by 3.41 percentage points, mainly because the company adopted a more aggressive price strategy to expand market share, but the decline was lower than that of peer listed companies.


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