Another proposed company is investing in LED driver power, and Philips lighting OEMs account for up to 30%.

Recently, Huizhou Huayang Group Co., Ltd. (Huayang Group) updated the “IPO Prospectus”. According to the data, Huayang Group mainly engages in automotive electronics, precision electronic components, precision die-casting and LED lighting through its holding subsidiaries. Its main products are automotive electronics, precision electronic components, precision die-casting products and LED lighting products.

From 2014 to 2016, Huayang Group's operating income was 4.559 billion yuan, 4.145 billion yuan, and 4.247 billion yuan respectively. The net profit attributable to owners of the parent company was 243 million yuan, 181 million yuan, and 320 million yuan respectively.

Huayang Group's LED lighting products mainly include LED packaging, LED lamps and high-power LED power supplies. Although it is also one of the main businesses of Huayang Group, Huayang Group's LED lighting segment business is smaller than other businesses. From 2014 to 2016, Huayang Group's LED lighting segment accounted for 4.50%, 5.98% and 5.25%, respectively.

In 2016, Huayang Group's LED lighting business revenue was 221 million yuan, of which LED packaging performance was 55,886,300 yuan, and LED lighting performance was 119 million yuan.

As the company is optimistic about the future development of the LED packaging industry, in 2014, the capacity of the packaging business has been expanded to a certain extent. In addition, the company arranges production by paying overtime or two shifts when the customer's demand is tight and necessary, so that the packaging business capacity utilization rate is higher than 100% in 2015 and 2016.

Huayang Solar has been manufacturing LED lamps since 2013, and in 2014 it achieved full production of existing production lines. Since the company's LED lighting production is mainly for large customers, it needs a certain capacity support to establish a competitive advantage in the market. Therefore, the company has planned more production capacity at the beginning of the lighting business, so the capacity utilization rate is relatively low during the reporting period.

The sales revenue of LED lighting panel lamps increased significantly in 2015, mainly due to the establishment of cooperation relationship with Philips and the acquisition of orders at the end of 2014, and the sales volume in 2015 increased significantly. The decrease in sales of lighting fixtures in 2016 was mainly due to the significant decrease in sales of bulb lamps. The revenue of LED chip package continued to decline slightly during the reporting period, mainly due to the intensified competition in the LED chip packaging market and the continuous reduction in the unit price of the package.

Among them, the gross profit of packaging in 2016 decreased by 2.972 million yuan compared with 2015, mainly because the gross profit margin of such products decreased by 5.13%. In 2016, the gross profit of lamps and lanterns increased by 2,702,200 yuan compared with 2015, mainly because the gross profit margin of such products increased by 4.23%.

In terms of customer distribution, since 2015, Philips has become the top ten customers of Huayang Group's LED lighting segment, and has become the largest customer far beyond other major customers.

In 2015, Philips brought operating income of 61.241 million yuan to the LED lighting segment of Huayang Group, accounting for 24.79% of the LED lighting segment of Huayang Group, which accounted for 7.59 percentage points higher than the second largest customer. In 2016, Philips' contribution to Huayang Group's LED lighting business further improved, reaching 6,86.63 million yuan, accounting for 31.10%.

This IPO, Huayang Group raised funds of 85.06 million yuan, and invested in high-power LED drive power projects. The product of this project is a high-power LED driving power source, which is mainly used for driving power of LED street lamps, tunnel lights and outdoor high-power LED lighting equipment.

The proposed scale of the project is to produce 1.1 million sets of high-power LED drive power, including 100,000 sets of 100W high-power LED drive power, 480,000 sets of 150W high-power LED drive power, and 200W high-power LED drive power supply. Ten thousand sets.


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