April 20, 2024

Recommended by lighting energy-saving listed companies under the policy (1)

Judging from the current production structure of China's electric light source industry, the total output of the industry in 2007 was about 12 billion (our statistics do not include electric beads, foam products), of which ordinary light bulbs accounted for about 40%, about 4.3 billion, The growth rate of output is slowly decreasing. Fluorescent lamps account for about 31%. In recent years, the annual growth rate is about 30%. Special light bulbs (including HID high-intensity gas discharge lamps, tungsten halogen lamps, automobile lamps, etc.) account for about 25%.
If we look at the production structure of fluorescent lamps alone, 07 fluorescent lamps produced a total of nearly 5 billion in 2007, of which 3.1 billion are compact fluorescent lamps, accounting for about 66% of the total production of fluorescent lamps. 2.4 billion.
From the production data of domestic electric light source in front of us, we can see that the production ratio of ordinary bulbs and fluorescent lamps is about 0.9â”±1. If we look at the structure used, there are about 3 billion incandescent lamps for general lighting in China, and there are only about 400 million energy-saving lamps. The ratio is about 7.5â”±1, which is about 4 to 1 global. In terms of domestic energy-saving lamps, there is still no universal application. Even globally, energy-saving lamps have considerable replacement space for incandescent lamps.
Energy-saving policies push stronger than in the past In the case of high global energy prices, energy conservation is more important than ever, and global energy-saving goals through national policy-oriented or enforcement are more clear and urgent than in the past. In 2007, Australia first announced the phasing out of incandescent lamps before 2012. The EU has announced that it will no longer sell incandescent lamps in 2009. Then Canada, Japan, and California have corresponding plans to promote energy-saving lamps instead of incandescent lamps or limit the use schedule. . Philips, one of the global lighting giants, announced that it will close all incandescent lamp production systems in phases by 2016.
In the early period, China's Ministry of Finance and the National Development and Reform Commission issued financial subsidies to promote 150 million energy-saving lamps during the 11th Five-Year Plan. The method provides for subsidies for 30% of the supply price of the large-scale users. For each efficient lighting product of the resident users, the central government will subsidize 50% of the supply price of the winning bid agreement. The relevant tendering matters have been in full swing, and the application materials will be opened on March 25.
We believe that in the short term, this policy will not increase the revenue and earnings growth of major lighting listed companies, but in the long run, the promotion of high-quality brand products is very significant, which is conducive to improving the current domestic product quality. The disorderly competition situation with low concentration of industry.
The domestic bidding for high-efficiency lighting products will determine the supply price of the high-efficiency lighting products promotion enterprises, products and agreements (the price of installation to the household). The winning bidders shall cooperate with the local energy conservation authorities and the financial departments in accordance with the promotion tasks and regional task assignments issued by the state. Specifically for the following five tender packages:
1) Promotion of enterprises, products and agreements for self-ballasted fluorescent lamps (5-8W) for general lighting 2) Promotion of enterprises, products and agreements for self-ballasted fluorescent lamps (9-14W) for general lighting 3) General lighting Promote the price of enterprises, products and agreements with self-ballasted fluorescent lamps (18-24W) 4) Three-color color double-ended straight tube fluorescent lamps (T8) to promote enterprises, products and agreements supply price 5) three-color double-ended straight tube fluorescent lamps ( T5 and brackets) Promote the supply price of enterprises, products and agreements Zhejiang Sunshine (600261): Carefully recommend the company's development ideas to focus on improving efficiency and efficiency
In 2007, the company was the company's reflection year. As the world's largest energy-saving lamp manufacturer, the growth in 2007 was not satisfactory. The biggest problem is that its product structure has not been well adjusted, resulting in a continuous decline in its gross profit margin. In 2007, the company's revenue and net profit were 1712 million yuan and 113 million yuan, respectively, up 4% and 1% year-on-year.
The reasons behind this are mainly the following:
The company did not make selective adjustments to orders in the case of full production and sales, or its customer structure was too concentrated, which made it impossible to adjust effectively.
Coupled with slower growth in capacity growth.
Did not give full play to the company's advantages in equipment development.
Looking back at the company's business history in the past five years, from 2003 to 2007, the company's revenue increased by 235%, net profit increased by 124%, significantly lower than the income growth, but the gross profit margin decreased from 27.7% in 2003 to 15.2 in 2007. %, and in this process, the growth rate of revenue and profit in 2007 was the lowest. In 2007, the energy-saving lamp revenue ratio accounted for 78%, the sales volume was about 210 million, and the T5 and lamps were about 15 million, accounting for 15% of the income ratio. The two main products all grew slowly in 2007, about 11%. The sales structure is still based on OEM processing exports, with an export ratio of 80%.

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