On March 23, 2012, the company's non-public offering of shares did not exceed 80 million shares (including 80 million shares), and the total amount of funds raised did not exceed 407.43 million yuan. The company plans to use the raised funds to invest in the construction of Wuxi LED indoor commercial lighting production and construction projects and other four projects. Shiyi said that the company's non-public offering of shares is still in the process of review, and the risk of Wuxi LED indoor commercial lighting production and construction projects is released.
According to the announcement, the total investment of Wuxi LED fund-raising project is RMB 296,820,200, and the proposed fund is RMB 264,782,000. The main products include: LED light source products, LED lighting products and other lighting products.
After the project is put into production, the weighted average market price of LED light source products is 65.51 yuan/only, the market price of LED lighting products is 180 yuan/unit, and the market price of other lighting products is 300 yuan/only. The comprehensive gross profit margin of all products of the fundraising project is 37.30%. After the fundraising project is completed and put into production, it is estimated that the annual new sales income will be 570.23 million yuan, the annual new profit will be 144.21 million yuan, and the project internal rate of return (after tax) will be 26.42%. The investment recovery period (including construction period, after tax) is 5.48 years.
At the same time, the company also said that with the continuous maturity of LED chip packaging technology and the gradual improvement of LED chip luminous efficiency, the price of LED chips and the price of LED lighting products have gradually declined. As of the end of September 2012, the current price of some LED indoor lighting products has been lower than the predicted sales unit price in the feasibility study report of Wuxi LED indoor commercial lighting production and construction project.
Shiyida pointed out that in the past three years and the first phase, the average gross profit margin of some listed companies in the domestic LED industry with LED lighting business is 27.95%; LED lighting applications disclosed by some listed companies in the domestic LED industry with LED lighting business The average gross profit margin of the product business was 31.76%; the average gross profit margin of some listed companies in the traditional lighting industry in China was 24.69%.
In the most recent year and period, the gross profit margin of the revenue from the LED lighting business was 21% and 25%, respectively. From the current situation, the gross profit margin was slightly lower. Therefore, the comprehensive gross profit margin (37.30%) of Wuxi LED indoor commercial lighting investment projects may not be realized.
Shiyida explained that the market promotion speed of LED lighting products is lower than expected, especially with the decline of LED upstream chip prices and the improvement of luminous efficiency, the price of LED lighting products will gradually decline. It is expected that Wuxi LED fundraising project will be in 2016. Expected benefits may not be reached at the time of production. Therefore, there is uncertainty in whether the Wuxi LED indoor commercial lighting production and construction project can reach the profit level disclosed in the non-public offering plan.
According to the announcement, the total investment of Wuxi LED fund-raising project is RMB 296,820,200, and the proposed fund is RMB 264,782,000. The main products include: LED light source products, LED lighting products and other lighting products.
After the project is put into production, the weighted average market price of LED light source products is 65.51 yuan/only, the market price of LED lighting products is 180 yuan/unit, and the market price of other lighting products is 300 yuan/only. The comprehensive gross profit margin of all products of the fundraising project is 37.30%. After the fundraising project is completed and put into production, it is estimated that the annual new sales income will be 570.23 million yuan, the annual new profit will be 144.21 million yuan, and the project internal rate of return (after tax) will be 26.42%. The investment recovery period (including construction period, after tax) is 5.48 years.
At the same time, the company also said that with the continuous maturity of LED chip packaging technology and the gradual improvement of LED chip luminous efficiency, the price of LED chips and the price of LED lighting products have gradually declined. As of the end of September 2012, the current price of some LED indoor lighting products has been lower than the predicted sales unit price in the feasibility study report of Wuxi LED indoor commercial lighting production and construction project.
Shiyida pointed out that in the past three years and the first phase, the average gross profit margin of some listed companies in the domestic LED industry with LED lighting business is 27.95%; LED lighting applications disclosed by some listed companies in the domestic LED industry with LED lighting business The average gross profit margin of the product business was 31.76%; the average gross profit margin of some listed companies in the traditional lighting industry in China was 24.69%.
In the most recent year and period, the gross profit margin of the revenue from the LED lighting business was 21% and 25%, respectively. From the current situation, the gross profit margin was slightly lower. Therefore, the comprehensive gross profit margin (37.30%) of Wuxi LED indoor commercial lighting investment projects may not be realized.
Shiyida explained that the market promotion speed of LED lighting products is lower than expected, especially with the decline of LED upstream chip prices and the improvement of luminous efficiency, the price of LED lighting products will gradually decline. It is expected that Wuxi LED fundraising project will be in 2016. Expected benefits may not be reached at the time of production. Therefore, there is uncertainty in whether the Wuxi LED indoor commercial lighting production and construction project can reach the profit level disclosed in the non-public offering plan.
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