Ceiling Light Module, Lighting Modules 18w, White Light Ceiling Modules, LED Ceiling Light Module Shenzhen Isource lighting Co., Ltd , https://www.isourceled.com
Hexun stock analysis, Silan Micro currently faces four difficult problems:
1. The industry is fiercely competitive, and the company lacks core competitiveness and core profit points.
The company belongs to the "electronic-optical optoelectronics-LED industry", which has a low threshold and fierce market competition. The company's market competitiveness is weak, the first Dehao Runda's revenue is 705 million yuan, and Silan's micro-revenue is only 305 million yuan, less than half of the industry's first.
In terms of profitability, the top three are Nanda Optoelectronics, Jufei Optoelectronics and Sanan Optoelectronics. Their first-quarter earnings per share were 0.34 yuan, 0.13 yuan and 0.11 yuan respectively. The first place's profitability is Nearly nine times as many as Silan, the company is ranked 20th in the industry.
Conclusion: Competitiveness is weak in the industry and is in the status of followers.
2. Profit growth in 2013 was mainly driven by investment income and government subsidies.
From the perspective of core surplus capacity, the total operating income of the previous year was 622 million yuan, the total operating cost was 652 million yuan, and the operating profit before the capital gains was -0.3 billion yuan. The revenue was 747 million yuan, the total operating cost was 755 million yuan, and the operating profit before the capital gains were -0.08 billion yuan. In other words, the main business operating profit margin is negative, although the loss has decreased, but there is no qualitative change compared to the same period last year.
Its net profit of RMB 38 million this year was mainly due to investment income (including fair value change gains and losses) of RMB 206 million, and non-operating income (mainly government subsidies) of RMB 22 million.
Conclusion: The surplus in the first half of 2013 mainly relied on investment income and government subsidies, and it has the nature of “depending on the skyâ€.
3, the cost pressure is large, the control cost is not strong
Silan's micro-margin interest rate is 24%. The top three Nanda Optoelectronics, Alto Electronics and Sanan Optoelectronics have 60%, 54% and 39% gross profit margins respectively. Silan Micro ranks 20th in the industry, without any The advantage is ok.
The operating expenses of the enterprise are huge, the management expense rate reaches 16% (accounting for 7% after deducting the technology research and development fee), which is much higher than the average company's 5% level. On the contrary, the company's marketing efforts are weak, and its sales expense rate is only 3%. The average company's 6% investment level is half.
In the future, with the further increase of materials and labor costs, especially labor costs, the company faces greater cost pressures, increased industry competition, low market expansion capabilities, and hopes of turning losses into the main business.
Conclusion: The external market is squeezed, the cost of internal difficulties increases, and the future of the main business is bleak.
4. Insufficient innovation ability and enthusiasm for financial management
The global semiconductor industry has entered a mature stage. As the competition in the industry intensifies, the industry concentration is further enhanced. The technical threshold and capital threshold for product innovation are increasing. The company's competition has gradually shifted from price competition to product and technology competition. The company's various research and development expenditures in the first half of 2013 totaled less than 0.7 billion yuan, a decrease of 2.1% from the previous period. Correspondingly, the company's investment stock value was RMB 48 million, and short-term wealth management was RMB 117 million. The total amount of the company reached 165 million yuan, an increase of 45% at the end of the previous year, accounting for about 10% of the company's current assets.
Conclusion: Insufficient innovation, weak investment, and forced financial management.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.) 
Affected by cost pressures and other factors
On July 27, Silan Micro announced its 2013 interim report. On the surface, revenues rose from 622 million yuan in the same period of last year to 747 million yuan in January-June this year, up 20%. In the same period of last year, the price of 0.01 yuan rose to 0.04 yuan in the first six months of this year, a big increase of 300%. However, by carefully analyzing the report, it is not difficult to find that the company's growth, market pressure, growth expectations, the company's growth, the prospects are worrisome.