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In July, Shenzhen Yiguang was owed arrears to suppliers for tens of millions of purchases, and the capital chain was broken and forced to close; in August, Shenzhen Shifang Optoelectronics was defrauded by suppliers of 80 million yuan and owed 220 employees two months' wages. In the trouble of bankruptcy; in September, Shenzhen Barco was mortgaged due to poor management. After more than ten years of development, the LED display industry has gradually entered a large-scale reshuffle period. As early as 2011, the industry reshuffle has begun, and the display companies such as Duo Duoli and Bolunte have closed down and exited the market. At the end of last year, Vision Optoelectronics, Big Eye, Haobo Optoelectronics and Jiahao Optoelectronics also closed down, and the LED display industry shuffled. Has never stopped.
The tide of bankruptcy is constantly coming, and the tide of mergers and acquisitions is also coming. From July to September 2013, there were three mergers and acquisitions in the LED display industry, namely, Jiangmen Keheng acquired the equity of Lianteng Technology 51, and Furi Electronics acquired the equity of Mairui Optoelectronics 93. Hong Kong listed companies seamlessly purchased the shares of Shenzhen Sankeke 51. The poor market competition has led to a red market in the display market, and the profitability of enterprises has been declining. Some enterprises have to use inferior materials to ensure profitability, resulting in problems in product quality, inability to pay for goods, and increasing accounts receivable; market demand growth Less than the growth rate of production capacity, the company's inventory continues to increase. The decline in profitability, the increase in accounts receivable and inventory led to the inability to guarantee cash flow, which is the main reason for companies to be acquired.
Lian Teng Technology's 2010 revenue was 45.48 million yuan, operating profit was 2.14 million yuan, and its revenue in 2011 was 104 million, a year-on-year increase of 129. However, its operating profit was only 2.24 million yuan, a year-on-year increase of only 5 and a gross profit margin of 10 percentage points. In 2012, it was directly at a loss, with a net interest rate of -0.16 billion. From January to May 2013, it was still in a loss state.
In the first half of 2013, revenues were 177 million, accounts receivable was 0.66 billion, and inventory was 153 million. The inventory is too high and takes up a lot of operating cash. And the price of LED display has dropped, performance has been continuously improved, inventory is too high, and the risk of impairment has increased. In addition, due to the high receivables, the company's cash flow is intensified.
Looking closely at the LED display companies that have closed down since 2011, the basic reasons for the closure are mostly due to the cash flow break. The cruel market situation has caused small and medium-sized enterprises to take advantage of the low-priced market, or the abnormal operation methods such as cargo impulses to seize the market, and these will greatly increase the operational risk of enterprises.
The two-level differentiation has gradually become apparent, and the industry concentration has increased. In the first half of the year, small and medium-sized enterprises have been experiencing bankruptcies and mergers and acquisitions, while the performance of listed companies has been growing. In the first half of the year, Zhouming Technology's revenue growth was close to 30%, and Alto's gross profit margin was as high as 54.8. According to LEDinside survey, LED display device packaging manufacturers with large manufacturers as main customers, such as Guoxing Optoelectronics, Jingtai Optoelectronics, Lanke Optoelectronics, etc. The performance in 2013 is also growing. The production capacity of Jingtai Optoelectronics has reached 1300 KK/month and continues to expand.
In fact, from the mainstream suppliers of upstream LED display chips, the performance of Huacan Optoelectronics and Silan Mingxin has declined to varying degrees. Although the demand for the entire LED display market is growing, the total output value is affected by the price decline. , in a state of small growth or even stagnant. In this market structure, while large manufacturers maintain high gross profit, their performance still maintains a high-speed growth trend, which is enough to show that the concentration of LED display industry is improving.
LED display industry shuffle accelerates industry concentration