"Super order" behind the super paper data analysis

Outrace price and gross margin of over A shares?

In June 13th, LED enterprise outrace announcement, said received Shanghai high yuan investment development company limited on the annual order contract agreement, Shanghai high investment is expected in 2016 to 2019 of the 3 year contract total amount of 8 billion 695 million yuan. According to the announcement, the total number of orders involving products 1 billion 192 million. In this way, the average price of each product is about 7.3 yuan.

As for the specific "each" product is not clear. Therefore, also attracted the interest of peers, a domestic listed company executives on the LED guess: he sold the light source products (compared to the light of the spare parts), right? LED lamps can not be so cheap. "

But understand that the "price of civilians", "high price" has been outrace product promotion highlights. At the same time, outrace gross margin from publicly available data, but also based on "high price", outperforming most of the listed company LED.

"Factory supermarket" model to create low-cost?

Just a light source products, lamps can not be so cheap. I estimate that the light source products, strange, such a large amount of light sources? LED executives said the above listed companies.

"Unless (in Brazil) the source market share, largely for example, some large supermarket chains, such as WAL-MART, if in this channel distribution, (the price almost). We export light source products in the cheapest $2, more than $1 (7.3 yuan / only) the price is really low, but it is normal. This price is not unreasonable, but it is cheaper than the industry. The executives told reporters analyzed.

But the reporter also noted that outrace's official website describes the company's products mainly indoor lighting and outdoor lighting. At present, the main lighting products have various types of LED bulbs, lamps, tunnel lights, etc..

The reporter to Shanghai high yuan investment products supply is light products and the products of the company the price is lower than the industry level and other related issues with outrace, but until the deadline, the reporter has not yet received a reply.

In outrace the official website, have their own interpretation of the realization of high performance price ratio.

The paper describes the outrace mode for the global LED Lighting Factory supermarket ", is" committed to breaking the LED price of ice". The way to reduce the cost of the "factory supermarket": to quantify the concentration of material procurement, procurement costs low; to enhance the efficiency of the artificial robot to save labor.

Based on these methods, 'factory supermarket' is expected to greatly reduce the market price of LED lamps, according to the lighting effect, 3WLED bulb lamp can effectively replace the 5W energy-saving lamps. Outrace the production of 3WLED bulb price 8.5 yuan /, 5W energy-saving lamps on the market price of 12 yuan / only...... Ultra high cost will lead the LED industry change. "

Paper gross margin over A shares

Reporters noted that in 2015 outrace the financial indicators are "rapid", outrace last year achieved operating income of 440 million yuan, an increase of 493.39%, while net profit and losses, an increase of 218.16%. In addition, the company's gross profit margin rose from 3.43% in 2014 to $32.28%.

Reporters through the contrast within the LED industry gross margin to outrace the gross profit margin is higher than the level of many listed companies.

In 2015, Lehman shares LED industry gross margin was 31.01%, the lighting product gross margin was 26.25%; REFOND LED industry gross margin was 15.54%, in which the illumination LED gross margin was 10.04%; Lamp LED Rawlinson gross margin was 29.01%, consolidated gross profit margin was 20.99%; NVC gross profit rate is 23.4%; Yankon lighting appliance sales the gross profit rate is 25.03%.

Listed companies executives said: "I can only say that they (Ochs) gross profit margin is higher than ours, but unreasonable, it is not necessarily. From my point of view, the gross profit margin of the data did not appear not fly phenomenon. "

How do outrace is generally higher than the counterparts listed company's gross margin? The public transfer instructions once explained, "outrace consolidated gross profit margin is higher than the same industry listed companies, mainly due to outrace LED LED finished products for lighting products, from raw materials to finished the whole process of lamps by 24 material process, the 24 step is completed in Austria, the inside of the whole industrial chain the production model to improve the product gross profit, save logistics cost and the cost of producing the intermediate links. And other similar enterprises only completed the package, finished 24 in the lamp assembly process and other parts, most of parts need to be purchased from outside, so the cost of production, high cost. "

But an anonymous analyst expresses the opposite: "from the industry point of view, in recent years the industry itself LED raw material prices have been reduced, labor costs have been rising, despite the introduction of automated machinery and equipment, but you know, a lot of outrace upfront investment in machines and equipment, if the calculation of depreciation, it is impossible to achieve such a high gross margin. "

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