In the first quarter, the company once again suffered a huge loss of Dehao Runda LED transformation "pressure mountain"

[High- tech LED reporter Zhao Hui] After the huge loss of 40.902 million yuan in the fourth quarter of 2013, Dehao Runda once again exposed huge losses in the first quarter of 2014, with a loss of about 20 million to 40 million yuan.
This kind of performance is quite interesting in the context of last year's and the first quarter of this year, the overall performance of related LED listed companies is red.
On the evening of April 1, Dehao Runda (002005.SZ) announced that its first-quarter results for 2014 predicted that the company's estimated loss was between 20 million and 40 million yuan, while the profit for the same period of the previous year was 4,328.84 million yuan. Drop -146.20% to -192.40%.
“The first-quarter results were mainly due to the decline in gross profit margin and financial expenses of the company compared with the same period of the previous year.” Dehao Runda explained in the announcement.
The previously released Dehao Runda 2013 Annual Results Express shows that the company achieved revenue of 3.118 billion last year, an increase of 13.04% year-on-year; net profit was 936.39 million, down 94.22% year-on-year.
Dehao Runda gave a similar explanation for the sharp decline in 2013 performance: market competition intensified, the company's small household appliance business orders fell compared with the same period of the previous year, and the company's operating cost listing caused the company's comprehensive gross profit margin to fall, as well as the company's special expenses during the period. It is due to the substantial increase in financial expenses.
"Affected by many factors, home appliances are all embarrassing." Changjiang Securities researcher Gao Xiaoqiang said in the analysis of the semi-annual report of Dehao Runda that it is expected that the development of Dehao Runda is still expecting the performance of its LED business.
From the current point of view, the transformation of the three major links of LED "chip, package, application" vertical integration layout is not smooth, and the development of its LED business has not improved.
Dehao Runda's LED transformation path began in 2009. At that time, Dehao Runda entered the LED industry through acquisition, with the intention of building the LED business into a new profit growth point.
However, six years later, although Dehao Runda was sitting on 92 MOCVDs, its scale was second in the country, but its chip production capacity and sales have not been as good as expected.
"Derhao Runda's chips are not sold in the market, and most of them should be used by themselves." The person in charge of a chip company told the "High-tech LED" reporter that even in the fourth quarter of last year, the chip was out of stock. Underneath, there is no such thing as Dehao Runda has too many moves in the market.
In the LED application market, Dehao Runda hopes to reverse the unfavorable situation of the LED business by investing in NVC Lighting and launching cooperative brands. However, due to factors such as price and brand, sales volume has always been average.
Recently, it has also signed the “2014 Regional Operation Center Distribution Agreement” with 37 operating centers of NVC Lighting to push channels.
While fully investing in the LED business, the financial pressure faced by Dehao Runda has continued to rise, and the interest paid by bank loans and corporate bonds has seriously engulfed the profits of the company.
Recently announced by Dehao Runda, “2012 Corporate Bonds 2014 Interest Notice” shows that only “12 Dehao Debt”, Dehao Runda needs to pay interest of RMB 47.60 million per year, while Dehao Runda’s top three The net profit for the quarter was only 50.266 million yuan. Only this one will swallow the profits for half a year.
According to the financial report data, as of September 30, 2013, Dehao Runda only reached 3.331 billion yuan in short-term loans and long-term loans, and these loans are undoubtedly paying interest.
This is why Dehao Runda said in the loss statement that “financial expenses have increased significantly compared with the same period of the previous year”.

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