US lumens continue to lose money since last year, Sanan Optoelectronics integration is not effective
[Wen|High-tech reporter Yue Mengdi] One year after the acquisition, the United States has not improved its business situation because of the "rich father" of Sanan Optoelectronics, but it has gone from bad to worse.
In August 2013, Sanan Optoelectronics (600703) acquired a 100% stake in Luminus Devices, Inc., a world-renowned LED leader, through a wholly-owned subsidiary, LighteraCorporation, for US$22 million. Luminus Devices, Inc. was incorporated into the consolidated financial statements of Sanan Optoelectronics' listed company on September 1, 2013.
It’s been a year since the sensational acquisition of the time. The US lumens, which have been highly anticipated, do not seem to meet the expectations of Sanan Optoelectronics.
In 2013, Sanan Optoelectronics announced in its “Overseas Investment Announcement†for the wholly-owned subsidiary that it was audited by Deloitte & Touche, Inc., and the US lumens ended December 31, 2012. The operating income for 2012 was US$17,189,700, net profit. 319.69 million US dollars.
According to the relevant person in charge of Sanan Optoelectronics Co., Ltd., the acquisition of Lumen is to promote the company's international operation process and gradually realize the overall development of the company's LED business. The most important thing is to open overseas sales channels through the patented chip technology mastered by American lumens.
But acquisitions, especially cross-border acquisitions, have always had the risk of integration.
According to the information disclosed in the 2013 Annual Report of Sanan Optoelectronics, the net profit of the US lumens in 2013 was a loss of 24.5 million yuan. At the same time, Sanan Optoelectronics' net profit attributable to shareholders of listed companies reached about 1.036 billion yuan.
For the loss of the US lumens of the wholly-owned subsidiary, the 2013 annual report used the following sentence: Although the loss in 2013, the company is more concerned with the benefits of the subsequent overall layout and development.
According to the reporter's understanding, the main business of the United States is high-brightness LED devices, with 151 patents, not only with Japan, Asia, Crystal, Seoul Semiconductor, etc., but also patents exclusive authorization from MIT and other scientific research institutions. At the same time, the United States lumens also have high-quality customers such as LG, Philips, Acer, Zumtobel. To a certain extent, Sanan Optoelectronics acquired the US lumens to increase the vertical integration industry layout in the world.
Sanan Optoelectronics acquired the US lumens and obtained 151 patents it has in the world. Many people in the industry believe that Sanan Optoelectronics is also intended to make its global layout more complete. However, from the data of the above announcement and the annual report, it seems that the initial intention of Sanan Optoelectronics is somewhat contradictory.
"US lumens do have advantages in high-power chips, but the fastest-growing small and medium-sized power in the last two years is not what the US lumens are good at." The head of the chip company said that it will benefit from the rapid rise of the LED indoor lighting market. Small and medium power chips will be the mainstream of the market in the future, and the market space for high-power chips will become narrower and narrower.
International giants such as Cree and Philips, which have been relying on high-power chips for the LED streetlight market at home and abroad, are also beginning to increase their efforts to expand the small and medium-sized power chip business. â€
When the reporter looked through the semi-annual report of Sanan Optoelectronics in 2014, it found that the net profit of the US lumen was a loss of 6.22 million yuan. Although it was slightly better than that in 2013, the situation is still not optimistic.
In the interim report, Sanan Optoelectronics disclosed that “the initial layout of the internal combing work and subsequent development of the acquired American Lumen Company has been completedâ€.
However, some insiders believe that the individual profit and loss of American Lumens is not important to Sanan Optoelectronics. Sanan has already achieved what it wants.
In August 2013, Sanan Optoelectronics (600703) acquired a 100% stake in Luminus Devices, Inc., a world-renowned LED leader, through a wholly-owned subsidiary, LighteraCorporation, for US$22 million. Luminus Devices, Inc. was incorporated into the consolidated financial statements of Sanan Optoelectronics' listed company on September 1, 2013.
It’s been a year since the sensational acquisition of the time. The US lumens, which have been highly anticipated, do not seem to meet the expectations of Sanan Optoelectronics.
In 2013, Sanan Optoelectronics announced in its “Overseas Investment Announcement†for the wholly-owned subsidiary that it was audited by Deloitte & Touche, Inc., and the US lumens ended December 31, 2012. The operating income for 2012 was US$17,189,700, net profit. 319.69 million US dollars.
According to the relevant person in charge of Sanan Optoelectronics Co., Ltd., the acquisition of Lumen is to promote the company's international operation process and gradually realize the overall development of the company's LED business. The most important thing is to open overseas sales channels through the patented chip technology mastered by American lumens.
But acquisitions, especially cross-border acquisitions, have always had the risk of integration.
According to the information disclosed in the 2013 Annual Report of Sanan Optoelectronics, the net profit of the US lumens in 2013 was a loss of 24.5 million yuan. At the same time, Sanan Optoelectronics' net profit attributable to shareholders of listed companies reached about 1.036 billion yuan.
For the loss of the US lumens of the wholly-owned subsidiary, the 2013 annual report used the following sentence: Although the loss in 2013, the company is more concerned with the benefits of the subsequent overall layout and development.
According to the reporter's understanding, the main business of the United States is high-brightness LED devices, with 151 patents, not only with Japan, Asia, Crystal, Seoul Semiconductor, etc., but also patents exclusive authorization from MIT and other scientific research institutions. At the same time, the United States lumens also have high-quality customers such as LG, Philips, Acer, Zumtobel. To a certain extent, Sanan Optoelectronics acquired the US lumens to increase the vertical integration industry layout in the world.
Sanan Optoelectronics acquired the US lumens and obtained 151 patents it has in the world. Many people in the industry believe that Sanan Optoelectronics is also intended to make its global layout more complete. However, from the data of the above announcement and the annual report, it seems that the initial intention of Sanan Optoelectronics is somewhat contradictory.
"US lumens do have advantages in high-power chips, but the fastest-growing small and medium-sized power in the last two years is not what the US lumens are good at." The head of the chip company said that it will benefit from the rapid rise of the LED indoor lighting market. Small and medium power chips will be the mainstream of the market in the future, and the market space for high-power chips will become narrower and narrower.
International giants such as Cree and Philips, which have been relying on high-power chips for the LED streetlight market at home and abroad, are also beginning to increase their efforts to expand the small and medium-sized power chip business. â€
When the reporter looked through the semi-annual report of Sanan Optoelectronics in 2014, it found that the net profit of the US lumen was a loss of 6.22 million yuan. Although it was slightly better than that in 2013, the situation is still not optimistic.
In the interim report, Sanan Optoelectronics disclosed that “the initial layout of the internal combing work and subsequent development of the acquired American Lumen Company has been completedâ€.
However, some insiders believe that the individual profit and loss of American Lumens is not important to Sanan Optoelectronics. Sanan has already achieved what it wants.
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