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Ai Biessen is the best company in the field of LED display industry.
In 2014, China's Internet and e-commerce development can be said to be an extraordinary year. Sina Weibo and Jingdong Shopping Mall have been listed in the US. Alibaba has issued a statement earlier stating that it has started IPO in the United States. As a chaser and leader in the e-commerce sector, Jingdong and Alibaba will go to the US at the same time this year. Alibaba's listing may become the largest IPO case in the US. According to forecasts, the IPO may raise more than 16 billion US dollars. This figure is a record set by Facebook's public offering financing two years ago. Analysts speculate that the company's market valuation will reach more than 120 billion US dollars. IPO has once again become a hot spot, as well as in the LED industry. Although the threshold for listing in the country has improved, the confidence in corporate listing financing has not decreased. After the listing of LED companies in the past two years, the relative stagnation period in 2013, according to the statistics of the official website of the China Securities Regulatory Commission, the list of companies that have terminated the review of the initial public offering of shares in 2013 is Dalian Luming Lighting Technology Co., Ltd., Yunnan Lanjing Technology Co., Ltd., Beijing Jinlixiang Art Color Technology Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Hangzhou Zhongwei Optoelectronic Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. Ltd., a total of 6 LED companies. Since 2014, LED enterprise IPO has added new members. Yuanhui Optoelectronics, Op Lighting, Ocean King Lighting, Mulinsen and Aibisen have disclosed. The latest pre-disclosure list is Shenzhen Rejing Optoelectronics Technology Co., Ltd. Ocean King Lighting was pushed to the cusp of the cusp of the prospectus, the company's super high sales costs also support this judgment, in the last three years, the company's sales expenses accounted for about 40% of revenue, while the same period, Foshan Lighting only 5 In terms of sub-items, the company's employees have the most wages and benefits, and it is understood that the former Ocean King lighting staff also said that there are cases of paying rebates to customers. In addition, the report also said that the so-called 142 service centers of Ocean King Lighting are mostly resident in the residential buildings. Some service centers that are both sales and after-sales services may not have paid taxes to the local tax authorities. It is worth mentioning that in order to eliminate the influence of the sales model, the company creatively invented the concept of correcting the gross profit margin, that is, the gross profit margin minus the sales expenses. After revision, the company's gross profit margin dropped significantly. Statistics show that the average gross profit margin of four A-share lighting companies such as Foshan Lighting in 2012 was 26.62, while the comprehensive gross profit margin of Ocean King Lighting was as high as 71.11. In this regard, the company explained that there are two reasons: First, the company adopts direct sales mode. The intermediate link is reduced; the second is the added value of the company's products. This also caused the media to question, the first question, the high gross profit margin. The company tried its best to show that it was because of the direct sales model and the low cost of the intermediate link. However, the media broke the issue that Ocean King had a kickback in the sales process, so there is a possibility that the company essentially counts the rebate of the payment into the product price, but does not make a relevant explanation. Ocean King Lighting’s direct marketing model in the prospectus is not perfect. The operating income has been relatively good. In 2013, the company’s multi-site market sales revenue still declined. The revenue in North China fell by 24,344,600 yuan, a decrease of 9.94. The region's decline was 14.89 million yuan, a decrease of 14.79; the northwest and southwest regions fell by 0.50 and 0.69 respectively. Among the five wholly-owned subsidiaries of Ocean King Lighting, currently the lighting engineering company, industrial technology company and Hong Kong Ocean King Company are responsible for External sales, of which industrial technology companies and Hong Kong Ocean King Company are in a state of loss, in 2013, a loss of 2,271,000 yuan and 1,048,800 yuan respectively. The loss of the sales company also indicates the embarrassing situation facing the sales of the marine king lighting market. At present, the main customer groups of Ocean King Lighting, metallurgical, petrochemical, coal and other basic industries are still sluggish, limited production limits, compression equipment scale and Cost, this will also cause market pressure on Ocean King lighting in the lighting supply layer. In this context, how to increase the new capacity of the fundraising project will become one of the issues that investors question. The second question is that the company is not bad for money. Ocean King Lighting is preparing to raise 550 million yuan through IPO to double its production capacity. In the prospectus, the company has been paying dividends for five consecutive years. At the end of last year, there were more than 400 million book capitals, which together far exceeded the funds raised. Ocean King Lighting said that the use of raised funds is all around the company's existing main business. The implementation of the production line construction project will expand the company's production capacity, which can further improve the technical level and reduce production costs; the domestic marketing center expansion project will further improve the sales channels. And the sales network plays a key role in the company's brand building in the domestic market, expanding sales and enhancing the influence of products; the R&D center construction project will further enhance the company's technology and R&D capabilities. The actual controllers of Ocean King Zhou Mingjie and Xu Su, who held a total of 83.62 shares of the company before the issuance, are in an absolute controlling position. According to the analysis of the industry insiders, Ocean King Lighting has to invest heavily in listing financing. There are only two possibilities: First, Zhou Mingjie and his wife are not willing to use their own money to expand production capacity. Second, the company’s account is far from being so glamorous. . Editor's point of view: The problem of Ocean King has been removed from the media. The reason why Ocean King can sit still is because these problems are not a violation of the regulations in the IPO. When these two points of question are combined, the financial cost is low first, and there may be some problems in quality. The second one, referring to the issue of rebates, is called sales incentives in the business. More than 70 employees of Ocean King are marketing employees, and they mainly sell products. Because the whole lighting industry is not a high-tech industry, as long as the supply Balance is all right. Mainly sales, the strategy is correct, but the sales incentives are about 10 times higher than the same industry, resulting in a high proportion of sales rebates, so Ocean King created a revised gross margin. However, the Ocean King will be a fact that cannot be changed, but these problems of Ocean King have already affected the confidence of investors. Ou Pu Lighting has been questioned by the traditional lighting period, Op Lighting is a gold-plated sign that has withstood the test of the market. However, this lighting company, which was well received by the industry, has been questioned and suffering after applying for listing: Sohu Finance reported that Optel Lighting plans to add 1.2 billion plus green lighting, and the products are repeatedly blacklisted; Oriental Fortune Network reported that Opto Lighting IPO: Industry The profit level is declining, and the core product market demand is facing challenges; NetEase Finance said that Opto Lighting IPO is now in the triple worry, the lighting industry is subject to cooling by the real estate market; Phoenix Home said that Opto Lighting has a second impact IPO: Home lighting has turned into a challenge for LED; China Business Network pointed out The listing process of Op Lighting has been vortexed by quality. In the past three years, several financial media in the blacklist rushed to expose Op, and all this can not help but sigh Ou Pu. What happened? Regarding the doubts of several major media, although the content is ever-changing, there are two important reasons for the change. The first question is that the quality of the products is repeatedly on the black list. Incomplete statistics show that in the past three years, Op Lighting has been exposed to at least four times in the relevant departments of various localities and the products that were exposed were unqualified. This is not difficult to understand, why is a big company always losing its forefront in the quality? In fact, in the lighting industry, especially the trend of LED lighting sweeping the world, in the terminal market, if any company in the circulation terminal really wants to pursue it, it will not escape the quality problem. The reason why Op is repeatedly concerned is mainly because it is on the cusp of listing. The second question is that the sales data of the sales outlets are falsely reported. The latest official data of Op Lighting shows that there are more than 30 offices in the country and more than 30,000 outlets in various channels in China. In December 2012, the company gave data: 37 offices and more than 5,000 stores across the country, more than 10,000 sales outlets. A former Oup marketing director also said: plus all hardware stores are likely to reach 30,000, but some are FIT, the sustainability is not strong and the mobility is great. Editor's point of view: Such a veteran company is also questioned, but the question about Op is only a superficial problem. If Op is able to successfully list, the domestic lighting listed company group is expected to add new ones. However, the company's listing means higher exposure. The quality problem has not been known about the impact of the Opto Lighting IPO process, but quality as a corporate lifeline is undoubtedly the focus of investors and consumers. Abbyson opened the cloud to see the sky. With the severe IPO financial review storm of the China Securities Regulatory Commission, several LED companies intending to go public chose to withdraw materials on the eve of the IPO. Abbyson had already met in May 2012, but he was unable to land on the GEM of the Shenzhen Stock Exchange. This year, Abbyson has once again met and will soon land in the stock market. However, for Abbyson, it is also all the way to be listed. However, it is questioned that Abbison does not have so many media, and has been repeatedly questioned by Gaogong LED. However, with Abeson’s complaint, Gao Gong LED was brought to court. In the results of the two courts, Gao Gong is only for Abyssin was found guilty of advertising gains, and the court ruled that Abbyson won the case. Gao Gong removed the related article from the injury Abbyson. Abbyson counted the clouds and saw the sky, but also innocence. However, every family has a difficult experience, and Abbyson's display has also been mainly in overseas markets. There are also uncertainties. According to the Abisen prospectus, the overseas market is an important part of the company's sales. In each period of the reporting period, the proportion of overseas sales revenue in the company's main business income in 2011-2013 was 76.51, 66.42 and 66.23, respectively. Although it showed a downward trend, it still had a larger proportion than the same industry companies. In the A-share listed companies, Lehman Optoelectronics accounted for 51.5% of overseas sales in 2011, while Zhouming Technology's overseas sales accounted for 39.61, and Liard's overseas sales accounted for 15.01, which was much lower than Abesen Optoelectronics. The political and economic environment of the overseas market is more complicated. The changes in the business environment and the intensification of market competition may increase the risk of the company's international business expansion and operation. In particular, in recent years, China and Europe and the United States frequently have trade frictions. Cases emerge in an endless stream, causing heavy losses in many industries in China. A typical example is the photovoltaic industry. If the company cannot effectively develop the domestic market in the future, once the crisis erupts, the consequences will be disastrous. Colleagues, the export tax rebate policy also has a great impact on the company's operations. The export tax rebate rate applicable to China's LED full-color display products has been raised from 13 to 14 since December 2008. Since June 2009, it has been upgraded from 14 to 17.2009 to 2011. Aibisen's overseas sales revenue is 11 respectively. , 890.10 million yuan, 175.693 million yuan and 27,493,300 yuan. In the report period, the company received export tax rebates of 3,750,500 yuan, 12,260,600 yuan and 16,762,600 yuan respectively, accounting for the current net profit ratio. For the 20.70, 26.68 and 28.87. The state provides preferential treatment for the LED industry in the export tax rebate policy, and provides more support for domestic enterprises, especially export-oriented enterprises including the company, but if the country lowers the export tax rebate rate for related products in the future, It will adversely affect the profitability of the company's product export sales. Editor's point of view: Ai Biessen is the best foreign trade company in the field of LED display. It is said that in 2013, foreign trade broke through the 400 million mark, and Abbison's first zero down payment in the industry is also called the industry. In addition, I have to mention Abbison's corporate culture, which is rare in the LED companies I know. The company's centripetal force is even praised by their peers. Humanized management mode, employees don't even have to go to work to punch cards. Combining these factors, Abbison’s listing is a testament to the righteousness of the people. Similar to Abbison's Optoelectronics business, there is also a returning company, Regent Optoelectronics, which was founded in 2004 and is mainly engaged in R&D, production and sales of LED display and lighting products. The company has a packaging business unit and display business. Department and Lighting Division. It is worth noting that Regent's packaged devices are basically used to meet the needs of the company's display production. Compared with the display manufacturers that mainly purchase packaged devices, the production cost is controlled to some extent. Regent Optoelectronics, which started from the display business, is not an indisputable fact that its export ratio is increasing year by year. Its overseas sales increased from 99,092,500 yuan in 2011 to 187,880,100 yuan in 2013. From 2011 to 2013, the export revenue was dominant. The proportion of revenue from operating business was 34.38, 45.03, and 61.54, respectively, and the compound annual growth rate of overseas sales revenue reached 37.70. From 2011 to 2013, due to export receipts.