Mulinsen: 2015 is only ready to go

On the evening of February 28, Mulinsen (002745.SZ) released the 2015 annual report. According to financial report data, in 2015, Mulinsen's operating income was 3.882 billion yuan, down 3.00% from 2014 (4.01 billion yuan); net profit was 256 million yuan, down 41.09% year-on-year.

The slogan “Good Lan Mulinsen” has almost been heard all over the country and even the whole world. In 2015, Mu Linsen spent a lot of effort on channel construction. In fact, the overall economic environment in 2015 was not good, and Mulinsen’s large-scale development of lighting business achieved good results. At the same time, it also caused the increase of marketing expenses. The annual report also clearly pointed out that “the company increased its investment in lighting products, and the marketing expenses of lighting products continued to grow, which eroded part of the company’s profits.”

In the past two years, the development of the LED industry has entered a relatively mature period. In 2015, the prices of products in the entire industrial chain are declining. According to the survey data of the High-tech Research Institute LED Research Institute (GGII), the price of LED chips in China fell by more than 20% in 2015, while the price of LED packaged devices fell by more than 30%, and some devices fell by more than 50%.

In 2015, about 5,000 related LED companies withdrew from the market. Competition in price wars and product homogenization is fierce. A large number of small and medium-sized LED companies have withdrawn, and some of the companies that have withdrawn have sold their stocks at low prices, which has impacted the market and formed a vicious circle.

At the end of 2015, Mu Linsen decided to relocate Xiaolan's lighting production line to Xinyu's production base. According to the annual report, “the production capacity of the project cannot be completely released during the relocation process. The impact of the relocation has lowered the profit of the products, especially the lighting products. "This is one of the reasons for the company's overall profit decline."

Since the procurement cost has a certain lag compared with the sales price, the market price dropped sharply in the second half of 2015, and the product cost is still the inventory of the previous quarter, resulting in “old cost, new price”. The company believes that the cost of the previous quarter will be lower. After the market price stabilizes, the company's gross profit margin and profit will gradually return to normal levels.

In addition, Mulinsen's R&D investment in 2015 was 151 million yuan, an increase of 21.95% over the previous year. Not only have many patents been obtained, but also a number of studies are underway.

Mulinsen's packaging business is no longer expected in China, and the lighting business is also growing rapidly. Its channels have been spread all over the country, and it has been built in the Americas, Southeast Asia, India, Middle East, Central Asia and Africa. . Therefore, the company is very optimistic about 2016. “Although the market is very challenging, I believe that there will be a high proportion of domestic growth in 16 years compared with 15 years,” said Sun Qinghuan, chairman of Mulinsen, at the national marketing conference. “The future will cooperate with the whole country. Partners work together to create a growth rate that is proud of."

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