In 2005, the sales revenue of the whole industry was 91.184 billion yuan, up 23.55% year-on-year; the export delivery value was 47.489 billion yuan, up 20.77% year-on-year; the total profit was 3.736 billion yuan, up 9.29% year-on-year.
In 2006, the price of main raw materials for lighting appliances: copper hit new highs; tin prices rebounded rapidly; tungsten wire continued to shrink in December last year, and the import and export price difference of molybdenum wire expanded.
Brand chain lighting electrical appliance enterprises are the most important focus of the lighting electrical industry in 2005. The rise of Huizhou NVC and Other companies is gradually changing the competitive landscape of China's traditional lighting industry.
Foshan Lighting's cumulative sales revenue in 2005 was 1.11 billion yuan, a decrease of 8.19% compared with 2004. The total profit was 270 million yuan, a decrease of 7.01% compared with 2004, and the 2005 earnings per share was about 0.625 yuan.
Adjust Foshan Lighting's 2005/06 company's earnings per share forecast of 0.62 yuan and 0.75 yuan. Considering that Foshan Lighting entered a new round of growth cycle and Zhejiang Sunshine increased significantly in the early period, investors maintained the investment rating recommendation and cautious recommendation of Foshan Lighting (000541) and Zhejiang Sunshine (600261).
Risk factors include: macroeconomic regulation, raw material price increases, RMB appreciation, trade friction and anti-dumping. Focus on macroeconomic regulation and growth in the real estate industry.
The lighting industry maintains growth of more than 20%
In December 2005, China's lighting industry sales, sales revenue and export delivery value increased rapidly compared with the same period last year. In December last year, the sales volume of electric light source and lamps reached 876 million and 94.181 million sets respectively. The sales of electric light sources increased by 6.33% year-on-year, which was the same as that of the previous month. The sales volume of lamps increased by 27.90% year-on-year; the chain rose by 16.82%.
From January to December last year, the sales revenue of the whole industry was 91.184 billion yuan, up 23.55% year-on-year; the export delivery value was 47.489 billion yuan, up 20.77% year-on-year; the total profit was 3.736 billion yuan, up 9.29% year-on-year. In the last December, domestic sales and export growth of lighting appliances accelerated, and the industry's peak season characteristics were more obvious, and the industry's profitability has increased.
In 2005, from the sales revenue and export delivery value of China's lighting industry, the industry still maintained a growth of more than 20%. Relatively speaking, the growth rate of electric light sources is lower than that of lamps, and the industry concentration is just the opposite. However, the emergence of branded chain lighting electrical enterprises has caused profound changes in the industry competition pattern.
The price of major raw materials rose
In December last year, the prices of major raw materials for lighting appliances: copper hit new highs; tin prices rebounded; tungsten and molybdenum prices continued to trend last month, tungsten concentrates remained high and molybdenum prices continued to weaken; The export price gap continued to shrink and the import price of molybdenum wire rebounded rapidly. Among them, the import and export price of tungsten wire has increased compared with that of November last year; after the five-month decline in the import price of molybdenum wire, it rebounded sharply in December last year and is now higher than the export price. At present, copper prices have deviated from the fundamentals of supply and demand. However, due to tight supply in the market, the price remained high but the turnover was scarce.
Decrease in the number of ten companies in the industry
The top ten sales revenue in the industry was 11.481 billion yuan, a year-on-year increase of 19.87%, accounting for 12.59% of the lighting industry's revenue, down 1.67 percentage points compared with 2004; total profit was 923 million yuan, down 15.57% year-on-year, accounting for lighting appliances The proportion of total industry profits was 24.71%, a decrease of 9.51 percentage points compared with 2004; the proportion of the top ten has continued to shrink. This seems to run counter to the expectations of the industry in the lighting industry. In fact, the development of the light source industry in the lighting industry is in a period of steady and small growth. The real rapid growth is the lamps, and the concentration of lamps in the small batch industry has not been high. The main reason for the decline in the profit of the electric light source industry is that the cost is high, and the electric light source enterprises are difficult to pass the cost because of fierce competition in the industry.
In the second half of 2005, the lighting electrical industry continued to improve. The proportion of loss-making enterprises has dropped for five consecutive months, and has dropped to 16.63% in December, but still higher than 15.99% at the end of 2004.
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