Recently, Debon Lighting released the "Investment Letter of Initial Public Offering", the company intends to issue 60 million shares on the Shanghai Stock Exchange. The expected date of issue is March 20, 2017, and the total share capital after the issue is not more than 240 million shares. In 2011, Debang Lighting began to engage in the production and sales of LED lighting products from the focus on energy-saving lamps. Debon Lighting has enhanced its ability to manufacture a full range of lamps from indoors to outdoors. 40% of Debon Lighting's funds are invested in the development and production of LED lighting. At the beginning of 2013, the company invested tens of millions of yuan for “machine substitutionâ€. In July, it commissioned a modular automatic assembly line for energy-saving lamps. In October, the automatic assembly line was developed to more than 60 pieces. In 2014, the company carried out a fully automatic process improvement for LED home lighting. In 2013, the company acquired Debon Plastics and began to cut into the engineering plastics industry, successfully achieving a diversified transformation of its products. 2016 revenue reached 3.226 billion yuan In 2013-2015, Debon Lighting's revenues were 2.792 billion, 3.230 billion, 3.226 billion, and net profit was 303 million, 341 million, and 319 million, respectively. The compound growth rate of operating income and net profit in the three years was 7.5%. 2.5%. The company achieved revenue of 3.226 billion yuan in 2016 and realized a net profit attributable to owners of the parent company of 319 million yuan. In 2016, the company's comprehensive gross profit margin was 20.79%, and the net profit margin was 10.06%. The company expects revenue from January to June 2017 to be approximately RMB 1.5 billion to RMB 1.85 billion, representing an increase of approximately 11.85% to 37.95% over the same period of 2016; net profit of approximately RMB 125 million to RMB 145 million, representing an increase over the same period in 2016. 15.36% to 29.18%; net profit attributable to shareholders of the parent company increased by 5.21% to 29.20% over the same period of 2016. High concentration of overseas customers Debang Lighting owns a large number of high-quality and stable customers such as Philips and Panasonic, and has become its long-term supplier. In 2013, 2014, 2015 and January-June 2016, Debon Lighting's sales revenue from the top five customers accounted for 52.39%, 51.64%, 57.20% and 55.59% of the current operating income, of which Debon Lighting The sales revenue of Philips accounted for 31.65%, 22.60%, 31.03% and 36.25% of the current operating income. As its second largest customer since 2014, Panasonic accounted for 11.03%, 11.94%, and 8.47% of total operating income in 2014, 2015, and 2016-June. It can be seen that Debon Lighting has strong dependence on companies such as Philips and Panasonic. Debon Lighting has the risk of high customer concentration. Dependent on export tax rebates The current source of profit for Debon Lighting is heavily dependent on the export tax rebate policy. In 2013, 2014, 2015 and 2016 from January to June, the company's export sales accounted for 79.05%, 81.24%, 85.87%, and 85.29%, respectively; the total tax refund enjoyed by the company was 21,709,800 yuan and 281,266,600 respectively. Yuan, 361,191,900 yuan and 185,537,300 yuan. The above amount accounts for 123%, 93%, 106%, and 146% of the net profit of the returning mother. During the reporting period, Debon Lighting Monetary Fund was 234 million yuan, 258 million yuan, 503 million yuan and 397 million yuan respectively. The undistributed profits were 108 million yuan, 370 million yuan, 615 million yuan and 642 million yuan respectively. The company has ample cash on the books. Export market risk The High-tech Research Institute LED Research Institute (GGII) released the “2016 LED Lighting Export Market Reportâ€. The data shows that the export value of China's LED lighting in 2016 was US$10.568 billion, down 26% year-on-year. The main reason for the year-on-year decline in the scale of China's LED lighting exports in 2016 included the decline in product volume and price, especially the price drop of 18.5%; the exchange rate factors in emerging and Southeast Asian markets led to a decrease in LED exports. In some countries, the certification standards have been improved, such as: BIS certification for Indian LEDs. In 2016, the export orders for LED lighting in the United States, the three types of trade methods of feed processing, processing and non-matching of feeds accounted for about 31% of the total trade volume. This part of trade is mainly simple processing. About 50% of orders are in general trade, but most of the general trade is unbranded or unmarked products, followed by OEM brands for foreign manufacturers, and fewer self-owned brands. Gaming And PC Headphones,PC Headphones,Cheap Wired Headphones,Best Wired Gaming Headphones TOPWAY EM ENTERPRISE LIMITED , https://www.topwayemltd.com