10.13 Capital Dynamics | Ocean King explains the high-margin mystery 70% from where?

[Text / Gaogong LED Huang Yaping] Lianjian Optoelectronics (300269), released on October 13th the first three quarters of 2015 performance forecast.

It is estimated that the net profit attributable to listed companies in the first three quarters increased by 103.39%~116.51%.

The main reason for the increase in net profit attributable to shareholders of listed companies compared with the same period of the previous year:

1. The company adheres to the development strategy of both endogenous and extensional development. In terms of endogenous development, the company maintained its steady development in the third quarter of 2015.

2. In terms of extensional development, it was included in the scope of consolidation in March 2015.

3. From January to September 2015, the company's non-recurring gains and losses were approximately RMB 10 million.

Dongjing Electronics (002199), the stock trading price on October 9, 2015, October 12, for two consecutive trading days, the closing price of the closing price fell more than 20%, according to the relevant regulations, the stock trading abnormal fluctuations.

In response to abnormal fluctuations in the company's stock, the company conducted a verification. The situation is as follows:

1. The company's stock was suspended due to major events planned on April 20, 2015. After research, the company decided to terminate the planning of this major asset restructuring. The company's stock resumed trading on October 9, 2015, and no major asset restructuring matters were planned.

2. The company has not found any recent public media reports of undisclosed material information that may or have had a significant impact on the trading price of the company's stock; the company's production and operation are normal, and the internal and external operating environment has not changed significantly;

5. Upon inquiry, the company and its controlling shareholder and actual controller Li Qingyue did not have other major issues that should be disclosed but not disclosed, and there were no other major issues at the planning stage; Li Qingyue, the controlling shareholder and actual controller of the company, had abnormal trading in the company's stock. Not trading in the company's stock during the period of fluctuation;

Ocean King (002724), today announced the announcement of the reply to the 2015 semi-annual enquiry letter.

1. Reasons for inconsistency between management expenses and operating income:

Due to the employee's subsidy of RMB 25,641,700 paid in the first half of the year, the management expenses were included, and the fixed expenses in the management expenses accounted for a relatively high proportion, resulting in inconsistent management expenses and operating income changes in the first half of 2015.

Second, the reason and rationality of the company's gross profit margin is higher than the industry average:

In the first half of 2015, the company's gross profit margin was 70.62%, compared with the gross profit margin of the same industry company as follows:

As shown in the above table, the company's gross profit margin is higher than that of listed companies in the same industry. The main reason is that the company adopts a direct sales model that is compatible with large institutional customers, and the value-added service is higher.

Third, the reason and reasonableness of the company's sales expense ratio is higher than the same industry level:

In the first half of 2015, the comparative analysis of the sales expense ratio between the company and the same industry company is as follows:

As shown in the above table, compared with listed companies in the same industry, the company's sales expense ratio is higher than the average, which is mainly determined by the industry characteristics and sales model of the company's special environmental lighting industry.

4. The company's accounting treatment and compliance with the above employee benefits:

In the first half of 2015, the company paid RMB 25,641,700 to the employees of the Supply Chain Management Department, Quality Assurance Department and Laboratory.

According to this, according to the time limit for the recognition of liabilities related to compensation obligations, the payment of the subsidy of RMB 25,641,700 was included in the current profit and loss in the first half of 2015.

V. Matching changes in fixed asset balances with changes in production capacity and output:

The company's fixed assets are mainly buildings, transportation equipment, machinery and equipment, office equipment and molds. In the first half of 2013-2015, the net book value of fixed assets accounted for 6.45%, 5.14% and 3.40% of the total assets, respectively. Compared with Foshan Lighting and Qinshang Optoelectronics, the gap is small compared with Snowlight and Sunlight.

Rectangular Lighting (300301), on October 13, issued an announcement on the written reply to the application for extension of the submission of non-public offering application documents.

Due to the large workload of this feedback, the matters to be verified are more complicated, and the relevant information needs to be further supplemented. The company recently submitted an application for extension of the reply, and the company will complete the feedback of the feedback with the relevant intermediary as soon as possible. After the reply documents are ready, apply to the China Securities Regulatory Commission for filing and timely fulfill the relevant information disclosure obligations.

Tongfang shares (600100), the announcement said that the company received a notice from the controlling shareholder Tsinghua Holdings Co., Ltd., intending to plan a major asset restructuring that may involve the company and Tongfang Guoxin Electronics Co., Ltd. The company's shares will be suspended from October 12, 2015.

Tongfang Co., Ltd. stated that it will communicate with Tsinghua Holdings Co., Ltd. in a timely manner to determine the demonstration and progress of Tsinghua Holdings Co., Ltd. on the above-mentioned major events, and make an announcement within 5 trading days from the date of suspension of the stock (including the date of suspension). If the relevant matters are not finalized, the company's stock will resume trading after 5 trading days.

Wei Wei (300317), due to the planning of major asset restructuring, the company's stock has been suspended since the market opened on July 8, 2015.

As of the date of this announcement, the relevant preparatory work for the company's major asset restructuring has not yet been completed, and the restructuring plan and related content still need to be further discussed, demonstrated and improved.

During the suspension of trading, the company and all parties concerned will fully promote the work of this major asset restructuring. The company's stock will continue to be suspended from October 13, 2015. It is expected to resume trading and disclose relevant announcements before November 30, 2015.

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