The new chairman is suspected of having closed the insider trading case, and Foshan Lighting has once again fallen into the storm of public opinion. On the 18th, Foshan Lighting announced that it will enter the lithium battery project, but some investors found that the news was disclosed in a web blog as early as 13th, and has been reprinted more than 30 by major websites. Foshan Lighting's “Leaking Door” induced a continuous increase in continuous heavy volume. On the 18th, the stock opened higher and higher, and once closed in the afternoon, it closed up. In the past three trading days, the accumulated net inflow was as high as 720 million yuan.

Whether it is suspected of insider trading or “disclosure”, the real motivation behind it comes from the concept of Foshan Lighting's involvement in new energy fields such as lithium batteries and LEDs. However, Foshan Lighting's lithium battery and new energy vehicle business, in addition to 20% of the share of Hefei Guoxuan High-Tech has sales revenue, the remaining lithium carbonate and lithium iron phosphate cathode materials and lithium battery business is difficult to have short-term or even 2-3 years Profit contribution. For the LED project, Foshan Lighting strictly does not intervene in the LED field. The cooperation with the US Puri is limited to the design of bulbs and lamps, not the core technology fields such as LED epitaxy and chips.

"Foshan Lighting's active involvement in new energy is largely forced by helplessness. The company's traditional lighting business has been weak in recent years. If it does not involve new energy and LED business, the company's point of view will be small." Many brokerage researchers said .

Forced to transform Liangshan?

In fact, Foshan Lighting's choice to intervene in the LED field in the form of luminaire design is also forced to help.

On the one hand, the traditional lighting business of Foshan Lighting has obviously lacked its growth momentum in recent years. In 2007-09, the main business income was 1.496 billion yuan, 1.719 billion yuan and 1.707 billion yuan, and the first half of this year was 824 million yuan. From the trend point of view, the bottleneck effect of the main business was obvious; on the other hand, it was thought that Foshan Lighting provided In the name of the new development power, the introduction of the major foreign shareholder - Germany Osram has no intention to put its dominant LED technology into Foshan Lighting, forced to help, Foshan Lighting has to find another partner.

Ou Shilang’s global CEO Gu Yule has publicly emphasized that some LED products will be provided to Foshan Lighting. But LED products, not technology, "Osram can only enter technology into a cooperative company with more than 51% of its shares."

Regarding the attitude of OSRAM, Foshan Lighting emphasized that “do not want to be increased by foreign shareholders”. The current general manager Zhong Xincai also publicly stated many times that “it is his own savior. The key to survival is to rely on himself”, “No Count on competitors to help me." Foshan Lighting turned its attention to Japanese and Korean companies.

In addition to the inability of LED technology to obtain the support of major shareholders, OSRAM has also accelerated the pace of domestic industrial layout. In July 2009, Osram's two new plants in Foshan were officially put into operation, and the competition between the two sides further intensified. In addition, OSRAM not only has its high-quality products such as special light sources and LEDs, but also has high value-added products. It is distributed in wholly-owned subsidiaries in East China, and has set up branches in Beijing, Shanghai and Chengdu. The brand of Foshan Lighting was once accused of being frozen by Osram.

Under the multiple pressures, Foshan Lighting has only to be transformed, and the second step is to intervene in the field of LED lighting design. At the same time, it will strongly lay out the lithium battery and new energy automobile industry chain, and will be led by the handsome authority Zhong Xincai. The determination of Foshan Lighting to change is evident, and the results are waiting to be seen.

724 million influx of funds

The trend of Foshan Lighting in the past week has a lot of traces of capital operation.

On the evening of August 12, Foshan Lighting suddenly announced that the Guangdong Securities Regulatory Bureau issued the “Notice of Investigation”. Chairman Zhuang Jianyi and Secretary of the Board Zou Jianping were investigated for “suspected violation of securities laws and regulations”. Due to the simple disclosure of the announcement, the market could not assess the impact of the situation. On the 13th, Foshan Lighting opened lower and went low. It touched the limit twice within half an hour. The turnover was abnormally enlarged to 962 million yuan, more than four times the previous day; Although the stock price rebounded, it still fell nearly 7% when it closed near the close.

At about 1 pm on the same day, a blog post published a blog post saying, “Foshan Lighting: Announced an investment of 100 million yuan for a lithium battery project next week”, the blog post was quickly reprinted by several online forums. Shortly after the opening of the afternoon, Foshan Lighting quickly rebounded, with a minimum decline of less than 3%.

After the weekend, the negative news began to digest. On the 16th, Foshan Lighting opened lower and finally closed up 1.57%. On the evening, Foshan Lighting announced that it would convene a board of directors on August 17 to review the company's investment in lithium iron phosphate cathode materials and lithium battery production. Because the announcement is consistent with the content of the 13th blog post, Foshan Lighting was alleged to be “a major information disclosure”.

On the 18th, Foshan Lighting officially announced the establishment of Qinghai Fozha Lithium Electrode Materials Co., Ltd. with Hefei Lixin Energy Materials Co., Ltd., Qinghai Weili New Energy Materials Co., Ltd., Lithium Energy Holdings Co., Ltd. and Jiangsu Guogang Traffic Engineering Co., Ltd. Mainly engaged in the production and sales of lithium battery cathode materials, Foshan Lighting invested RMB 25.5 million and subscribed for 25.5 million shares, accounting for 51% of the total share capital. On the same day, Foshan Lighting opened 6.7% higher. It reached a strong daily limit at midday. The market closed at the end of the day and opened at the daily limit, closing at 9.48%. The turnover was again enlarged to 1.594 billion yuan.

From the rapid decline to the strong rise, Foshan Lighting's performance in the past four trading days is questionable. Prior to June and July, Foshan Lighting made a 20% stake in Hefei Guoxuan Hi-Tech and a 38% stake in Qinghai Foshao Lithium Energy Development Co., Ltd., and Foshan Lighting Lithium Battery business started to flourish. At this critical moment, the announcement of executives was investigated, and many investors questioned it. This move has deliberately suppressed the stock price. Since the investigation did not involve the company, after a brief selling pressure, a large amount of funds began to replenish, and the blog post involving leaks also played a role in fueling the waves. On the 13th, the long lead of Foshan Lighting was extremely dazzling.

The flow of funds also confirmed that the suppression of the investigation announcement provided an opportunity for the inflow of funds for the concept of speculation of new energy. On the 13th, the selling pressure of Foshan Lighting was mainly concentrated on the extra large singles. There were a total of 17623 hand-selling singles sold, and the net outflow of a single transaction of more than 1 million yuan was 24.05 million yuan; while the small amount of funds showed a full-line inflow status, and all funds were net. Inflow of 44.3 million yuan. On the 16th, except for a single transaction of 50,000 yuan or less, the total outflow of funds was 50.44 million yuan. The transaction volume of large orders and extra large orders was significantly higher than that of small and medium-sized orders. On the 18th, China's dominant growth [2.22 0.00%] fund increased its holding of Foshan Lighting's 21.25.19 million shares in the first half of the year, and the cumulative shareholding of 36.147 million shares, stimulated the overall speed of capital inflows, net inflows reached 634 million yuan. In the four trading days, a total of 724 million yuan of influx of Foshan Lighting after a brief decline.

The investigation of executives seems to be an opportunity for Foshan Lighting's new energy concept to be re-recognized.

Lithium battery is difficult to contribute in the short term

However, this year and even in the next 2-3 years. The performance contribution of Foshan Lighting's new energy business is extremely limited.

Foshan Lighting's new energy journey began in 2009. Since September of that year, Foshan Lighting has entered the new energy field related to lithium batteries by investing in lithium carbonate extraction projects, and has planned new energy vehicle cores for lithium carbonate materials -> cathode materials -> lithium batteries -> electric vehicle powertrains. Industry chain.

At present, the acquisition of a 20% stake in Hefei Guoxuan Hi-Tech has been completed. The pure electric bus developed in cooperation with Dongchang Motor (Shenzhen) Co., Ltd. and Foshan Feichi Automobile Manufacturing Co., Ltd. has also entered the stage of vehicle installation.

In addition, the company's Qinghai Salt Lake Fossil Lithium Industry Co., Ltd., which was established in September 2009 with Salt Lake Technology, and Qinghai Fozha Lithium Electrode Materials Co., Ltd., which was announced on the 18th, are all in operation. Foshan Lighting also announced on June 30 this year that it plans to cooperate with other investors to build a 100 million ampere-hour iron-lithium battery production and integrated PAC K base in Gaoming Plant, which is controlled by Foshan Lighting. It is estimated that the total investment of the battery production base project will be 261 million yuan, which will be invested in two phases. It is estimated that the sales income after the completion of production will be 650 million, the profit after tax will be 75 million yuan, the construction period of the project will be about 8 months, and the project recovery period will be about 3.5 years.

From the establishment of Qinghai Salt Lake Foshao Lithium Industry Co., Ltd. and Salt Lake Group [21.47 2.00%] to develop salt lake lithium resources, to establish Qinghai Foshao Lithium Battery Cathode Materials Co., Ltd. to develop lithium battery cathode materials, Foshan Lighting in the lithium battery upstream and downstream layout almost done.

But the completion of the layout does not mean that the benefits are close at hand. Hou Wentao, a researcher at the Xiangcai Securities New Energy Group who has researched Foshan Lighting, told reporters that Foshan Lighting's new energy projects that generate revenue in the short term are only Hefei Guoxuan High Tech. He pointed out that Guoxuan Hi-Tech has supplied 30 pure electric bus batteries to Ankai Automobile. These 30 pure electric buses have been officially operated in Hefei City 18 bus line. In addition, this year, Guoxuan Hi-Tech also received 100 orders.

As of December 31, 2009, Guoxuan Hi-Tech had total assets of 300 million yuan, net assets of 105 million yuan, operating income of 36.24 million yuan, total profit of 5.39 million yuan and net profit of 4.54 million yuan. According to the profit situation in 2009, Foshan Lighting's 20% shareholding, the profit contribution can be very limited. However, if “assuming 150,000 new electric vehicles per year, Guoxuan’s market share is 10% and the net profit margin is 25%, Guoxuan will be able to contribute Foshan Lighting EPS0.1 yuan by 2012.” Hou Wentao predicted.

Qinghai Foshan Lithium Energy Development Co., Ltd., which is owned by Foshan Lighting, cooperated in the Qinghai Province on July 14 by transferring the equity of Qinghai Salt Lake Lanke Lithium Industry Co., Ltd., a subsidiary of the former Salt Lake Technology Holdings. The brine salt lake in Chaerhan Salt Lake in Golmud City is developed, but the project is still only at the level of the letter of intent.

Hou Wentao said that the joint venture party Huaou has sent technical personnel to test the leased equipment, but the test results are not good. It does not rule out the need to significantly increase the investment in equipment purchase. This part of equipment investment is estimated to be at least 500 million yuan. If you need to purchase new equipment, the equipment installation takes 1-2 years, the equipment commissioning run-in period is 3 months, and considering the freezing period of 6 months per year (November-April), it takes at least 2-3 to install the equipment into production. Year time. So in the short term, lithium carbonate is unlikely to contribute profits.

On the other hand, Hou Wentao also believes that because the Salt Lake Group's brine resources are very rich and have a very strong resource advantage, it is not excluded that the Salt Lake Group will be alone to do this after the lithium carbonate technology is mature. With a capacity of 40,000 yuan per ton of lithium carbonate and a production capacity of 10,000 tons, it can contribute 400 million yuan in revenue and 200 million yuan in net profit. According to the proportion of Foshan Lighting's shareholding, based on the total share capital of 970 million, the contribution EPS is only 0.04 yuan, which does not contribute much to the performance. And really want to do 10,000 tons, the fastest may take three years to achieve.

The newly established Qinghai Foshao Lithium Electrode Material Co., Ltd., Foshan Lighting provided funds, and Hefei Lixin Energy Materials Co., Ltd. used its patented right to use the patented technology of “High Power Type Lithium Iron Phosphate Composite Material” for 8 million yuan. Yuan contributed. Some insiders told reporters that the technology provided by Hefei Lixin belongs to the initial stage of patent technology, and has not been verified by large-scale commercial mass production. Finally, whether the positive electrode product can meet the technical requirements such as the purity of lithium battery production requires time to run. Hou Wentao also stressed that the market for domestic iron-lithium batteries may not be so fast, and it is expected to be in 2-3 years; the current level of production of domestic iron-lithium batteries is not high, "although cathode materials companies can start from the market first. Procurement is used for production, but it is impossible to generate revenue during the year."

"Lithium battery and new energy vehicle, the current concept of speculation is very large." The aforementioned industry insiders also revealed that "Foshan Lighting has not yet substantively involved in the LED project", the main advantage of the partner US Puri in the field of lighting design The current cooperation intention is also a design, not a core technology level such as LED extension and chip. However, there are already companies in China that have begun to do LED extension. Of course, "With the development of the LED lighting market, the LED lighting design market share is also very large, but it is not a core field."