Since May 23, 2015, Mulinsen (002745), headquartered in Xiaolan Town, Zhongshan, Guangdong Province, opened at a price of 32.19 yuan per share, which opened its new day's capital market process and heralded the domestic LED packaging giant. Will be doomed to be extraordinary.
According to the research data of GGII, the global LED lighting packaging factory, Mulinsen is China's number one and the world's top ten LED device manufacturers and distributors, and is different from other general lighting manufacturers, Mulinsen focuses Production and research and development of LED products.
Since its inception in 1997, Mulinsen has achieved a compound annual growth rate of 63% over the past 18 years, establishing a leading position in the LED industry.
As a professional company with the fastest growth in revenue and profit in the domestic LED lighting industry, Mulinsen ranks first in China's LED industry according to revenue, especially in the LED midstream packaging manufacturers far ahead of other Chinese peers.
The above is the glory of the packaged giant 擘林林森, and the following will be the green storm that Mulinsen has set up in the global M&A market. Indeed, since the listing in February 2015, Mulinsen has been operating capital. A number of assets have been acquired in succession to date.
Filament light layout
Yesterday (June 15) evening, Mulinsen (002745) disclosed the announcement that the company's wholly-owned subsidiary in Hong Kong, Mulinsen limited and Yan Jianguo signed the "Acquisition Agreement", the company received the super-era held by Yan Jianguo at a price of 315.5 million yuan. 80% equity of Light Source (Group) Co., Ltd.
In March of this year, Mulinsen has issued an announcement to sign a letter of intent with Yan Jianguo to acquire Chaoyin Light Source (Group) to draw up the initial transaction price. The information was disclosed yesterday as a contract and the detailed purchase price was determined.
Mulinsen said that the foreign investment is in line with the company's development strategy, and the technology and market share of the LED filament lamp can be obtained as soon as possible by acquiring the ultra-era source (Super Time Light source holds 100% equity of Xinhe (Shaoxing)), Enriching and enriching the company's LED lighting product line has positive significance. At the same time, based on the industry synergy and integration benefits after the merger, it will have a positive effect on the company's future performance.
“After the completion of the acquisition, Sun Company Xinhe (Shaoxing) has a complete OSRAM system. When it comes to OSRAM, I think everyone knows that it must be the highest-end product, with the highest quality requirements.†Mulinsen Executive General Manager Lin Jiliang mentioned.
And then, in the filament lamp product part, Mulinsen will adopt the "EPISTAR chip + INTEMATIX phosphor + Rui Disheng patent" program (Note: before the new and has been authorized Rui Disheng's filament product patent), thereby creating a complete Product layout.
Moreover, the plant area of ​​Xinhe (Shaoxing) is 100,000 square meters. After the completion of the acquisition, Mulinsen will multiply the number by 2, and will come to about 200,000 square meters. The capacity of the filament lamp is 8 million/month. At the end of the year, it will come to 16 million/month. Next, on the scale of the filament lamp product, Mulinsen’s efforts will be unquestionable.
According to GGII statistics, in 2015, the global LED filament lamp market demand reached 70 million. It is expected that the global demand for LED filament lamps will reach 220 million in 2016, an increase of 367% over the same period of last year. The LED Bulb demand CAGR is only 11%, while the global LED filament demand CAGR is as high as 70%.
With the increasing production level of LED filament lamps, the output will also rise rapidly. Mulinsen and industry colleagues are counting on the full-scale explosion of this filament lamp market.
Mulin Linsen Executive General Manager Lin Jiliang
Osram assets
According to an informed source, Mulinsen tried to enter the world's top three LED lighting industry sequences after three years. (Underly, according to incomplete statistics, Mulinsen's global LED market share ranks ninth, with Nichia, OSRAM, Lumileds, CREE, LG and other international giants). “One of the must-have layouts may be the bidding for OSRAM’s lighting assets.â€
Previously, many channels have been informed that Mu Linsenqi, has cooperated with IDG, an internationally renowned investment fund, to form a bidding consortium to participate in the bidding for Osram's lighting business assets.
According to the data, IDG entered the Chinese LED industry very early. As early as 2010, that is, joining hands with the Jinshajiang Venture Capital Fund, Lianyi invested in Yimeixinguang (Beijing) Technology Co., Ltd. to jointly create the flagship of high-brightness light-emitting diode (HB LED). Another interesting action of IDG is Invested in the domestic LED chip giant Huacan Optoelectronics (300323).
On April 11 this year, Mulinsen and Huacan Optoelectronics signed a cooperation agreement. The former will purchase LED chips from the latter in the next three years, and the value of the products will be no less than 1.5 billion yuan.
"IDG has a better interaction with us because of its relationship with Huacan Optoelectronics, and is more willing to support us to participate in Osram's bidding project." Lin Jili, executive general manager of Mulinsen, mentioned.
At the moment, the exact message is that Mulinsen has sent a tender for the price (for OSRAM), which includes the purchase amount. And far more than the Mulinsen family, many domestic LED giants are accelerating the bid for Osram, who will most likely succeed?
Dr. Zhang Xiaofei, chairman of the High-Technology Research Institute, who is familiar with the progress of this incident, said that he is more optimistic about Mulinsen, and even bluntly, he has a 99.99% chance.
Global market
“China is the largest production base of the global lighting industry and the country with the largest population. However, due to the lack of super-strong brands, national chain sales and sales channels, intellectual property rights and industry standards, as well as over-investment in the industry, uneven product quality and lack of supervision. Under various factors, China's lighting industry has been in an extremely dispersed state for a long time, and there are no large-scale lighting companies in the industry." Lin Jiliang said.
Indeed, at present, although the domestic LED industry has a huge market as the backing, it also coincides with the upgrading of the lighting industry. In the international market, it still faces challenges such as patent rights, its own quality, and competition in foreign markets. At this time, if domestic enterprises can make good use of mergers and acquisitions to seize market opportunities, it will greatly help accelerate development.
Lin Jiliang constantly mentioned, “In this case, timing is the most expensive cost.†Therefore, in recent years, Mulinsen’s continuous industry mergers and acquisitions can also glimpse its clear development strategy, especially if the successful bidding for Osram is successful. The Lighting Division will also add another momentum to the development of Mulinsen's globalization.
Regarding Mulinsen's investment and M&A logic in the global market, Lin Jiliang said, “The upstream and downstream are simultaneously carried out to solve the problems of both supply side and demand side. It is necessary to make the product supply chain stronger and make the ecosystem more complete. â€
Just a short while, Mulinsen limited and Yan Jianguo formally signed the "Acquisition Agreement" of Super Time Light Source. At the same time, Mulinsen Company increased its capital to the company's Hong Kong wholly-owned subsidiary, Mulinsen Limited, in batches with its own funds of 100 million US dollars. Helping to enhance the capital strength of Mulinsen, promote its better overseas business, and lay the road for the company's products to go international.
In the end, the international market road of Mulinsen was fully completed (the speed of this "big wheel" will not be too long), and the series of the world's third largest LED lighting company is just around the corner. And "dust to dust, soil to earth", the beginning of this drama, have to start from the wish to successfully acquire Osram assets.
All in all, Mulinsen is committed to being a global leader in the lighting industry in an industry pioneer that uses innovative technology to drive the next wave of lighting markets. The author also believes that in more corners of the world in the future, Mulinsen's slogan of “doing a good light, making people affordable, and getting people to buy†will be presented in more languages.
Promoting the popularization of LED products and contributing to the application of new market segments is the initial dream of every LED practitioner. And joining the world of Mu Linsen, creating the world's Mu Linsen, will eventually illuminate the world!
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