Fujian Furi Electronics Co., Ltd. (hereinafter referred to as "the company") received a feedback review notice from the China Securities Regulatory Commission on the review of the China Securities Regulatory Commission's administrative licensing project issued by the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission" on November 26, 2013. Book (hereinafter referred to as “Feedbackâ€) (No. 131387), the company supplements the disclosure of the risk situation of this fundraising project involved in this non-public offering and the controlling shareholder and actual controller to avoid horizontal competition according to the feedback requirements. The commitment is as follows:
The risk of the acquisition based on the valuation method as a pricing benchmark
The acquisition is based on the valuation method of the income method. The income method assessment mainly reflects the enterprise value from the perspective of the net cash flow generated by the future business activities of the enterprise, and assumes that the operating environment and industry development of Shenzhen Mairui Optoelectronics Co., Ltd. (hereinafter referred to as “Merui Optoelectronicsâ€) during the forecast period There is no major change in the trend, and Mairui Optoelectronics' management and market competitiveness can maintain the current level.
If there is a significant change in the assumptions on which the income method is based, or if the basis for the forecast of Mairay Optoelectronics' operating profit is insufficient, or the estimated discount rate is not properly estimated, or other important factors affecting the evaluation of the income method are not fully considered, There may be significant differences in the evaluation conclusions on which the acquisition pricing may be based, which may result in the inability to achieve this acquisition.
Market overcapacity and increased risk of competition
The application of LED display in Mairui Optoelectronics has broad prospects, but there is currently overcapacity in the industry, industry concentration is not high, and industry competition is intensifying. Mairui Optoelectronics is currently in an advantageous position in the industry competition, with comprehensive advantages such as sales channels, technology, team and brand. However, as the competition in the industry continues to intensify, if Mairui Optoelectronics cannot continue to consolidate and expand its competitive advantage and continuously develop products that meet market demand, it may face the risk of falling gross profit margins and market share being seized by competitors. Operating results have certain adverse effects.
The risk that technology cannot continue to improve
Since its establishment, Mairui Optoelectronics has always regarded technological innovation as the most important driving force for business development. Through continuous research and development and innovation to enhance its technical strength, after years of unremitting efforts, Mairui Optoelectronics has achieved a series of technological breakthroughs in the field of LED display systems. .
Mairui Optoelectronics has always maintained a high R&D investment and established a scientific, open, rigorous and efficient R&D team. Currently, it has more than 80 R&D engineers and technicians. It has close cooperation with famous universities such as South China University of Technology. , formed a wide strategic alliance with internationally renowned upstream chip and software companies. However, if the talents of Mairui Optoelectronics are lost and the technical level cannot meet the development direction and requirements of the industry, the competitiveness and profitability of the company will be adversely affected.
Brand risk
Mairui Optoelectronics owns “2012 China LED Display Device Famous Brand†and “2012 LED Screen Industry Top Ten LED Outdoor Advertising and Venue Application Screen Brandâ€, which has certain brand awareness. However, if Mairui Optoelectronics cannot continue to maintain and strengthen its brand image in the future operation, it may affect the reputation of the company's product market and consumer acceptance, which will adversely affect the company's competitiveness and profitability.
Overseas business risk
Mairui Optoelectronics has a prominent competitive advantage in overseas markets, especially in the global sports field. At present, overseas sales revenue accounts for about 60% of Mairui Optoelectronics' operating income, which is one of the main sources of revenue for Mairui Optoelectronics. However, if there is a major change in the economic environment and trading environment of the overseas market, it may have a significant impact on its operating results.
Working capital risk
With the expansion of the production and operation scale of Mairui Optoelectronics and the investment in the construction of its subsidiary Huizhou Mairui Optoelectronics Co., Ltd., Mairui Optoelectronics will have a large capital demand in the next three years. According to the acquisition agreement, the company will need to provide financial support to Mairui Optoelectronics in the next three years (2013, 2014, 2015). However, Mairui Optoelectronics still has insufficient funding requirements, which in turn affects the implementation of its production and operation and corporate development plans.
Business integration risk
The acquisition of Mairui Optoelectronics is based on the company's industrial development layout and the future business cooperation needs of both parties, and has been carefully decided after sufficient market research and program demonstration. The acquisition will enable the company to integrate the LED industry chain from packaging, application (display) and engineering construction, energy-saving services and other aspects to improve the product supply and service system in the LED industry chain. At the same time, relying on the business channels of Furi Electronics and the platform of listed companies, it provides greater support for the further development of Mairui Optoelectronics, but there is still the risk that business integration will not achieve the expected synergy.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
The risk of the acquisition based on the valuation method as a pricing benchmark
The acquisition is based on the valuation method of the income method. The income method assessment mainly reflects the enterprise value from the perspective of the net cash flow generated by the future business activities of the enterprise, and assumes that the operating environment and industry development of Shenzhen Mairui Optoelectronics Co., Ltd. (hereinafter referred to as “Merui Optoelectronicsâ€) during the forecast period There is no major change in the trend, and Mairui Optoelectronics' management and market competitiveness can maintain the current level.
If there is a significant change in the assumptions on which the income method is based, or if the basis for the forecast of Mairay Optoelectronics' operating profit is insufficient, or the estimated discount rate is not properly estimated, or other important factors affecting the evaluation of the income method are not fully considered, There may be significant differences in the evaluation conclusions on which the acquisition pricing may be based, which may result in the inability to achieve this acquisition.
Market overcapacity and increased risk of competition
The application of LED display in Mairui Optoelectronics has broad prospects, but there is currently overcapacity in the industry, industry concentration is not high, and industry competition is intensifying. Mairui Optoelectronics is currently in an advantageous position in the industry competition, with comprehensive advantages such as sales channels, technology, team and brand. However, as the competition in the industry continues to intensify, if Mairui Optoelectronics cannot continue to consolidate and expand its competitive advantage and continuously develop products that meet market demand, it may face the risk of falling gross profit margins and market share being seized by competitors. Operating results have certain adverse effects.
The risk that technology cannot continue to improve
Since its establishment, Mairui Optoelectronics has always regarded technological innovation as the most important driving force for business development. Through continuous research and development and innovation to enhance its technical strength, after years of unremitting efforts, Mairui Optoelectronics has achieved a series of technological breakthroughs in the field of LED display systems. .
Mairui Optoelectronics has always maintained a high R&D investment and established a scientific, open, rigorous and efficient R&D team. Currently, it has more than 80 R&D engineers and technicians. It has close cooperation with famous universities such as South China University of Technology. , formed a wide strategic alliance with internationally renowned upstream chip and software companies. However, if the talents of Mairui Optoelectronics are lost and the technical level cannot meet the development direction and requirements of the industry, the competitiveness and profitability of the company will be adversely affected.
Brand risk
Mairui Optoelectronics owns “2012 China LED Display Device Famous Brand†and “2012 LED Screen Industry Top Ten LED Outdoor Advertising and Venue Application Screen Brandâ€, which has certain brand awareness. However, if Mairui Optoelectronics cannot continue to maintain and strengthen its brand image in the future operation, it may affect the reputation of the company's product market and consumer acceptance, which will adversely affect the company's competitiveness and profitability.
Overseas business risk
Mairui Optoelectronics has a prominent competitive advantage in overseas markets, especially in the global sports field. At present, overseas sales revenue accounts for about 60% of Mairui Optoelectronics' operating income, which is one of the main sources of revenue for Mairui Optoelectronics. However, if there is a major change in the economic environment and trading environment of the overseas market, it may have a significant impact on its operating results.
Working capital risk
With the expansion of the production and operation scale of Mairui Optoelectronics and the investment in the construction of its subsidiary Huizhou Mairui Optoelectronics Co., Ltd., Mairui Optoelectronics will have a large capital demand in the next three years. According to the acquisition agreement, the company will need to provide financial support to Mairui Optoelectronics in the next three years (2013, 2014, 2015). However, Mairui Optoelectronics still has insufficient funding requirements, which in turn affects the implementation of its production and operation and corporate development plans.
Business integration risk
The acquisition of Mairui Optoelectronics is based on the company's industrial development layout and the future business cooperation needs of both parties, and has been carefully decided after sufficient market research and program demonstration. The acquisition will enable the company to integrate the LED industry chain from packaging, application (display) and engineering construction, energy-saving services and other aspects to improve the product supply and service system in the LED industry chain. At the same time, relying on the business channels of Furi Electronics and the platform of listed companies, it provides greater support for the further development of Mairui Optoelectronics, but there is still the risk that business integration will not achieve the expected synergy.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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