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佛山照明:子公司商誉计提影响利润,资产处置贡献部分业绩
Tianfeng Securities· 2025-02-05 09:10
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 400-470 million yuan in 2024, representing a year-on-year increase of 37.76%-61.87%. However, the non-recurring net profit is projected to decline by 63.43%-75.62% [1]. - The rapid growth in the automotive lighting module business is noted, while the general lighting business faces pressure due to weak market demand and pricing challenges [2]. - The company anticipates goodwill impairment of approximately 130-160 million yuan related to the acquisition of Guoxing Optoelectronics, which has underperformed [2]. - The successful transfer of a land parcel is expected to contribute approximately 295 million yuan in non-recurring net income for 2024, with further positive contributions anticipated in 2025-2026 [2]. Financial Data and Valuation - Revenue is projected to grow from 8,759.97 million yuan in 2022 to 11,546.58 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 8.80% [4]. - The net profit attributable to shareholders is expected to increase from 230.39 million yuan in 2022 to 638.27 million yuan in 2026, reflecting a significant growth trajectory [4]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 35.23 in 2022 to 14.34 in 2026, indicating an improving valuation over time [4]. Business Strategy - The company is actively expanding its lighting portfolio, including acquisitions in the automotive lighting sector and focusing on smart street lighting and marine lighting [3]. - Collaborations with major automotive manufacturers such as Li Auto, Changan, BAIC, and Geely are established to enhance production capacity in the automotive lighting segment [3]. - The company is pursuing mergers and acquisitions to integrate upstream LED packaging, aiming to increase market share through economies of scale [3].
佛山照明(000541) - 2024 Q4 - 年度业绩预告
2025-01-23 08:35
Financial Projections - The estimated net profit for 2024 is projected to be between 400 million and 470 million CNY, representing a year-on-year growth of 37.76% to 61.87% compared to 290.36 million CNY in the previous year[2]. - The net profit after deducting non-recurring gains is expected to be between 67 million and 100.5 million CNY, a decrease of 63.43% to 75.62% from 274.84 million CNY in the same period last year[2]. - Basic earnings per share are projected to be between 0.2605 CNY and 0.3060 CNY, up from 0.2128 CNY in the previous year[2]. Non-Recurring Gains and Impairments - The company anticipates approximately 295 million CNY in non-recurring net gains from the successful transfer of land assets[5]. - The company expects to recognize goodwill impairment of approximately 130 million to 160 million CNY due to underperformance of its subsidiary, Guoxing Optoelectronics[5]. Operational Status - The financial data in the earnings forecast has not been audited by an external accounting firm[3]. - The company confirms that its production and operational management are normal, and business activities are progressing steadily despite the goodwill impairment[6].
佛山照明(000541) - 关于公司股东权益变动的提示性公告
2025-01-13 16:00
股票简称:佛山照明(A 股) 粤照明 B(B 股) 股票代码:000541 (A 股) 200541(B 股) 公告编号:2025-006 佛山电器照明股份有限公司 关于公司股东权益变动的提示性公告 2、本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 本公司于 2024 年 11 月 29 日及 2024 年 12 月 16 日分别召开第十 届董事会第三次会议、第十届监事会第三次会议和 2024 年第三次临 时股东大会,会议审议通过了《关于注销回购股份并减少注册资本的 议案》,同意公司将存放于回购专用证券账户的 1,300 万股 A 股股份 予以注销,并相应减少公司注册资本。具体内容详见 2024 年 11 月 30 日刊登于巨潮资讯网的《关于注销回购股份并减少注册资本的公 告》及《2024 年第三次临时股东大会决议公告》。 经中国证券登记结算有限责任公司深圳分公司审核确认,公司本 次回购股份注销事宜已于 2025 年 1 月 10 日办理完毕,公司总股本由 1,548,778,230 股变更为 1,535,778,230 股。具体内容详见同日刊登 于巨潮资讯网的《关于回购股 ...
佛山照明(000541) - 关于回购股份注销完成暨股份变动的公告
2025-01-13 16:00
股票简称:佛山照明(A 股) 粤照明 B(B 股) 股票代码:000541 (A 股) 200541(B 股) 公告编号:2025-005 佛山电器照明股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整,没有虚假记 载、误导性陈述或重大遗漏。 公司因实施回购股份注销导致公司总股本、无限售条件股份数量 发生变化,根据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所上市公司自律监管指引第 9 号-回购股份》等相关 规定,现就本次回购股份注销完成暨股份变动情况公告如下: 一、回购股份实施情况 经公司第九届董事会第六次会议及 2020 年第三次临时股东大会 审议通过,公司于 2020 年 12 月 18 日至 2021 年 12 月 18 日通过集中 竞价交易方式回购A 股股份31,952,995 股,回购B股股份18,398,512 股,合计占公司当时总股本的比例为 3.60%。回购 A 股股份购买的最 高价为 6.70 元/股,最低价为 5.61 元/股,已使用资金总额为 20,195.56 万元(不含交易费用);回购 B 股股份购买的最高价 ...
佛山照明(000541) - 投资管理办法
2025-01-03 16:00
佛山电器照明股份有限公司 投资管理办法 第一章 总则 第一条 为加强佛山电器照明股份有限公司(以下简称 "公司")投资管理,规范公司投资行为,落实投资管理责 任,合理配置资源,提高投资效益,控制投资风险,支撑公 司战略发展需要,根据国家有关法律、法规和《公司章程》 等相关规定,结合公司的实际情况,制定本办法。 第二条 本办法适用于公司及公司的控股子公司(包括 公司持有其 50%以上的股权,或者虽然持股比例在 50%以下, 但能够决定其董事会半数以上成员的选任,或者通过协议或 其他安排能够实际控制的公司)。若控股子公司为上市公众 公司,其投资事项按照证监会、交易所有关规定及其公司章 程执行。 — 1 — (包括新设全资企业、对出资企业追加投入、合资合作、收 购兼并等)和金融投资(包括证券、基金、信托、债权投资 等)。 第四条 本办法所称主业是指由公司依据功能定位和 发展战略规划制定并经公司决策机构核定的企业主要经营 业务;培育主业是指公司因转型升级、探索新增长点、前瞻 性布局等需要,经公司决策机构核定的企业培育经营业务; 非主业是指主业和培育主业以外的其他经营业务。 第五条 公司投资活动遵循以下原则: (一)战 ...
佛山照明(000541) - 第十届董事会第五次会议决议公告
2025-01-03 16:00
股票简称:佛山照明(A 股) 粤照明 B(B 股) 股票代码:000541 (A 股) 200541(B 股) 公告编号:2025-001 佛山电器照明股份有限公司 第十届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整,没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2024 年 12 月 27 日以电子邮件的方式向全体董事发出 了会议通知,并于 2025 年 1 月 3 日召开第十届董事会第五次会议, 会议通过书面传真方式审议会议议案,应会 9 名董事均对会议议案作 出表决,符合《公司法》和《公司章程》的有关规定。会议审议通过 了如下议案: 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 详细内容请见同日刊登于巨潮资讯网的《关于使用部分闲置募集 资金进行现金管理的公告》。 2、审议通过《关于修订<投资管理办法>的议案》 同意 9 票,反对 0 票,弃权 0 票 - 1 - 详细内容请见同日刊登于巨潮资讯网的《关于修订<投资管理办 法>的公告》。 特此公告。 佛山电器照明股份有限公司 同意 9 票,反对 0 票,弃权 0 票 为提高募集资金使用效率,增加公司收益, ...
佛山照明(000541) - 第十届监事会第四次会议决议公告
2025-01-03 16:00
同意 5 票,反对 0 票,弃权 0 票 经审核,监事会认为:公司本次使用部分闲置募集资金进行现金 管理,有利于提高募集资金使用效率,不存在违背募投项目实施计划 或变相改变募集资金用途的情形,不会影响募投项目的正常实施,符 合有关法律法规、规范性文件的规定,未损害公司和全体股东的合法 利益。 股票简称:佛山照明(A 股) 粤照明 B(B 股) 股票代码:000541 (A 股) 200541(B 股) 公告编号:2025-002 佛山电器照明股份有限公司 第十届监事会第四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整,没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2024 年 12 月 27 日以电子邮件的方式向全体监事发出 了会议通知,并于 2025 年 1 月 3 日召开第十届监事会第四次会议, 会议通过书面传真方式审议会议议案,应会 5 名监事均对会议议案作 出表决,符合《公司法》和《公司章程》的有关规定。会议审议通过 了如下议案: 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 详细内容请见同日刊登于巨潮资讯网的《关于使用部分闲置募集 资金进行现金管理的公告》。 ...
佛山照明:公司资产处置贡献业绩,核心主业稳步发展
Tianfeng Securities· 2024-12-29 11:27
Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.24 yuan [8] - The company's PE ratio is expected to be 16.1x, 13.9x, and 12.7x for 2024, 2025, and 2026 respectively [1] Core Views - The company's core lighting business remains stable, with expansion in the automotive lighting sector through acquisitions and capacity expansion [1] - The company has established partnerships with major automakers such as Ideal, Changan, BAIC, and Geely [1] - The company is focusing on emerging lighting sectors, including smart street lamps and marine lighting, with a proven business model and potential for order growth [1] - The company is integrating upstream LED packaging through mergers and acquisitions, which is expected to enhance market share due to economies of scale [1] - The company is expected to receive a net income of 295 million yuan annually from land reserve activities over the next three years (2024-2026), contributing to performance [1] Financial Data and Valuation - Revenue is projected to grow from 9,331.66 million yuan in 2024 to 11,986.61 million yuan in 2026, with a growth rate of 17.47% in 2025 [3] - Net profit attributable to the parent company is expected to increase from 598.74 million yuan in 2024 to 761.32 million yuan in 2026, with a growth rate of 106.21% in 2024 [3] - EPS is forecasted to rise from 0.39 yuan in 2024 to 0.49 yuan in 2026 [3] - The company's EV/EBITDA ratio is expected to decrease from 8.10x in 2024 to 6.11x in 2026 [3] Balance Sheet and Cash Flow - The company's total assets are projected to increase from 14,972.19 million yuan in 2024 to 16,991.93 million yuan in 2026 [4] - Cash flow from operating activities is expected to fluctuate, with a significant increase to 3,351.22 million yuan in 2025, followed by a decrease to -313.60 million yuan in 2026 [5] - The company's net cash increase is forecasted to be 2,616.88 million yuan in 2025, but a decrease of 805.91 million yuan in 2026 [5] Industry and Market Position - The company operates in the household appliances and lighting equipment industry, with a focus on expanding its market share in the automotive and emerging lighting sectors [1][8] - The company's strategic acquisitions and partnerships with major automakers position it well for future growth in the automotive lighting market [1] Recent Developments - The company signed a land reserve agreement with the Foshan Chancheng District Land Reserve Center, which is expected to contribute 295 million yuan to net income in 2024 [21] - The company received the first compensation payment of 381.78 million yuan for the land reserve, with the remaining income to be recognized in subsequent years [21]
佛山照明:关于公司资产处置暨土地公开挂牌出让的进展公告
2024-12-25 11:43
股票简称:佛山照明(A 股) 粤照明 B(B 股) 股票代码:000541 (A 股) 200541(B 股) 公告编号:2024-082 将增加公司 2024 年度净收益 29,500 万元,剩余收益归以后年度确 认,最终收益以经审计后的数据为准。 公司将按照有关法律法规及规范性文件的要求,对本事项的进展 情况及时进行信息披露。敬请广大投资者理性投资,注意投资风险。 特此公告。 佛山电器照明股份有限公司 关于公司资产处置暨土地公开挂牌出让的进展公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整,没有虚假记载、误导性陈 述或者重大遗漏。 一、情况概述 2024 年 2 月 1 日,经公司董事会和股东大会审议通过,公司与 佛山市禅城区土地储备中心及佛山市禅城区祖庙街道办事处正式签 署了《国有土地使用权储备协议书》,公司在按照相关法律法规及政 策规定完成地上建筑物拆除等土地前期整理相关工作后,对汾江北路 地块分三年逐批次交地进行挂账收储。详细内容请见公司于 2024 年 2 月 3 日在巨潮资讯网披露的《关于公司资产处置暨签署收储协议的 进展公告》。 公司按相关规定完成汾江北路地块地上建筑物拆除等土地前 ...
佛山照明:为哈尔滨冰雪大世界提供景观亮化照明方案
Group 1 - Foshan Lighting has provided over 40,000 sets of smart LED lighting solutions for the ice and snow landscape, specifically designed for Harbin Ice and Snow World [1] - The 26th Harbin Ice and Snow World officially opened on December 21 [1]