Zhejiang Shangyu is a lighting industry production gathering place. Just beside Zhejiang Sunshine (600261), a private light source company, Chenhui Guangbao, is eager to try, not only to change the export for the domestic transformation, but also to achieve overseas listing in 2008.
After more than ten years of development, Chenhui Guangbao has grown from a small factory of 20 people to more than 2,200 employees, three manufacturing bases, and a marketing network covering more than 120 countries and regions in the world, integrating R&D, manufacturing, and A modern medium-sized enterprise that combines trade and service.
This is all going on. On February 14, 2007, Chenhui Guangbao invested more than 15 million in CCTV and obtained the exclusive naming rights of CCTV's two sets of exchange space columns, which was the first in the domestic lighting industry.
Chen Huiguangbao, a special light source invisible champion, what is its capital plan?
Designed overseas listing three years ago
Reporter: Does Chenhui Guangbao have plans to go public?
Zhao Guosong: Stock listing is a step in the development strategy of Chenhui Lite, and will definitely be listed. I can invite the executives of Philips to join Chen Hui. It is not only to use a generous annual salary to attract him. It is unrealistic and there must be a corresponding equity incentive mechanism. In order to go public, we have made all the preparations, production capacity, internal management mechanism, and equity structure. If there is no accident, we will go public overseas in 2008.
Reporter: Why is it overseas? What is the consideration?
Zhao Guosong: Hong Kong and the United Kingdom are all possible. There is no essential difference between domestic and foreign listings. However, since our shareholding structure was designed in accordance with overseas listings in 2004, it can only be listed abroad. I am not going to go public for listing, but to be a strong company. Therefore, I will consider doing a pre-IPO private placement from the end of 2007 to the beginning of 2008.
Reporter: What are your requirements for private shareholders?
Zhao Guosong: I hope that the other party is a big foreign fund. For enterprises, in addition to independent development, external forces are needed to further standardize the operation of enterprises.
Reporter: Now, have you already had some goals?
Zhao Guosong: The goal has not been determined yet, but I am a person who has plans to do things. Concerned about strategic investors also paid attention to three years, all design began three years ago. I expect that around the end of this year, there will be 20-30 million US dollars to enter Chenhui Company and become a strategic investor.
Reporter: How many shares can you give institutional investors?
Zhao Guosong: About 30%.
Reporter: 30% of the equity, how much does it cost to get? 20 million yuan?
Zhao Guosong: 20 million will definitely not get my 30% equity, and 30 million will not get it. I am very clear about the growth and profitability of my company. In the past few years, I have been bowing down to do business, and I have not spoken in the past, but now I want to be a domestic market, I need to make a product brand and directly use the product as a retail terminal product. I have a very strong feeling about macro, industrial development and product positioning.
Chenhui Guangbao's profit margin is comparable to Snowlight
Reporter: Shell Wright is a low-listed company that produces auto lights in October last year. It is similar to Chen Hui’s main business. According to Snow Wright’s 2005 annual report, the company’s main business income is 190 million yuan. The business profit is 60 million, and the main business profit is 33%. What is the level of Chenhui's comparison with Snowlight?
Zhao Guosong: I always think that in the lighting industry, Chenhui and Xuelaite are the two most like companies. Its boss is technical, and I am also technical. They are slightly different from ours. They are taking the car light route. We are taking the product route, growing up, and both are very good. Their profit margins are very good and we are similar. They walked faster, and we took a very special trip, but our future growth will be particularly good. Therefore, we will not go to strategic investors, it must be the fund to come to us. Such good growth is very attractive.
Reporter: Since Chenhui Lite has such growth, how is your main business income and profit growth in the past three years?
Zhao Guosong: In the past three years, we have undergone great changes. In 2003, we analyzed the domestic market. Our dream is to do the domestic market. If we follow the situation of the company at that time and grow linearly, we can't break through. What breakthrough? In 2003, I expected that it would go to the bottleneck in two years. I thought, instead of going to the bottleneck at that time, it is better to make up my mind and make adjustments. I started to adjust from three aspects. Breaking the family management model, this is an emotional breakthrough, which is very difficult and took half a year. The second breakthrough was to upgrade and upgrade all the equipment to build a research and development team. At this stage, the debt has risen sharply, and each line will cost more than 10 million yuan. The third breakthrough is the introduction of advanced management tools, ERP management, and human resource management systems.
After the implementation of these three-step changes, these adjustments were finally completed in the second half of 2006. In this process, our operations slowed down the growth rate and the benefits fell.
Lighting two major bottlenecks in the road of home appliance branding
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[Engineering Design: Zhongshan Sanbao Lighting Design]
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[Technical Article: Energy Savings in Optical System Design]
[ Design Software: Lighting Design Software DIALux ]
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