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In recent years, the urban landscape lighting industry has undergone tremendous changes, with downstream leading customers changing from commercial real estate to local governments. According to the data released by the Liede (300296) 2016 annual report, the leading company in the lighting engineering industry, the revenue ratio of government agency customers to commercial real estate customers in the Liard Lighting sector in 2014 was 3:7, which is in 2015. Compared with the off-season of indoor lighting, outdoor lighting began to enter a period of high-speed growth at the end of last year. Among them, the landscape lighting engineering market swarmed in orders last year. Both companies outside the industry and LED listed companies are accelerating their involvement in the engineering industry through self-construction or acquisition, and the herding effect is once again apparent. In 2016, under the guarantee of stable macroeconomic and social environment, the demand for national tourism was continuously released, tourism consumption continued to heat up, and the tourism economy continued to lead the macroeconomic growth. According to analysis, in 2016, the number of domestic, inbound and outbound tourism markets in China was 4.7 billion, and the scale of tourism consumption was 5.5 trillion. Among them, domestic tourism was 4.44 billion person-times, an increase of 11% year-on-year, and total revenue was 3.9 trillion yuan, a year-on-year increase of 14%. In recent years, the urban landscape lighting industry has undergone tremendous changes, with downstream leading customers changing from commercial real estate to local governments. According to the data released by the Liede (300296) 2016 annual report, the leading listed company in the lighting engineering industry, the revenue ratio of government agency customers and commercial real estate customers in the Liard Lighting sector in 2014 was 3:7, which was in 2015 and 2016 became 6:4. Liard has a special liking for lighting engineering companies. Last year, Liard acquired three lighting engineering companies respectively. Up to now, it has acquired four companies including Jinda Lighting, Zhongtian Lighting, Vanke Times and Sichuan Puri, and has formed a regional layout nationwide. The Liard landscape lighting business has formed a good synergy with cultural tourism, LED display and VR/AR business, and has formed a strong performance breakthrough point by adopting the PPP model. The company's landscape lighting business achieved a total revenue of 867 million in 2016, a year-on-year increase of 110%, accounting for 19.8% of total revenue and a net profit of 238 million yuan. Liard disclosed the semi-annual performance forecast. The company expects to earn 349 million to 386 million yuan in the first half of 2017, an increase of 90% to 110%. According to the company, the main reason for the increase in sales was the expansion of sales and the increase in orders. As of the end of May, the new business of the night travel economic business segment and the number of orders that have been won this year totaled 1 billion yuan, a year-on-year increase of more than 300%. Later, the policy dividends During the 12th Five-Year Plan period, China's smart city construction market exceeded 700 billion yuan. During the 13th Five-Year Plan period, China's smart city construction market could reach 4 trillion yuan. At the same time, the energy conservation and environmental protection industry is also helping to promote a new round of urban lighting energy-saving renovation. Relevant policies propose that during the 13th Five-Year Plan period, focusing on general-purpose equipment such as lighting products, we will vigorously promote the upgrading and upgrading of energy-saving equipment. Implement energy-saving renovation of lighting systems, encourage the integration and optimization of advanced lighting energy-saving technologies, and further strengthen the construction of energy control centers. In addition, we will promote energy and energy conservation in lighting systems such as districts, towns, parks, and energy-using units. Vigorously develop Internet + smart lighting, promote the establishment of urban smart intelligent systems, and promote the optimization and upgrading of lighting systems. In this context, local governments have accelerated the construction of urban landscape lighting, and urban outdoor night lighting has gradually expanded from the previous real estate building to urban landscape lighting. The urban landscape lighting market has huge space. The total investment of the city's landscape lighting projects during the G20 Hangzhou Summit is about 1 billion yuan. There are 338 prefecture-level cities and above in China, and the market space can reach 100 billion. After the G20 summit, in just half a year, Beijing, Shanghai, Guangzhou, Xiamen, Changsha, Xi'an, Hohhot, Xiangtan, Wuhai, Hanzhong, Yumen and other cities joined the project of urban landscape lighting construction and renovation. In the middle, the single contract amount ranges from 10 million to 300 million. The High-tech Research Institute LED Research Institute (GGII) released this year's report that it has benefited from the promotion of policy promotion in various countries and regions around the world, and the penetration rate of the landscape lighting market has been continuously improved. In 2016, the global landscape lighting market reached 245 billion yuan, expected in 2017. The global landscape lighting market will reach 274.4 billion yuan. China has become the world's largest landscape lighting market. In 2016, the size of China's landscape lighting market reached 55.8 billion yuan. It is expected that the scale of China's landscape lighting market will reach 67.8 billion yuan in 2017, with a growth rate of 21.5%. Among them, architectural landscape lighting is the largest market segment for landscape lighting. In 2016, its market share has reached 37.5%. It is expected that the architectural landscape lighting market will continue to expand in 2017, with a market share of 38.7%. On June 6, Bishuiyuan (300070) signed an equity purchase agreement with Beijing Liangye Environmental Technology Co., Ltd., and will acquire 70% of the latter's shares at a price of 849 million yuan. Together with the 10% stake already owned by the company, Bishuiyuan will have good 80% of the equity of the industry has become the controlling shareholder of the company. Bishuiyuan, as the first company to try the PPP model in the water sector, has similarities with the business model innovation in the business model. Previously, the two sides have jointly implemented urban lighting show projects in Yan'an and Lhasa, including in 2016. The first domestically-advanced urban lighting PPP project implemented by Yan'an has achieved great success. In June this year, the project was included in the second batch of PPP projects in the National Development and Reform Commission. In recent years, major mergers and acquisitions in the field of LED lighting engineering In June 2014, Feile Audio (600651) acquired 100% equity of Beijing Shenan Group, a LED lighting engineering company, through the issuance of shares and cash acquisition. The target assets are planned to be valued at 1.85 billion. yuan. In July 2014, Liard issued shares and paid cash to acquire 100% of Jinda Lighting. On June 29, 2016, Liard acquired Shanghai Zhongtian Lighting Complete Set Co., Ltd., which was jointly owned by Shanghai Jingyi Business Consulting Co., Ltd. (limited partnership) and Shanghai Runying Business Consulting Co., Ltd. (limited partnership) with a cash payment of RMB 350 million. 100% equity. In July 2016, Alto Electronics carried out a major asset restructuring and acquired Shenzhen Qianbaihui Lighting Engineering Co., Ltd. with a consideration of RMB 300 million. On August 26, 2016, Liard purchased 100% of Sichuan Purui Lighting Engineering Co., Ltd. held by Wang Shuoshuo, Chen Yu, Wang Aiqiong, Wang Zhiyu, Wang Xueyu, Zhong Yongke, Yang Yong and Yu Qin for a total of RMB 120 million. On August 26, 2016, Liard acquired 100% equity of Xi'an Vanke Era System Integration Engineering Co., Ltd. held by Liu Jianhong, Shen Wenhong, Zhao Qi, Yan Shiling and Yao Chunyan for a total of RMB 180 million. In 2017, Liard intends to acquire Hunan Junze Lighting Design Engineering Co., Ltd., which is wholly owned by Junchen Investment Management Partnership (Limited Partnership) of Xinyu High-tech Zone and Junling Investment Management Center (Limited Partnership) of Xinyu High-tech Zone, with a cash payment of 248 million yuan. 100% equity. The volatility of the engineering industry is booming With the promotion of the concept of energy conservation and environmental protection, the lighting engineering industry has begun to attract various types of social capital to enter, and the number of lighting engineering enterprises has increased year by year. Due to the relatively low threshold for entering the lighting industry, the number of employees in the industry is large and the market competition is fierce. At the same time, due to the small scale of the lighting engineering industry, the design and construction experience and research and development technology reserve are insufficient, the competition is disorderly. . Taking the famous listed company (300560) of lighting engineering listed company as an example, in 2013-2016, the net cash flow generated by the company's operating activities was -27,396,300 yuan, -41,130,100 yuan, -1,654,900 yuan, and -11,658,900 yuan. The company's operating net cash flow for four consecutive years is negative, mainly because the company is a lighting construction company, subject to industry restrictions, and needs to pay the bid bond, advance payment guarantee deposit, and performance bond in advance according to the specific conditions of the project. , engineering turnover funds, quality assurance and other various payments. According to the company, the number of projects undertaken, both in terms of quantity and scale, has been increasing, and the amount of funds that the company needs to advance in advance has been increasing. However, when the business settles the payment, it is necessary to settle the installment and install the installment according to the progress of the project, and the various advance payment can not be fully recovered in the short term, thus affecting the liquidity of the company's funds. The lighting engineering industry will inevitably have a new round of integration, and the situation of survival of the fittest will be more prominent. At the same time, due to the low concentration in the industry, the large number of enterprises and the uneven business qualifications will lead to intensified market competition and fierce competition. The market competition environment may cause the company's market share to decline, which will affect the company's continued growth in business performance and steady improvement in profitability. Sichuan Huati Lighting Technology Co., Ltd., which just had an IPO meeting, was also questioned by the Securities and Futures Commission because of the high net amount of accounts receivable and the year-on-year increase, and the turnover rate decreased year by year. From 2014 to 2016, the receivables of Huati Lighting were 147,730,400 yuan, 185,472,100 yuan and 18,679,800 yuan, accounting for 43.75%, 49.69% and 40.10% of the total assets, respectively. The higher the receivables and the longer the collection period, this has become the same problem faced by the majority of lighting engineering companies. For example, in 2016, the implementation of the contract signed by Huati Lighting and Guizhou Kaili Economic Development Zone Urban and Rural Administration showed that at the end of 2016, the balance of long-term receivables of Huati Lighting was 49,394,700 yuan, which was receivable from the Urban and Rural Administration of Guizhou Kaili Economic Development Zone. Loan. Although the main customers of Huati Lighting are government departments, municipal engineering companies, large and medium-sized lighting engineering construction enterprises, and good credit, the possibility of bad debts in accounts receivable is small, but due to the relatively long remittance period of engineering installation projects, the future China Body lighting may still present the risk that some accounts receivable cannot be recovered in time. Moreover, the remittances are longer and the amount is larger, which inevitably increases the financial pressure on Huazhong Lighting's own operations.