The Chinese company took the opportunity to deconstruct Osram’s “Abandoned” game

[Text / Gaogong LED Xu Chaopeng] Recently, OSRAM announced the third quarter of this year's financial report. During the reporting period, the third quarter achieved a total revenue of 1.429 billion euros (equivalent to RMB 9.779 billion), a year-on-year increase of 7.1%; Net profit reached 69.10 million euros (equivalent to about 473 million yuan), compared with 12 million euros in the same period last year, an increase of 475.8%.

At the same time, the full year of FY2015 (October 2014-September 2015) realized revenue of 5.574 billion euros (equivalent to RMB 38.145 billion), an increase of 8.4% year-on-year; net profit reached 171 million euros (equivalent to approximately RMB 1.172 billion) ), down 11.2% year-on-year.

“In order to adapt to the rapidly changing market, the company continues to make business adjustments and systematically implement restructuring. The growth in the 2015 fiscal year indicates that OSRAM has successfully promoted restructuring, and the company is currently focusing on growth,” said OSRAM CEO Olaf Berlien.

The restructuring of Berlien and the growth of new business are nothing more than OSRAM's plan to gradually implement its spin-off channel business, remove traditional lighting fixtures with low profit margins, and start with more modern LED components and professional lighting. For Osram, it’s already on the string, and it’s left to pull its last “resolution”.

278 million euros of "temptation"

According to Gaogong LED, from many sources, when Osram first considered selling the lighting business unit a year ago, CEO Olaf Berlien had predicted that his psychological price should reach at least 100 million euros. At that time, European bankers It is widely expected that the sale price will reach 3-4 billion euros.

Last year, it coincided with the decline in sales of Osram, which was about 2 billion euros in the whole year. Compared with the sales data of nearly 6 billion in the new fiscal year 2015, there is indeed a big gap.

According to the latest estimate of the China Investment Bank's Osram Lighting Division this month, the initial assessment includes the total value of two traditional businesses including CLB (traditional lighting and ballast) and LL&S (LED lights and systems) at 720 million euros. The price.

Indeed, this price is already rising compared to the psychological expectations that Olaf Berlien originally intended to sell its lighting division.

“But the value of this commercial transaction is actually lower than the acquisition of Lumileds. The main reason is that the lighting division sold by OSRAM is different from the Lumileds.” A senior person in the industry told reporters.

“Lumileds was first split into an independent department, including LED chips in the upstream market, including LED chips, packages and components. It also represented the LED patents and other technical knowledge that many domestic manufacturers are still pursuing. In contrast, the lighting business sold by Osram is the end product of the entire industry, and in terms of the market, only the domestic manufacturers have quickly caught up with the lighting parts of European and American companies." The person mentioned.

Brand authorized

But in the near future, this seems to have another turning point. According to Munich, Germany, Olaf Berlien may consider branding OSRAM (Osram) and Sylvania (Xi Wannian), but set a time limit.

“The lighting division we want to sell will cover a huge sales channel in about 150 countries, but for most people, the most attractive is the authorization of the well-known brands OSRAM and Sylvania, so I might consider A brand authorization for a different number of years may be a 10-year period, but everything still depends on the outcome of the final negotiations.” Berlien seems to still sell a pass.

“But I think that finding a more suitable owner for our traditional bulb business is more meaningful than pursuing a higher selling price. In contrast, our OSRAM company is not looking for the best price, but Find the best parents for your child," Berlien said.

In fact, with the current fierce price wars of domestic manufacturers, the price of lamps and lanterns has also fallen straight, and OSL’s CLB traditional lighting business revenue fell 15% in FY2014, only 1.96 billion euros (equivalent to about 13.394 billion yuan). According to the latest FY2015 data, the revenue of the light source product division has only reached 2 billion euros, a slight increase of 0.7% year-on-year.

Therefore, in reality, the licensing period of brands such as OSRAM may be more favorable for the transaction between buyers and sellers, and at the same time, it is more in line with the traditional lighting division established by Osram, and grows better after leaving the family. The original intention.

Chinese enterprises take over

At present, Osram has begun to focus on the industrial layout after the sale of the lighting division. According to the latest news, the plan named "Diamond" by OSRAM is gradually being carried out.

Among them, the recent development is that OSRAM will build a new LED chip factory in Kulim, Malaysia. The initial investment will be 370 million euros. After the completion, the new plant in Malaysia will become the world's largest and latest 6-inch LED chip production base. And this project has a late investment increase, OSRAM officially announced that by 2020 the total investment will reach about 1 billion euros.

“The average annual growth rate of this market will reach 7.5%. By 2020, it will bring the greatest potential to the company. Thanks to economies of scale and synergies, the implementation of this project will also reduce Osram's market in automotive lighting. Costs in applications such as events and mobile devices, although OSRAM currently has strong performance in these areas," Olaf Berlien said.

In addition, the “Diamond” program also includes a number of strategic measures: for example, OSRAM, as the only company in the world to provide laser modules for mass-produced headlights, will continue to work in the field of automotive lighting, focusing on another frontier. Technology - Organic Light Emitting Diodes (OLEDs), this technology is also being promoted to be widely used in vehicle taillights. According to OSRAM's expectations, the total amount of laser and OLED applications in the automotive sector will reach around 1.1 billion euros by 2025.

Under such a background, after the late industrial layout has been completed, the current OSRAM Lighting Division is only waiting for it, with the OSRAM Lighting Division with sales of nearly 2 billion Euros. Who will swallow this cake?

“A Chinese buyer is keen to acquire its brand and distribution channels and may become the ultimate buyer.” According to the latest statement from the German news Olaf Berlien, state-owned enterprises have great possibilities.

Previously, Zhou Lihong, the general manager of Mulinsen's domestic marketing, used the Sud War as an example to discuss the importance of scale advantage. And is the giant cake that Osram inevitably imposes a huge scale advantage swallowed by Mulinsen (002745.SZ)? I have already joined the bidding of Feile Audio (600651.SH), and everything is only waiting for the curtain to open. The answer is revealed... Please wait a little while.

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