Changfang Lighting's third-quarter results failed to meet expectations and was significantly reduced by the organization

On October 24, the third quarter report of Changfang Lighting (300301) showed that the stock was reduced by the organization in the third quarter. The substantial reduction in the stock led to a sharp drop in the stock price. The stock price fell by 24.72% in the third quarter. In the third quarter, Changfang Lighting did not increase its revenue, and its failure to meet expectations was an important reason for the substantial reduction of the organization.

The cumulative number of shares held by the top ten tradable shareholders decreased from 18.56 million shares at the end of the first half of the year to 83,184,800 shares at the end of the third quarter, a drop of 55.2%. Among them, the number of fund holdings among the top ten tradable shareholders decreased from 10.628 million at the end of the first half of the year to 3,253,200 at the end of the third quarter, a drop of 69.39%.

At the end of the first half of the year, nine institutions entered the top ten tradable shareholders of Changfang Lighting. By the end of the third quarter, eight of the top ten tradable shareholders had withdrawn.

An investment manager of Guoxin Securities Asset Management Department said that the large number of institutional reductions may be due to the high expectations of the previous market for the LED industry order blowout at the end of the second quarter of the first quarter, but the quarterly report failed to reach the previous target. “In the process of creating a self-owned brand, Changfang Lighting may affect the current profit due to high initial investment, etc.; on the other hand, there may be more factors to be considered in the evolution of the LED industry.”

Researchers at Shenzhen-Fund Management Co., Ltd. also agree with the above point of view. He believes that the failure to meet expectations is the main reason for the large-scale reduction of institutions. "The future of the LED industry is still optimistic, but many companies that do low-end products do not make money."

In the second quarter, the stock price of Changfang Lighting nearly doubled, rising by 99.43%. At the end of the first half of the year, it was at a high level. Since the third quarter, it has basically unilaterally fallen. The stock price in the third quarter fell by 24.72%.

The third quarterly report of Changfang Lighting showed that the company achieved operating income of 196 million yuan in the third quarter, up 20.05% year-on-year; the net profit attributable to shareholders of listed companies was about 9,733,300 yuan, a year-on-year increase of 5.93%. In the first three quarters, the company achieved a total operating income of 560 million yuan, a year-on-year increase of 39.82%; net profit of 41.789 million yuan, an increase of 2.87%.