F-龍燈今年拚轉盈；合資有助拓展北美市場 MoneyDJ新聞 2016-02-18 09:47:47 記者 蕭燕翔 報導 巴西里拉貶值衝擊，法人估計，F-龍燈(4141)去年將呈虧損，每股淨損約2元。而因該公司已敲定與全球前20大植保廠Sipcam合資，市場預期，將有助於雙方於北美市佔提升。今年因中國與北美市場銷量看增，法人預計，F-龍燈全年營收看增10%，在毛利率走升與業外匯損減少下，可望轉虧為盈，逐漸重回過往獲利水準。F-龍燈連二年營收登上百億元大關，年增2.88%，不過，因集團過去有超過三成營收來自巴西，加上該區域票期天數超過270天，因而有不小的金額都暴露在巴西里拉對美元的評價風險中。去年雖本業獲利穩定，但因巴西里拉對美元大貶，根據法人估計，去年F-龍燈光是匯兌評價就造成每股超過5元以上的虧損，吃掉本業獲利，以致去年第四季雖轉盈，但全年每股虧損仍將有2元。而為拓展北美市場，F-龍燈最新敲定與全球前二十大植保廠Sipcam合資，雙方各持股五成，合資回溯至本月1日生效。法人認為，該合資對龍燈有幾項正面效益可期，首先因Sipcam在北美的藥證多集中在大宗作物，龍燈則以水果作物為多，且龍燈近年取得的新藥證，又為Sipcam所欠缺。內部也分析，在銷售渠道方面，北美植物保護劑的經銷商多已結盟，目前可概分為六大集團，兩者合資後，在六大集團中的滲透率可達4家，客戶群也具互補效益。法人認為，除合資效益外，F-龍燈今年在北美已有一款玉米除草劑的藥證到手，該藥證原廠Shigeta，龍燈為首家學名藥廠。因該除草劑終端市場需求大，競爭者有限，今年又是銷售首年，法人估計，光是該除草劑今年就會占龍燈北美銷售近半比重，且因該產品的毛利率超過五成，遠高於龍燈既有北美產品線平均約二成的毛利率水準，有助該銷售區域平均毛利率提升。今年整體龍燈北美銷售也有年增兩成以上實力，占比自去年11%走揚。除北美市場，F-龍燈今年另個寄予厚望的，則來自中國。動能主要來自銷售策略的調整，將過去以個別產品轉以作物別的業務分類，因而得以精簡業務員既有工作範圍，公司則轉以要求業務員將直接對口範圍向下深化至縣級以下的經銷商。在銷售策略調整與產品線完整下，法人估計，今年F-龍燈中國銷售成長率將挑戰10-15%。相較之下，該公司在歐洲市場今年因無大型藥證到手，今年銷售預估持穩；至於中南美市場，F-龍燈則刻意控管暴露風險，如去年巴西佔集團營收比重已從36%降至25%，且透過實物交易等方式，提高匯率避險比例，因而在控管資金與匯率風險下，內部預期，今年中南美銷售僅將持平或小降。法人估計，F-龍燈今年營收年成長挑戰一成，因毛利率改善及業外匯兌損失改善，全年可望順利轉盈。而首季營收雖可能與去年同期相當，但因北美銷售將帶動整體毛利率改善，只要巴西里拉對美元持穩，單季就有機會轉盈
Sipcam Pacific Australia, established in 1997 as a JV with a local entrepreneur, is based in Geelong, in the state of Victoria, Australia. The company is responsible for the registration and marketing of some generic products, new formulations and innovative new molecules, in particular in cooperation with the minority shareholders Sumitomo Corporation and Nihon Nohyaku.
Sipcam Agro China, established in 2010, is a joint venture 50% with a local partner. The Company has offices in Shanghai and Wuxi with a sales network that covers the provinces interested into agricultural activity: Shandong, Jiangsu, Zhejiang, Guandong. The company provides the registration, development and marketing of agrochemicals and special fertilizers.
Sipcam Japan, Official establishment of Sipcam Japan CO LT on Feb. 16 2014. Toshimi Tanaka, «alias» Toshi, has been appointed as Managing Director.
Entry in the Japan Crop Protection Association (JCPA) as supporting member within 36 companies by April 1st 2014 by unanimous vote of the board of directors. Joining JCPA, Sipcam Japan has gained visibility and credibility within the major japanase Agrochemical companies.
The SIPCAM OXON group is made up of two separate legal entities (Sipcam and Oxon), which refer to one property and to one management, working independently but acting in synergy sharing mission and vision. Sipcam Oxon is committed to maintain its independence by integration of entrepreneurship and management skills. As the agriculture sector is influenced by variables not conditionables, and linked to cyclical developments and trends, the group has decided not be listed in the Stock Exchange. The purpose is to develop tools for self-financing and access to bank credit, aiming to the medium and long term outlooks, and not influenced by the short term results. The industrial presence consists of one chemical synthesis plant in Italy, three formulation plants in Italy, Spain and Brazil, one seed processing and treatment plant in Italy and two synthesis and formulation plants operated by Chinese Joint Ventures.
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