As a kind of emerging industry, LED is undoubtedly a very burning industry. The reporter found that three listed companies have raised funds to launch LED projects this year: Dehao Runda will raise 1.5 billion yuan, Shilan Weiding will raise 800 million yuan, and Lianchuang will raise 636 million yuan. . The leading Sanan Optoelectronics external guarantee amount is 160% of the net assets, and its profits have always relied on government subsidies. How long can burning money last?
Short-term LED listed companies are swarming in, and the risk of vicious competition may be brought in the future, which has become a concern of some brokerage researchers. For the LED industry with poor prospects, many organizations have already sniffed the taste of winter, so they were evacuated in the third quarter. According to statistics, the five major institutions such as insurance, social security, QF II, trusts, funds and brokerages have a net reduction of about 1.7 billion yuan, Sanan Optoelectronics, Huacan Optoelectronics, Changfang Lighting, Dehao Runda, Qinshang Optoelectronics, etc. The market value of the company's reduction is more than 150 million yuan. However, some funds have chosen to triumph, buy or increase 11 LE D companies, a total of 1.3 billion. At present, the investment risks of these funds are increasing in terms of performance and stock price performance. Some funds have even become the next home to take over the size of non-reduction, and some of the new shareholders who have become listed companies have not appeared in the list of research institutions.
Sanan Optoelectronics reported a 14% increase in the third quarter, which looks beautiful
[mine area]
1 Third quarter net profit of 666 million yuan, subsidies up to 328 million yuan, accounting for nearly half
2 Gross profit margin fell all the way, from 40% in the previous period to 32% in the interim report, and the third quarterly report fell to 26%.
3 The external guarantee amount is as high as 9.391 billion yuan, far exceeding its net assets of 5.891 billion yuan.
As the leader of the A-share LE D listed company, Sanan Optoelectronics' three-season report looks very bright: the company's profit attributable to listed companies was 666 million yuan, an increase of 14%.
“The most typical thing in this industry is to burn money.†Lin Zhaojing, executive deputy secretary-general of Guangdong Green Industry Investment Fund EMC Alliance, bluntly said that due to government subsidies and bank loans, the threshold for entering the industry was not high. Some bags were made. Real estate companies have also invested, resulting in excess capacity.
Gross profit margin dropped to 26%
In fact, this is very clear from the LED listed companies, especially the companies listed this year, the sharp decline in profits in the third quarter.
“Due to the excessive involvement of the government, the consumption subsidies of the terminal have evolved into direct subsidies to the production enterprises.†A Shanghai-based brokerage researcher who is not willing to be named admits that, like the solar and wind power industries, as long as they can incite government resources and obtain bank support, profits The rate is not bad, the capital swarmed up, reached the overcapacity at a speed exceeding expectations, and then hit the price war, the profit rate fell sharply, and finally became an industry similar to earning processing fees.
The high subsidies for MOCVD equipment procurement in the LED industry have hidden hidden dangers. Since 2010, a large number of orders for MOCVD equipment have been released. The production capacity of the industry was rapidly released in 2011, which led to the decline of chip prices in the second half of the year, and the gross profit margin dropped sharply. At the beginning of the year, the company paid a premium.
The aforementioned researchers speculate that "optimistic calculations, Sanan's second-half income growth is still possible, but there may not be much room next year."
For the LED midstream industry, the researcher bluntly said that the LED packaging industry has a lower barrier to entry than the chip, so the capacity release is easier, and the surplus is normal. Finally, everyone is fighting for process stability and cost. This point can be seen from the gross profit margin of Sanan Optoelectronics. The gross profit margin of this year's mid-year report has dropped from 40% to 32%, and the third quarterly report has dropped to 26%.
Guarantee amount far exceeds net assets
Sanan Optoelectronics' profit structure is also not healthy. The third quarter report of this year shows that the highest non-recurring income of Sanan Optoelectronics is from government subsidies, amounting to 328 million yuan, which is the most profitable in the sub-projects.
And the company's financial situation is even more worrying. Its wholly-owned subsidiaries and holding subsidiaries will borrow heavily from banks. Among them, Sanan Optoelectronics Anhui Company applied for a credit of 5.5 billion yuan to the bank, plus the application quota of the other three subsidiaries, which totaled 6.865 billion yuan. . The total amount of external guarantees of Sanan Optoelectronics was as high as 9.391 billion yuan, far exceeding its net assets of 5.891 billion yuan.
Zhang Shuaizhi, an analyst at Guojin Securities' new energy industry, “With the rapid expansion of the company's LED chip business, the receivables project has also grown rapidly. The company's operating cash flow in the first three quarters was -2.27 billion, and accounts receivable. The total amount of bills receivable and bills receivable increased by 1.027 billion compared with the beginning of the year. Although 670 million of them are bills receivable, the risk is relatively small. However, considering the downstream LED packaging plants are more dispersed and fiercely competitive, the company has certain bad debt risks."
At present, there are 8 listed companies in Guangdong involved in packaging, and some of them claim to have a full industrial chain of packaging and applications. Lin Zhaojing said frankly that this is somewhat unrealistic. For companies with small operating income, it is good to concentrate on doing a good job.
As the traditional heavyweight stock of the fund, Sanan Optoelectronics has also attracted a large number of funds to buy and hold. Currently, there are 40 institutions holding, with a total market value of more than 1.4 billion yuan, of which most are fund holdings, and 26 funds hold stock market values. 1.18 billion yuan, Huaan Fund as the most held institutional investors, the market value of buying up to 680 million yuan, the Yinhua Department of the fund's six funds are holding shares, the total market value of more than 200 million yuan. Roughly calculated, the average cost of these funds is about 14.45 yuan. As of November 9, the market value has shrunk by 10%.
Short-term LED listed companies are swarming in, and the risk of vicious competition may be brought in the future, which has become a concern of some brokerage researchers. For the LED industry with poor prospects, many organizations have already sniffed the taste of winter, so they were evacuated in the third quarter. According to statistics, the five major institutions such as insurance, social security, QF II, trusts, funds and brokerages have a net reduction of about 1.7 billion yuan, Sanan Optoelectronics, Huacan Optoelectronics, Changfang Lighting, Dehao Runda, Qinshang Optoelectronics, etc. The market value of the company's reduction is more than 150 million yuan. However, some funds have chosen to triumph, buy or increase 11 LE D companies, a total of 1.3 billion. At present, the investment risks of these funds are increasing in terms of performance and stock price performance. Some funds have even become the next home to take over the size of non-reduction, and some of the new shareholders who have become listed companies have not appeared in the list of research institutions.
Sanan Optoelectronics reported a 14% increase in the third quarter, which looks beautiful
[mine area]
1 Third quarter net profit of 666 million yuan, subsidies up to 328 million yuan, accounting for nearly half
2 Gross profit margin fell all the way, from 40% in the previous period to 32% in the interim report, and the third quarterly report fell to 26%.
3 The external guarantee amount is as high as 9.391 billion yuan, far exceeding its net assets of 5.891 billion yuan.
As the leader of the A-share LE D listed company, Sanan Optoelectronics' three-season report looks very bright: the company's profit attributable to listed companies was 666 million yuan, an increase of 14%.
“The most typical thing in this industry is to burn money.†Lin Zhaojing, executive deputy secretary-general of Guangdong Green Industry Investment Fund EMC Alliance, bluntly said that due to government subsidies and bank loans, the threshold for entering the industry was not high. Some bags were made. Real estate companies have also invested, resulting in excess capacity.
Gross profit margin dropped to 26%
In fact, this is very clear from the LED listed companies, especially the companies listed this year, the sharp decline in profits in the third quarter.
“Due to the excessive involvement of the government, the consumption subsidies of the terminal have evolved into direct subsidies to the production enterprises.†A Shanghai-based brokerage researcher who is not willing to be named admits that, like the solar and wind power industries, as long as they can incite government resources and obtain bank support, profits The rate is not bad, the capital swarmed up, reached the overcapacity at a speed exceeding expectations, and then hit the price war, the profit rate fell sharply, and finally became an industry similar to earning processing fees.
The high subsidies for MOCVD equipment procurement in the LED industry have hidden hidden dangers. Since 2010, a large number of orders for MOCVD equipment have been released. The production capacity of the industry was rapidly released in 2011, which led to the decline of chip prices in the second half of the year, and the gross profit margin dropped sharply. At the beginning of the year, the company paid a premium.
The aforementioned researchers speculate that "optimistic calculations, Sanan's second-half income growth is still possible, but there may not be much room next year."
For the LED midstream industry, the researcher bluntly said that the LED packaging industry has a lower barrier to entry than the chip, so the capacity release is easier, and the surplus is normal. Finally, everyone is fighting for process stability and cost. This point can be seen from the gross profit margin of Sanan Optoelectronics. The gross profit margin of this year's mid-year report has dropped from 40% to 32%, and the third quarterly report has dropped to 26%.
Guarantee amount far exceeds net assets
Sanan Optoelectronics' profit structure is also not healthy. The third quarter report of this year shows that the highest non-recurring income of Sanan Optoelectronics is from government subsidies, amounting to 328 million yuan, which is the most profitable in the sub-projects.
And the company's financial situation is even more worrying. Its wholly-owned subsidiaries and holding subsidiaries will borrow heavily from banks. Among them, Sanan Optoelectronics Anhui Company applied for a credit of 5.5 billion yuan to the bank, plus the application quota of the other three subsidiaries, which totaled 6.865 billion yuan. . The total amount of external guarantees of Sanan Optoelectronics was as high as 9.391 billion yuan, far exceeding its net assets of 5.891 billion yuan.
Zhang Shuaizhi, an analyst at Guojin Securities' new energy industry, “With the rapid expansion of the company's LED chip business, the receivables project has also grown rapidly. The company's operating cash flow in the first three quarters was -2.27 billion, and accounts receivable. The total amount of bills receivable and bills receivable increased by 1.027 billion compared with the beginning of the year. Although 670 million of them are bills receivable, the risk is relatively small. However, considering the downstream LED packaging plants are more dispersed and fiercely competitive, the company has certain bad debt risks."
At present, there are 8 listed companies in Guangdong involved in packaging, and some of them claim to have a full industrial chain of packaging and applications. Lin Zhaojing said frankly that this is somewhat unrealistic. For companies with small operating income, it is good to concentrate on doing a good job.
As the traditional heavyweight stock of the fund, Sanan Optoelectronics has also attracted a large number of funds to buy and hold. Currently, there are 40 institutions holding, with a total market value of more than 1.4 billion yuan, of which most are fund holdings, and 26 funds hold stock market values. 1.18 billion yuan, Huaan Fund as the most held institutional investors, the market value of buying up to 680 million yuan, the Yinhua Department of the fund's six funds are holding shares, the total market value of more than 200 million yuan. Roughly calculated, the average cost of these funds is about 14.45 yuan. As of November 9, the market value has shrunk by 10%.
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