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[ High-tech LED reporter Tang Guirong ] After a series of mergers and acquisitions, joint ventures to push up the stock price, Sanan Optoelectronics finally re-launched the private placement program.
On the evening of May 27, Sanan Optoelectronics issued a plan to increase the number of non-public offerings not exceeding 208.6 million shares (including 208.6 million shares), and the total amount of funds raised was not more than 3.3 billion yuan. The funds were mainly used for the industrialization of Wuhu Optoelectronics (Phase II) )project.
"The LED chip market is picking up and borrowing the policy. According to the "Semiconductor Lighting Energy Conservation Industry Plan", by 2015, the LED industry's output value will reach 450 billion yuan, and the chip localization rate will be over 80%." Sanan Optoelectronics' plan for the additional issuance There is no lack of good words, the localization rate of LED chips continues to increase, and the demand in the middle and lower reaches of the LED industry is huge. The market prospects of this fundraising investment project are optimistic.
However, in the context of the supply and demand game in the entire chip market, whether Sanan Optoelectronics’s additional issue of 3.3 billion yuan has to repeat the same results as the previous two fundraising projects, is still an unknown number. Various risk factors.
At the 2013 Hi-Tech LED Industry Summit held in Guangzhou on June 10th, the person in charge of the participating companies said that the competition of China's LED upstream epitaxial chip market will become more and more fierce in the future. At present, most mainland chip companies have not formed sustained profitability.
Chip hematopoietic capacity is weak
In China's LED lighting industry, Sanan Optoelectronics has always been a special case. In the specific industry background, with the help of government relations and capital operation capabilities, it can make up for its lack of hematopoietic capacity. However, with the increasingly fierce competition in the LED chip market in the next few years, Sanan Optoelectronics will face greater market risks and competitive pressures.
In recent years, the LED chip market has been unpredictable. Due to overcapacity in recent years, the Chinese chip industry has caused price wars and product gross margins have become lower and lower. According to the statistics of the High-tech LED Industry Research Institute (GLII), the investment rate of MOCVD equipment in China's mainland in 2012 was only 61%, but there is already a serious structural overcapacity. At the same time, over 90% of chip companies were losing money last year.
Although Sanan Optoelectronics' chip business revenue is still growing steadily in the past two years, it does not contribute from the real market competition, but through some unconventional means. In essence, Sanan Optoelectronics indirectly invested in a number of packaging companies such as Cinda Optoelectronics, Tiandian Optoelectronics, and Anpuguang through internal employees of the company.
On May 28th, Sanan Optoelectronics and Jiawei Co., Ltd. established a LED lighting joint venture company, and the LED lighting project landed in Hutou Industrial Zone, Anxi County. Then, Tiandian Optoelectronics, which is 40% owned by Sanan Optoelectronics' internal employees, also invested 2 billion yuan in LED packaging projects in Hutou Industrial Park, Anxi County.
According to industry sources, Tiandian's revenue last year was only about 200 million yuan. With such a large investment, people can't help but create too many delusions. At the same time, the reporter inquired from the website of Shenzhen Industry and Commerce Bureau that in 2010, Tiandian Optoelectronics has already mortgaged some key production equipment of the production line to the bank.
Although Sanan Optoelectronics has issued a clarification announcement on related party transactions, it seems that some people are more and more sceptical.
All along, Sanan Optoelectronics' chip business revenue mainly depends on two aspects, one is government orders and subsidies, and the other is to hide deeper related party transactions. However, for Sanan Optoelectronics, whose chip production capacity is still in a stage of gradual release, the above sources are only to compensate for the weakness of the short-term chip business. As the price of chips continues to decline and competitors are gradually closing the price gap, Sanan Optoelectronics faces more severe competitive pressures.
The reporter found that Sanan Optoelectronics has already merged its chip business revenue with LED lighting application product revenue in its 2012 annual report. Perhaps this is to further compensate for the possible fluctuation risk of chip revenue.
Market competition environment changes
In the past, Sanan Optoelectronics has been publicizing with full color, capacity and price advantages. But now, the mainland chip market has undergone tremendous changes.
On the one hand, mainland competitors such as Tongfang Optoelectronics, Huacan Optoelectronics, Inspur Huaguang, and Ganzhao Optoelectronics are rushing to catch up and continue to erode market share; on the other hand, although the technological advantages of chip manufacturers in Taiwan are being gradually chased by Sanan Optoelectronics, Product maturity, price closeness and the advantages of gradually integrating into the mainland market still exist; in addition, Japan, South Korea and the United States and Europe chip factories, which have a large market segment with Sanan Optoelectronics, are also using their integrated chip and marketing models and technologies. The advantages, customer market recognition and the price difference between the two sides gradually reduced the original advantages of Sanan Optoelectronics.
Perhaps already aware of its own market competition risk, Sanan Optoelectronics has obtained shares in the past year by participating in Taiwan’s second largest chip factory, Yuanyuan Optoelectronics (still pending approval by relevant government departments), and 100% acquisition of US Min Mings. The technical patents and so-called international influences help to increase market acceptance.
In fact, with the increasingly saturated demand for low-end and mid-end chips in recent years, the price war continues to ferment, and the gross profit margin of products has entered a fast downward channel. According to the 2013 first quarter report, Sanan Optoelectronics' operating income was 629 million yuan, an increase of 23.33% compared with the same period of last year, and the net profit was 160 million yuan, a decrease of 18.77% compared with the same period of last year.
The first two fundraising investments failed to meet expectations
If the additional issue of 3.3 billion yuan is passed, it means that Sanan Optoelectronics has raised nearly 7 billion yuan for chip expansion projects in the past three years. Before the fundraising, Sanan Optoelectronics also conducted two fundraising, but failed to achieve the expected goals.
In September 2009, Sanan Optoelectronics raised RMB 800 million for the LED Industrialization Project of Tianjin Sanan Optoelectronics Co., Ltd. Then, in 2010, Sanan Optoelectronics raised funds again, and the net proceeds from non-public issuance were 2.98 billion yuan, all of which were used in the LED Industrialization (Phase I) project of Anhui Sanan Optoelectronics Co., Ltd.
According to the previously announced fundraising fund use report, as of the end of 2012, both projects have completed the investment progress and entered the mass production phase, but did not achieve the expected target.
Among them, in 2009, Tianjin Sanan Optoelectronics Co., Ltd. LED industrialization project, the cumulative chip capacity utilization rate of investment projects on the deadline is 85%, the commitment to achieve benefits of 438 million yuan, and the cumulative realization of benefits of 300 million yuan, achieving a benefit rate of 68.49%.
In 2010, Anhui's first-phase project realized a far-reaching benefit from the expected goal. As of the end of 2012, the cumulative chip capacity utilization rate of the project was 80.29%, the promised benefit was 1.309 billion yuan, and the realized benefit was only 730 million yuan, achieving a benefit rate of 55.77%.
The reason why Sanan Optoelectronics accumulatively realized the realized revenues lower than the promised cumulative income mainly comes down to two points. First, the market environment has changed, including the intensified competition in the LED industry, including the international economic slowdown. Second, MOCVD It takes a long time from installation to capacity release.
“The first two funds raised by Sanan Optoelectronics were the best in the LED market, but they did not meet expectations. Although the LED chip market is recovering, the market competition is more intense than before, LED chip production capacity. Continued surplus is an indisputable fact. A well-known domestic investor admitted that the overcapacity of LED chips will continue for some time, and it is likely to be 2015.
According to the additional issuance plan, the planned investment of Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) project is 4,075.7 million yuan, and the amount of funds raised is not more than 2.8 billion yuan. After the completion of the project, the annual output of LED epitaxial wafers will be 1.223 million, and the blue and green chips will be 25.614 billion. After completion and put into production, it is expected to reach 60% in the first year, 80% in the second year, and 100% in the third year. The construction period of the project is 12 months. It is estimated that the annual sales income will reach 3.295 billion yuan, and the annual net profit after tax will be 56.574 million yuan. The internal rate of return is 14.03%.
Although the fundraising project is expected to yield a lot of profits, it is worth noting that in recent days, the probability of the M&A and restructuring committee rejecting the listed company's additional issuance plan has greatly increased, and there have been four companies that have been rejected. In the past three years, there have been only a few cases in which non-public offerings have been rejected.
The insiders believe that such a situation on the one hand indicates that the supervision is strengthening. On the one hand, it may be that the supervisory layer wants to set a good financing threshold and prepare for the upcoming IPO.
At the same time, the development of the LED industry in the second half of this year is not clear. More people are worried that once the downstream inventory is rapidly accumulated, it will soon be transmitted to the LED upstream, thus aggravating the crisis of overcapacity of the chip. Under the condition that the market factors are so uncertain, even if Sanan Optoelectronics has added enough horsepower, whether the additional issuance can be approved by the CSRC or whether the fundraising project can achieve the profit target as expected is still unknown. 
On the evening of May 27, Sanan Optoelectronics issued a plan to increase the number of non-public offerings not exceeding 208.6 million shares (including 208.6 million shares), and the total amount of funds raised was not more than 3.3 billion yuan. The funds were mainly used for the industrialization of Wuhu Optoelectronics (Phase II) )project.
"The LED chip market is picking up and borrowing the policy. According to the "Semiconductor Lighting Energy Conservation Industry Plan", by 2015, the LED industry's output value will reach 450 billion yuan, and the chip localization rate will be over 80%." Sanan Optoelectronics' plan for the additional issuance There is no lack of good words, the localization rate of LED chips continues to increase, and the demand in the middle and lower reaches of the LED industry is huge. The market prospects of this fundraising investment project are optimistic.
However, in the context of the supply and demand game in the entire chip market, whether Sanan Optoelectronics’s additional issue of 3.3 billion yuan has to repeat the same results as the previous two fundraising projects, is still an unknown number. Various risk factors.
At the 2013 Hi-Tech LED Industry Summit held in Guangzhou on June 10th, the person in charge of the participating companies said that the competition of China's LED upstream epitaxial chip market will become more and more fierce in the future. At present, most mainland chip companies have not formed sustained profitability.
Chip hematopoietic capacity is weak
In China's LED lighting industry, Sanan Optoelectronics has always been a special case. In the specific industry background, with the help of government relations and capital operation capabilities, it can make up for its lack of hematopoietic capacity. However, with the increasingly fierce competition in the LED chip market in the next few years, Sanan Optoelectronics will face greater market risks and competitive pressures.
In recent years, the LED chip market has been unpredictable. Due to overcapacity in recent years, the Chinese chip industry has caused price wars and product gross margins have become lower and lower. According to the statistics of the High-tech LED Industry Research Institute (GLII), the investment rate of MOCVD equipment in China's mainland in 2012 was only 61%, but there is already a serious structural overcapacity. At the same time, over 90% of chip companies were losing money last year.
Although Sanan Optoelectronics' chip business revenue is still growing steadily in the past two years, it does not contribute from the real market competition, but through some unconventional means. In essence, Sanan Optoelectronics indirectly invested in a number of packaging companies such as Cinda Optoelectronics, Tiandian Optoelectronics, and Anpuguang through internal employees of the company.
On May 28th, Sanan Optoelectronics and Jiawei Co., Ltd. established a LED lighting joint venture company, and the LED lighting project landed in Hutou Industrial Zone, Anxi County. Then, Tiandian Optoelectronics, which is 40% owned by Sanan Optoelectronics' internal employees, also invested 2 billion yuan in LED packaging projects in Hutou Industrial Park, Anxi County.
According to industry sources, Tiandian's revenue last year was only about 200 million yuan. With such a large investment, people can't help but create too many delusions. At the same time, the reporter inquired from the website of Shenzhen Industry and Commerce Bureau that in 2010, Tiandian Optoelectronics has already mortgaged some key production equipment of the production line to the bank.
Although Sanan Optoelectronics has issued a clarification announcement on related party transactions, it seems that some people are more and more sceptical.
All along, Sanan Optoelectronics' chip business revenue mainly depends on two aspects, one is government orders and subsidies, and the other is to hide deeper related party transactions. However, for Sanan Optoelectronics, whose chip production capacity is still in a stage of gradual release, the above sources are only to compensate for the weakness of the short-term chip business. As the price of chips continues to decline and competitors are gradually closing the price gap, Sanan Optoelectronics faces more severe competitive pressures.
The reporter found that Sanan Optoelectronics has already merged its chip business revenue with LED lighting application product revenue in its 2012 annual report. Perhaps this is to further compensate for the possible fluctuation risk of chip revenue.
Market competition environment changes
In the past, Sanan Optoelectronics has been publicizing with full color, capacity and price advantages. But now, the mainland chip market has undergone tremendous changes.
On the one hand, mainland competitors such as Tongfang Optoelectronics, Huacan Optoelectronics, Inspur Huaguang, and Ganzhao Optoelectronics are rushing to catch up and continue to erode market share; on the other hand, although the technological advantages of chip manufacturers in Taiwan are being gradually chased by Sanan Optoelectronics, Product maturity, price closeness and the advantages of gradually integrating into the mainland market still exist; in addition, Japan, South Korea and the United States and Europe chip factories, which have a large market segment with Sanan Optoelectronics, are also using their integrated chip and marketing models and technologies. The advantages, customer market recognition and the price difference between the two sides gradually reduced the original advantages of Sanan Optoelectronics.
Perhaps already aware of its own market competition risk, Sanan Optoelectronics has obtained shares in the past year by participating in Taiwan’s second largest chip factory, Yuanyuan Optoelectronics (still pending approval by relevant government departments), and 100% acquisition of US Min Mings. The technical patents and so-called international influences help to increase market acceptance.
In fact, with the increasingly saturated demand for low-end and mid-end chips in recent years, the price war continues to ferment, and the gross profit margin of products has entered a fast downward channel. According to the 2013 first quarter report, Sanan Optoelectronics' operating income was 629 million yuan, an increase of 23.33% compared with the same period of last year, and the net profit was 160 million yuan, a decrease of 18.77% compared with the same period of last year.
The first two fundraising investments failed to meet expectations
If the additional issue of 3.3 billion yuan is passed, it means that Sanan Optoelectronics has raised nearly 7 billion yuan for chip expansion projects in the past three years. Before the fundraising, Sanan Optoelectronics also conducted two fundraising, but failed to achieve the expected goals.
In September 2009, Sanan Optoelectronics raised RMB 800 million for the LED Industrialization Project of Tianjin Sanan Optoelectronics Co., Ltd. Then, in 2010, Sanan Optoelectronics raised funds again, and the net proceeds from non-public issuance were 2.98 billion yuan, all of which were used in the LED Industrialization (Phase I) project of Anhui Sanan Optoelectronics Co., Ltd.
According to the previously announced fundraising fund use report, as of the end of 2012, both projects have completed the investment progress and entered the mass production phase, but did not achieve the expected target.
Among them, in 2009, Tianjin Sanan Optoelectronics Co., Ltd. LED industrialization project, the cumulative chip capacity utilization rate of investment projects on the deadline is 85%, the commitment to achieve benefits of 438 million yuan, and the cumulative realization of benefits of 300 million yuan, achieving a benefit rate of 68.49%.
In 2010, Anhui's first-phase project realized a far-reaching benefit from the expected goal. As of the end of 2012, the cumulative chip capacity utilization rate of the project was 80.29%, the promised benefit was 1.309 billion yuan, and the realized benefit was only 730 million yuan, achieving a benefit rate of 55.77%.
The reason why Sanan Optoelectronics accumulatively realized the realized revenues lower than the promised cumulative income mainly comes down to two points. First, the market environment has changed, including the intensified competition in the LED industry, including the international economic slowdown. Second, MOCVD It takes a long time from installation to capacity release.
“The first two funds raised by Sanan Optoelectronics were the best in the LED market, but they did not meet expectations. Although the LED chip market is recovering, the market competition is more intense than before, LED chip production capacity. Continued surplus is an indisputable fact. A well-known domestic investor admitted that the overcapacity of LED chips will continue for some time, and it is likely to be 2015.
According to the additional issuance plan, the planned investment of Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) project is 4,075.7 million yuan, and the amount of funds raised is not more than 2.8 billion yuan. After the completion of the project, the annual output of LED epitaxial wafers will be 1.223 million, and the blue and green chips will be 25.614 billion. After completion and put into production, it is expected to reach 60% in the first year, 80% in the second year, and 100% in the third year. The construction period of the project is 12 months. It is estimated that the annual sales income will reach 3.295 billion yuan, and the annual net profit after tax will be 56.574 million yuan.
Although the fundraising project is expected to yield a lot of profits, it is worth noting that in recent days, the probability of the M&A and restructuring committee rejecting the listed company's additional issuance plan has greatly increased, and there have been four companies that have been rejected. In the past three years, there have been only a few cases in which non-public offerings have been rejected.
The insiders believe that such a situation on the one hand indicates that the supervision is strengthening. On the one hand, it may be that the supervisory layer wants to set a good financing threshold and prepare for the upcoming IPO.
At the same time, the development of the LED industry in the second half of this year is not clear. More people are worried that once the downstream inventory is rapidly accumulated, it will soon be transmitted to the LED upstream, thus aggravating the crisis of overcapacity of the chip. Under the condition that the market factors are so uncertain, even if Sanan Optoelectronics has added enough horsepower, whether the additional issuance can be approved by the CSRC or whether the fundraising project can achieve the profit target as expected is still unknown.
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