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Or the sapphire screen that will appear on the iPhone 6 has been swaying the nerves of Chinese capital in the past few months, and now this market is welcoming new players. On the evening of September 1, Dong Xu Optoelectronics, a leading domestic glass substrate company, announced that it intends to acquire a 50.5% stake in Jiangsu Jixing New Materials Co., Ltd. (hereinafter referred to as “Jiangsu Jixingâ€), and the transfer of Fangjixing New Materials Investment (Hong Kong) Co., Ltd. will continue. Hold the remaining 49.5% equity.
"The negotiation lasted for a long time, and it took eight or nine months." Shen Jianguang, director of the Dongxu Optoelectronics M&A Center, which has been involved in the acquisition, told reporters that "the next step will be to take the listed company acquisition process, conduct due diligence, and agree on the acquisition. Price and other work." In Shen Jianguang's view, this rather difficult negotiation is obviously worthwhile.
If the acquisition is successful, Dongxu Optoelectronics will enter the sapphire screen industry in one fell swoop. In the future, Jiangsu Jixing products, which focuses on the high-end market of window protection glass, will form a product portfolio with Dongxu Optoelectronics' original window protection glass high-end products.
Barrier device <br> <br> jade is a synthetic sapphire, having a high hardness, wear resistance, corrosion resistance and other characteristics. There are two main uses: one is the substrate material, which is mainly the LED semiconductor substrate material; the other is the window material, and the sapphire screen is recognized as a substitute for the Corning “gorilla†currently in the mainstream of the mobile product market. A new generation of high-end materials for glass. "State-owned mobile phone manufacturers have also been paying attention." Shen Jianguang said.
It can be seen from the 2014 mid-year report that Dongxu Optoelectronics actively expands the upstream core material industry layout in the optoelectronic field while investing in core strategic alliances with downstream customers such as BOE and Longteng Optoelectronics. On the one hand, it invests in new graphene materials. Core technology reserves, on the other hand, plan to acquire sapphire screen companies. At the end of 2013, Dongxu Optoelectronics began to investigate the sapphire screen industry.
This is not a relaxed industry. There are two types of sapphire production technology: the Russian bubble method and the American heat exchange method. The former has a lower threshold and the quality is lower. The latter has high quality products, higher thresholds and higher costs. However, at present, the sapphire substrate for LED lighting accounts for more than 80% of the application of sapphire substrates. This relatively low-end application obviously favors the production of enterprises with relatively low thresholds such as capital, technology and equipment, and Jiangsu Jixing. The heat exchange method is used.
Apple's attention to the sapphire screen has transformed the strengths and weaknesses of the entire industry. The new generation of high-end materials that are expected to replace Corning's "Gorilla" glass obviously needs more products produced by heat exchange. The sapphire crystal produced by heat exchange technology is more suitable for the large size of electronic products such as smart phones, iPads, and smart wearers. Window material.
Jixing is one of the few manufacturers in China that has the patented heat exchange method special crystal furnace equipment sapphire of GTAT (GT Advanced Technologies), a famous American sapphire crystal growth furnace equipment manufacturer. Moreover, Apple announced a $576 million cooperation agreement with GTAT at the end of 2013 to buy out GTAT's future sapphire crystal growth furnace equipment production, dedicated to the production of sapphire screens for next-generation mobile products such as the iPhone 6.
Affected by this, GTAT has no longer accepted orders for new sapphire crystal growth equipment. In other words, Jiangsu Jixing, as an authorized support customer of GTAT, will become one of the few manufacturers in China that can provide “Apple quality†sapphire glass. The mobile sapphire glass era has a domestic monopoly technology advantage. "Apple's behavior actually helped Jixing to become a certain equipment barrier." Shen Jianguang told this reporter. According to market analysts, this may be the main reason why Dongxu Optoelectronics chose Jiangsu Jixing.
Jiangsu Jixing is the top three sapphire screen manufacturer in terms of domestic product scale, with a production capacity of 300,000 pieces of 2 inch high quality LED substrate per month. “The heat exchange method has high technical requirements. After a period of running and running, Jiangsu Jixing has passed the study period and the technology has matured.†At the same time, Jiangsu Jixing is a company that survived the bleak industry and “management ability such as cost controlâ€. Very strong."
The combination of "Jiangsu Jixing and Dongxu Optoelectronics has a high industrial synergy effect." Shen Jianguang told this reporter.
According to public information, Dongxu Optoelectronics, in addition to its main glass substrate equipment and glass substrate products, also owns a protective glass cover enterprise, Xu Hong Optoelectronics Co., Ltd., which is a major shareholder.
From the product positioning point of view, Xuhong's glass cover as a product to fill the gap in the domestic industry, will be positioned in the domestic mobile device mid-end product market to replace the foreign similar products currently occupying a monopoly position in the market. The acquisition of sapphire enterprises by Dongxu Optoelectronics intends to seize the high-end market of mobile devices and form a synergistic effect with the mid-end market where its high-aluminum protective glass cover products are located, expanding the share of Dongxu Optoelectronics in the touch protection glass market.
This product portfolio is directly related to Dongxu Opto's estimation of future markets.
At present, the global smartphone market is growing at an average annual rate of 40%, reaching 1.4 billion units in 2014 and 2 billion units in 2015. "It is expected that the sapphire screen will reach maturity and explosion next year." "We believe that the low-end mobile phone market using sodium-lime glass screen covers accounts for one-third, and the mobile phone market using high-aluminum protective glass covers accounts for one-third. The use of sapphire will also occupy one-third," "the sapphire screen market will reach 300 million to 600 million." Dongxu Optoelectronics judged this. As the maximum cost of heat exchange sapphire production enterprises is electricity and equipment depreciation, as the scale expands, the cost and price will be further reduced, and the market competitiveness and replacement rate will be further improved.
The market believes that once the iPhone is applied to the sapphire cover, the sapphire industry will achieve a leap forward. In 2014, the size of LED substrate and sapphire window is about 5 billion yuan. It is estimated that the demand for apple sapphire cover will reach 7.5 billion yuan and 9.3 billion yuan from 2015 to 2016. The demand for non-apple sapphire cover will reach 4 billion yuan and 7 billion yuan. yuan.
When the industry matures, the performance of Jiangsu Jixing will naturally not be a problem.
According to the announcement, the transfer party Jijixing New Materials Investment (Hong Kong) Co., Ltd. and Jiangsu Jixing actual controller issued a performance commitment letter, promised that the net profit of Jiangsu Jixing in 2015, 2016 and 2017 will not be less than 30 million yuan, 60 million yuan respectively. , 100 million yuan. From the financial data of Jiangsu Jixing's net profit of -26.24 million yuan on June 30, 2014, after three years, Jiangsu Jixing's net profit will break into the ranks of 100 million yuan.
"The negotiation lasted for a long time, and it took eight or nine months." Shen Jianguang, director of the Dongxu Optoelectronics M&A Center, which has been involved in the acquisition, told reporters that "the next step will be to take the listed company acquisition process, conduct due diligence, and agree on the acquisition. Price and other work." In Shen Jianguang's view, this rather difficult negotiation is obviously worthwhile.
If the acquisition is successful, Dongxu Optoelectronics will enter the sapphire screen industry in one fell swoop. In the future, Jiangsu Jixing products, which focuses on the high-end market of window protection glass, will form a product portfolio with Dongxu Optoelectronics' original window protection glass high-end products.
Barrier device <br> <br> jade is a synthetic sapphire, having a high hardness, wear resistance, corrosion resistance and other characteristics. There are two main uses: one is the substrate material, which is mainly the LED semiconductor substrate material; the other is the window material, and the sapphire screen is recognized as a substitute for the Corning “gorilla†currently in the mainstream of the mobile product market. A new generation of high-end materials for glass. "State-owned mobile phone manufacturers have also been paying attention." Shen Jianguang said.
It can be seen from the 2014 mid-year report that Dongxu Optoelectronics actively expands the upstream core material industry layout in the optoelectronic field while investing in core strategic alliances with downstream customers such as BOE and Longteng Optoelectronics. On the one hand, it invests in new graphene materials. Core technology reserves, on the other hand, plan to acquire sapphire screen companies. At the end of 2013, Dongxu Optoelectronics began to investigate the sapphire screen industry.
This is not a relaxed industry. There are two types of sapphire production technology: the Russian bubble method and the American heat exchange method. The former has a lower threshold and the quality is lower. The latter has high quality products, higher thresholds and higher costs. However, at present, the sapphire substrate for LED lighting accounts for more than 80% of the application of sapphire substrates. This relatively low-end application obviously favors the production of enterprises with relatively low thresholds such as capital, technology and equipment, and Jiangsu Jixing. The heat exchange method is used.
Apple's attention to the sapphire screen has transformed the strengths and weaknesses of the entire industry. The new generation of high-end materials that are expected to replace Corning's "Gorilla" glass obviously needs more products produced by heat exchange. The sapphire crystal produced by heat exchange technology is more suitable for the large size of electronic products such as smart phones, iPads, and smart wearers. Window material.
Jixing is one of the few manufacturers in China that has the patented heat exchange method special crystal furnace equipment sapphire of GTAT (GT Advanced Technologies), a famous American sapphire crystal growth furnace equipment manufacturer. Moreover, Apple announced a $576 million cooperation agreement with GTAT at the end of 2013 to buy out GTAT's future sapphire crystal growth furnace equipment production, dedicated to the production of sapphire screens for next-generation mobile products such as the iPhone 6.
Affected by this, GTAT has no longer accepted orders for new sapphire crystal growth equipment. In other words, Jiangsu Jixing, as an authorized support customer of GTAT, will become one of the few manufacturers in China that can provide “Apple quality†sapphire glass. The mobile sapphire glass era has a domestic monopoly technology advantage. "Apple's behavior actually helped Jixing to become a certain equipment barrier." Shen Jianguang told this reporter. According to market analysts, this may be the main reason why Dongxu Optoelectronics chose Jiangsu Jixing.
Jiangsu Jixing is the top three sapphire screen manufacturer in terms of domestic product scale, with a production capacity of 300,000 pieces of 2 inch high quality LED substrate per month. “The heat exchange method has high technical requirements. After a period of running and running, Jiangsu Jixing has passed the study period and the technology has matured.†At the same time, Jiangsu Jixing is a company that survived the bleak industry and “management ability such as cost controlâ€. Very strong."
The combination of "Jiangsu Jixing and Dongxu Optoelectronics has a high industrial synergy effect." Shen Jianguang told this reporter.
According to public information, Dongxu Optoelectronics, in addition to its main glass substrate equipment and glass substrate products, also owns a protective glass cover enterprise, Xu Hong Optoelectronics Co., Ltd., which is a major shareholder.
From the product positioning point of view, Xuhong's glass cover as a product to fill the gap in the domestic industry, will be positioned in the domestic mobile device mid-end product market to replace the foreign similar products currently occupying a monopoly position in the market. The acquisition of sapphire enterprises by Dongxu Optoelectronics intends to seize the high-end market of mobile devices and form a synergistic effect with the mid-end market where its high-aluminum protective glass cover products are located, expanding the share of Dongxu Optoelectronics in the touch protection glass market.
This product portfolio is directly related to Dongxu Opto's estimation of future markets.
At present, the global smartphone market is growing at an average annual rate of 40%, reaching 1.4 billion units in 2014 and 2 billion units in 2015. "It is expected that the sapphire screen will reach maturity and explosion next year." "We believe that the low-end mobile phone market using sodium-lime glass screen covers accounts for one-third, and the mobile phone market using high-aluminum protective glass covers accounts for one-third. The use of sapphire will also occupy one-third," "the sapphire screen market will reach 300 million to 600 million." Dongxu Optoelectronics judged this. As the maximum cost of heat exchange sapphire production enterprises is electricity and equipment depreciation, as the scale expands, the cost and price will be further reduced, and the market competitiveness and replacement rate will be further improved.
The market believes that once the iPhone is applied to the sapphire cover, the sapphire industry will achieve a leap forward. In 2014, the size of LED substrate and sapphire window is about 5 billion yuan. It is estimated that the demand for apple sapphire cover will reach 7.5 billion yuan and 9.3 billion yuan from 2015 to 2016. The demand for non-apple sapphire cover will reach 4 billion yuan and 7 billion yuan. yuan.
When the industry matures, the performance of Jiangsu Jixing will naturally not be a problem.
According to the announcement, the transfer party Jijixing New Materials Investment (Hong Kong) Co., Ltd. and Jiangsu Jixing actual controller issued a performance commitment letter, promised that the net profit of Jiangsu Jixing in 2015, 2016 and 2017 will not be less than 30 million yuan, 60 million yuan respectively. , 100 million yuan. From the financial data of Jiangsu Jixing's net profit of -26.24 million yuan on June 30, 2014, after three years, Jiangsu Jixing's net profit will break into the ranks of 100 million yuan.
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