[High-tech LED reporter Zhao Hui ] "Now most of the chip factories rely on subsidies to live. Once the policy changes, the subsidies are reduced, and the profitability is difficult to say." The head of a domestic chip company said that the current LED chip manufacturers It is really a survival situation. The 2013 semi-annual report released by the domestic LED chip giant Sanan Optoelectronics (600703.SH) has undoubtedly confirmed this point.
According to the semi-annual report, Sanan Optoelectronics' operating income for the first half of 2013 was 1,674,234,300 yuan, and the net profit attributable to shareholders of the listed company was 462,844,700 yuan, a year-on-year decrease of 0.7%.
"Because of the strong demand for LED lighting, at present, the company's wholly-owned subsidiary MOCVD equipment has exceeded 130 units in full production." Sanan Optoelectronics said in the semi-annual report that the company's LED chip main business demand is strong, the company not only actively Equipment, and give full play to its technological advantages, strive to improve the effective operation efficiency of equipment, improve product structure, further reduce production costs, and enhance the market share of the company's products.
In the case of the continuous expansion of MOCVD machines and the full production of equipment, the performance of Sanan Optoelectronics should have been greatly improved. However, the net profit of the company increased by 22.13% year-on-year, but the current situation of non-profit increase continued. . At the same time, Sanan Optoelectronics' government subsidy income decreased significantly in the first half of the year, only 10,034,480 yuan, while the same period last year, it received a subsidy income of 19,884,800 yuan.
In order to alleviate the pressure on performance, Sanan Optoelectronics recently threw out a number of large-scale expansion plans, and seized the market with the strategy of scale cost advantage. At the same time, it can get government subsidies, which can be said to be more than one.
On May 28, Sanan Optoelectronics announced that the company intends to apply for non-public issuance of no more than 208.6 million A shares, and the total amount of funds raised is not more than 3.3 billion yuan. The funds are mainly used for Wuhu Optoelectronics Industrialization (Phase II) project. According to the staff of the Sanan Optoelectronics Board of Directors, the second phase of the project is expected to introduce 100 MOCVD machines.
On June 19, the board of directors of Sanan Optoelectronics passed a resolution on the expansion of Xiamen base. It was decided that the subsidiary Xiamen Sanan Optoelectronics Technology Co., Ltd. will invest no more than RMB 280 million to add 20 international single-cavity machines or five sets of four. Cavity GaN gallium MOCVD equipment and expansion of some LED chip production line. The Xiamen expansion plan has also been awarded by the Xiamen Municipal Government and the Siming District People's Government of Xiamen City for a single-cavity 54-piece model (converted to 2 inches) for subsidies of not more than 5 million yuan per unit, or 216 pieces (converted to 2 inches). The four-cavity joint model is subsidized at RMB 20 million per unit.
However, Sanan Optoelectronics did not consume huge production capacity in time, and the inventory water level even hit new highs. In order to alleviate the inventory pressure, Sanan Optoelectronics has taken the lead in stocking up many times, and at most, it took 30% of the price.
According to the financial report, as of June 30, 2013, Sanan Optoelectronics' inventory was 1,183,153,400 yuan, an increase of 27.73% compared with the beginning of the year. Among them, the inventory goods were 652.579 million yuan, an increase of 53.59% compared with the initial period of 425.077 million yuan.
Although the Sanan Optoelectronics Tianjin fundraising project and the Wuhu Optoelectronics Industrialization Phase I project have all completed the investment amount, the revenue is far from the revenue target of the curtain investment project plan. Taking Wuhu Phase I chip project as an example, the promised income for March-December 2011 was 4.544.45 million yuan, and the actual income was 308.3322 million yuan. The promised income in 2012 and the first half of 2013 were 87.739 million yuan and 61.254 million yuan respectively. The actual income was 42197.76 million yuan and 21947.50 million yuan respectively.
From January to June 2013, the actual revenue was only 35.83% of the promised revenue. The total revenue is also only 49.42% of the total committed revenue. This is due to the slow progress of Sanan Optoelectronics' fundraising project. On the other hand, the actual selling price of the chip is significantly lower than the sales price of the original curtain investment plan.
In order to digest the capacity of the expansion, Sanan Optoelectronics Co., Ltd. (300317.SZ) established a joint venture company for R&D, production and sales of LED applications. Under the same conditions, the joint venture company will give priority to the production of Sanan Optoelectronics. LED chip. At the same time, it also signed a chip procurement framework agreement with Zhaochi (002429.SZ) with a total purchase amount of 500 million yuan.
Peng Weiwen, the secretary of the company, said that the joint venture company's products will use Sanan Optoelectronics' chips, mainly to develop LED indoor lighting products, and the product sales will be based on the original North American sales channels.
Sanan Optoelectronics' LED chips are positioned in the low-end market in the domestic market. The threshold for indoor LED lighting products in the United States is very high, and the technical requirements are also very strict. At the same time, the patent rights of chips are involved. The sales prospects of the joint venture companies are still unknown.
While Sanan stepped up production expansion, other chip manufacturers are also actively investing. Dehao Runda, Huacan Optoelectronics, Guangdong Ganhua and Taiwan Jingdian are all adding new MOCVD machines. Sanan’s current sales market accounts for The rate will also be further squeezed by these companies.
"The whole industry is over-resourced and has not been corrected. From the extension, chip, packaging, downstream, there is a surplus of production capacity." Dr. Zhang Xiaofei, CEO of Gaogong LED, reminded that enterprises must differentiate their competition in order to survive.
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According to the semi-annual report, Sanan Optoelectronics' operating income for the first half of 2013 was 1,674,234,300 yuan, and the net profit attributable to shareholders of the listed company was 462,844,700 yuan, a year-on-year decrease of 0.7%.
"Because of the strong demand for LED lighting, at present, the company's wholly-owned subsidiary MOCVD equipment has exceeded 130 units in full production." Sanan Optoelectronics said in the semi-annual report that the company's LED chip main business demand is strong, the company not only actively Equipment, and give full play to its technological advantages, strive to improve the effective operation efficiency of equipment, improve product structure, further reduce production costs, and enhance the market share of the company's products.
In the case of the continuous expansion of MOCVD machines and the full production of equipment, the performance of Sanan Optoelectronics should have been greatly improved. However, the net profit of the company increased by 22.13% year-on-year, but the current situation of non-profit increase continued. . At the same time, Sanan Optoelectronics' government subsidy income decreased significantly in the first half of the year, only 10,034,480 yuan, while the same period last year, it received a subsidy income of 19,884,800 yuan.
In order to alleviate the pressure on performance, Sanan Optoelectronics recently threw out a number of large-scale expansion plans, and seized the market with the strategy of scale cost advantage. At the same time, it can get government subsidies, which can be said to be more than one.
On May 28, Sanan Optoelectronics announced that the company intends to apply for non-public issuance of no more than 208.6 million A shares, and the total amount of funds raised is not more than 3.3 billion yuan. The funds are mainly used for Wuhu Optoelectronics Industrialization (Phase II) project. According to the staff of the Sanan Optoelectronics Board of Directors, the second phase of the project is expected to introduce 100 MOCVD machines.
On June 19, the board of directors of Sanan Optoelectronics passed a resolution on the expansion of Xiamen base. It was decided that the subsidiary Xiamen Sanan Optoelectronics Technology Co., Ltd. will invest no more than RMB 280 million to add 20 international single-cavity machines or five sets of four. Cavity GaN gallium MOCVD equipment and expansion of some LED chip production line. The Xiamen expansion plan has also been awarded by the Xiamen Municipal Government and the Siming District People's Government of Xiamen City for a single-cavity 54-piece model (converted to 2 inches) for subsidies of not more than 5 million yuan per unit, or 216 pieces (converted to 2 inches). The four-cavity joint model is subsidized at RMB 20 million per unit.
However, Sanan Optoelectronics did not consume huge production capacity in time, and the inventory water level even hit new highs. In order to alleviate the inventory pressure, Sanan Optoelectronics has taken the lead in stocking up many times, and at most, it took 30% of the price.
According to the financial report, as of June 30, 2013, Sanan Optoelectronics' inventory was 1,183,153,400 yuan, an increase of 27.73% compared with the beginning of the year. Among them, the inventory goods were 652.579 million yuan, an increase of 53.59% compared with the initial period of 425.077 million yuan.
Although the Sanan Optoelectronics Tianjin fundraising project and the Wuhu Optoelectronics Industrialization Phase I project have all completed the investment amount, the revenue is far from the revenue target of the curtain investment project plan. Taking Wuhu Phase I chip project as an example, the promised income for March-December 2011 was 4.544.45 million yuan, and the actual income was 308.3322 million yuan. The promised income in 2012 and the first half of 2013 were 87.739 million yuan and 61.254 million yuan respectively. The actual income was 42197.76 million yuan and 21947.50 million yuan respectively.
From January to June 2013, the actual revenue was only 35.83% of the promised revenue. The total revenue is also only 49.42% of the total committed revenue. This is due to the slow progress of Sanan Optoelectronics' fundraising project. On the other hand, the actual selling price of the chip is significantly lower than the sales price of the original curtain investment plan.
In order to digest the capacity of the expansion, Sanan Optoelectronics Co., Ltd. (300317.SZ) established a joint venture company for R&D, production and sales of LED applications. Under the same conditions, the joint venture company will give priority to the production of Sanan Optoelectronics. LED chip. At the same time, it also signed a chip procurement framework agreement with Zhaochi (002429.SZ) with a total purchase amount of 500 million yuan.
Peng Weiwen, the secretary of the company, said that the joint venture company's products will use Sanan Optoelectronics' chips, mainly to develop LED indoor lighting products, and the product sales will be based on the original North American sales channels.
Sanan Optoelectronics' LED chips are positioned in the low-end market in the domestic market. The threshold for indoor LED lighting products in the United States is very high, and the technical requirements are also very strict. At the same time, the patent rights of chips are involved. The sales prospects of the joint venture companies are still unknown.
While Sanan stepped up production expansion, other chip manufacturers are also actively investing. Dehao Runda, Huacan Optoelectronics, Guangdong Ganhua and Taiwan Jingdian are all adding new MOCVD machines. Sanan’s current sales market accounts for The rate will also be further squeezed by these companies.
"The whole industry is over-resourced and has not been corrected. From the extension, chip, packaging, downstream, there is a surplus of production capacity." Dr. Zhang Xiaofei, CEO of Gaogong LED, reminded that enterprises must differentiate their competition in order to survive.
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