A shares refinancing chaos inventory: LED companies only financing dividends

In today's increasingly stringent credit policy, financing from the capital market has become the preferred financing channels for listed companies. In order to be able to smooth financing, the company naturally to investors weave a lot of good future vision, but some of these ideas may be true, some may be false.

I saw the money out of wealth

Brave, Chinese ancient animal, is money for food, has no mouth, anus, can swallow things and never leak. According to Wind statistics, A stock market also has only 17 dance company, on behalf of the company's two LED manufacturers, Elec-Tech Sanan optoelectronics.

Since entering the LED industry in 2009 and 2010 Elec-Tech dished out 1 billion 500 million yuan fund-raising plan, plus its own funds of nearly 100 million yuan to invest in Wuhu BDO LED chip, LED packaging, LED lighting project three. This summer, Elec-Tech throw 3 billion 500 million additional plans. The company said the financing plan will invest 4 billion 280 million yuan for investment in Wuhu LED wafer production line project and add liquidity, completion of the project, will form an annual output of 1 million 800 thousand pieces of 4 inch LED wafer production capacity. Will add an annual operating income of 7 billion 956 million yuan, after tax profit of $1 billion 587 million.

Good prospects for the project, financing is also generous, but the company's performance has not improved. The report shows that in 2010, the company net profit of 196 million, 395 million government subsidies included in the current profits and losses from 2010, but a loss of nearly 200 million yuan; the first quarter of 2011, the company net profit of 65 million 410 thousand, while the current government subsidies are as high as 133 million, excluding the impact of government subsidies, the main business is still a loss.

Brave nature is not only into, so the traditional elec-tech. According to statistics, since 2004, the listing had a cash bonus, in the rest of the year, Elec-Tech completely amnesia.

Compared Elec-Tech Sanan optoelectronics, like a little brother, is the genuine goods at a fair price Sanan optoelectronics "quanqian" the brave, very strong desire. 2008~2011 4 years, Sanan optoelectronics every year throws refinancing program. In April this year, the disclosure of Sanan optoelectronics fund-raising plan, quasi public issuance of A shares is not more than 210 million shares, raising not more than 8 billion yuan to raise funds for all of Anhui Sanan optoelectronics Co. Ltd. Wuhu optoelectronic industry (two) and Anhui Sanan optoelectronics Co. Ltd. project LED application products industrialization projects, two projects total investment about 9 billion 125 million yuan.

With Elec-Tech, three optical performance also depend on government subsidies to support. Only in 2010, local governments received an optoelectronic subsidies of up to 750 million yuan, while the 2010 net profit of only 419 million yuan. Since the listing of 13 years, only three optical dividend 2 times, total dividend 143 million yuan.

"High government subsidies has become the biggest source of profits in LED industry, Sanan optoelectronics, such as Elec-Tech, government subsidies almost became the main source of corporate profits, also disguised the birth of LED industry 'false prosperity'. An anonymous analyst pointed out that electronic components.

Raise investment projects in the future there is no end of their own hearts

In the refinancing plan, not a listed company would mention financing raise investment project risk, always tried to years to reach the project financing prospects boast as if it were raining flowers. For a few years to produce benefits of the project, in fact, there is no bottom in the hearts of listed companies.

June 4th, Chang Linzhu shares announced to 10.90 yuan / share non-public offering of shares has been completed, the net proceeds of the fund was $499 million to $43 million 730 thousand. Notice that the funds raised will be invested in 9 series of high performance loaders and high-grade transmission projects, special vehicle industry base construction projects and overseas marketing platform construction project, which is the main loader project funds invested. After the project is expected to be completed, the annual sales income of 1 billion 830 million yuan, the annual total profit of $120 million.

For optimistic judgment, industry analysts has made it clear that it intends to invest in the loader project is difficult to convince people, compared to other engineering machinery loader industry overcapacity rate is the highest, Liugong loader brand in the traditional market share and product technology has been high, Chang Linzhu want to share by less than 600 million yuan investment in technological transformation and upgrading, and rapid recovery in the fierce competition in the cost and profit will be very difficult. For the purpose of financing to raise investment, company insiders revealed to the media information may be true, "early in the loader on the project of technological research and development cost of investment is large, if give up halfway and not continue to invest and increase production, it will be difficult to survive in the fierce competition. In the dilemma of choice, had to reluctantly launched the loader project. "

In fact, Chang Linzhu shares are not alone. In May 31st, Qinghai gelatin announced plans to raise total funds not more than 400 million yuan, to be used for acquisition and replenishment of Acer casings, and used to project 400 million meters collagen casing production line with annual output of construction. Financing plan, the stock price to close the day limit. Although the company forecast, after the project reached the normal annual estimated annual income will be 161 million yuan, with an average annual total profit of 63 million 980 thousand and 300 yuan, but from the acquisition and replenishment of the Acer casing operating results, its 2010 net profit was a loss, the enterprise transformation and upgrading projects, can hardly be optimistic about the prospects, especially in the considering the problem of project construction period, Qinghai gelatin depend on the short term estimates provide significant benefits should also lack.