LED burn dilemma: a large number of agencies to improve the performance of the withdrawal of subsidies

As a new industry, LED is undoubtedly a very burn industry. Nandu reporters found that this year there are large production LED project fund-raising 3 listed companies: Elec-Tech set by raising 1 billion 500 million yuan, Silan set by raising 800 million yuan, raising 636 million yuan LIAN. While foreign leader Sanan optoelectronics the guarantee amount is 160% of net assets, and its profits have been relying on government subsidies to more serious. Burn can last long? LED listed companies into the short term, the future may bring the risk of vicious competition, has become a concern for some brokerage researchers. For the poor prospects of the LED industry, many institutions have to smell the taste of the winter, so a large number of evacuation in the three quarter. The reporter found Nandu statistics, insurance, social security, QFII, trust, fund, brokerage and other five agencies total net holdings worth about 1 billion 700 million yuan, three safety optoelectronics, HC semitek, rectangular lighting, Elec-Tech, KingSun and other companies are reducing the market capitalization of more than 150 million yuan. However, there are also some funds have chosen to buy or holdings of 11 stride forward singing militant songs, LED companies, a total of 1 billion 300 million yuan. At present, regardless of performance, the performance of the stock price, the investment risk of these funds are increasing. Some even became the size of the fund to take over the reduction of the home, and some of the listed companies to become the new shareholders, but did not appear in the list of research institutions.

Sanan optoelectronics three quarterly growth of 14%, looks very beautiful

Minefield

1 three quarter net profit of $666 million, up to 328 million yuan subsidy, accounting for nearly half

2 gross margin fell all the way, from the previous 40% decline in the report of the year 32%, the quarterly report of three fell to 26%

3 external guarantees amounted to $9 billion 391 million, far exceeding its net assets of $5 billion 891 million

LED A shares as the leading listed companies, three of the Quarterly Bulletin seems very bright: Sanan optoelectronics Company attributable to the listed company's profit was 666 million yuan, an increase of 14%.

The industry is the most typical burn. "Deputy Secretary General of Guangdong green industry investment fund EMC alliance Lin Zhaojing bluntly, a few years ago due to government subsidies and bank loans, the funds to enter the industry threshold is not high, some bags, real estate enterprises to invest now, causing overcapacity.

Gross profit margin decreased to 26%

In fact, this is from the LED listed companies, especially listed companies this year, three quarterly profit fell sharply on the performance was very clear.

Due to excessive government intervention, the end of the consumer subsidies evolved into a direct subsidy to production enterprises. "Shanghai Securities researcher who asked not to be named, said, like solar energy, wind power industry, as long as the leveraging of government resources and access to bank support, margins, capital is expected to exceed rush on like a swarm of hornets, speed of excess capacity, after the price war, profit margins fell sharply, and finally into a similar earn processing fees the industry.

High subsidies LED industry MOCVD equipment procurement is a hidden danger, in 2010 a large number of MOCVD equipment orders, industry production capacity is rapidly released in 2011, in the second half of the year chip prices began to decline, a substantial decline in gross margin, the company began in 2012 with the amount of the premium.

The researchers speculate that "a little optimistic projections, three second half of greater revenue growth is possible, but next year may not have too much space. "

As for the LED midstream industry researcher bluntly, LED packaging industry due to the entry threshold is low chip, so the capacity to release more easily, the excess is normal, finally we fight is the process stability and cost. From this point of three optical margin can be discerned, this year reported its gross margin from 40% down to 32%, three of the quarterly bulletin also dropped to 26%.

Guarantee amount far exceeds the net assets

From the profit structure is not an optoelectronic health, three quarterly this year, the highest non recurring Sanan optoelectronics is income from government subsidies, the amount of up to 328 million yuan, is the largest gains subdivision project.

And the company's financial situation is more worrying. Its wholly owned subsidiaries and holding subsidiaries will be massive borrowing from banks, including Anhui Sanan optoelectronics company to apply for bank credit 5 billion 500 million yuan, plus three subsidiaries of the application amount, the total reached 6 billion 865 million yuan of credit. All three optical foreign guaranty amount up to 9 billion 391 million yuan, far more than the net assets of 5 billion 891 million yuan.

[1] [2] [3] next page