Raising 5 billion net profit of over 20 luxury Runda water injection by Yide suspected cases

Years old age spent similar. Last winter, de Ho Runda (002005) just successfully directed placement of $1 billion 500 million. This summer, Elec-Tech throw 3 billion 500 million additional plans. Here, less than a spring and autumn. May 23rd Elec-Tech announcement said, intends to 15.61 yuan / share placement fund-raising 3 billion 500 million yuan. Raised funds 80% investment LED epitaxial film production line project, the use of funds to supplement the liquidity of 20%. Meanwhile, the executive director of the equity incentive program. People zashe not Elec-Tech lightning quanqian speed, but 4 additional projects next year Elec-Tech has 2 billion 90 million net profit of their own weaving, equivalent to 10.7 times its 2010 net profit of 196 million. Such a bold prediction, so that competitors Sanan optoelectronics pinched the cold sweat "cannot read". "So high? Project forecast is outrageous. This is a big difference between the forecast and peers. Can only say that each company's expectations of the market, the motivation is not the same. Shanghai, a long-term tracking LED industry analysts are greatly puzzled. Compared to 40 days ago, rival Sanan optoelectronics issuance plan, doubts Elec-Tech additional project "Huabing" immediately surfaced. Two ring 5 billion VS six years 0 dividend "Wang Donglei also know that LED is a money losing industry. So to be in full swing. This is an optoelectronic. "A person close to the Shenzhen agency said elec-tech. Elec-Tech story from the beginning of March 2009. Previously, Elec-Tech in small household electrical appliances industry Gonggeng 13 years. In March 2009, the introduction of strategic investors by way of entering the LED industry. In July of the same year, the acquisition of Shenzhen retop Display Technology Co. Ltd. to further increase the LED industrial layout. October 2009, Elec-Tech first throw 1 billion 500 million set by the program, intends to invest LED chip, packaging, lighting industry chain project, covering industry in the downstream. In November 2010, the price of 9.54 yuan / share, to the success of the Zhuhai BDO appliances, Wuhu Economic Development Zone photoelectric industry investment and Development Co. Ltd., Longwo Lake construction development, Wuhu ambitious venture four private placement shareholders 1 billion 500 million. In addition to the major shareholder of Zhuhai BDO appliances, the remaining three were introduced to the shareholders of Wuhu SASAC background. This project is located in Anhui Elec-Tech LED Wuhu city. At present, the price reached 17.03 yuan, compared to the original issuance price nearly doubled, less than 7 months, and the largest shareholder of Wuhu SASAC book income nearly doubled. 2011, Tokunho Jundaayumi three optical footsteps, and then throw 3 billion 500 million set by the program. If the refinancing is successful, will get 5 billion gold silver ring elec-tech. The difference is, the additional price rises as Elec-Tech price soared up to 15.61 yuan. In the recent two months, the stock price way down, fell to the lowest 16.39 yuan, the issuance price around the edge, for investors, is not attractive. This is the first time there is a difference between the price of private placement. "This refinancing will introduce new institutions, the agencies involved in the issuance of the last will not participate in the issuance of. "The insiders told reporters on the financial weekly. In addition, Elec-Tech generous funds from government subsidies. According to financial weekly newspaper reporter to statistics, since 2010, China received 8 subsidy, the cumulative amount of 700 million, of which 395 million government subsidies included in the current profits and losses, included in the current performance. To some extent, government subsidies to cover small household appliances industry Elec-Tech embarrassment. The first quarter net profit of 65 million 410 thousand yuan, while the current government subsidies of up to 133 million yuan. This means that, excluding government subsidies, the main business for a loss. And three optical "generous dividend", Elec-Tech is very stingy". Listing 7 years, in addition to Elec-Tech listed on the 2004 year had a cash dividend of 101 million, since 2005, 6 consecutive years of cash dividend is zero.

4 billion 300 million additional projects behind the doubts Elec-Tech generous quanqian, is playing "biscuits" game. Elec-Tech in additional plans, plans to invest 4 billion 280 million yuan for the LED wafer production line project, of which 3 billion 980 million yuan investment in fixed assets, working capital 300 million yuan. Is expected in the prospectus in accordance with de Ho Runda, completion of the project, will form an annual output of 1 million 800 thousand pieces of 4 inch LED wafer production capacity. Will increase the annual operating income of 7 billion 956 million yuan, annual tax profit of $1 billion 587 million, the project after tax internal rate of return of 25.86%. 3 projects with the previous placement is expected to bring 500 million net profit, Elec-Tech will add 2 billion 90 million net profit in the next 3-4 years, equivalent to 10.7 times its net profit in 2010. Is dubious, 40 days ago, peer Sanan optoelectronics additional plans disclosed, the project is expected in Wuhu is far not so lofty elec-tech". Wuhu Sanan optoelectronics optoelectronics industry of two projects with a total investment of 5 billion 830 million yuan, including fixed assets investment 4 billion 430 million yuan, 1 billion 400 million yuan of liquidity. In an optoelectronic placement plan, is expected to produce epitaxial wafers 1 million 125 thousand after the completion of the project, the green and blue chip 90 billion. The average annual profit of the project is 1 billion 90 million yuan, after tax investment internal rate of return of 21.50%. In fact, the two companies to do the project, in the city, but as a whole, the construction time is about planning. These two projects are doing the same thing, are epitaxial film, blue, green chips, are also in Wuhu. "Elec-Tech securities so in response to the financial weekly newspaper reporter. Elec-Tech and three optical gain control