In 2010, the marriage between the domestic LED industry and the capital market ended with a successful IPO of Lehman Optoelectronics (300162): On December 24, Lehman Optoelectronics published a letter of intent for the IPO, and the initial public offering of RMB ordinary shares (A shares) was 16.8 million shares. The share capital is 67 million shares, which was listed on the GEM of the Shenzhen Stock Exchange. On December 27-29, it completed the road show promotion in Shenzhen, Shanghai and Beijing. It was sought after; the official subscription was started on January 4, and the issue price of the initial public offering of A shares was issued. It is determined to be 38 yuan/share, and the corresponding price-to-earnings ratio is 131.49 times.
The year 2010 is a year in which the domestic packaging army has expanded its scale with the help of the capital market. Guoxing Optoelectronics (002449) successfully listed on the Shenzhen Stock Exchange in July, raising a net amount of 1.48 billion yuan, of which 504 million yuan was used for fundraising projects. Lehman Optoelectronics is also actively preparing for the last bus after a full year.
According to Gaogong LED, there are no fewer than 10 companies that are ready to go public after Lehman Optoelectronics. They are represented by Wanrun, Maoshuo Power, Lianjian Optoelectronics and Ruifeng Optoelectronics.
The packaging army wants to get together and use the listing to quickly raise funds to expand production, on the one hand to enhance brand influence, but the capital market's strict test of its profit and growth, whether it meets pre-market expectations, this is under the overheated attention of capital Think calmly.
Guoxing Optoelectronics raised a large investment project, Han’s laser
Domestic packaging predator Guoxing Optoelectronics (002449) issued 55 million shares on July 5, 2010, with an issue price of 28.00 yuan, raising a total of 148,255,100 yuan, of which 504 million yuan for new surface mount LED technology transformation projects; LED LED and LED light source module technical transformation project; LED backlight technology transformation project; semiconductor lighting fixture key technology and industrialization project. According to the person in charge of Guoxing Optoelectronics, the IPO fundraising project is currently in progress.
On the first day of listing on July 16, 2010, Guoxing Optoelectronics opened at 28.36 yuan on the first day of trading. On January 5, 2011, it closed at 45.62 yuan, up 60.8% in half a year. The main financial data for the first three quarters of 2010: the main revenue was 619.44 million yuan, the operating profit was 125,579,300 yuan, the net profit was 10,737,860 yuan, and the earnings per share was 0.50 yuan. Operating income and net profit increased by 39.85% and 34.79% respectively.
Dazu Laser (002008) entered the LED industry through mergers and acquisitions in 2009, and successively invested in Shenzhen Guoye Xingguang Electronics Co., Ltd., Shenzhen Dazu Optoelectronic Equipment Co., Ltd., Shenzhen Lusheng Optoelectronics Technology Co., Ltd., and gradually entered LED display and high-power lighting devices. Packaging, system and component design, production areas.
In 2010, it invested 18 million yuan to acquire 26.5% of Shenzhen Yuanheng Optoelectronics Co., Ltd., and increased capital of 23.8 million yuan to Yuanheng Optoelectronics. After the acquisition and capital increase, the company held 51% of Yuanheng Optoelectronics.
After four shots in the field of LED, Dazu Laser's LED equipment and products in the first half of 2010 achieved operating income of 174 million yuan, an increase of 33.09 times. In the first three quarters of 2010, the main income was 220,746,200 yuan, the operating profit was 312,246,500 yuan, the net profit was 322,372,500 yuan, and the earnings per share was 0.46 yuan.
Under the consideration of the first three quarters of 2010 and the industry's future prosperity, most institutions gave higher ratings to Guoxing Optoelectronics and Han's Laser.
The package extends up and down, and is the length of the battle line thick?
On December 21, 2010, Guoxing Optoelectronics re-invested in the investment plan, which was different from the previous expansion of packaging capacity by the listed funds. This time, it used 400 million yuan to raise funds and cooperated with other investors to set up a new company to engage in LED epitaxy and chips. Research and development, production and sales.
Different from domestic packaging companies, Taiwan's packaged listed companies are mainly engaged in large packaging, such as billion light. Taiwan Yiguang focuses on packaging and is the leader in the SMD LED packaging industry. It is a major supplier of LED LCD TV manufacturers such as LG, Sharp and Samsung. The monthly production capacity is about 1 billion, and the annual sales are nearly 300 million US dollars.
“Enterprises are involved in the upstream or downstream of the industrial chain, mainly based on the marginal cost and marginal revenue of the enterprise itself. Of course, they also have some relationship with the corporate culture of each country and region. It is undeniable that domestic enterprises prefer the industrial chain. From the perspective of development." National Star Optoelectronics board office director on the involvement of the epitaxial chip.
Domestic packaging companies like to lengthen the industrial chain. Taiwan's mainly focuses on horizontal expansion. By investing in three epitaxial chip factories, such as Jingdian, Taigu and Guangjia, Yiguang directly grasps the upstream epitaxial chip resources, and does not have to spend any effort to take the path that others have already taken. This kind of development mode is easy to enlarge and professional, and it is easy to become a big international company with influence.
"The development of domestic enterprises is generally small and comprehensive. There are few considerations in cooperation, and everything must be done by themselves. It is difficult to develop rapidly and not professional. It feels like it is hunger, nothing is in the list, no long-term, no long-term. The plan is related to the big domestic environment, and it is difficult to cooperate, so I do it myself. But the result is that a lot of small companies are difficult to form a scale. Now the LED industry, more than 4,000 companies, can only sell 800. More than 100 million. The average sales of a company is only 20 million.†Liang Bingwen, a researcher at the Suzhou Institute of Nanotechnology and Nano-Bionics, Chinese Academy of Sciences, said.
Inventory problem is a worry that can't be avoided
Lehman Optoelectronics stated in its prospectus that the risk of inventory price decline cannot be ignored. As of the end of June 2010, the inventory size of Lehman reached RMB 40,971,300. This year, Guoxing Optoelectronics also disclosed 240 million yuan of inventory due to the three quarterly reports, and was stalked by the media and institutions.
The inventory problem is a hidden worry in the industry. When asked about this issue, many business owners are talking about it. Guoxing Optoelectronics believes that “inventory is a reflection of the inventory management problem in the business process, but there is another important reason for the LED enterprise's inventory formation, which is the problem of binning due to the difference in wavelength and brightness of the product.â€
Industrial Securities said: The major semiconductor companies in the world experienced significant growth in revenue in the third quarter, and gross profit margin was basically at a relatively high level in the historical normal range. The gross profit margin of IC design companies and foundry companies is close to the highest level in history.
“Inventory risk is small, but the possibility of inventory volatility increases.†Although the organization is more optimistic, the industry is more cautious.
“Because the phenomenon of production and market disconnection is very serious, the yield is low, coupled with management confusion,†industry experts said, “For stocks or new investments, inventory is the most convenient place for financial adjustments. A place that is prone to problems."
Gong Weibin, chairman of Ruifeng Optoelectronics, told reporters, "We want to go public next year. We have this idea and we are doing the same. Instead of being listed by foreign big companies, it is better to compete with them."
As the closing of the LED company's listing in 2010, how the performance of Lehman Optoelectronics remains to be seen. For the initial price of 38 yuan / share, the corresponding price-to-earnings ratio of 131.49 times, such a high price-earnings ratio indicates that the risk of its existence is not to be underestimated.
Editor in charge: Cai Zhenwen
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