Tiantong Co., Ltd. (600330) released the company's non-public offering plan on the evening of September 11, and proposed to issue no more than 60 million shares to shareholders Tiantong Gaoxin and Du Haili at a price of 5.15 yuan/share. The fundraising is expected to not exceed 309 million. Yuan, for the annual production of 1.15 million 4 inch LED sapphire substrate material technical transformation project and supplementary liquidity.
According to the announcement, Tiantong Co., Ltd. increased its investment in LED and other new energy industries in August 2011. The Board of Directors reviewed and approved the technical transformation project to implement an annual output of 600,000 4-inch LED sapphire substrate materials. Due to the sharp drop in the price of sapphire substrate production equipment and substrate material products in 2012, the company re-adjusted the capacity and benefit evaluation of the project. Under the premise of the original investment scale, the project was changed to “annual production of 1.15 million pieces 4 Inch LED sapphire substrate material technical transformation project". And pointed out that in the future, we will continue to plan an annual production of 10 million 4-6 inch sapphire substrate projects to create an internationally competitive sapphire substrate manufacturing base.
Since 2012, the LED upstream industry is in a process of gradual recovery. According to the statistics of high-tech LEDs, the price of 2-inch LED sapphire substrates in the second quarter of 2012 has increased from $8/piece to $10/piece in the first quarter. LED Sapphire The price of the substrate has bottomed out, and it is expected that the price will enter a recovery channel in the future, especially the large-size LED sapphire substrate material of 4 inches or more.
Tiantong is mainly engaged in the business of magnetic materials, high-end special equipment manufacturing, electronic materials and components, and photovoltaic solar products. In the past two years, due to fluctuations in macroeconomic and raw material prices, the operating income and gross profit margin of the company's electronic materials (magnetic materials) have declined to varying degrees compared to 2010. At the same time, due to the downturn in the photovoltaic solar industry, the company's photovoltaic solar products have suffered losses. In 2011, the company's net profit was 12.1 million, down 85% year-on-year; in the first half of 2012, the net profit was 49.05 million, down 308% year-on-year.
Under the background that other main businesses are greatly affected by the macro-economy, investing in the upstream LED new energy industry with large profit margins will help to strengthen the company's industrial transformation. The LED sapphire substrate material technical transformation project is expected to be completed and put into operation at the end of 2013. After the project is completed, it is estimated that the annual average annual sales income will be 297 million, equivalent to 22% of the company's operating income in 2011, and the annual average after-tax profit will be 68.36 million. Yuan, equivalent to 565% of the company's net profit in 2011.
At the same time, the asset-liability ratio of Tiantong shares at the end of 2009, 2010, 2011 and the end of June 2012 increased year by year, respectively 34%, 36%, 43% and 48%, higher than most listed companies in the same industry. The raised funds of 129 million will be used to supplement the working capital, which will improve the company's financial situation.
According to the announcement, Tiantong Co., Ltd. increased its investment in LED and other new energy industries in August 2011. The Board of Directors reviewed and approved the technical transformation project to implement an annual output of 600,000 4-inch LED sapphire substrate materials. Due to the sharp drop in the price of sapphire substrate production equipment and substrate material products in 2012, the company re-adjusted the capacity and benefit evaluation of the project. Under the premise of the original investment scale, the project was changed to “annual production of 1.15 million pieces 4 Inch LED sapphire substrate material technical transformation project". And pointed out that in the future, we will continue to plan an annual production of 10 million 4-6 inch sapphire substrate projects to create an internationally competitive sapphire substrate manufacturing base.
Since 2012, the LED upstream industry is in a process of gradual recovery. According to the statistics of high-tech LEDs, the price of 2-inch LED sapphire substrates in the second quarter of 2012 has increased from $8/piece to $10/piece in the first quarter. LED Sapphire The price of the substrate has bottomed out, and it is expected that the price will enter a recovery channel in the future, especially the large-size LED sapphire substrate material of 4 inches or more.
Tiantong is mainly engaged in the business of magnetic materials, high-end special equipment manufacturing, electronic materials and components, and photovoltaic solar products. In the past two years, due to fluctuations in macroeconomic and raw material prices, the operating income and gross profit margin of the company's electronic materials (magnetic materials) have declined to varying degrees compared to 2010. At the same time, due to the downturn in the photovoltaic solar industry, the company's photovoltaic solar products have suffered losses. In 2011, the company's net profit was 12.1 million, down 85% year-on-year; in the first half of 2012, the net profit was 49.05 million, down 308% year-on-year.
Under the background that other main businesses are greatly affected by the macro-economy, investing in the upstream LED new energy industry with large profit margins will help to strengthen the company's industrial transformation. The LED sapphire substrate material technical transformation project is expected to be completed and put into operation at the end of 2013. After the project is completed, it is estimated that the annual average annual sales income will be 297 million, equivalent to 22% of the company's operating income in 2011, and the annual average after-tax profit will be 68.36 million. Yuan, equivalent to 565% of the company's net profit in 2011.
At the same time, the asset-liability ratio of Tiantong shares at the end of 2009, 2010, 2011 and the end of June 2012 increased year by year, respectively 34%, 36%, 43% and 48%, higher than most listed companies in the same industry. The raised funds of 129 million will be used to supplement the working capital, which will improve the company's financial situation.
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