On the occasion of the collapse of the LED display business and the transformation of the company, Furi Electronics (600203.SH) decided to take the plunge.
On July 15, Furi Electronics resumed trading and announced that it plans to issue 50 million shares at a non-public offering of 6.41 yuan/share for the acquisition of 92.8% equity of Shenzhen Mairui Optoelectronics Co., Ltd. (hereinafter referred to as Mairui Optoelectronics Co., Ltd.) and repayment of borrowings.
The announcement shows that Mairui Optoelectronics is mainly engaged in LED display. In 2012 and the first half of this year, its operating income and net profit were RMB 3,219,700, RMB 17,729,200 and RMB 2,542,300, and RMB 1,052,600.
What is surprising is that Mairui Optoelectronics has an owner's equity of 100.808 million yuan in 2012. In the first half of this year, only 53.926 million yuan remained, and the contraction in July was about 47%.
“This should be due to the sudden increase in dividends and liabilities before the sale of shares by Mairui Optoelectronics.†A CPA believes.
Not only that, but the acquisition of Mairui Optoelectronics is to promote the company's LED industry chain integration and enhance the company's competitiveness. Furi Electronics has been involved in the LED industry since 2001, but its initial investment of 40 million yuan of nitrided base The high-brightness luminescent materials and lighting device industrialization demonstration projects have suffered losses for a long time, and the cumulative profit and loss as of the end of 2012 was -31.792 million yuan.
4 times premium purchase
Furi Electronics has squeezed into the LED display single-wood bridge, and it is the industry's profitability and increasingly cruel market competition.
According to the data disclosed in the announcement, Mairui Optoelectronics' net profit margin in 2012 was about 7.9%, and it has dropped to 5.9% in the first half of this year.
The LED display market is also shrinking. The data shows that in the first quarter of 2013, the government procurement LED display market completed a purchase of 40.5 million yuan, a decrease of 23% from the 52.59 million yuan in the first quarter of last year.
However, the acquisition of Mai Rui Optoelectronics is not expensive. According to the announcement, the total amount of funds raised by Furi Electronics is about 320.5 million yuan. After deducting the issuance expenses, the net fundraising should exceed 300 million yuan, and 30% of the net fundraising will be used to repay the loan project. The 92.8% stake in Mairui Optoelectronics has exceeded 200 million yuan.
However, Mairui Optoelectronics had an owner's equity of 53.926 million yuan as of the end of June this year, and the net assets of 92.8% equity were 500.439 million yuan. The purchase price was about 4 times its net assets.
Even with Mai Rui Opto's relatively high net profit of 25.42 million yuan in 2012, the price-earnings ratio of the acquisition has reached about 8 times, not to mention its net profit for the first half of this year is only 10,526,000 yuan, assuming the net profit for the second half of the year is the same as that of the first half of the year. Close to 10 times.
However, it is an indisputable fact that the profitability of LED display companies has fallen sharply. On July 13, Zhou Ming Technology (300232.SZ), whose main business is LED display, announced that it expects net profit in the first half of 2013 to decrease by 26.57% compared with the same period of the previous year. -48.9%.
Also on July 13, Huacan Optoelectronics (300323.SZ), which is mainly engaged in LED display chips, also revealed that the LED chip market has experienced a irrational price competition in the previous year, and the price has dropped significantly compared with the same period last year. Net profit for the first half of the year is expected to fall by approximately 46.1%-67.6% from the same period of the previous year.
“The proportion of LED display chip business is around 80%, but the market has already experienced indigestion. The company has focused its business on developing white light chips.†Huacan Optoelectronics said.
However, Furi Electronics believes that this acquisition can effectively promote business restructuring and continuous improvement of profitability, and said that “grasping the development opportunities of the industry and strengthening the company's main business.†But even with the profit of Mai Rui Optoelectronics in 2012 Based on the acquisition, after the acquisition, the existing total share capital of Furi Electronics is 245,541,100 shares plus the proposed increase of 50 million shares for dilution, and the investment of 200 million yuan only increases the district's earnings per share by 0.087 yuan.
Sale of mystery: from the proposed listing to the acquisition
“Furi Electronics said that it has seized the opportunity of industry development and has lost the concept of LED lighting and display.†A person from the GEM LED listed company said, “The market for LED lighting and display has been on the ice this year.â€
LED lighting industry is indeed picking up. This is reflected in the performance of Ruifeng Optoelectronics (300241.SZ) and Silan Micro (600460.SH). The two expect net profit in the first half of the year to increase by 20%-40% and 250% respectively. 300%.
However, Furi Electronics, which has entered the LED field in 2001, has been lacking in good quality for more than a decade. Fukuri Lighting, the main body of the LED industry, which accounts for 51% of the shares, has lost money since its establishment in 2001, except for its 2012 profit of 144,300 yuan. .
Furi Electronics said that its current product layout has included LED indoor lighting, LED street lights and other lighting products and LED packaging, LED display, etc., and plans to use the holding subsidiary Furi Lighting, Furi Photoelectric (formerly known as Xingxin Electronics) LED is one of the core industries for future development.
However, Furi Optoelectronics is also a large loss-making household. According to Furi Electronics' announcement on December 26, 2012, Furi Optoelectronics' 2011 net profit was -4,289,700 yuan, the asset-liability ratio was 84.39%, and the loss in the first three quarters of 2012 was 2,676,200 yuan. The debt ratio was 95.4%.
"In the field of LED industry that has been deeply cultivated for more than ten years, it is still not profitable. It is hoped that the leap-forward development in the LED industry through mergers and acquisitions will be tantamount to seeking a fish." A private equity source in Fujian believes.
The company, which is planned to be acquired by Furi Electronics, has already planned to go public, and its goal is to achieve listing in 2015.
The announcement shows that Mairui Optoelectronics was established on April 10, 2006 with a registered capital of 36.8 million yuan. The actual controller is Chen Zebo. The shareholders include Shi Jiangong, Chen Tao and Mai Ruiguang Investment Partnership, and Xin Ruiming Enterprise Management Consulting Enterprise. According to its official website, its earliest registered capital was 1 million yuan. Since then, it has carried out 5 capital increase. The last capital increase was March 2012, and the registered capital was changed from 32 million yuan to 36.8 million yuan.
However, its official website data shows that sales in 2010 exceeded 300 million, and in 2012 exceeded 500 million. The Furi electronic bulletin said that in 2012 it was 32002.97 million yuan, and there was a big difference between the two.
“From the proposed listing to the sale, the biggest possibility is that the core competitiveness is frustrated, the net profit has fallen sharply, and even the daily operation has changed.†The above-mentioned private equity source said, “Furi Electronics’ high-priced shot at this time is a flaw or a substitute. burden?"
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
On July 15, Furi Electronics resumed trading and announced that it plans to issue 50 million shares at a non-public offering of 6.41 yuan/share for the acquisition of 92.8% equity of Shenzhen Mairui Optoelectronics Co., Ltd. (hereinafter referred to as Mairui Optoelectronics Co., Ltd.) and repayment of borrowings.
The announcement shows that Mairui Optoelectronics is mainly engaged in LED display. In 2012 and the first half of this year, its operating income and net profit were RMB 3,219,700, RMB 17,729,200 and RMB 2,542,300, and RMB 1,052,600.
What is surprising is that Mairui Optoelectronics has an owner's equity of 100.808 million yuan in 2012. In the first half of this year, only 53.926 million yuan remained, and the contraction in July was about 47%.
“This should be due to the sudden increase in dividends and liabilities before the sale of shares by Mairui Optoelectronics.†A CPA believes.
Not only that, but the acquisition of Mairui Optoelectronics is to promote the company's LED industry chain integration and enhance the company's competitiveness. Furi Electronics has been involved in the LED industry since 2001, but its initial investment of 40 million yuan of nitrided base The high-brightness luminescent materials and lighting device industrialization demonstration projects have suffered losses for a long time, and the cumulative profit and loss as of the end of 2012 was -31.792 million yuan.
4 times premium purchase
Furi Electronics has squeezed into the LED display single-wood bridge, and it is the industry's profitability and increasingly cruel market competition.
According to the data disclosed in the announcement, Mairui Optoelectronics' net profit margin in 2012 was about 7.9%, and it has dropped to 5.9% in the first half of this year.
The LED display market is also shrinking. The data shows that in the first quarter of 2013, the government procurement LED display market completed a purchase of 40.5 million yuan, a decrease of 23% from the 52.59 million yuan in the first quarter of last year.
However, the acquisition of Mai Rui Optoelectronics is not expensive. According to the announcement, the total amount of funds raised by Furi Electronics is about 320.5 million yuan. After deducting the issuance expenses, the net fundraising should exceed 300 million yuan, and 30% of the net fundraising will be used to repay the loan project. The 92.8% stake in Mairui Optoelectronics has exceeded 200 million yuan.
However, Mairui Optoelectronics had an owner's equity of 53.926 million yuan as of the end of June this year, and the net assets of 92.8% equity were 500.439 million yuan. The purchase price was about 4 times its net assets.
Even with Mai Rui Opto's relatively high net profit of 25.42 million yuan in 2012, the price-earnings ratio of the acquisition has reached about 8 times, not to mention its net profit for the first half of this year is only 10,526,000 yuan, assuming the net profit for the second half of the year is the same as that of the first half of the year. Close to 10 times.
However, it is an indisputable fact that the profitability of LED display companies has fallen sharply. On July 13, Zhou Ming Technology (300232.SZ), whose main business is LED display, announced that it expects net profit in the first half of 2013 to decrease by 26.57% compared with the same period of the previous year. -48.9%.
Also on July 13, Huacan Optoelectronics (300323.SZ), which is mainly engaged in LED display chips, also revealed that the LED chip market has experienced a irrational price competition in the previous year, and the price has dropped significantly compared with the same period last year. Net profit for the first half of the year is expected to fall by approximately 46.1%-67.6% from the same period of the previous year.
“The proportion of LED display chip business is around 80%, but the market has already experienced indigestion. The company has focused its business on developing white light chips.†Huacan Optoelectronics said.
However, Furi Electronics believes that this acquisition can effectively promote business restructuring and continuous improvement of profitability, and said that “grasping the development opportunities of the industry and strengthening the company's main business.†But even with the profit of Mai Rui Optoelectronics in 2012 Based on the acquisition, after the acquisition, the existing total share capital of Furi Electronics is 245,541,100 shares plus the proposed increase of 50 million shares for dilution, and the investment of 200 million yuan only increases the district's earnings per share by 0.087 yuan.
Sale of mystery: from the proposed listing to the acquisition
“Furi Electronics said that it has seized the opportunity of industry development and has lost the concept of LED lighting and display.†A person from the GEM LED listed company said, “The market for LED lighting and display has been on the ice this year.â€
LED lighting industry is indeed picking up. This is reflected in the performance of Ruifeng Optoelectronics (300241.SZ) and Silan Micro (600460.SH). The two expect net profit in the first half of the year to increase by 20%-40% and 250% respectively. 300%.
However, Furi Electronics, which has entered the LED field in 2001, has been lacking in good quality for more than a decade. Fukuri Lighting, the main body of the LED industry, which accounts for 51% of the shares, has lost money since its establishment in 2001, except for its 2012 profit of 144,300 yuan. .
Furi Electronics said that its current product layout has included LED indoor lighting, LED street lights and other lighting products and LED packaging, LED display, etc., and plans to use the holding subsidiary Furi Lighting, Furi Photoelectric (formerly known as Xingxin Electronics) LED is one of the core industries for future development.
However, Furi Optoelectronics is also a large loss-making household. According to Furi Electronics' announcement on December 26, 2012, Furi Optoelectronics' 2011 net profit was -4,289,700 yuan, the asset-liability ratio was 84.39%, and the loss in the first three quarters of 2012 was 2,676,200 yuan. The debt ratio was 95.4%.
"In the field of LED industry that has been deeply cultivated for more than ten years, it is still not profitable. It is hoped that the leap-forward development in the LED industry through mergers and acquisitions will be tantamount to seeking a fish." A private equity source in Fujian believes.
The company, which is planned to be acquired by Furi Electronics, has already planned to go public, and its goal is to achieve listing in 2015.
The announcement shows that Mairui Optoelectronics was established on April 10, 2006 with a registered capital of 36.8 million yuan. The actual controller is Chen Zebo. The shareholders include Shi Jiangong, Chen Tao and Mai Ruiguang Investment Partnership, and Xin Ruiming Enterprise Management Consulting Enterprise. According to its official website, its earliest registered capital was 1 million yuan. Since then, it has carried out 5 capital increase. The last capital increase was March 2012, and the registered capital was changed from 32 million yuan to 36.8 million yuan.
However, its official website data shows that sales in 2010 exceeded 300 million, and in 2012 exceeded 500 million. The Furi electronic bulletin said that in 2012 it was 32002.97 million yuan, and there was a big difference between the two.
“From the proposed listing to the sale, the biggest possibility is that the core competitiveness is frustrated, the net profit has fallen sharply, and even the daily operation has changed.†The above-mentioned private equity source said, “Furi Electronics’ high-priced shot at this time is a flaw or a substitute. burden?"
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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