Operating profit growth rate is lower than income
As the saying goes, "Poverty is change", but it is not applicable to Sanan Optoelectronics (600703). Since 2008, the company has relied on two "magic weapons" to support performance: one is the "appetite" amazing financing action, and the other is the government's unscrupulous financial subsidies. These two “magic weapons†have always been used by the company as an important tool to support performance, but they are reused and have no innovation.
Overcapacity profit is lower
In 2011, Sanan Optoelectronics achieved sales revenue of 1.747 billion yuan, an increase of 102.56%, operating profit of 522 million yuan, an increase of 79.24%, net profit of 936 million yuan, an increase of 123.29%, earnings per share of 0.65 yuan.
"In 2011, the overall overcapacity of the LED industry, LED chip prices fell by about 30%, the company's LED chip gross margins fell sharply, so the company's operating profit growth rate is significantly lower than the income growth rate." A person analyzed.
For Sanan Optoelectronics LED chip revenue growth rate is low, the person analyzed that first, the second half of the LED chip price cuts, the income growth rate is affected by price cuts; second, the downstream demand slowdown, the company's production and sales rate is lower, from the inventory At the end of the year, finished goods inventories rose to 422 million yuan as of the end of 2011, an increase of 220 million yuan from the end of June last year.
At the same time, the domestic LED chip market competition is becoming increasingly fierce. In addition to the original LED chip factory (such as Silan Micro, dry photo photoelectric, etc.), Dehao Runda, Tsinghua Tongfang, Great Wall Development and other companies also announced that they are entering the field of LED epitaxial chip manufacturing.
The subsidy amount is as high as 800 million yuan
According to the 2011 annual report, the company's financial subsidies for the last year were divided into three categories. Among them, the company received the government subsidies related to income, including the three financial subsidies for science and technology, the financial subsidy subsidy, the high-concentration solar energy sales subsidy, the scientific and technological progress award, the excellent product award, etc., and the winners of the Xiamen National and Provincial Talents Program. Work and living subsidies, this part of the subsidy totaled 798.6 million yuan.
Government subsidies related to assets, including government subsidies for MOCVD equipment, government subsidies for purchasing equipment from Nikken, government subsidies for innovation capacity building projects of enterprise technology centers, government subsidies for three-color LED lighting red light high-power flip chip development and industrialization projects ( Purchase equipment), this part of the subsidy is about 39.89 million yuan.
In addition, government subsidies for comprehensive projects include government subsidies for R&D and industrialization projects of semiconductor lighting devices, government subsidies for key technology research and development and industrialization projects for high-concentration and high-efficiency solar power systems, domestic high-power LED chips and street lamp development and industry. Government subsidies for the project, based on independent research and development of LED chips, driver IC LED backlight LCD TV R & D and industrialization project government subsidies, etc. about 4.21 million yuan.
According to statistics, the above three categories of subsidies totaled about 842.7 million yuan, all of which were included in the company's 2011 financial subsidies, which accounted for more than 90% of the company's net profit last year.
Public issuance is pending approval
Coexisting with the government's unscrupulous financial subsidies, the pace of Sanan Optoelectronics' external financing has never stopped. Since 2008, the company has implemented private placements for three consecutive years. Among them, on February 23, 2009, Sanan Optoelectronics issued a financing demand shortly after the cap was removed. However, the actual fundraising amount just touched the upper limit of the issuance plan and was temporarily put on hold. On September 30 of the same year, the company took 26 The price of the Yuan issued 31.5 million shares and raised 9.99 billion yuan. In January 2010, just three months later, Sanan Optoelectronics threw out the next fixed-income plan, and raised funds for the first phase of the Wuhu LED project, eventually successfully raising 3.03 billion yuan.
2011 is no exception. Sanan Optoelectronics announced the latest round of financing plan in April 2011, and plans to adopt a public additional issuance method to raise no more than 8 billion yuan of funds, and the number of additional shares will not exceed 210 million shares. All the funds raised were invested in Anhui Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) Project and Anhui Sanan Optoelectronic LED Application Product Industrialization Project. The total investment of the two projects was 9.125 billion yuan. The financing has now been approved by the company's board of directors and shareholders meeting, and is currently awaiting approval by the CSRC.
As the saying goes, "Poverty is change", but it is not applicable to Sanan Optoelectronics (600703). Since 2008, the company has relied on two "magic weapons" to support performance: one is the "appetite" amazing financing action, and the other is the government's unscrupulous financial subsidies. These two “magic weapons†have always been used by the company as an important tool to support performance, but they are reused and have no innovation.
Overcapacity profit is lower
In 2011, Sanan Optoelectronics achieved sales revenue of 1.747 billion yuan, an increase of 102.56%, operating profit of 522 million yuan, an increase of 79.24%, net profit of 936 million yuan, an increase of 123.29%, earnings per share of 0.65 yuan.
"In 2011, the overall overcapacity of the LED industry, LED chip prices fell by about 30%, the company's LED chip gross margins fell sharply, so the company's operating profit growth rate is significantly lower than the income growth rate." A person analyzed.
For Sanan Optoelectronics LED chip revenue growth rate is low, the person analyzed that first, the second half of the LED chip price cuts, the income growth rate is affected by price cuts; second, the downstream demand slowdown, the company's production and sales rate is lower, from the inventory At the end of the year, finished goods inventories rose to 422 million yuan as of the end of 2011, an increase of 220 million yuan from the end of June last year.
At the same time, the domestic LED chip market competition is becoming increasingly fierce. In addition to the original LED chip factory (such as Silan Micro, dry photo photoelectric, etc.), Dehao Runda, Tsinghua Tongfang, Great Wall Development and other companies also announced that they are entering the field of LED epitaxial chip manufacturing.
The subsidy amount is as high as 800 million yuan
According to the 2011 annual report, the company's financial subsidies for the last year were divided into three categories. Among them, the company received the government subsidies related to income, including the three financial subsidies for science and technology, the financial subsidy subsidy, the high-concentration solar energy sales subsidy, the scientific and technological progress award, the excellent product award, etc., and the winners of the Xiamen National and Provincial Talents Program. Work and living subsidies, this part of the subsidy totaled 798.6 million yuan.
Government subsidies related to assets, including government subsidies for MOCVD equipment, government subsidies for purchasing equipment from Nikken, government subsidies for innovation capacity building projects of enterprise technology centers, government subsidies for three-color LED lighting red light high-power flip chip development and industrialization projects ( Purchase equipment), this part of the subsidy is about 39.89 million yuan.
In addition, government subsidies for comprehensive projects include government subsidies for R&D and industrialization projects of semiconductor lighting devices, government subsidies for key technology research and development and industrialization projects for high-concentration and high-efficiency solar power systems, domestic high-power LED chips and street lamp development and industry. Government subsidies for the project, based on independent research and development of LED chips, driver IC LED backlight LCD TV R & D and industrialization project government subsidies, etc. about 4.21 million yuan.
According to statistics, the above three categories of subsidies totaled about 842.7 million yuan, all of which were included in the company's 2011 financial subsidies, which accounted for more than 90% of the company's net profit last year.
Public issuance is pending approval
Coexisting with the government's unscrupulous financial subsidies, the pace of Sanan Optoelectronics' external financing has never stopped. Since 2008, the company has implemented private placements for three consecutive years. Among them, on February 23, 2009, Sanan Optoelectronics issued a financing demand shortly after the cap was removed. However, the actual fundraising amount just touched the upper limit of the issuance plan and was temporarily put on hold. On September 30 of the same year, the company took 26 The price of the Yuan issued 31.5 million shares and raised 9.99 billion yuan. In January 2010, just three months later, Sanan Optoelectronics threw out the next fixed-income plan, and raised funds for the first phase of the Wuhu LED project, eventually successfully raising 3.03 billion yuan.
2011 is no exception. Sanan Optoelectronics announced the latest round of financing plan in April 2011, and plans to adopt a public additional issuance method to raise no more than 8 billion yuan of funds, and the number of additional shares will not exceed 210 million shares. All the funds raised were invested in Anhui Sanan Optoelectronics Wuhu Photoelectric Industrialization (Phase II) Project and Anhui Sanan Optoelectronic LED Application Product Industrialization Project. The total investment of the two projects was 9.125 billion yuan. The financing has now been approved by the company's board of directors and shareholders meeting, and is currently awaiting approval by the CSRC.
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