Is it feasible for Aoyang Shunchang to raise 500 million investment LED dual-main business model?
On July 3, Aoyang Shunchang (002245) announced that its shareholders' meeting approved the establishment of LED epitaxial wafer and chip industrialization project (Phase I) and supplementary flow by not less than RMB 5.12/share. funds.
The company is mainly engaged in metal logistics and distribution, supported by the quasi-financial industry, and the venture capital and energy management businesses are auxiliary business systems. The company's metal logistics products are steel and aluminum. Under the influence of rising substrate prices in the first quarter of this year, the performance is expected to improve significantly. According to the 2013 first quarter report, the company expects the range of net profit change from January to June 2013 to be RMB 54.43 million to RMB 70.75 million (previous year: RMB 54.438 million), representing a year-on-year increase of 0% to 30%.
At present, the company's goal is gradually transformed into a dual main business model with metal logistics distribution business and LED business in parallel. The LED epitaxial wafer and chip production business started for the establishment of Huai'an Aoyang Shunchang Optoelectronic Technology Co., Ltd. in 2011. The company's entry into the industry's low point also allows the company to maintain its cost advantage. The company's additional issuance is a further implementation of the dual main business objectives, what is the future of the company's LED business?
Policy to eliminate incandescent lamps caused the industry to pick up, the company is on the move
At the end of last year, the National Development and Reform Commission announced the elimination of the incandescent lamp roadmap. It is clear that from October 1, 2012, China will ban the import and sale of ordinary lighting incandescent lamps of 100 watts or more. China's elimination of high-energy lighting products has actually entered the implementation stage from the national regulatory level. Yang Xudong, an analyst at Northeast Securities (000686), believes that the country’s official release of the roadmap for eliminating incandescent lamps is of great significance, and it is a major benefit to the LED lighting industry and the energy-saving lamp industry.
China is a big country in the production and consumption of incandescent lamps. The stock of incandescent lamps is about 15 billion. The annual output and sales volume reached 3.85 billion and 1.07 billion. The roadmap for eliminating incandescent lamps was officially announced, and the LED lighting industry and energy-saving lamp industry will be formed. Long-term positive, only the replacement of existing incandescent lamps, the market size will reach several hundred billion yuan.
It is reported that the demand for LED lighting products in 2013 is very strong. The 2013 LED business orders of companies with different business models such as 002137 (self-owned brand), sunshine (OEM) and Philips (the world's largest lighting company) are very clear. Essence Securities believes that LED lighting products have played a central role in this round of industry recovery trend.
Aoyang Shunchang's additional LED project is implemented by Huaian Optical Co., Ltd., a wholly-owned subsidiary. The total investment is 807.7 million yuan, and the construction period is 30 months. It will form an annual output of 1.8 million pieces of blue-green LED epitaxial wafers and blue-green chips. The production capacity of 11.5 billion tablets. The construction period is 30 months, which is calculated from July 2012. It will be completed within 18 months from the present (end of 2014).
At the same time, the LED project is different from other projects and needs to be fully built before it can be put into production. It can be gradually put into equipment. All 30 MOCVD equipments in this project have been purchased, of which 2 have been put into production, and 3 will be put into production at the end of July. The subsequent 25 sets of equipment do not need to build a new dust-free factory, as long as the procurement and installation and commissioning can be put into production. The addition of Aoyang Shunchang can be said to be at the right time.
After the wave of the wave, can the company come to the future?
Since 2012, the overheated investment in LED upstream has caused a rapid decline in prices, and the competition of downstream companies has been fierce, which has caused some enterprises to close. This situation continues until this year. The survival status of Shenzhen LED enterprises can be described as the epitome of the whole country. There are many porridges and few good and bad, and some enterprises rely on subsidies to take the project to live. At the same time, the lack of technology, core parts such as chips, is highly dependent on imports. Enterprises do not have research and development strength, rely on plagiarism, and fight price wars, making the market that is not standardized more chaotic.
At present, listed companies that already have a place in the upstream of the LED industry have Sanan Optoelectronics (600703), Dehao Runda (002005), Silan Micro (600460), Tongfang (600100), Lianchuang Optoelectronics (600363), Fangda A number of listed companies, such as Group (000055) and Great Wall Development (000021), have also completed or are issuing additional issuances.
Aoyang Shunchang was originally a logistics company. In 2011, it crossed the industry and marched toward LED. According to the company announcement, after more than one year of construction, the civil engineering of the project has been basically completed, and the epitaxial wafer and chip production line have been fully integrated. Two MOCVD equipments were put into production, and another three are expected to be gradually put into production in July 2013. On July 5, the company announced that it has just achieved product sales in the second quarter.
In the LED investment, the company has been more cautious in promoting the construction of the project. At present, both the technical process and the team's running-in are ready. At the same time, from the industry, it has gradually got rid of the situation of serious overcapacity, lighting. Signs of market start-up are obvious. At this time, the company will issue additional funds to invest in LED projects, which will help speed up investment progress, rapidly expand production capacity and achieve economies of scale.
According to Wu Xiangyang, the company's securities affairs representative, the gap between domestic enterprises is not large. The LED industry has not developed much in China for a long time. The starting point for everyone is not far. At the same time, this industry has gradually matured in terms of technology development curve. The latter competition is comprehensive competition among enterprises in terms of efficiency, cost, technology, market and other aspects, especially the competition of cost control level. We have a good management team with low performance interest rate management in the logistics industry. We have this confidence in ourselves.
(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.)
The company is mainly engaged in metal logistics and distribution, supported by the quasi-financial industry, and the venture capital and energy management businesses are auxiliary business systems. The company's metal logistics products are steel and aluminum. Under the influence of rising substrate prices in the first quarter of this year, the performance is expected to improve significantly. According to the 2013 first quarter report, the company expects the range of net profit change from January to June 2013 to be RMB 54.43 million to RMB 70.75 million (previous year: RMB 54.438 million), representing a year-on-year increase of 0% to 30%.
At present, the company's goal is gradually transformed into a dual main business model with metal logistics distribution business and LED business in parallel. The LED epitaxial wafer and chip production business started for the establishment of Huai'an Aoyang Shunchang Optoelectronic Technology Co., Ltd. in 2011. The company's entry into the industry's low point also allows the company to maintain its cost advantage. The company's additional issuance is a further implementation of the dual main business objectives, what is the future of the company's LED business?
Policy to eliminate incandescent lamps caused the industry to pick up, the company is on the move
At the end of last year, the National Development and Reform Commission announced the elimination of the incandescent lamp roadmap. It is clear that from October 1, 2012, China will ban the import and sale of ordinary lighting incandescent lamps of 100 watts or more. China's elimination of high-energy lighting products has actually entered the implementation stage from the national regulatory level. Yang Xudong, an analyst at Northeast Securities (000686), believes that the country’s official release of the roadmap for eliminating incandescent lamps is of great significance, and it is a major benefit to the LED lighting industry and the energy-saving lamp industry.
China is a big country in the production and consumption of incandescent lamps. The stock of incandescent lamps is about 15 billion. The annual output and sales volume reached 3.85 billion and 1.07 billion. The roadmap for eliminating incandescent lamps was officially announced, and the LED lighting industry and energy-saving lamp industry will be formed. Long-term positive, only the replacement of existing incandescent lamps, the market size will reach several hundred billion yuan.
It is reported that the demand for LED lighting products in 2013 is very strong. The 2013 LED business orders of companies with different business models such as 002137 (self-owned brand), sunshine (OEM) and Philips (the world's largest lighting company) are very clear. Essence Securities believes that LED lighting products have played a central role in this round of industry recovery trend.
Aoyang Shunchang's additional LED project is implemented by Huaian Optical Co., Ltd., a wholly-owned subsidiary. The total investment is 807.7 million yuan, and the construction period is 30 months. It will form an annual output of 1.8 million pieces of blue-green LED epitaxial wafers and blue-green chips. The production capacity of 11.5 billion tablets. The construction period is 30 months, which is calculated from July 2012. It will be completed within 18 months from the present (end of 2014).
At the same time, the LED project is different from other projects and needs to be fully built before it can be put into production. It can be gradually put into equipment. All 30 MOCVD equipments in this project have been purchased, of which 2 have been put into production, and 3 will be put into production at the end of July. The subsequent 25 sets of equipment do not need to build a new dust-free factory, as long as the procurement and installation and commissioning can be put into production. The addition of Aoyang Shunchang can be said to be at the right time.
After the wave of the wave, can the company come to the future?
Since 2012, the overheated investment in LED upstream has caused a rapid decline in prices, and the competition of downstream companies has been fierce, which has caused some enterprises to close. This situation continues until this year. The survival status of Shenzhen LED enterprises can be described as the epitome of the whole country. There are many porridges and few good and bad, and some enterprises rely on subsidies to take the project to live. At the same time, the lack of technology, core parts such as chips, is highly dependent on imports. Enterprises do not have research and development strength, rely on plagiarism, and fight price wars, making the market that is not standardized more chaotic.
At present, listed companies that already have a place in the upstream of the LED industry have Sanan Optoelectronics (600703), Dehao Runda (002005), Silan Micro (600460), Tongfang (600100), Lianchuang Optoelectronics (600363), Fangda A number of listed companies, such as Group (000055) and Great Wall Development (000021), have also completed or are issuing additional issuances.
Aoyang Shunchang was originally a logistics company. In 2011, it crossed the industry and marched toward LED. According to the company announcement, after more than one year of construction, the civil engineering of the project has been basically completed, and the epitaxial wafer and chip production line have been fully integrated. Two MOCVD equipments were put into production, and another three are expected to be gradually put into production in July 2013. On July 5, the company announced that it has just achieved product sales in the second quarter.
In the LED investment, the company has been more cautious in promoting the construction of the project. At present, both the technical process and the team's running-in are ready. At the same time, from the industry, it has gradually got rid of the situation of serious overcapacity, lighting. Signs of market start-up are obvious. At this time, the company will issue additional funds to invest in LED projects, which will help speed up investment progress, rapidly expand production capacity and achieve economies of scale.
According to Wu Xiangyang, the company's securities affairs representative, the gap between domestic enterprises is not large. The LED industry has not developed much in China for a long time. The starting point for everyone is not far. At the same time, this industry has gradually matured in terms of technology development curve. The latter competition is comprehensive competition among enterprises in terms of efficiency, cost, technology, market and other aspects, especially the competition of cost control level. We have a good management team with low performance interest rate management in the logistics industry. We have this confidence in ourselves.
(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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