On October 19th, the "Daily Economic News" news, for the A-share LED industry, this year is a day worth remembering before the National Day. In two weeks, two listed companies Sanan Optoelectronics (600703, closing price of 33.99 yuan), Dehao Runda (002005, closing price of 12.89 yuan) for their respective LED projects, achieving a total scale of 2.345 billion yuan Huge amount of financing. The LED project received such a large-scale investment in such a short period of time, which is the first time in the A-share market.
The Development and Reform Commission and other six ministries and commissions launched this week's "Semiconductor Lighting Energy-Saving Industry Development Opinions", but also proposed the domestic LED industry's development goals for the next six years. How much will this bring to the development of China's LED industry? Which listed companies in the A-shares will benefit from this? The "Daily Economic News" reporter conducted an investigation.
LED project received large-scale funding support
On September 30th, A-share LED leading company Sanan Optoelectronics announced the results of the non-public offering planned at the beginning of the year. The company issued a total of 31.5 million shares this time, raising funds of 819 million yuan.
It is worth noting that the additional issuance of Sanan Optoelectronics has received strong support from institutional investors. Among the five issuers, there are two fund companies, Dacheng Fund Management Company and Fuguo Fund Management Company. The two fund companies also subscribed for nearly half of the additional shares, and the total use funds reached 390 million yuan.
The fund is optimistic about Sanan Optoelectronics, and the purchase price quoted from it can be seen. The purchase quotations of Dacheng and Fuguo were 28.01 yuan and 28.00 yuan respectively, which was only second to the 29.00 yuan quoted by AVIC Xingang Guarantee Co., Ltd. among the 5 objects.
The reserve price of Sanan Optoelectronics was 12.44 yuan/share, and the prices of the two fund companies were 125% higher.
Two weeks later, on October 14, Dehao Runda, which was suspended before the festival, announced an additional issuance plan with a total fundraising amount of 1.526 billion yuan. Dehao Runda plans to issue approximately 160 million shares to four specific targets, including controlling shareholders, at a price of 9.54 yuan per share. Among them, 104 million shares or 65% of the additional shares will be issued by the company other than the controlling shareholder. The strategic investors subscribed in cash, and their total subscription funds reached 992 million yuan!
The natural ability to take out nearly 1 billion yuan is not a general generation. Dehao Runda's additional issuance plan shows that all three strategic investors have the background of local state-owned assets. Wuhu Economic Development Zone Optoelectronic Industry Investment and Development Co., Ltd. is a wholly-owned subsidiary of the State-owned Assets Supervision and Administration Commission of Wuhu Economic and Technological Development Zone in Anhui Province. The actual controllers of the additional targets of Wuhu Longwo Lake Construction and Development Co., Ltd. and Wuhu Yuanda Venture Capital Co., Ltd. are all Wuhu City State-owned Assets Supervision and Administration Commission.
A total of 2.345 billion yuan raised by the two companies will be invested in the LED field, Sanan Optoelectronics will build an industrial base in Tianjin; Dehao Runda's fundraising project covers the entire industry chain from top to bottom.
Just this week, the National Development and Reform Commission, the Ministry of Science and Technology and other six ministries and commissions jointly issued the "Semiconductor Lighting Energy-Saving Industry Development Opinions" (hereinafter referred to as "Opinions"), policy support has undoubtedly become the best annotation of the above huge investment.
To achieve an average annual growth rate of 30% in 2015
In fact, for the A-share market, LED is not a new term. As early as the beginning of the year, when Sanan Optoelectronics led the market for caps, LEDs have already entered the eyes of A-share investors. What is the prospect of this “sunrise industry� A clear goal has been given in the "Opinions": "By 2015, the average annual growth rate of the output value of the semiconductor lighting energy-saving industry is around 30%."
Semiconductor lighting will replace existing incandescent and fluorescent lamps, which has become the industry consensus. Semiconductor lighting mainly includes two types of light-emitting diodes (LEDs) and organic light-emitting diodes (OLEDs), but the latter still has technical defects such as low life and high cost disadvantages. Therefore, LEDs have been commercially available on a large scale. According to industry analysts, compared with traditional light sources, LEDs consume less electricity and are 80% lighter than comparable light-emitting incandescent lamps. Unlike traditional light sources, which contain harmful substances such as lead and mercury, they are more environmentally friendly; Suitable for use in public places; long service life, up to 100,000 hours at the right current and voltage.
Home lighting contains huge business opportunities
Unlike other emerging industries, LED companies do not lack performance support. This is due to the wide application of LEDs, the traditional cognitive home lighting or indoor lighting, but the last market launched in the LED field; "the price of household LED lamps is currently not competitive with incandescent lamps, and in application There are technical problems." Yue Xiongwei, an analyst of the electronic components industry of Great Wall Securities, said that the industry's highlight this year is to penetrate the large-size LCD panel in the backlight field and begin to replace the traditional CCFL backlight. Previously, LED applications in the backlight field were mostly concentrated on mobile phones and small and medium-sized notebook panels.
However, Yue Xiongwei believes that large-size panel backlight applications will be a new growth point for the industry in the future. Investors should note that Samsung has recently launched marketing campaigns for LED TVs, and among domestic manufacturers, Skyworth also launched LED TVs during the National Day. Industry market research firm DisplaySearch predicted last month that global LED demand will reach 75.8 billion and 96 billion respectively, up about 26% year-on-year; the demand for large-size panel backlights will rise to 12.4 billion, up year-on-year. 124%.
Industry analysts are quite optimistic about the development of China's LED industry. Some analysts said that the target of 30% annual growth rate proposed in the "Opinions" is likely to be realized earlier. The analyst said that general lighting is the largest market in the LED industry. The huge annual shipments of household lighting also means huge alternative business opportunities. Therefore, once started, its significance is self-evident; just too high cost hinders Its application in this field - conventional power lamps generally require 300 ~ 500 LEDs, but the price of a few LEDs can buy an incandescent lamp. However, he said that this time will not wait too long, this summer, the manufacturer has launched a price war for LED bulbs.
In the next 6 years, China's LED industry will be promoted in three areas. According to the "Opinions", by 2015, the penetration rate of semiconductor lighting products in functional lighting, LCD backlights, landscape decoration and other markets will reach 20%, 50% and 70% respectively.
Investment opportunities to master upstream chip manufacturing
Despite the bright future of the industry, LED is not an investment target for gold. The industry pointed out that only those who master the upstream chip and epitaxial wafer production technology can have better investment value.
According to the current classification, the LED industry chain includes upstream epitaxial wafers and chip manufacturing, midstream chip packaging and downstream applications. Among them, the upstream technical barrier is the highest, which is the core of the entire industrial chain. Its output value accounts for more than 70% of the total output value of the entire LED industry.
Yue Xiongwei told the reporter of "Daily Economic News" that the demand for funds in the chip part is relatively large. The core equipment for the production of LEDs, MOCVD (metal organic source chemical vapor deposition equipment), is priced at more than 10 million yuan. In the production line, only equipment investment will be hundreds of millions, so that large investment is not affordable to ordinary capital; and in terms of technology, there are patent shackles, and if there is not enough accumulation and precipitation in the production process, the quality of the product is difficult to have. Guarantee.
Among the A-share manufacturers, Sanan Optoelectronics is the only company that has the ability to manufacture full-color ultra-high brightness LED chips. Based on the company's performance forecast figures, the net profit this year will be 1.07 times that of the first half of the year. The scale of production capacity is also actively expanding: the company purchased 4 large-capacity MOCVD equipment in August, which will increase its production capacity by about 50% on the existing basis; and the Tianjin base invested by the company will be newly built after the completion of the project. The company's ultra-high brightness epitaxial wafers have an annual production capacity of 850,000 pieces and an annual chip production capacity of 20 billion pieces. The estimated annual after-tax profit is 205 million yuan.
As a new army in the industry, Dehao Runda covers the entire industry chain. Among the chips, Dehao Runda has an annual production capacity of 5 billion, which is 1/4 of Sanan Optoelectronics Tianjin Base. And some industry analysts have proposed that the technology source and detailed product categories of Dehao Runda LED chips are not disclosed in the additional issuance plan. Guoxin Securities analyst Wang Nianchun pointed out that Dehao Runda does not currently have the technology and production strength of LED chip manufacturing. It is expected that the company will accelerate its involvement in this field through external acquisitions.
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