Two times will be lucky
As early as July this year, the China Securities Regulatory Commission issued an announcement to cancel the IPO review of Jufei Optoelectronics, and said that there are still related matters that need further implementation. This time, the second meeting, in addition to increasing the content of dividends and the financial data of the first nine months of this year, the prospectus of Jufei Optoelectronics has been criticized for "intensive cross-shareholding", "suffering of interest transfer", and management The "ZTE Corporation" and other issues have not made new explanations and explanations, and the shareholding structure of shareholders has not been moved at all.
In addition, Jufei Optoelectronics as an LED packaging enterprise, the current LED industry chain investment overheating problem is already very obvious, the production capacity is in excess. Jufei Optoelectronics' fundraising project does not have a comprehensive update or upgrade of industrial technology. Under the background of fierce competition in the industry, it does not have the ability to “emphasize the encirclementâ€.
For the first time, Jufei Optoelectronics will be canceled by the CSRC. Some sources pointed out that “the company will be suddenly cancelled and it will be an emergency. It will not be the IPO’s initiative, but the CSRC’s relevant issues. There are still questions. For example, problems such as financial fraud, information disclosure, and related party transactions may be exposed."
Despite this, Jufei Optoelectronics Chairman and General Manager Xing Qibin, Director, Deputy General Manager Hou Li and Director Zhu Weimin held the shares of Shenzhen Zhongxing Weixian Communication Equipment Co., Ltd., and the shareholding of shareholders was still insufficient. Explanation and explanation.
In addition, Jufei Optoelectronics disclosed in the prospectus that director Zhu Weimin has served as a director of Shenzhen Decang Technology Co., Ltd. (hereinafter referred to as “Decang Technologyâ€) and indirectly holds 7.47% of the shares of Decang Technology. Until November 2010, Zhu Weimin resigned as a director of Wharf Technology.
In fact, De Cang Technology has been the top five customers of Jufei Optoelectronics for three consecutive years. In 2008, Decang Technology was the company's fourth largest customer. Jufei Optoelectronics sold a total of RMB 849.30 million; in 2009, it was the second largest. The customer, the sales amount of it is 17.4383 million yuan; in 2010, it was also the second largest customer, and its sales amount was 2011.41 million yuan. Among the top five customers in the past three years, Jufei Optoelectronics has the highest average selling price per unit of Deokang Technology. I am afraid that only the insiders know best how much interest there is. Jufei Optoelectronics also held a 10% stake in Decang Technology and cross-shared with the company's important customers. Such a confusing cross-shareholding can only be a fog in the eyes of investors.
Industry downturn competition intensified
Affected by the industry downturn, this year's domestic LED companies' profit margins have increased significantly compared with the past. In the first half of this year, the net profit of Guoxing Optoelectronics (002449) attributable to shareholders of listed companies decreased by 19.21% year-on-year. Lehman Optoelectronics (300162)'s net profit attributable to shareholders of listed companies increased by only 3.96%. The share profit growth rate of Jufei Optoelectronics owned by the company's common shareholders was 20.22%, far exceeding the performance of the previous two competitors.
From January to June this year, Jufei Optoelectronics' operating income was 164 million yuan, an increase of 21.78% compared with the same period of the previous year. In the first half of the year, the company's net profit was 41.157 million yuan, an increase of 23.56% compared with the same period of the previous year. How much sustainability this growth has in the industry context is worthy of attention.
At the same time, in the prospectus, Jufei Optoelectronics' market situation for LED backlights is analyzed from the increase in quantity, and reflects the trend of growth. In fact, the trend of price decline is higher than the trend of quantity growth. Jufei Optoelectronics' main product backlight LED is mainly used for small and medium size backlights. The company's prospectus shows on page 86-88. In 2010, the penetration rate of global medium and small size backlight products has been 100%, and the demand for small size LED backlights has increased. The rate is less than 10%, the growth rate of medium-sized LED backlight products is less than 20%, and the price of medium and small-sized backlight products in 2011 is as high as 30%. The market size of medium and small-sized backlights will shrink sharply. . When expressing the market capacity of small-size backlights, Jufei Optoelectronics only mentioned the increase in the demand for LED backlights, but did not mention the sharp decline in the price of LED backlights, and concluded that “the small-sized backlight field is stable in 2010-2012. The growth period, "the medium-sized backlight field is still in a period of rapid growth in 2010-2012, and the growth rate is maintained at an average annual rate of around 20%."
In terms of large-size backlights, in fact, the LED TV backlight market has been divided by several major companies around the world. It is almost impossible for companies to enter mainstream suppliers. Therefore, the growth of demand for the entire LED TV market has little to do with the flying. Even if Jufei Optoelectronics is now investing in large-scale investment, it will take at least two years after the projects are put into production and verified by customers.
At the same time, in terms of technology, the current side-emitting LED packaging technology for small and medium-sized backlights is quite mature, and the market output value is on the downward trend. The main technical patent advantage of Jufei Optoelectronics is still in the side lighting, and it can not make a breakthrough in lighting, so its technical patent market has little significance.
From the perspective of the industry as a whole, according to the statistics of the High-tech LED Industry Research Institute, there were 69 investment projects with more than 100 million new investment in the first half of 2011, compared with 74 last year. In the capital market, LED manufacturers such as Lehman Optoelectronics, Hongli Optoelectronics (300219), Zhouming Technology (300232) and Ruifeng Optoelectronics (300241) are listed.
With the investment of a large number of fundraising and the expansion of production capacity, the industry believes that the capacity of the LED packaging industry is currently in a phased surplus. According to the company's prospectus, the average price of LED backlighting LED devices in January-June 2011 was 0.281 yuan, down 3.77% year-on-year. The average price of lighting LED devices was 0.234 yuan, down 12.36% year-on-year. And the gross profit margin for the first six months of 2011 was 37.71, up 2.68% year-on-year. However, according to the data of the High-tech LED Industry Research Institute, the price of domestic LED packaging devices has dropped significantly this year. Among them, the price of small and medium-sized products has dropped by more than 20% in the first half of this year, including the price of mainstream LED backlight companies in Taiwan. The magnitude is decreasing. Since the fourth quarter of last year, many domestic packaging companies have been struggling, and the beautiful financial indicators of Jufei Optoelectronics are questionable.
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