Market continues to weaken crystal photoelectric "pain" LED sapphire substrate
[High- tech LED reporter report] On December 29, Crystal Optoelectronics (SZ.002273) announced that the actual net financing was less than 50% of the total investment of the three projects. The company plans to reduce the investment projects of raised funds, and the sapphire LED substrate project will not be included in the investment scope of the funds raised by this non-public offering.
According to the reporter's understanding, in December 2011, Crystal Optoelectronics issued 9.2 million shares through non-public offering of shares. The issue price was 35.95 yuan per share, and the total amount of funds raised was about 3.31 yuan. After deducting various issuance expenses, the net proceeds raised were about 310 million yuan. yuan. According to the plan, the company's original issuance of shares is capped at 20 million shares, and the amount of funds raised is 640 million yuan. The actual net financing has shrunk by nearly 52%.
Sapphire substrate project is seriously overestimated
"This project, we mainly completed in a time-limited period, was originally put into production in three years. But considering the pressure of the market demand in the industry, whether the substrate project is on schedule depends on the changes in the market." The person said in an interview with Gao Gong LED reporter.
According to the previously disclosed non-public issuance related proposals, Crystal Optoelectronics will raise funds to invest in the sapphire LED substrate project. After the project is completed, it will produce 6 million sapphire LED substrates per year. It is estimated that the normal annual sales income will be 1.104 billion yuan. The profit reached 109 million yuan.
The reporter roughly calculated that according to the above sales revenue expectations, the price of each sapphire substrate is about 184 yuan / piece, that is, 30 dollars / piece (2 inches).
According to the research data of the High-tech LED Industry Research Institute (GLII), as of the end of November 2011, the planned investment amount of domestic sapphire substrate has reached 34.8 billion yuan, which is 1.53 of the planned investment amount of sapphire project in 2010. Times. This eventually led to the most serious area of ​​sapphire overcapacity last year. The price of 2-inch sapphire substrate has dropped sharply from $35/piece at the beginning of the year to about $8/piece.
"The domestic sales price of ordinary sapphire substrate is 7.5 US dollars/piece, and the graphic substrate is temporarily kept secret." Zheng Dong, manager of Jiaxing Jingdian Administrative Personnel Department, told reporters. Gaogong LED reporters have learned from many investigations that the current domestic market price of ordinary sapphire substrates is 7.5-8 US dollars/piece, and the price of patterned substrate (PSS) is 20-21 US dollars/piece.
At the same time, in the previous fundraising plan, Crystal Optoelectronics mentioned the research and development plan for the patterned substrate. According to the reporter's understanding, the patterned substrate is (PSS) purchased from the upstream sapphire crystal, cutting and polishing manufacturers to buy the substrate film, after PSS processing, sold to the LED epitaxial chip manufacturers, and ultimately improve the LED light efficiency (ie than using ordinary Sapphire substrates brighten more than 30%) while improving sapphire substrate defects.
"At present, the company's substrate is still dominated by ordinary sapphire substrates. Whether it is based on graphic substrates in the future, it depends on the market's general trend. It is impossible to determine at present." Crystal Optoelectronics insiders said, "Next year's sapphire lining The bottom market should also be relatively bleak. Since the domestic MOCVD equipment is purchased a lot this year, the actual operating rate is very low, so there is a clear overcapacity phenomenon. Even if the market improves next year, it will be digested at once. It will take a long time, so there will be a general weakness in the market next year."
According to the current market price, the sales revenue of 6 million sapphire substrates of Crystal Optoelectronics is about 45 million to 48 million yuan, which is different from the previous expected sales revenue, which means that the return on investment of the new sapphire substrate project is seriously Overrated.
At present, people in the industry generally believe that the decline in the price of sapphire substrates is an inevitable trend in the development of the industry.
Funding pressure remains
At the same time, the reporter also found that there is a large financial pressure on Crystal Optoelectronics. As of the third quarter, the inventory of Crystal Optoelectronics increased by 48.249 million yuan from the beginning of the period, an increase of 128.32%.
In order to alleviate the pressure of cash flow, Crystal Optoelectronics announced on November 15, 2011 that the first largest shareholder of Crystal Optoelectronics, Star Group, pledged 17 million shares of its shares to China Exim Bank on May 6, 2010. Working as a working capital loan. Later, due to the distribution of equity, Star Group's pledge shares were changed from 17 million shares to 22.1 million shares. Due to the expiration of the pledge period, Xingxing Group pledges the 22.1 million shares pledge to the Export-Import Bank of China on November 9, 2011, and re-pledges all of them to the Export-Import Bank of China for working capital loans. As of November 9, 2011, Star Group currently accumulates a total of 35.49 million shares of the company.
A senior accountant said that the listed company's major shareholder pledges the listed company's equity is actually a means of financing, and generally does not have any substantial impact on the operation of the listed company. However, in the context of tighter cash flow, the actual controller or the largest shareholder pledges the equity of the listed company, and may inject funds into the listed company after “circling around the circle†to ease the financial pressure.
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