High-profile into the photovoltaic and LED Dongshan precision but encountered industry downturn
According to the 2011 annual performance forecast released by Dongshan Precision (002384), the company expects the net profit attributable to shareholders of listed companies from January 1, 2011 to December 31, 2011 to be profit of 64.41 million yuan -92.20 million yuan. The year-on-year increase and decrease ranged from -10% to 20%.
In 2010, Dongshan Precision, which made high-profile achievements in the field of photovoltaics and LEDs, fully experienced the bitterness and bitterness of the sudden changes in the industry in 2011, and also dragged down the company's performance in the second year of the listing.
On February 1st, the company announced that its 2011 full-year results are expected to fall by less than 30% year-on-year. The company's original concentrating solar photovoltaic power company SolFocus., Inc., which spent 136 million shares, suffered a large loss, which was listed as affecting performance. The top three reasons. When the company entered the photovoltaic and LED industries, institutional analysts eagerly predicted that the company's earnings per share from 2010 to 2012 were 0.97 yuan, 1.78 yuan, 2.34 yuan; now, the company is farther and farther away from the goal. The reason is obvious, Dongshan Precision unfortunately "stepped on" the two major industries "land mines" in 2011 - the photovoltaic industry and the LED industry.
The main business of Dongshan Precision is the sheet metal business and casting and forging business. After the company was listed in 2010, it has advanced to the photovoltaic and LED industries to extend the industrial chain. However, unfortunately, in 2011, with the deepening of the European debt crisis, the European PV market was in trouble, leading to a serious overcapacity and imbalance between supply and demand in the global PV market. Since March 2011, the price of products in the polysilicon industry chain has dropped sharply and has been sluggish. At the same time, the chasing of the LED industry by capital has "replicated" the scene of the photovoltaic industry, and it has also triggered the collapse of LED companies in 2011. The performance growth of listed companies in the industry has dropped significantly.
PV investment income is nowhere in sight
In this context, Dongshan Precision Investment's SolFocus., Inc. situation seems a bit bad. In August 2010, Dongshan Precision announced that it would invest in 136 million yuan of super-raised funds to invest in SolFocus., Inc., a third-party evaluation agency disclosed at that time issued a report, expecting SolFocus., Inc. to obtain orders in 2010, 2011 and 2012. The conservative estimate is 12.8MW for orders, $49.5 million for revenue, 35MW for orders, $103.2 million for orders, 100MW for orders, and $56.25 million for revenue. According to the announcement, SolFocus., Inc.'s 2009 profit was negative, but its net profit for the first quarter of 2010 was positive based on the unaudited materials it provided. However, the company's August investment announcement clearly stated: "SolFocus., Inc is currently at a loss", indicating that SolFocus., Inc.'s profitability is not stable.
Dongshan Precision's 2011 semi-annual report revealed a bad news: "Company customer SolFocus., Inc., in order to improve the market competitiveness of focused solar energy and reduce product costs, re-integrate the supply chain and optimize products from October 2010. Structure and process flow; since November 2010, SolFocus., Inc. stopped the procurement business to the company...". According to the previous agreement, Dongshan Precision participates in SolFocus., Inc., SolFocus., Inc. is responsible for R&D and marketing, and Dongshan Precision is engaged in OEM production. Therefore, this information means that Dongshan Precision has just invested in a company that has been invested in a dilemma. In this case, the shutdown has stopped at least in the first half of 2011.
"This company was still in production in 2011." Yesterday, Dongshan Precision said. However, it is obviously impossible to reach the originally anticipated order level. Photovoltaic industry insiders also said yesterday that concentrating solar photovoltaic power generation is only suitable for use in remote areas such as the desert due to its "body state". Recently, as the price of polysilicon has fallen sharply, its advantages have been more challenged. "It's not a simple matter. It is said that the company hopes to make a breakthrough in the domestic market, because according to the agreement, the sales rights in the domestic market are in the hands of the company.
LED business order variable
Dongshan Precision seems to have gained something in the LED business. The company announced in November 2011 that "the company's LED TV backlight has entered the mass production stage. The company has obtained the first batch of LED TV backlight module batch orders (more than 100,000 sets) from customers (TCL Ace Electric). The order amount is more than RMB 35 million, and the product order is delivered before mid-December 2011."
However, the house leaks all night.
On June 24 last year, TCL Corporation and Harvatck (HongKong) Limited, a wholly-owned subsidiary of Taiwan Hongqi Technology Co., Ltd., formally signed a business contract for the establishment of a joint venture company (TCL Hongqi Technology (Huizhou) Co., Ltd.). Invested in the research and development, manufacturing and sales of light-emitting diode (LED) device packaging products. The registered capital of the joint venture company is 200 million yuan, which is jointly funded by TCL Group and Harvatck in cash by 50%. The first year after the project design capacity is reached, it will be 2 billion LED device packaging products with a planned output value of 1.3 billion yuan. The production date of the latter part of the project (testing and packaging) is expected to be December 2011, and the full-process production date is expected to be in late March 2012.
Li Dongsheng, chairman of TCL Group, said that this cooperation with Hongqi Technology will enable TCL to have quality and cost leadership in LED key chips. In recent years, the sales of TCL LCD TVs and mobile phone products continue to grow at home and abroad. TCL Group's demand for LED TV backlight, mobile phone backlight and LED lighting has increased. At this time, the LED industry can be optimized to adjust the TCL industrial structure and improve the layout of the LCD industry. .
According to the reporter, so far, Dongshan Precision LED TV backlight customers are mainly TCL. Therefore, with the completion of the TCL joint venture plant, it will pose a great risk to subsequent orders.
In 2010, Dongshan Precision, which made high-profile achievements in the field of photovoltaics and LEDs, fully experienced the bitterness and bitterness of the sudden changes in the industry in 2011, and also dragged down the company's performance in the second year of the listing.
On February 1st, the company announced that its 2011 full-year results are expected to fall by less than 30% year-on-year. The company's original concentrating solar photovoltaic power company SolFocus., Inc., which spent 136 million shares, suffered a large loss, which was listed as affecting performance. The top three reasons. When the company entered the photovoltaic and LED industries, institutional analysts eagerly predicted that the company's earnings per share from 2010 to 2012 were 0.97 yuan, 1.78 yuan, 2.34 yuan; now, the company is farther and farther away from the goal. The reason is obvious, Dongshan Precision unfortunately "stepped on" the two major industries "land mines" in 2011 - the photovoltaic industry and the LED industry.
The main business of Dongshan Precision is the sheet metal business and casting and forging business. After the company was listed in 2010, it has advanced to the photovoltaic and LED industries to extend the industrial chain. However, unfortunately, in 2011, with the deepening of the European debt crisis, the European PV market was in trouble, leading to a serious overcapacity and imbalance between supply and demand in the global PV market. Since March 2011, the price of products in the polysilicon industry chain has dropped sharply and has been sluggish. At the same time, the chasing of the LED industry by capital has "replicated" the scene of the photovoltaic industry, and it has also triggered the collapse of LED companies in 2011. The performance growth of listed companies in the industry has dropped significantly.
PV investment income is nowhere in sight
In this context, Dongshan Precision Investment's SolFocus., Inc. situation seems a bit bad. In August 2010, Dongshan Precision announced that it would invest in 136 million yuan of super-raised funds to invest in SolFocus., Inc., a third-party evaluation agency disclosed at that time issued a report, expecting SolFocus., Inc. to obtain orders in 2010, 2011 and 2012. The conservative estimate is 12.8MW for orders, $49.5 million for revenue, 35MW for orders, $103.2 million for orders, 100MW for orders, and $56.25 million for revenue. According to the announcement, SolFocus., Inc.'s 2009 profit was negative, but its net profit for the first quarter of 2010 was positive based on the unaudited materials it provided. However, the company's August investment announcement clearly stated: "SolFocus., Inc is currently at a loss", indicating that SolFocus., Inc.'s profitability is not stable.
Dongshan Precision's 2011 semi-annual report revealed a bad news: "Company customer SolFocus., Inc., in order to improve the market competitiveness of focused solar energy and reduce product costs, re-integrate the supply chain and optimize products from October 2010. Structure and process flow; since November 2010, SolFocus., Inc. stopped the procurement business to the company...". According to the previous agreement, Dongshan Precision participates in SolFocus., Inc., SolFocus., Inc. is responsible for R&D and marketing, and Dongshan Precision is engaged in OEM production. Therefore, this information means that Dongshan Precision has just invested in a company that has been invested in a dilemma. In this case, the shutdown has stopped at least in the first half of 2011.
"This company was still in production in 2011." Yesterday, Dongshan Precision said. However, it is obviously impossible to reach the originally anticipated order level. Photovoltaic industry insiders also said yesterday that concentrating solar photovoltaic power generation is only suitable for use in remote areas such as the desert due to its "body state". Recently, as the price of polysilicon has fallen sharply, its advantages have been more challenged. "It's not a simple matter. It is said that the company hopes to make a breakthrough in the domestic market, because according to the agreement, the sales rights in the domestic market are in the hands of the company.
LED business order variable
Dongshan Precision seems to have gained something in the LED business. The company announced in November 2011 that "the company's LED TV backlight has entered the mass production stage. The company has obtained the first batch of LED TV backlight module batch orders (more than 100,000 sets) from customers (TCL Ace Electric). The order amount is more than RMB 35 million, and the product order is delivered before mid-December 2011."
However, the house leaks all night.
On June 24 last year, TCL Corporation and Harvatck (HongKong) Limited, a wholly-owned subsidiary of Taiwan Hongqi Technology Co., Ltd., formally signed a business contract for the establishment of a joint venture company (TCL Hongqi Technology (Huizhou) Co., Ltd.). Invested in the research and development, manufacturing and sales of light-emitting diode (LED) device packaging products. The registered capital of the joint venture company is 200 million yuan, which is jointly funded by TCL Group and Harvatck in cash by 50%. The first year after the project design capacity is reached, it will be 2 billion LED device packaging products with a planned output value of 1.3 billion yuan. The production date of the latter part of the project (testing and packaging) is expected to be December 2011, and the full-process production date is expected to be in late March 2012.
Li Dongsheng, chairman of TCL Group, said that this cooperation with Hongqi Technology will enable TCL to have quality and cost leadership in LED key chips. In recent years, the sales of TCL LCD TVs and mobile phone products continue to grow at home and abroad. TCL Group's demand for LED TV backlight, mobile phone backlight and LED lighting has increased. At this time, the LED industry can be optimized to adjust the TCL industrial structure and improve the layout of the LCD industry. .
According to the reporter, so far, Dongshan Precision LED TV backlight customers are mainly TCL. Therefore, with the completion of the TCL joint venture plant, it will pose a great risk to subsequent orders.
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