Unclear positioning, high inventory, cash flow into the "three mountains" of Dehao Runda
[High-tech LED reporter / Zhao Hui] "All used to supplement working capital to meet the needs of the company's business scale continues to grow." This is December 26, 2012, Dehao Runda (002005.SZ) announced a new round The position of the directional issuance plan.
After nearly a year, the above-mentioned private placement plan was approved by the China Securities Regulatory Commission.
"In order to maintain the company's brand and scale advantages, and further develop the LED industry, the company needs abundant liquidity to support business development in the future." Dehao Runda said. Prior to this, Dehao Runda has raised nearly 4 billion yuan from the secondary market for a total of additional issuance and debt issuance.
The approved issuance plan shows that Dehao Runda will issue 230 million shares to Wuchang Dehao Investment Co., Ltd., a controlling shareholder of the company, and Wu Changjiang, a strategic investor, at a price of 5.86 yuan per share, of which Wuhu Dehao Investment Co., Ltd. To subscribe for 100 million shares, Wu Changjiang subscribed for 13,000 shares. It is estimated that the total amount of funds raised will not exceed 134.78 million yuan.
“The adoption of additional issuance will effectively reduce the company’s asset-liability ratio and improve the company’s cash flow.†Dehao Runda’s Dongshou Deng Fei said that with the expansion of the company’s LED business, it is expected that the company’s demand for liquidity will be certain. The gap. In addition, the previous acquisition of NVC Lighting's equity needs to pay the equity transfer amount of about 1.654 billion Hong Kong dollars, also need to supplement the liquidity.
The main factor that caused the liquidity gap of Dehao Runda is that in recent years, the input and output of the company's large-scale LED epitaxial chip industry has been affected by industry volatility and has not reached the expected return.
According to the data, Dehao Runda's wholly-owned subsidiary, Wuhu Dehao Runda, and the US Veeco Company and Germany's AIXTRON AG signed a purchase contract for 70 units and 30 MOCVD equipment respectively. The total contract amount is not more than 261 million US dollars; Yangzhoude Howard and the US Veeco signed a purchase contract for 30 MOCVD equipment with a total contract value of no more than $756.5 million.
As of September 30, 2013, Wuhu Dehao Runda and Yangzhou Dehao Runda have received a total of 92 MOCVD equipment, of which 54 units have been commissioned and mass production has begun, and 2 units have been used for R&D; In the process of installation and debugging. All are 4-inch machines.
Such a large-scale epitaxial chip investment failed to bring an increase in net profit for Dehao Runda. In 2013, the data of Dehao Runda's third quarterly report showed that in the first three quarters, the company realized operating income of 2,270,115,900 yuan, while the net profit attributable to listed companies was only 50,256,500 yuan, down 56.45% year-on-year. The company's net profit margin was only 2.21%.
After deducting non-recurring gains and losses such as government subsidies, Dehao Runda's net loss for the first three quarters was 20,676,400 yuan. Corporate profitability continues to be worrying.
Sanan Optoelectronics (600703.SZ), which is also a listed company of epitaxial chips, achieved a net profit of 66,671,300 yuan in the first three quarters of this year. In terms of MOCVD scale, the number of machines of Sanan Optoelectronics is 2.41 times that of Dehao Runda, and the net profit is several times higher than that of Dehao Runda.
Since the beginning of this year, with the increase in downstream lighting demand, it has also driven the recovery of the upstream epitaxial chip market, but the overall market is still in a situation where the capacity utilization rate is not high, the price war is fierce, and the income is not increased.
In the future, how to play the scale effect and rationally control the manufacturing cost has become the core competitiveness of epitaxial chip companies.
"In the future, chip companies without scale will soon be eliminated." Ye Guoguang, director of sales and marketing at Guangdong Deli Optoelectronics, believes that 20 MOCVD capacity will be a cost critical point.
In the period when the upstream business is still in the investment period, Dehao Runda has continuously extended its reach to the downstream lighting and terminal markets in the past year.
In December 2012, Dehao Runda conducted an equity acquisition of NVC Lighting Holdings Co., Ltd. After the share transfer agreement was fulfilled, Dehao Runda held 633,301,000 shares of NVC Lighting (accounting for 20.05% of its total issued ordinary shares), becoming the single largest shareholder of NVC Lighting, and the total transaction amount was approximately RMB 134,334.16. Ten thousand yuan.
On May 14, 2013, Dehao Runda announced that the company invested RMB 640 million in cash to invest in Beijing Weimei Shengjing Advertising Co., Ltd., accounting for 21.27% of its registered capital. The capital increase was all funded in cash, and all sources of funds were self-raised funds.
Dehao Runda invested in NVC Lighting, launched the joint brand of NVC Dehao Runda, and fully distributed the goods through the NVC channel. According to news from the market, the current joint brand is mainly the light source products such as bulbs and lamps, but the market is generally sold.
The continuous expansion of investment and investment also made the financial pressure of Dehao Runda continue to rise.
According to the 2013 third quarterly report, as of September 30, 2013, Dehao Runda held 481.162 million yuan in cash and cash equivalents, while its short-term borrowings amounted to 2013.68 million yuan and long-term loans reached 137.72 million yuan. Long-term and short-term borrowings totaled more than 3.3 billion yuan, and the pressure on debt repayment was enormous.
According to calculations, the flow ratio of Dehao Runda at the end of the third quarter is only 0.99, which is much lower than the standard of the general enterprise 2. Short-term solvency is lacking.
In order to alleviate the financial pressure, Dehao Runda also issued a short-term financing bill of 800 million yuan in May at the same time as the launch of the additional issuance.
The controlling shareholder of Dehao Runda, Wuhu Dehao Investment Co., Ltd., also recently conducted a stock pledged repo.
On October 31, Dehao Runda announced that on October 24, 2013, the controlling shareholder of the company, Wuhu Dehao Investment and Haitong Securities Co., Ltd. signed a stock pledged repo deal agreement, and Wuhu Dehao Investment will invest in it. 54,000,000 shares of the company were held for stock pledged repo transactions, and the funder was Haitong Securities Co., Ltd. The initial trading day of the underlying securities is October 24, 2013, and the repo trading day is October 24, 2014.
According to statistics, Wuhu Dehao Investment holds a total of 245,356,800 shares of Dehao Runda, accounting for 21.04% of the company's total shares. The shares pledged by Wuhu Dehao Investment's shares are 196,300,000 shares, accounting for 16.83% of the company's total share capital.
For the use of funds for the controlling shareholder's pledge, Dehao Runda said it did not know.
Dehao Runda's high price in NVC lighting and participation in Weimei Shengjing are not for the upstream chip business to find the seaport. However, the current domestic chip market is fiercely competitive. Enterprises must face the strong competition of Taiwan's Jingdian, Yuyuan, Sanan Optoelectronics, and Huacan Optoelectronics' first-line chip makers, as well as the extrusion of second-tier chip companies.
Due to the vague positioning of Dehao Runda's chip products, it is not competitive with foreign manufacturers and Taiwanese companies in the high-end market. In the short-to-medium market, it can't match the scale advantage of Sanan Optoelectronics in the short term. In some market segments, the products are not. With absolute advantage, this makes Dehao Runda in a very embarrassing situation.
This short-term market game has also led to the high inventory of Dehao Runda.
According to the data of the third quarter of this year, the inventory of Dehao Runda was as high as 106,447,300 yuan, an increase of 23.66% compared with the beginning of the year.
Huge investments, increasing debt and inventories are all testing the cash flow of Dehao Runda. As of June 30, 2013, none of the three major projects of chip, package and lighting funded by DHL Runda achieved the expected return.
“Dehao Runda has to occupy 7%-8% of the global LED lighting market share, in order to digest 160 MOCVD full capacity.†Wang Donglei once said that the company will use five years to build a production value of 30 billion yuan, of which LED lighting applications The sales target of 1 billion yuan will be achieved in 2013.
According to the data of the semi-annual report, Dehao Runda's LED application revenue in the first half of 2013 was 491 million yuan, and only the holding subsidiary Shenzhen Ruituo's revenue accounted for nearly half of it, which was 200 million yuan. The rest is estimated to be revenue from the lighting business. According to this ratio, the annual LED lighting revenue is still far from the target of 1 billion yuan.
[Note: This article is the exclusive report of Gaogong LED . Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "Anti-infringement action" statement will be deemed to be illegally reprinted, this website will be held legally responsible! 】
After nearly a year, the above-mentioned private placement plan was approved by the China Securities Regulatory Commission.
"In order to maintain the company's brand and scale advantages, and further develop the LED industry, the company needs abundant liquidity to support business development in the future." Dehao Runda said. Prior to this, Dehao Runda has raised nearly 4 billion yuan from the secondary market for a total of additional issuance and debt issuance.
The approved issuance plan shows that Dehao Runda will issue 230 million shares to Wuchang Dehao Investment Co., Ltd., a controlling shareholder of the company, and Wu Changjiang, a strategic investor, at a price of 5.86 yuan per share, of which Wuhu Dehao Investment Co., Ltd. To subscribe for 100 million shares, Wu Changjiang subscribed for 13,000 shares. It is estimated that the total amount of funds raised will not exceed 134.78 million yuan.
“The adoption of additional issuance will effectively reduce the company’s asset-liability ratio and improve the company’s cash flow.†Dehao Runda’s Dongshou Deng Fei said that with the expansion of the company’s LED business, it is expected that the company’s demand for liquidity will be certain. The gap. In addition, the previous acquisition of NVC Lighting's equity needs to pay the equity transfer amount of about 1.654 billion Hong Kong dollars, also need to supplement the liquidity.
The main factor that caused the liquidity gap of Dehao Runda is that in recent years, the input and output of the company's large-scale LED epitaxial chip industry has been affected by industry volatility and has not reached the expected return.
According to the data, Dehao Runda's wholly-owned subsidiary, Wuhu Dehao Runda, and the US Veeco Company and Germany's AIXTRON AG signed a purchase contract for 70 units and 30 MOCVD equipment respectively. The total contract amount is not more than 261 million US dollars; Yangzhoude Howard and the US Veeco signed a purchase contract for 30 MOCVD equipment with a total contract value of no more than $756.5 million.
As of September 30, 2013, Wuhu Dehao Runda and Yangzhou Dehao Runda have received a total of 92 MOCVD equipment, of which 54 units have been commissioned and mass production has begun, and 2 units have been used for R&D; In the process of installation and debugging. All are 4-inch machines.
Such a large-scale epitaxial chip investment failed to bring an increase in net profit for Dehao Runda. In 2013, the data of Dehao Runda's third quarterly report showed that in the first three quarters, the company realized operating income of 2,270,115,900 yuan, while the net profit attributable to listed companies was only 50,256,500 yuan, down 56.45% year-on-year. The company's net profit margin was only 2.21%.
After deducting non-recurring gains and losses such as government subsidies, Dehao Runda's net loss for the first three quarters was 20,676,400 yuan. Corporate profitability continues to be worrying.
Sanan Optoelectronics (600703.SZ), which is also a listed company of epitaxial chips, achieved a net profit of 66,671,300 yuan in the first three quarters of this year. In terms of MOCVD scale, the number of machines of Sanan Optoelectronics is 2.41 times that of Dehao Runda, and the net profit is several times higher than that of Dehao Runda.
Since the beginning of this year, with the increase in downstream lighting demand, it has also driven the recovery of the upstream epitaxial chip market, but the overall market is still in a situation where the capacity utilization rate is not high, the price war is fierce, and the income is not increased.
In the future, how to play the scale effect and rationally control the manufacturing cost has become the core competitiveness of epitaxial chip companies.
"In the future, chip companies without scale will soon be eliminated." Ye Guoguang, director of sales and marketing at Guangdong Deli Optoelectronics, believes that 20 MOCVD capacity will be a cost critical point.
In the period when the upstream business is still in the investment period, Dehao Runda has continuously extended its reach to the downstream lighting and terminal markets in the past year.
In December 2012, Dehao Runda conducted an equity acquisition of NVC Lighting Holdings Co., Ltd. After the share transfer agreement was fulfilled, Dehao Runda held 633,301,000 shares of NVC Lighting (accounting for 20.05% of its total issued ordinary shares), becoming the single largest shareholder of NVC Lighting, and the total transaction amount was approximately RMB 134,334.16. Ten thousand yuan.
On May 14, 2013, Dehao Runda announced that the company invested RMB 640 million in cash to invest in Beijing Weimei Shengjing Advertising Co., Ltd., accounting for 21.27% of its registered capital. The capital increase was all funded in cash, and all sources of funds were self-raised funds.
Dehao Runda invested in NVC Lighting, launched the joint brand of NVC Dehao Runda, and fully distributed the goods through the NVC channel. According to news from the market, the current joint brand is mainly the light source products such as bulbs and lamps, but the market is generally sold.
The continuous expansion of investment and investment also made the financial pressure of Dehao Runda continue to rise.
According to the 2013 third quarterly report, as of September 30, 2013, Dehao Runda held 481.162 million yuan in cash and cash equivalents, while its short-term borrowings amounted to 2013.68 million yuan and long-term loans reached 137.72 million yuan. Long-term and short-term borrowings totaled more than 3.3 billion yuan, and the pressure on debt repayment was enormous.
According to calculations, the flow ratio of Dehao Runda at the end of the third quarter is only 0.99, which is much lower than the standard of the general enterprise 2. Short-term solvency is lacking.
In order to alleviate the financial pressure, Dehao Runda also issued a short-term financing bill of 800 million yuan in May at the same time as the launch of the additional issuance.
The controlling shareholder of Dehao Runda, Wuhu Dehao Investment Co., Ltd., also recently conducted a stock pledged repo.
On October 31, Dehao Runda announced that on October 24, 2013, the controlling shareholder of the company, Wuhu Dehao Investment and Haitong Securities Co., Ltd. signed a stock pledged repo deal agreement, and Wuhu Dehao Investment will invest in it. 54,000,000 shares of the company were held for stock pledged repo transactions, and the funder was Haitong Securities Co., Ltd. The initial trading day of the underlying securities is October 24, 2013, and the repo trading day is October 24, 2014.
According to statistics, Wuhu Dehao Investment holds a total of 245,356,800 shares of Dehao Runda, accounting for 21.04% of the company's total shares. The shares pledged by Wuhu Dehao Investment's shares are 196,300,000 shares, accounting for 16.83% of the company's total share capital.
For the use of funds for the controlling shareholder's pledge, Dehao Runda said it did not know.
Dehao Runda's high price in NVC lighting and participation in Weimei Shengjing are not for the upstream chip business to find the seaport. However, the current domestic chip market is fiercely competitive. Enterprises must face the strong competition of Taiwan's Jingdian, Yuyuan, Sanan Optoelectronics, and Huacan Optoelectronics' first-line chip makers, as well as the extrusion of second-tier chip companies.
Due to the vague positioning of Dehao Runda's chip products, it is not competitive with foreign manufacturers and Taiwanese companies in the high-end market. In the short-to-medium market, it can't match the scale advantage of Sanan Optoelectronics in the short term. In some market segments, the products are not. With absolute advantage, this makes Dehao Runda in a very embarrassing situation.
This short-term market game has also led to the high inventory of Dehao Runda.
According to the data of the third quarter of this year, the inventory of Dehao Runda was as high as 106,447,300 yuan, an increase of 23.66% compared with the beginning of the year.
Huge investments, increasing debt and inventories are all testing the cash flow of Dehao Runda. As of June 30, 2013, none of the three major projects of chip, package and lighting funded by DHL Runda achieved the expected return.
“Dehao Runda has to occupy 7%-8% of the global LED lighting market share, in order to digest 160 MOCVD full capacity.†Wang Donglei once said that the company will use five years to build a production value of 30 billion yuan, of which LED lighting applications The sales target of 1 billion yuan will be achieved in 2013.
According to the data of the semi-annual report, Dehao Runda's LED application revenue in the first half of 2013 was 491 million yuan, and only the holding subsidiary Shenzhen Ruituo's revenue accounted for nearly half of it, which was 200 million yuan. The rest is estimated to be revenue from the lighting business. According to this ratio, the annual LED lighting revenue is still far from the target of 1 billion yuan.
[Note: This article is the exclusive report of Gaogong LED . Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "Anti-infringement action" statement will be deemed to be illegally reprinted, this website will be held legally responsible! 】
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