High-tech LED network message / Meng Dan
For the LED industry that has been popular since 2009, Lianchuang Optoelectronics is undoubtedly the ugly duckling in this group. Compared with Sanan Optoelectronics, Silan Micro, Ganzhao Optoelectronics, Guoxing Optoelectronics and other beautiful women who have been or have been in the scenery, Lianchuang Optoelectronics is inevitably self-defeating.
Let us first look at the operation of Lianchuang Optoelectronics. The company's main business is mainly cable and LED packaging, and there are some special communication products business and computer software products. In the middle of 2010, LED products accounted for 72.8% of the main business revenue, and cable business accounted for 21.6%, including chip manufacturing, packaging and downstream applications such as street lights, backlights, display devices and so on.
Note: Since the three quarterly reports do not have data on the company's products and sub-sectors, we analyze the data according to the second quarter of 2010.
Lianchuang Optoelectronics has a complete LED industry chain, which has formed an annual output of 200,000 square inches of liquid crystal LED epitaxial wafers, 50,000 square inches of blue and green LED epitaxial wafers, 6 billion LED chips, and 600 million chip LEDs. And high-brightness, ultra-high-brightness LED, 15 million LED flat display devices, 15 million LED mobile phone backlight production scale, the complete industrial chain has created a certain imagination for future performance improvement.
At present, the company implements the strategy of driving upstream in the middle and lower reaches, and the proportion of packaged products is the largest. In the upstream extension, especially the highlight blue-green extension, the company has not made a substantial breakthrough. 74% of Lianchuang Optoelectronics' “Nanchang Xinlei Optoelectronics†is mainly engaged in the production of LED chips, which has a production line with an annual production capacity of 6 billion LED chips. Lianchuang Optoelectronics indirectly holds 100% of Xiamen Hualian is a company mainly engaged in LED device packaging.
Now let's take a look at Lianchuang's net interest rate. In the middle of 2010, the gross profit margin of LED-related business was 21.04%, which was far from the gross profit margin of Sanan Optoelectronics and Silan Micro. It was even worse than LED newcomer Dehao Runda and Guoxing Optoelectronics, which is completely engaged in packaging. The company's products are mainly low-end products. At the same time, due to the intensified competition in the cable industry market, the operating income of cable products in the first half of 2010 was 122 million yuan, a year-on-year decrease of 43.6%. The gross profit is only 15.85%.
(Source: 2010 semi-annual reports of companies, in which the dry photoelectric data comes from the prospectus (for the 2009 data))
In the relatively backward situation, Lianchuang Optoelectronics has certain reserves in terms of technological transformation and capacity building in 2010, and is expected to contribute substantial results in 2011.
Where is the highlight of Lianchuang Optoelectronics? Will the ugly duckling become a beautiful swan?
Highlight 1: Long-term equity investment
In the first quarter of 2010, the company transferred Lianchuang Communication's equity to obtain investment income of 15.8 million yuan. Xiamen Hongfa, the shareholding company, mainly engaged in relay business. In 2009, it achieved a net profit of 110 million yuan, contributing investment income of 25 million yuan to the company; 1.07 billion, contributing investment income of 27.625 million yuan to the company, accounting for 58.59% of the net profit of Lianchuang Optoelectronics! Note: This ratio is very large! Moreover, Xiamen Hongfa has a listing expectation, and it is expected to bring greater returns to the company in the future.
Now for Lianchuang Optoelectronics, the biggest highlights are:
Highlight 2: Asset restructuring expectations brought about by changes in controlling shareholders
The LED business of the company is “dismal†compared to its peers, which is due to insufficient investment by major shareholders. As the company's investment increases, the company has the possibility to improve its profitability. Let us first look at the share capital structure of Lianchuang Optoelectronics.
Table 4 Shareholders of Lianchuang Optoelectronics holding more than 5% in the second quarter of 2010 ( Source: 2010 semi-annual reports of companies)
Jiangxi Wire and Cable has sold 300,000 shares of Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. on the Shanghai Stock Exchange trading market on October 25, 2010, accounting for 0.08% of its total shares. After the reduction, the cable factory held shares. 4.94%. It can be seen that Jiangxi Electronic Group Co., Ltd. is the actual controller of Lianchuang Optoelectronics.
On October 27, 2009, Lianchuang Optoelectronics had plans to change the actual controller. After a year, there was finally substantial progress. On August 2, 2010, Lianchuang Optoelectronics announced that the People's Government of Jiangxi Province agreed to publicly sell the entire share capital of Jiangxi Electronic Group Co., Ltd., the controlling shareholder of the company, and disclosed the transfer conditions and other related matters.
On October 15, 2010, the total shareholding of Jiangxi Electronic Group Co., Ltd., which was auctioned by 98.831 million yuan, was 30% higher than the listing price. The competition was more competitive. However, there is no relevant assets from the Yishang Group, so in addition to acquiring assets outside the group in the future, the company's value still needs to be tapped internally. The actual controller change has been reported to the State Council and is expected to be approved in the near future.
For the LED industry that has been popular since 2009, Lianchuang Optoelectronics is undoubtedly the ugly duckling in this group. Compared with Sanan Optoelectronics, Silan Micro, Ganzhao Optoelectronics, Guoxing Optoelectronics and other beautiful women who have been or have been in the scenery, Lianchuang Optoelectronics is inevitably self-defeating.
Let us first look at the operation of Lianchuang Optoelectronics. The company's main business is mainly cable and LED packaging, and there are some special communication products business and computer software products. In the middle of 2010, LED products accounted for 72.8% of the main business revenue, and cable business accounted for 21.6%, including chip manufacturing, packaging and downstream applications such as street lights, backlights, display devices and so on.
| Product | Proportion of main business income | Gross profit margin | Gross profit margin increased compared with the same period of last year |
| Cable | 21.6% | 15.85% | 5.25% |
| LED products | 72.8% | 21.04% | 1.74% |
| Dedicated communication products | 5% | 46.99% | -17.29% |
| Computer and software | 0.6% | 5.18% | -0.05% |
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Table 1 Lianchuang Optoelectronics Business Structure in the second quarter of 2010 (Source: 2010 Lianchuang Optoelectronics Semi-annual Report) Note: Since the three quarterly reports do not have data on the company's products and sub-sectors, we analyze the data according to the second quarter of 2010.
Lianchuang Optoelectronics has a complete LED industry chain, which has formed an annual output of 200,000 square inches of liquid crystal LED epitaxial wafers, 50,000 square inches of blue and green LED epitaxial wafers, 6 billion LED chips, and 600 million chip LEDs. And high-brightness, ultra-high-brightness LED, 15 million LED flat display devices, 15 million LED mobile phone backlight production scale, the complete industrial chain has created a certain imagination for future performance improvement.
At present, the company implements the strategy of driving upstream in the middle and lower reaches, and the proportion of packaged products is the largest. In the upstream extension, especially the highlight blue-green extension, the company has not made a substantial breakthrough. 74% of Lianchuang Optoelectronics' “Nanchang Xinlei Optoelectronics†is mainly engaged in the production of LED chips, which has a production line with an annual production capacity of 6 billion LED chips. Lianchuang Optoelectronics indirectly holds 100% of Xiamen Hualian is a company mainly engaged in LED device packaging.
Now let's take a look at Lianchuang's net interest rate. In the middle of 2010, the gross profit margin of LED-related business was 21.04%, which was far from the gross profit margin of Sanan Optoelectronics and Silan Micro. It was even worse than LED newcomer Dehao Runda and Guoxing Optoelectronics, which is completely engaged in packaging. The company's products are mainly low-end products. At the same time, due to the intensified competition in the cable industry market, the operating income of cable products in the first half of 2010 was 122 million yuan, a year-on-year decrease of 43.6%. The gross profit is only 15.85%.
| Company Name | LED accounted for the company's operating income ratio | Chip gross margin | Package gross margin | Applied product gross margin |
| Sanan Optoelectronics | 96.31% | 41.75% | - | 41.67% |
| Silan | 26.53% | 49.25% | - | - |
| Dry photo photoelectric | 86.50% | 59.00% | - | - |
| Lianchuang Optoelectronics | 73.70% | Â | 21.04% | Â |
| Country star photoelectric | 88.71% | - | LAMP LED device: 13.39% SMD LED device: 32.72% | - |
| Dehao Runda | 14.12% | - | 29.03% | 33.44% |
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Table 2 In the second quarter of 2010 , Sanan Optoelectronics, Silan Micro, Guoxing Optoelectronics, Lianchuang Optoelectronics LED business ratio, gross profit margin (Source: 2010 semi-annual reports of companies, in which the dry photoelectric data comes from the prospectus (for the 2009 data))
In the relatively backward situation, Lianchuang Optoelectronics has certain reserves in terms of technological transformation and capacity building in 2010, and is expected to contribute substantial results in 2011.
| Project and capacity reserve | Details |
| High-power infrared monitoring device LED epitaxial material, chip industrialization project | In 2010, it was successfully included in the 2010 National Key Revitalization Industrial Technology Reform Project and received government funding support. |
| LED backlight industrialization project for display | In 2010, through the performance evaluation of provincial finance related projects, we accelerated the development of large-size LED backlights and actively promoted the marketization of products. |
| Power LED devices and LED light source products | The design and structure of LED fluorescent lamps and bulbs have been improved and optimized. The products have passed the test of National Electric Light Source Quality Supervision and Inspection Center and European CE safety certification, ROHS environmental certification, and US FCC certification, and realized the export of LED lighting products to Europe. . |
| Blue green chip | Mass production is expected in 2011. |
| High power LED device | Mass production is expected in 2011. |
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Table 3 2010 Lianchuang Optoelectronic LED Project and Capacity Reserve ( Source: 2010 Semi-annual Reports of Companies) Where is the highlight of Lianchuang Optoelectronics? Will the ugly duckling become a beautiful swan?
Highlight 1: Long-term equity investment
In the first quarter of 2010, the company transferred Lianchuang Communication's equity to obtain investment income of 15.8 million yuan. Xiamen Hongfa, the shareholding company, mainly engaged in relay business. In 2009, it achieved a net profit of 110 million yuan, contributing investment income of 25 million yuan to the company; 1.07 billion, contributing investment income of 27.625 million yuan to the company, accounting for 58.59% of the net profit of Lianchuang Optoelectronics! Note: This ratio is very large! Moreover, Xiamen Hongfa has a listing expectation, and it is expected to bring greater returns to the company in the future.
Now for Lianchuang Optoelectronics, the biggest highlights are:
Highlight 2: Asset restructuring expectations brought about by changes in controlling shareholders
The LED business of the company is “dismal†compared to its peers, which is due to insufficient investment by major shareholders. As the company's investment increases, the company has the possibility to improve its profitability. Let us first look at the share capital structure of Lianchuang Optoelectronics.
| Numbering | Shareholder name | Number of shares held ( shares ) | Shareholding ratio (%) |
| 1 | Jiangxi Electronic Group Corporation | 75692100 | 20.41 |
| 2 | Jiangxi Wire and Cable General Factory | 19678600 | 5.31 |
Table 4 Shareholders of Lianchuang Optoelectronics holding more than 5% in the second quarter of 2010 ( Source: 2010 semi-annual reports of companies)
Jiangxi Wire and Cable has sold 300,000 shares of Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. on the Shanghai Stock Exchange trading market on October 25, 2010, accounting for 0.08% of its total shares. After the reduction, the cable factory held shares. 4.94%. It can be seen that Jiangxi Electronic Group Co., Ltd. is the actual controller of Lianchuang Optoelectronics.
On October 27, 2009, Lianchuang Optoelectronics had plans to change the actual controller. After a year, there was finally substantial progress. On August 2, 2010, Lianchuang Optoelectronics announced that the People's Government of Jiangxi Province agreed to publicly sell the entire share capital of Jiangxi Electronic Group Co., Ltd., the controlling shareholder of the company, and disclosed the transfer conditions and other related matters.
On October 15, 2010, the total shareholding of Jiangxi Electronic Group Co., Ltd., which was auctioned by 98.831 million yuan, was 30% higher than the listing price. The competition was more competitive. However, there is no relevant assets from the Yishang Group, so in addition to acquiring assets outside the group in the future, the company's value still needs to be tapped internally. The actual controller change has been reported to the State Council and is expected to be approved in the near future.
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