"LED? When I studied Lianchuang Optoelectronics, I was more concerned about the assets of Xiamen Hongfa." When the Securities Times reporter interviewed an industry researcher yesterday, the other party gave such a response.
Lianchuang Optoelectronics seems to be different from the researcher. After the equity of Xiamen Hongfa’s most profitable asset was diluted and even lost control, Lianchuang Optoelectronics announced that it would raise funds to invest in four LED projects, and said that the previous transfer of Xiamen Hongfa was also focused on LED.
The industry believes that in the recent past, many incidents such as “Running the Road†by the boss have already sounded the alarm for the LED industry on the fast-drying, and the company, which is not obvious in Lianchuang Optoelectronics, is now raising funds to engage in LEDs. Not easy.
The prospects of the four major projects are doubtful
Recently, around Lianchuang Optoelectronics, two major events have taken place. The first is the company's Xiamen Hongfa Equity Outflow*ST Liyang Assets Reorganization, and the public opinion is in turmoil; the second thing is that the company has issued an additional fundraising plan.
Lianchuang Optoelectronics raised 636 million yuan for four projects: semiconductor lighting source industrialization project, LED device industrialization project for semiconductor lighting source, LED epitaxial material for power infrared monitoring system, chip and device industrialization project and enterprise technology R&D center construction project.
Although Lianchuang Optoelectronics has continuously expressed its optimism about the project prospects in the issuance plan, the real situation may not be so optimistic.
Of the four projects, the largest investment was in chip and device industrialization projects – an investment of 220 million. In the LED industry, the higher gross profit is mainly in the upstream chips and epitaxial wafers, but the advantages of Lianchuang Optoelectronics are not in this piece.
“Lianchuang Optoelectronics has a little foundation in packaging, and there is not much advantage in upstream chips and epitaxial wafers.†Zou Jianjun, a wealth securities researcher who has traveled to Lianchuang Optoelectronics, commented on the technical capabilities of Lianchuang Optoelectronics. In fact, even the leading LED upstream enterprises in China, Sanan Optoelectronics, Silan Micro, etc., may not be very competitive in the face of foreign companies.
Wu Changjiang, chairman of the domestic lighting giant NVC Lighting, has publicly stated that he will not invest in LED chips, because even if the money is squandered, it may not be an international giant. It is understood that LED upstream investment is large and technical requirements are high.
Lianchuang Optoelectronics' "LED device industrialization project for semiconductor lighting sources" mainly belongs to the packaging business, with an investment of nearly 200 million. Although the company has been operating for many years in packaging, due to the low threshold, the competition is fierce. According to the statistics of Great Wall Securities, in the LED industry chain, the profits of the upper, middle and lower reaches of the industry accounted for 70%, 10% to 20%, and 10% to 20% respectively.
Among the remaining two projects, the semiconductor lighting source industrialization projects are mainly LED street lights, LED tunnel lights, LED bulbs. In the previous Securities Times, it was found that LED street lights and LED tunnel lights were also chaotic in bidding. In the bushes, relying on local government protection to obtain orders, and in terms of household lighting, due to the high price, the use of LED lights is difficult to break in the short term.
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