Dehao Runda disclosed yesterday that it received approval from the China Securities Regulatory Commission to approve the company's non-public offering of no more than 368 million new shares, and the approval was valid for six months from April 21.
But the capital market did not give a positive response. At 13:19 in the afternoon yesterday, Dehao Runda changed, and its share price fell sharply by 6.88%, hitting a new low in eight years (price after ex-rights). The closing price of the afternoon was 4.87 yuan, up 0.83% from the previous trading day.
In April 2016, Dehao Runda announced that the company intends to use no less than 5.43 yuan per share, no more than ten specific targets, non-public issuance of no more than 368 million shares, and the total amount of funds to be raised does not exceed 2 billion yuan. It will be directed to LED flip chip and LED chip scale packaging projects.
In fact, the road to expansion of the LED industry in recent years has not been smooth.
In June 2015, Dehao Runda issued a plan to raise funds of 4.5 billion yuan. The fixed price was 11.89 yuan per share, and the fundraising project was basically the same as this fundraising project.
However, later, the company applied for the withdrawal of the above-mentioned fixed increase on the grounds of “considering factors such as the capital market environment and the company's business development planâ€. Compared with the latest issuance plan, the company's fundraising scale and fixed price increase have a “rebateâ€, and the part of the fundraising that supplements the liquidity is cancelled.
Specifically, this fundraising of 2 billion yuan will be invested in LED flip chip projects and LED chip-level packaging projects. Among them, the LED flip chip project has a total investment of 2.5 billion yuan, and plans to use 1.5 billion yuan to raise funds. It is expected to form an annual production capacity of 5 billion flip-chips.
After the project is put into production, the annual sales income will be 1.955 billion yuan and the total profit will be 423 million yuan. The comprehensive analysis shows that the financial internal rate of return of the project is 14.80% and the investment recovery period is 6.7 years.
In addition, the LED chip-level packaging project has a total investment of 1.5 billion yuan, and plans to use the fundraising of 500 million yuan. After the project is put into production, it can meet the packaging requirements of the company's annual output of 4.25 billion flip-chips.
After the completion of the project, the annual sales income will be 2.972 billion yuan and the total profit will be 268 million yuan. The comprehensive analysis shows that the financial internal rate of return of the project is 15.2%, and the investment recovery period is 6.9 years.
Dehao Runda said that the construction of this fixed-income fund-raising project is conducive to the company's advantage in technology and talent pool, and promotes the industrialization of existing technologies. At the same time, it is conducive to the upgrading of LED chips and packaging industries, and further improve the company's industrial chain structure. .
Previously, Dehao Runda responded that the company has used some of its own funds to invest in flip chip projects.
At present, the supply of CSP in the Chinese market is basically in the stage of small-volume production and marketing, and no one has achieved mass production. At present, the price of CSP is still higher than that of ordinary lighting market products, and it is still difficult to accept users.
In order to concentrate resources, in December last year, Dehao Runda sold its international lighting business assets at a price of 190 million yuan to Ruiyu China High-Tech Industrial Investment Fund (Limited Partnership). Some insiders believe that this move may be avoided. Cooperating with NVC Lighting International Lighting Business.
Dehao Runda, which was listed on the small and medium-sized board in 2004, originally relied on operating a small household appliance business. Under the financial crisis in 2008, the small household appliances business plummeted, and the company's performance fell into losses that year.
Since 2009, the company has chosen to break out of the LED industry. Through acquisitions and self-built LED R&D bases, Dehao Runda has been involved in epitaxial and chip-package and module-LED applications, namely the LED industry chain.
From the perspective of the company's overall revenue contribution, the current small household appliances and LED business, each accounted for "half of the country." However, due to the relatively mature development of small household appliances business, Dehao Runda's investment focus in these years has mainly been tilted towards the LED industry.
However, from the previous financial reports, the overall business performance of the company seems to be unsatisfactory. In the 2016 semi-annual report, both major businesses' revenues declined. Among them, the LED business realized operating income of 931 million yuan, a slight decrease of 5.53% over the same period of the previous year; the company's small household appliance business realized operating income of 744 million yuan, down 27.42% over the same period of the previous year.
In 2013, 2014, 2015, and the first three quarters of 2016, Dehao Runda's return on net assets was only 0.21%, 0.29%, 0.36%, and 0.33%, which also reflected the continued poor profitability of the company.
In 2016, Dehao Runda achieved operating income of 4.053 billion yuan, down 10.05% from the same period of the previous year; net profit attributable to listed shareholders was 29.7285 million yuan, up 49.67% over the same period of the previous year.
Excluding the sale of 100% equity of Hong Kong Dehao Optoelectronics Co., Ltd., the company brought about 195 million yuan in revenue. During the reporting period, the company realized a loss of operating profit of 126 million yuan.
"The return on net assets is relatively low, which is an objective fact. The company's performance is not good, which is related to the poor performance of LED business and the decline in LED chip prices." Dehao Runda's secretarial office staff said.
The chip upstream of Dehao Runda encountered a decline in chip prices after the investment output. Affected by overcapacity in the industry, chip prices have been low in recent years.
Dehao Runda announced that the company's performance declined, mainly due to the decline in the overall price of LED products. The overcapacity problem in the industry has led to the price of LED products continuing to be low in recent years.
The unavoidable fact is that unsatisfactory performance has dragged down the company's refinancing to a certain extent. DHL Runda also said that in view of financing costs, the company has cancelled bond issuance and short-term securities lending financing plans in 2016.
Recently, at the 2016 annual performance briefing, the company's chairman Wang Donglei said that with the technical advantages and price advantages of flip chip, the company has reserved a large number of new high-quality customers in the fields of mobile phone flash, automotive lighting and outdoor lighting, including Meizu. Lenovo and ZTE and other mobile phone manufacturers or their solution providers, such as Snowlight (002076), Foshan Lighting (000541) and other automotive lighting manufacturers.
In the first quarter of 2017, the company achieved operating income of RMB 864,425,800, an increase of 8.56% over the same period of the previous year, mainly due to the increase in orders for small household appliances business in the first quarter compared with the same period of the previous year. In the first quarter of 2017, the net profit attributable to shareholders of listed companies was RMB 875,576,100, a decrease of 2.31% over the same period of the previous year.
The company is expected to turn a profit in the first half of 2017.
But the bow and arrow have not yet been shot, but internal problems have already occurred.
On April 7th, Dehao Runda issued a notice saying that the board of directors received the resignation report submitted by Mr. Wu Liangwen and Ms. Chen Jianyu. Mr. Wu Liangwen resigned as the deputy general manager of the company for personal reasons; Ms. Chen Jianyu resigned as the deputy general manager of the company due to work changes.
Among them, Wu Liangwen, a resident of Taiwan, China. He has served as Deputy General Manager of Taiwan Yuyuan Optoelectronics Co., Ltd., Executive Vice President of LED Chip Division of Guangdong Dehao Runda Electric Co., Ltd. and President of LED Chip Division.
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