From the listing of the National Star to the Lehman IPO - the packaging army, listed or not listed?

Text / reporter Zhuang Qiuzhen

In 2010, the marriage between the domestic LED industry and the capital market ended with a successful IPO of Lehman Optoelectronics (300162): On December 24, Lehman Optoelectronics published a letter of intent for the IPO, and the initial public offering of RMB ordinary shares (A shares) was 16.8 million shares. The share capital is 67 million shares, which was listed on the GEM of the Shenzhen Stock Exchange. On December 27th to 29th, it completed the roadshow promotion in Shenzhen, Shanghai and Beijing. It was sought after. On January 4, 2011, it officially applied for the initial public offering of A shares. The issue price was determined to be 38 yuan/share, corresponding to a price-to-earnings ratio of 131.49 times.

The year 2010 is a year in which the domestic packaging army has expanded its scale with the help of the capital market. Guoxing Optoelectronics (002449) successfully listed on the Shenzhen Stock Exchange in July, raising a net amount of 1.48 billion yuan, of which 504 million yuan was used for fundraising projects. Lehman Optoelectronics is also actively preparing for the last bus after a full year.

According to the research report of the High-tech LED Industry Research Institute (GLII), there are no fewer than 10 companies that are ready to go public after Lehman Optoelectronics. Among them, there are packaging companies such as Ruifeng Optoelectronics, Hongli Optoelectronics, and Mulinsen. Other "potential listed companies" that are waiting in line have more or less partial packaging services.

The packaging army wants to get together and use the listing to quickly raise funds to expand production, on the one hand to enhance brand influence. However, the rigorous test of the capital market on its profit and growth has reached the pre-marketing expectation. This is a calm thinking under the overheated capital.

Guoxing Optoelectronics raised a large investment project, Han’s laser

Domestic packaging predator Guoxing Optoelectronics (002449) issued 55 million shares on July 5, 2010, with a price of 28.00 yuan, raising a total of 148,255,100 yuan, of which 504 million yuan for new surface mount LED technology transformation projects, power LED and LED light source module technology transformation project, LED backlight technology transformation project and key technology and industrialization project of semiconductor lighting. According to the person in charge of Guoxing Optoelectronics, the IPO fundraising project is currently in progress.

On December 21, 2010, Guoxing Optoelectronics re-invested the investment plan, using 400 million yuan to raise funds and jointly set up new companies with other investors, engaged in LED epitaxy and chip research and development, production and sales.


Serial number project name Total project investment Proposed use of raised funds Project Progress
1 New Surface Mount LED Technology Renovation Project 194,890,700 yuan, of which: fixed assets of 164,150,700 yuan, land investment of 3 million yuan, and the initial working capital of 27.38 million yuan. 19189.07 million Construction period is 24 months
2 Power LED and LED light source module technical transformation project 177,791,100 yuan, of which: fixed assets investment of 15,407,100 yuan, land investment of 3 million yuan, the initial working capital of 20.74 million yuan. 17481.11 million Construction period is 24 months
3 LED backlight technology transformation project 76,668,300 yuan, of which: fixed assets investment of 62,098,300 yuan, land investment of 2 million yuan, and initial working capital of 12.57 million yuan. 704.683 million yuan Construction period is 18 months
4 Key technologies and industrialization projects for semiconductor lighting fixtures 6,496,500 yuan, of which: fixed assets investment of 54.450 million yuan, land investment of 2 million yuan, the initial working capital of 8.32 million yuan. 626.65 million yuan Construction period is 18 months
5 Established National Star Semiconductor 60 million yuan, of which: Guoxing used over 40,000 funds, accounting for 66.67%; Guangzhou Chengxin invested 100 million yuan, accounting for 16.67%; Guangfa Shunde invested 60 million yuan, accounting for 10%; Deng Jinming invested 40 million yuan, The proportion is 6.67%. 40 million yuan  
 

National Star Optoelectronics (002449) fundraising project (data from: Oriental Fortune Network)

On the first day of listing on July 16, 2010, Guoxing Optoelectronics opened at 28.36 yuan on the first day of trading. On January 5, 2011, it closed at 45.62 yuan, up 60.8% in half a year. The main financial data for the first three quarters of 2010: the main revenue was 69.4441 million yuan, the operating profit was 125.5793 million yuan; the net profit was 103.7768 million yuan, and the earnings per share was 0.50 yuan. Operating income and net profit increased by 39.85% and 34.79% respectively.

Taiwan's billion-light revenue in 2010 reached NT$16.67 billion (about 3.7 billion yuan), an annual increase of 48.7%. From the perspective of growth rate, Yiguang has benefited from the large-scale OEM for large international companies; on the other hand, it has benefited from the rapid development of the backlight market in 2010. Domestic packaging companies still have a large gap with Taiwanese companies in terms of economies of scale and internationalization.

Unlike the National Star Optoelectronics fundraising project, Dazu Laser (002008) entered the LED industry through mergers and acquisitions. Since 2009, it has invested in Shenzhen Guoye Xingguang Electronics Co., Ltd., Shenzhen Dazu Optoelectronic Equipment Co., Ltd., Shenzhen Lusheng. Optoelectronics Technology Co., Ltd., Shenzhen Yuanheng Optoelectronics Co., Ltd. Among them, the acquisition of Guoyexing is the largest amount, which enables the big family to step into the ranks of major packaging companies and enter the field of packaging, system and component design and production of LED display and high-power lighting devices.


Serial number Holding company Main business Total investment Holding ratio
1 Shenzhen Guoye Xingguang Electronics Co., Ltd. Production of LED, SMD LED, high-power LED lights, LED digital tube, LED dot matrix, (indoor \ outdoor \ semi-outdoor) full color LED module, LED display. 5058.12 million yuan 51%
2 Shenzhen Dazu Photoelectric Equipment Co., Ltd. Production of high-speed flat die bonding machine, high-speed automatic wire bonding machine, SMD LED splitting color separation test and loading equipment. 29 million yuan 86%
3 Shenzhen Lusheng Photoelectric Technology Co., Ltd. LED electronic display, traffic lights, lighting, automotive lighting. 18 million yuan 100%
4 Shenzhen Yuanheng Photoelectric Co., Ltd. LED indoor and outdoor display and semiconductor lighting appliances. 41.8 million yuan 51%
 

Han's laser is involved in the LED field (source: financial sector)

After four shots in the field of LED, Dazu Laser's LED equipment and products in the first half of 2010 achieved operating income of 174 million yuan, an increase of 33.09 times. In the first three quarters of 2010, the main income was 220,746,200 yuan, the operating profit was 31,1024,500 yuan; the net profit was 32,237,500 yuan, and the earnings per share was 0.46 yuan.

Guoxing Optoelectronics occupies the status of domestic packaging boss, but it is far from the international leading position. As everyone knows, the world-renowned laser processing equipment manufacturer Han's laser has been involved in the packaging of this "toon" through a number of mergers and acquisitions. What's more, Ruifeng Optoelectronics, Hongli Optoelectronics, Mulinsen and other packaging manufacturers have also put the listing on the agenda, a package warfare.

Institutions generally believe that the market will be ready next year, but whether Guoxing Optoelectronics and Han's laser can step on the beat in the complex environment of restructuring and shuffling in the packaging field, and continue to raise the sentiment of investors, has yet to be tested. Even the black horse Lehman Optoelectronics, the risk of bubbles behind its 131.49 times high P/E ratio, is also investors who dare not underestimate.

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