The reporter investigated the GEM LED Xingui Lianjian Optoelectronics earnings prospects worry
On July 15, the application for the initial issuance of shares by Shenzhen Lianjian Optoelectronics Co., Ltd. was approved by the China Securities Regulatory Commission.
Lianjian Optoelectronics Co., Ltd. is a LED manufacturer with medium and high-end LED full-color display application products as its main source of income. It was established in April 2003 with a registered capital of 55.18 million yuan. This time, it plans to issue 18.4 million shares on the GEM of the Shenzhen Stock Exchange. stock.
In the years when LED lighting companies are in the forefront, the emerging LED lighting industry with green eco-lights as the core has entered a period of rapid development, and investors who are optimistic about Lianjian Optoelectronics have a good vision.
The performance announced by Lianhe Optoelectronics to investors seems to be very attractive: from 2008 to 2010, the company's operating income was 184 million yuan, 255 million yuan and 350 million yuan, an increase of 89.67%, annual growth rate. Close to 45%. The net profit attributable to shareholders of the parent company was 29,874,300 yuan, 36,140,200 yuan, 4,104,500 yuan, and the annual growth rate also reached 18.9%.
However, by carefully reading the Lianhe Optoelectronics prospectus and interviewing professionals in the LED field, the “Rule of Law Weekend†reporter found that this company still has an embarrassing reality: accounts receivable increased sharply, and other financial data and indicators also appeared. problem.
Under the tight capital chain, facing the boom in the listing of LED companies, the future performance of Lianjian Optoelectronics can not be worried.
Catching
The reporter found in the prospectus that in the past three years, the company's accounts receivable has continued to grow in size.
The data shows that the company's accounts receivable increased rapidly from 400.985 million at the end of 2008 to 82.17 million yuan in 2009, and even reached 12,197.15 million at the end of 2010, with a growth rate of 204.18%.
However, the company's main business income increased from 179,760,400 yuan to 338,745,800 yuan in the same period, with a growth rate of only 88.29%.
This means that the growth of accounts receivable of Lianguang Optoelectronics is much higher than the growth rate of its operating income.
For the risk caused by this divergence phenomenon, the prospectus explains that the year-on-year increase in accounts receivable is due to the year-on-year growth of income, and on the other hand, due to the credit policies of core and key customers. Although core and key customers are in arrears with the payment, the risk of bad debts is still small and will not have a significant impact on the company's liquidity and asset quality.
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