Guoxing Optoelectronics accelerates into the upper reaches
[Source: "New Industry" June issue] Guo Xing Optoelectronics (002449.sz) Chairman Wang Haohao's confidence in entering the LED upstream should be more sufficient.
Because Guoxing Optoelectronics publicly issued the 500 million yuan corporate bond plan at the end of April has been approved by the China Securities Regulatory Commission, and the issuance work was completed in early May.
"The 500 million yuan corporate bond, plus the 400 million yuan super-raised funds listed before, the company's funds for the advancement of LED upstream is basically enough." Guoxing Optoelectronics said.
In fact, in the past two or three years, the management team of Guoxing Optoelectronics has been entangled in whether to enter the LED upstream. After all, LED upstream investment is huge and the technical threshold is too high.
After comprehensive consideration, Guoxing Optoelectronics decided to participate in the upstream area of ​​LED indirectly in the early 2010. However, after the successful IPO in April of that year, Guoxing Optoelectronics decided to accelerate its entry into the LED upstream field.
In December 2010, Guoxing Optoelectronics announced that it plans to use over 400 million yuan of super-raised funds, and together with Guangzhou Chengxin Venture Capital Co., Ltd., Guangfa Shunde Investment Management Co., Ltd. and natural person Deng Jinming, jointly invested 600 million yuan to establish Foshan Guoxing Semiconductor Technology Co., Ltd. The company (hereinafter referred to as "National Star Semiconductor") is engaged in the research and development, production and sales of LED epitaxy and chips. The shareholding ratio of Guoxing Optoelectronics is 66.67%.
The above-mentioned high-level pointed out that the gross profit of the company's main business package products continued to decline, must find new profit points, enter the upstream vertical integration of the industrial chain, is also the best choice based on the rapid development of the LED industry.
Insiders pointed out that the biggest risk for Guoxing Optoelectronics to enter the LE D upstream is whether its technical reserves are sufficient and whether its packaging business can really play a vertical integration effect with the upstream chip business.
Encapsulation of the main business
In fact, due to fierce competition, the LED downstream application market did not grow as expected, affecting the performance of domestic LED packaging manufacturers. As the only LED packaging manufacturer in China with a sales income of more than 1 billion yuan, Guoxing Optoelectronics feels that its performance is not good.
Growth bottleneck
The first quarter 2012 financial report released by Guoxing Optoelectronics showed that in the first quarter, Guoxing Optoelectronics' operating income was 183 million yuan, a year-on-year decrease of 25.99%, and net profit was 20.82 million yuan, a year-on-year decrease of 18.39%. Guoxing Optoelectronics also expects that the company's net profit for the first half of this year will be 58.07 million yuan, which will be 10%-30% lower than the same period last year.
Guoxing Optoelectronics said in its earnings report that the decline in performance was due to the year-on-year decrease in sales revenue of home appliance customers and the lower-than-expected domestic LED lighting market demand.
However, for Guoxing Optoelectronics, the biggest dilemma is the continued decline in performance.
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