[High-tech LED news / reporter Hu Yanling] On July 16, 2010, Guoxing Optoelectronics successfully landed on the small and medium-sized board of Shenzhen Stock Exchange, becoming the first LED packaging enterprise listed in China. This led to a wave of domestic LED companies listed on the market, Lehman Optoelectronics, Hongli Optoelectronics, Ruifeng Optoelectronics and other packaging companies have listed, Zhongshan Mulinsen also successfully met at the end of July this year.
As the first LED company to eat crabs, Guoxing Optoelectronics' industry vertical and downstream layouts are also somewhat different. He has participated in Xurui Optoelectronics, adjusted the packaging product structure, established Guoxing Semiconductor to engage in LED chip business, and involved in lighting implementation brand and channel construction projects.
Wang Haohao, chairman of the company, said in an interview with the media: "Encapsulating enterprises must be extended to the downstream and take the road of vertical integration." Looking at the series of project investment actions of Guoxing Optoelectronics, all of them are vertically integrated. Strategic intentions.
However, a series of strategic adjustments did not allow Guoxing Optoelectronics to seize market opportunities, but was limited by the weak growth of the existing main packaging business and the expansion risks brought by the ultra-conventional industrial layout. Obviously, we can see from the financial report published in the first half of 2011. In the first half of 2011, the company realized operating income of 546 million yuan, a year-on-year increase of 34.24%, but the net profit fell sharply for the first time by 19.21% to 58 million yuan. Among all the listed packaging companies, the performance of Guoxing Optoelectronics in the past six months has really surprised many people in the industry.
Take the vertical integration route, the challenge is greater than the opportunity
On July 5, 2010, Guoxing Optoelectronics publicly issued 55 million A-share common shares for raising funds of 1.54 billion yuan. After deducting the issuance expenses, the net proceeds raised were 1.438 billion yuan. Of these, 504 million yuan was used for fundraising projects, and the other 981 million yuan was for super-raised funds.
504 million yuan of net proceeds will be invested in "new surface mount LED technology transformation project", "power LED and LED light source module technology transformation project", "LED backlight technology transformation project", "semiconductor lighting key Technology and industrialization projects among the four projects. Most of the investment in the funds has flowed to the packaging business, and some of them have been invested in the application projects, indicating that Guoxing Optoelectronics has begun to extend the industry chain to the downstream backlight and general lighting.
Of the remaining 981 million yuan of over-raised funds, 107 million yuan to repay bank loans; use no more than 18 million yuan to purchase a land use right; 225 million yuan to implement new TOP LED manufacturing technology; 132 million yuan for new plant and power construction project.
On December 21, 2010, Guoxing Optoelectronics announced that it had used the over-raised funds to invest 400 million yuan to set up National Star Semiconductor to develop and manufacture LED epitaxial chips. Guoxing Optoelectronics accounted for 66.67%. On August 22, 2011, Guoxing Optoelectronics announced again that the company plans to use 90,293,100 yuan to implement brand and channel construction projects; use 10 million yuan to build a re-planning and construction of the entire ERP system of the company including the financial system.
Whether it is the layout of upstream MOCVD, or the adjustment of the package product structure, or the planning of downstream application product brand and channel construction, all of them demonstrate the firm determination of Guoxing Optoelectronics to seek to become bigger and stronger and integrate the industrial chain. However, after the passion, the drawbacks of the vertical integration route have gradually become prominent.
First of all, vertical integration has extremely high capital requirements. Looking at several companies that have successfully completed vertical integration in the world, such as OSRAM, Nichia, and Philips Lighting, compared with them, the asset strength and financing ability of domestic companies are seemingly inevitable. According to figures, in 2010, OSRAM's operating income was 4.7 billion euros, Nichia was 11 billion US dollars, and Philips lighting was 7.57 billion euros. In contrast, Guoxing Optoelectronics, its 2010 revenue was only 877 million yuan, less than 1 / 45 of OSRAM, 1 / 80 of Nichia, 1 / 75 of Philips lighting, the gap is huge. Sanan Optoelectronics and Dehao Runda, which are trying to build a full industrial chain in China, rely on the government's huge subsidies to support the brilliant statements, and have not entered the mature market development track.
In addition, it is worth noting that, as of now, all the funds raised by Guoxing Optoelectronics have been arranged. Recently, in order to supplement the cash flow, Guoxing Optoelectronics will issue corporate bonds totaling no more than 500 million yuan, and plans to apply for a comprehensive credit line of 7 billion yuan to 7 banks. This move shows that the company's cash flow tensions due to large-scale project investment are becoming more and more serious, which will undoubtedly bring some hidden dangers to the success of the subsequent vertical integration.
Secondly, the extension of the industrial chain has huge demand for talents. The domestic upstream talents are lacking. Most of them are imported from overseas and Taiwan. Domestic enterprises generally complete the construction of the team in six months, and the production capacity is released within one year. "This is just a copy of the previous things. If you want to get the product done, it will take at least two or three years to digest the previous things and generate your own intellectual property rights," the industry source said. At the same time, domestic companies lack patented technology in the upstream chip field, which also poses hidden dangers for future development.
As we all know, the packaging industry needs to scale up to become bigger and stronger. Taiwan's largest packaging factory, Everlight's 2010 package performance contributed about 500 million US dollars, while Guoxing Optoelectronics achieved about 100 million US dollars to actively expand the upstream and downstream maps. Industry insiders said: "National Star Optoelectronics mobile phone device sales have been good, there is a lot of space to explore in this field, such as Taiwan billion light, Toyota Synthetic, Nichia and other foreign giants can achieve hundreds of millions of small and medium power packages, The scale of billions or even billions of dollars. But the scale of domestic enterprises is relatively small, the technical level or other cost control can not be improved, and it is starting to go up and down. Some people want to spread the surface, which is completely different. The practice. "Obviously, Guoxing Optoelectronics chose the next road.
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