Plugged in the wings of the LED, Dehao Runda set aside four Desheng Runda's aspirations for four years.
Recently, Dehao Runda announced that the CSRC approved the approval of its 1.6 billion yuan LED project. Shilanwei and Sanan Optoelectronics, which are simultaneously launching the issuance plan with Dehao Runda, are still waiting.
According to Dehao Runda's non-public issuance plan, Dehao Runda's net profit after 4 years is at least 500 million yuan, 10 times the net profit of 48.99 million yuan last year, equivalent to rebuilding 9 Dehao.
Re-creating 9 Dehao Runda in 4 years, the prospect of such an additional project is really attractive. "According to my understanding of the true level of Dehao LED, such a good increase in revenue, it is really doubtful." An unnamed person in Shenzhen told reporters.
At the same time, it is amazing that the majority shareholder of Dehao Runda has turned a blind eye to such a bright prospect of additional issuance. Since the announcement of the private placement in October last year, it has been reduced. Among them, the second largest Guangdong Jianlongda reduced its holdings of Dehao Runda twice in February and April this year, with a total reduction of 2.53%; the fourth largest shareholder Zhuhai Tongtong also in January and May this year twice. Reduced holdings, the total reduction of holdings reached 2%.
On the one hand, the listed company is ambitious and has a blueprint for the issuance of the blueprint. On the other hand, the major shareholders have frequently reduced their holdings. What is the secret of the addition of Dehao Runda?
Re-creating 9 Dehao Runda in 4 years is questioned
Dehao Runda's additional issuance plan is written: the annual average net profit of lighting projects is 209.44 million yuan, the annual average net profit of packaging projects is 274.69 million yuan, and the average annual net profit of chip projects is 79.19 million yuan, net after 4 years. The profit is at least 500 million yuan, which is equivalent to rebuilding 9 Dehao.
What is incredible is that in the feasibility report on the use of raised funds, the economic benefits of the three projects are all compiled by an unknown consulting company. Compared with the Sanan Optoelectronics Recruitment Plan, the investment plan is extremely vague. The project construction scale, implementation method, specific implementation content, and investment recovery period were not disclosed.
Dehao Runda raised about 1.6 billion yuan of funds to invest in the LED lighting, LED packaging and LED chip projects of its subsidiary Wuhu Dehao Runda, with investment amounting to 532.58 million, 56.948 million and 50.71 million.
From the perspective of the fund-raising plan, Dehao Runda is still focusing on investing in LED downstream industries, namely lighting and packaging projects. The total investment of these two projects is 1,065.16 million yuan, accounting for 66.42% of the total investment, while the high-end The investment amount of chip projects is relatively small, with an investment of only 501.71 million yuan, accounting for 31.28% of the total investment. Dehao Runda wants to cut into the LED industry through downstream packaging applications, and gradually extends the industry chain to the production of LED chips and epitaxial wafers, striving to occupy a dominant position in the LED field.
In April 2009, Dehao Runda announced the cooperation with South Korea's EPIVALLEY to introduce the MOCVD production line to produce LED epitaxial wafers and chips. The agreement was formally signed in February this year.
“Dehao Runda and EPIVALLEY cooperate only to introduce LED epitaxial wafers and chips, but MOCVD equipment mainly relies on imports. It is possible for Dehao Runda to produce LED chips smoothly, but it takes time, at least not at present. "A Shanghai institutional investor told reporters.
Bebao Penghu Project: Connecting with Sanan Optoelectronics
Dehao Runda's additional project is located in Wuhu, and the LED industry base is located in Wuhu. Chip manufacturing and cutting in the core technology field will also be carried out in Wuhu. It is an investment project of the local municipal party committee and municipal government. Three-quarters of the issued objects belong to the Wuhu City State-owned Assets Supervision and Administration Commission. After the completion of the additional issuance, Wuhu City's company holds 21.52%.
“As a listed company, Dehao Investment is quite right. Because its cost is very low, for example, a piece of equipment is 15 million yuan, and the Wuhu government may have to pay 10 million yuan. This may be Dehao Runda for 4 years. Confidence can turn 9 times more." An industry expert who has exchanged with Dehao Runda technical director Xiao Xiaoming told reporters.
However, the above experts also raised doubts: "But there is a problem here. The government may not pay in cash, but through the purchase of land by the enterprise, which is equivalent to the land of Dehao Baina. Then the Wuhu government said that it should subsidize so much. How much can Dehao get in the end?"
In addition, the excitement of Dehao Runda is that the domestic largest LED manufacturer Sanan Optoelectronics has also stirred into the chessboard of the Wuhu LED industry. Dehao Runda proposed the planning of the Wuhu project, and Sanan Optoelectronics immediately followed up.
In March 2010, the board of directors of Sanan Optoelectronics planned to invest 12 billion yuan to build an LED industrialization base in Wuhu City through the private placement plan, and engaged in the research and development and manufacture of LED epitaxial wafers, chips and packages, and application products. The investment project is converging with DHL Runda and the scale is even larger. At present, the project has been filed by the Wuhu Economic Development Zone Administrative Committee. The project is located in the Wuhu Economic and Technological Development Zone. The project land has signed the “State-owned Construction Land Use Right Transfer Contract†with the local land and resources bureau. The site selection and land use of the Dehao Runda project were not specifically announced.
After the announcement of the issuance plan, Sanan Optoelectronics successively received the MOCVD subsidy for the main LED generating equipment of the Wuhu Municipal People's Government for three consecutive months, just to place an order. For the same type of investment in the same place, the same policy concessions should be given. Dehao Runda also introduced two local institutional investors as strategic investors through private placement, and there is more reason to obtain subsidies, but Dehao Runda did not do Any explanation.
The reporter tried to interview Deng Fei, the director of DHL Runda, on this issue of the additional issuance project. The person said that he was unwilling to be interviewed.
Expert warning: LED chip project overheated, hidden risk
The concept of LED is getting hotter and hotter, which has led to various companies rushing. According to the investigation, Qi Xiaoming of Guangzhou Hongli Optoelectronics is currently the technical director of Gangdehao Runda. The above-mentioned experts who have had exchanges with Xiao Xiaoming told reporters that they are conservative about LED investment.
"At present, the upstream investment in epitaxial wafers and chips is overheated. Dehao Runda has invested a lot in this investment, which hides a lot of risks. Although supply and demand are a bit tight, there has not been a situation in which supply and demand are several times different. It has surpassed all the production capacity of Taiwan in China, and there are more than three times the market capacity." The expert believes that the technology for making epitaxial wafers is not mature. Once the process is broken, the equipment must be replaced, which will inevitably bring many problem.
Dehao Runda has been operating in the small household appliance industry for 13 years and has become a leading manufacturer of small household appliances with global scale and technology. In March 2009, Dehao Runda officially entered the LED industry through the introduction of strategic investors; in July, it acquired the LED industry layout by Shenzhen Ruituo Display Technology Co., Ltd.; in October, it announced the implementation of private placement, and plans to invest in LED chips. The industrial chain project of packaging, lighting, covering the upper, middle and lower reaches of the industry.
Power 90W ,output voltage 15-24V, output current Max 6A, 10 dc tips.
We can meet your specific requirement of the products, like label design. The plug type is US/UK/AU/EU. The material of this product is PC+ABS. All condition of our product is 100% brand new. OEM and ODM are available in our company, and you deserve the best service. You can send more details of this product, so that we can offer best service to you!
90W Desktop Adapter,90W Desktop Power Supply,90W Desktop Power Cord , 90W Desktop Power Adapter
Shenzhen Waweis Technology Co., Ltd. , http://www.waweis.com