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According to the reporter's understanding, in December 2011, Crystal Optoelectronics issued 9.2 million shares through non-public offering of shares. The issue price was 35.95 yuan per share, and the total amount of funds raised was about 3.31 yuan. After deducting various issuance expenses, the net proceeds raised were about 310 million yuan. yuan. According to the plan, the company's original issuance of shares is capped at 20 million shares, and the amount of funds raised is 640 million yuan. The actual net financing has shrunk by nearly 52%.
The sharp decline in the actual net financing will not only lead to the suspension of investment in new LED substrate projects, but also may expose existing substrate projects to cost competition pressures that cannot continue to expand.
Substrate project is overrated
In accordance with the previously disclosed non-public offering related proposals, Crystal Optoelectronics issued funds to invest in the Sapphire LED substrate project. After the project is put into production, it will produce 6 million pieces of sapphire LED substrate annually. It is estimated that the normal annual sales income will be 1.104 billion yuan and the after-tax profit will reach 109 million yuan.
The reporter roughly calculated that according to the above sales revenue expectations, the price of each sapphire substrate is about 184 yuan / piece, that is, 30 dollars / piece (2 inches).
According to the research data of the High-tech LED Industry Research Institute (GLII), as of the end of November 2011, the planned investment amount of domestic sapphire substrate has reached 34.8 billion yuan, which is 1.53 of the planned investment amount of sapphire project in 2010. Times. This eventually led to the most serious area of ​​sapphire overcapacity last year. The price of 2-inch sapphire substrate has dropped sharply from $35/piece at the beginning of the year to about $8/piece.
"The domestic sales price of ordinary sapphire substrate is 7.5 US dollars/piece, and the graphic substrate is temporarily kept secret." Qingdao Jiaxing Jingdian related person told reporters. Gaogong LED reporters have learned from many investigations that the current domestic market price of ordinary sapphire substrates is 7.5-8 US dollars/piece, and the price of patterned substrate (PSS) is 20-21 US dollars/piece.
At the same time, in the previous fundraising plan, Crystal Optoelectronics mentioned the research and development plan for the patterned substrate. According to the reporter's understanding, the patterned substrate is (PSS) purchased from the upstream sapphire crystal, cutting and polishing manufacturers to buy the substrate film, after PSS processing, sold to the LED epitaxial chip manufacturers, and ultimately improve the LED light efficiency (ie than using ordinary Sapphire substrates brighten more than 30%) while improving sapphire substrate defects.
"At present, the company's substrate is still dominated by ordinary sapphire substrates. Whether it is based on graphic substrates in the future, it depends on the market's general trend. It is impossible to determine at present." Crystal Optoelectronics insiders said, "Next year's sapphire lining The bottom market should also be relatively bleak. Since the domestic MOCVD equipment is purchased a lot this year, the actual operating rate is very low, so there is a clear overcapacity phenomenon. Even if the market improves next year, it will be digested at once. It also takes a long time, so the market will see a weak overall situation next year. Crystal insiders pointed out.
At present, people in the industry generally believe that the decline in the price of sapphire substrates is an inevitable trend in the development of the industry.
If the current market product sales average price (7.5-8 US dollars / piece), the crystal photoelectric sapphire substrate project after the production of 6 million new production capacity can only add new operating income of 48 million yuan, compared to the company's self-disclosure amount Less than 47,889,600 yuan, and there is a certain gap between the previous sales revenue. At the same time, it will further seriously affect the final profit level of the project, which means that the return on investment of the new sapphire substrate project is seriously overestimated.
"The listed company's fundraising projects can't achieve the expected benefits, and it has become a common phenomenon in the capital market, but it has never been able to get squarely." Brokers said, "If this phenomenon is not effectively curbed, the problem of listing only for the money will always plague the capital. market."
On December 29, Crystal Optoelectronics (002273.SZ) announced that the actual net financing was less than 50% of the total investment of the three projects. The company plans to reduce the investment projects of raised funds, and the project of producing 6 million LED sapphire substrates per year will not be included in the investment scope of the funds raised by this non-public offering.