LED market conditions are low, the security of the Jedi counterattack

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/ 2019-01-29 / News

Continuing the current situation of the recession in 2018, the opening price of LED prices is still large in 2019, the industry changes rapidly, the demand for LED market conditions continues to be sluggish, the economy is picking up and confusing, the supply and demand of the industry continues to be out of balance, and the LED industry is booming.

It is Sanan Optoelectronics' "flying down three thousand feet" stock price with the LED market conditions.

Stock price plummeted Foreign aid "funded" rescue field

Since its listing in 2008, Sanan Optoelectronics' share price has risen all the way, and its market value has reached 122.5 billion yuan. It is regarded as the “high-quality stock” in the industry. However, this outstanding stock has been pushed to the forefront due to financial problems in recent days, and then embarked on the road of plunging, the market value fell to the current 40.1 billion. As of 13:38 on the 28th, Sanan Optoelectronics quoted 9.74 yuan / share, a decrease of 5.16%.

On January 22, Sanan Optoelectronics announced that the company received the notice of the “Strategic Cooperation Framework Agreement” signed by the controlling shareholder Sanan Group and Industrial Trust, Quanzhou Financial Control and Anxin Fund on the 21st. According to the agreement, Industrial Trust, Quanzhou Financial Control and Anxin Fund plan to increase the capital of Sanan Group to not less than 5.4 billion yuan, of which Quanzhou Financial Control provides 600 million yuan of liquidity support to Sanan Group, which is a loan. The Quartet will promote follow-up work as soon as possible on the date of signing this agreement and coordinate the resolution of relevant issues.

According to the industry and commerce data, the three strategic partners introduced by the Sanan Group are all in the state-owned background. The majority shareholder of Industrial Trust is Industrial Bank; the major shareholder of Anxin Fund is the National Integrated Circuit Industry Investment Fund Co., Ltd. (commonly known as “Big Fund”), and the above-mentioned large funds currently hold 11.30% equity of Sanan Optoelectronics, which is the second in the company. Major shareholder; Quanzhou Jinkong is wholly-owned by Quanzhou Municipal State-owned Assets Supervision and Administration Commission.

Sanan Optoelectronics said that the funds will be used at the company's controlling shareholder level, will not be used for listed companies, and will not lead to changes in the controlling shareholders and actual controllers of listed companies. In the middle of the winter, can this “great capital” help Sanan Optoelectronics to “roxie”?

"Jesus counterattack" Sanan Optoelectronics can be expected in the future

Under the oversupply and the impact of Sino-US trade wars on exports, China's semiconductor lighting industry entered a down cycle in 2018. According to the forecast of National Semiconductor Lighting Engineering R&D and Industry Alliance, the industry outlook is still low in 2019, the probability of inventory scale continues to rise; government subsidies are further reduced, domestic demand such as automobiles and real estate is slowing down, and exports may also decline. Big.

Although the industry has not seen any signs of recovery, Sanan Optoelectronics has begun the "Jesus counterattack" war. At present, Sanan has developed a 20 micron single Micro LED die in the second half of 2018. With the expansion of Sanan's production base in Quanzhou, it is expected that the first Micro LED production line will be set in the first quarter of 2019. And complete the relevant equipment installation and testing technology, due to the introduction of the new machine, the grain size specification can be further reduced, the grain size of the vertical structure process can be reduced to 4 microns, and the flip-chip Micro LED die will reach 10 microns.

On the road to Micro LED, Sanan Optoelectronics also ushered in a strong ally - Samsung electronic. In February 2018, Samsung Electronics signed a “prepayment agreement” with Xiamen Sanan Optoelectronics, a wholly-owned subsidiary of Sanan Optoelectronics, to establish a long-term commercial partnership, in exchange for the latter to supply a certain number of display LED chips to Samsung Electronics.

At the same time, according to Lin Kezhen, general manager of Sanan Optoelectronics, many companies exhibiting CES 2019 launched TVs, digital displays, smart phones, smart watches, enhanced/virtual reality (AR/VR) goggles and gaming notebooks. In new products such as panels, Mini LED chips supplied by Sanan Optoelectronics are used.

In addition to the current major revenue source LED chip industry, the integrated circuit sector will also become the other wing supporting the faster development of Sanan Optoelectronics. At the end of 2017, Sanan Optoelectronics invested 33.3 billion yuan to build the Quanzhou Core Valley Nan'an Park project, and plans to form a large-scale production and production of III-V compound semiconductors and integrated circuits. Sanan’s investment in integrated circuits in recent years may be able to advance in China 5G The wave of construction helps companies open up new horizons.

According to Bloomberg's summary analysts, Sanan Optoelectronics' net profit in 2018 will reach 3.48 billion yuan, a year-on-year increase of 10%, a sharp slowdown from the previous year's growth rate of 46%. However, the company's expected growth rates in 2019 and 2020 are 13% and 23%, respectively, showing a slow recovery.

Citi analyst William Yang also said, "still optimistic about Sanan, because the LED lighting business and the existing LED company's outsourcing trend will help Sanan gain more market share. And the company is also investing in new business, may provide Future growth points."

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