After purchasing the LED assets of Guangdong Jianlongda, “Dragonâ€, in 2009, Dehao Runda began to circulate in the name of LED in China. It has announced that it is ready to launch LED projects in Wuhu, Anhui, Yangzhou, Liaoning and Liaoning. .
Wuhu project and other funds
In March of this year, Wang Donglei, Chairman of Dehao Runda, publicly stated through a certain media that the Wuhu Dehao Runda LED industrialization project with a total investment of 6 billion yuan will be launched. Dehao Runda will establish a new one within the next 18 months. Covering the large-scale LED optoelectronic industry base in the middle and lower reaches of the LED lighting industry chain, the first phase of investment mainly includes the manufacture and sales of LED chips, packaging and lighting. After the completion of production, the annual sales revenue will reach 3.2 billion yuan.
However, the "First Financial Daily" reporter learned that the reality is not as optimistic as imagined.
On May 18th, our reporter tweeted to contact a middle-level cadre who was unwilling to disclose his name in the Finance Bureau of Wuhu Economic and Technological Development Zone, and asked about the progress of Dehao Runda in the Wuhu project. "This thing (designated to raise funds for additional issuance) originally had news in February and March, and later said that in April, it is now in May, and there is no news yet."
The above-mentioned private placement is that on October 14, 2009, Dehao Runda announced the non-public offering plan, and all the funds raised were used for the LED industrialization project of Wuhu Dehao Runda Optoelectronics Technology Co., Ltd. It is reported that the company has submitted a private placement application to the China Securities Regulatory Commission, raising more than 1.5 billion yuan, the major shareholder Zhuhai Dehao Electric, Wuhu Economic Development Zone Optoelectronic Industry Investment Development Co., Ltd., Wuhu Longwo Lake Construction Development Co., Ltd. and Wuhu Yuanda Venture Capital Co., Ltd. will subscribe for some of the company's stocks. The project mainly includes three sub-projects of chip, packaging and application, covering the upper, middle and lower reaches of the industry.
The cadre of the aforementioned Wuhu Economic Development Bureau of the Economic Development Zone has expressed helplessly that the project has already started. If the additional issuance cannot be passed, the scale may be much smaller, and it can only be slowly invested.
According to a reporter from Dehao Runda, the infrastructure project of the Wuhu project was only 7.5 million yuan in the first quarter. The quarterly report also shows that there is not much money in the hands of Dehao Runda, only about 500 million yuan.
"This land of Wuhu was auctioned in February this year. This year, due to the rainy and snowy weather, the Spring Festival could not be started. After the festival, we just opened the project EIA conference and are currently doing infrastructure construction." May 20 Deng Hao, the director of Dehao Runda, explained to the reporter on the phone.
Deng Fei also revealed the latest developments in the issuance. "The issuance is still under review. On the one hand, because the China Securities Regulatory Commission issued a review committee in April, there are more companies waiting in line; on the other hand, because we used to do small household appliances and did not do LEDs, the CSRC is also more cautious. Recently, we are going to supplement the materials of the quarterly report."
If the issuance will not pass, Deng Fei said: "That will definitely have some impact on the project in Wuhu, and the progress may be slower, but we can also take the form of land mortgage to seek rolling funds."
"We originally planned to complete the construction within one and a half years after the completion of the issuance, but the current state is not something we can control." Deng Fei also said.
Yangzhou and Dalian projects have not started yet
If the Wuhu project has already started in the "small play", the Yangzhou and Dalian projects have not yet started.
In December 2009, the groundbreaking ceremony for the opening of Yangzhou Dehao Runda Photoelectric Co., Ltd. was held in the Minjiang Economic Development Zone. Dehao Runda said that the first phase of the Yangzhou base project invested 49.8 million US dollars, registered capital of 25 million US dollars, 150 acres of land acquisition, mainly used for LED projects; the second phase of the project increased investment of 50 million US dollars, registered capital of 20 million US dollars, 143.5 acres of land will be added, mainly for MOCVD projects.
On May 17, our reporter called the Dehao Runda Yangzhou Project Department. The person in charge, Mr. Zhao, said: “I am only responsible for sales. I am not responsible for the project construction. It is still unclear when this project will start. If you want LED Product, I can sell it to you, the product is from Guangdong."
In January of this year, Dalian local media said that the signing ceremony of Dehao Optoelectronics Technology and Dehao Technology Wind Power Project settled in Dalian Development Zone was held in Dalian. Our reporter called the Internal Resources Bureau of the Dalian Development Zone Economic and Trade Bureau. The staff of the bureau also said: "There has not been started yet."
In this regard, Deng Fei does not deny that "the Yangzhou and Dalian projects have not yet started, we cannot bloom all over the place, and we must definitely cycle out."
According to the "Zhongshan Daily" on May 11, Dehao Runda plans to produce environmentally-friendly lithium-iron batteries in Zhongshan, preparing to introduce Tsinghua University technology into the new energy industry, and develop and produce a new generation of environmentally friendly clean energy - lithium iron batteries, and Interested in landing in Zhongshan and working with related auto companies to promote this project.
"I can only say that what you see in some local newspapers is not necessarily true. Everything is subject to the announcement of the board of directors, because all foreign investment must be decided by the board of directors." Deng Fei said.
Not optimistic LED industry
The country's determination to promote energy-saving emission reduction and the trend of low-carbon economy have made many LED companies see hope and have squandered.
Whether the gorgeous coat worn by the major shareholder to Dehao Runda is "the emperor's new dress" is still time to test, but the prospect of the LED industry is not so optimistic.
Dehao Runda's quarterly report shows that the net profit is only 9 million yuan. Although it does not specifically disclose the gross profit margin and net profit contribution of its LED-related business, it is obvious that its quarterly report only has a profit of 0.03 yuan per share. The expected LED business harvest period is far from coming.
“How much does this LED contribute to the profit of 9 million yuan?†one investor questioned.
At the same time, it revealed in its 2009 annual report that its LED industry's gross margin was as high as 38.77%, including 33.07% for LED packages and 43.30% for LED applications.
However, a person who has been engaged in the LED industry for many years told reporters that the packaging and application of Guangdong Jianlongda is in the downstream of the industry. When the competition in the industry is not intense in the early years, the gross profit margin can reach more than 20%, but due to the low barriers to entry, The industry has entered the stage of small profits but quick turnover, and the general gross profit margin is between 5% and 15%.
Dehao Runda once said that the goal set by Dehao Runda is largely dependent on the Ministry of Science and Technology's “10 Cities and Miles†program, which promotes LED lighting in 21 cities across the country. It is said that this is a market of 500 billion yuan, and Dehao Runda can only take 5%.
However, behind the seemingly bright future of LEDs, it is the expansion and fierce competition of the entire industry. According to the statistics and measurement of the Optoelectronic Devices Branch of China Optical Optoelectronics Industry Association, there are currently more than 2,000 LED companies in the country, including more than 60 research and production units engaged in epitaxial wafer production and chip manufacturing, and about 600 device packaging companies. There are about 100 packaging companies with a certain scale.
Wang Xinchun, an analyst at Guoxin Securities, pointed out that the current strength of Dehao Runda does not have the technology and production capacity of LED chip manufacturing. The lack of core technology, talents, standard systems and funds makes investors look at the LED industry should not be overly optimistic.
Zhao Lixia, Ph.D., of the Institute of Semiconductors of the Chinese Academy of Sciences, told reporters that investment in the LED industry has been overheated and needs to be alert to overcapacity.
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