The display industry is becoming increasingly competitive
As one of the earliest and most mature LED application fields in China, LED display is currently experiencing a severe cold period in the market.
Due to the low barrier to entry of LED displays, there are currently thousands of companies related to LED display business in the country. It is precisely because of this that the market competition is becoming more and more fierce, and some companies are shoddy and the price is very low. At present, the gross profit of domestic LED display companies is generally maintained at 15-20%. Shi Guoguang told the Gaogong LED reporter: "Now the profits of domestic LED display screens are already in the end, and enterprises must achieve at least 30% gross profit to maintain normal operation."
According to the reporter's understanding, due to the impact of the US economy and the European debt crisis this year, the average profit of global LED display has dropped by 10-15% compared with last year, among which foreign companies have dropped by 10%, and domestic enterprises have fallen by more than 15%. .
At present, the competition in the domestic market is relatively chaotic, and the price war is adopted to win; while the foreign quality requirements are relatively high, the market price, product quality, and enterprise strength will be comprehensively considered.
Shareholders were rushed into the stock, suspected of profit transfer
Shanghai Fosun Industrial Investment raided Liad in December last year, holding 5.7 million shares, and the market value is expected to reach 119.7 million yuan. Three related executives Gu Ru, Chen Hua and Tang Bin also took the car to get rich, holding 136,000 shares respectively. 9,960 shares, 68,000 shares, the market value can reach 2.856 million yuan, 2.016 million yuan, 1.428 million yuan.
Li Dian Optoelectronics' controlling shareholder and actual controller is 47-year-old chairman and general manager Li Jun, who currently holds 45.3 million shares. In the first half of this year, Liard's earnings per share was 0.34 yuan, according to the annual income of 0.68 yuan, diluted to 0.51 yuan after the issuance, the average price-earnings ratio of the GEM is 40 times, the stock price is expected to reach 21 yuan, and Li Jun's personal wealth is expected to reach 950 million yuan.
In December last year, Liard's registered capital increased from 65.35 million yuan to 75 million yuan, Shanghai Fosun Industrial Investment and other three institutions and Fosun Ventures three high-ranking Tang Bin, Gu Ru, Chen Hua entered, at 5.9 yuan per share. After the completion of the capital increase, Shanghai Fosun Industrial Investment holds 5.7 million shares, which is the second largest shareholder. The market value after listing is expected to reach 119.7 million yuan. Gu Ru, Chen Hua and Tang Bin respectively hold 133,000 shares, 96,000 shares and 68,000 shares of Liard. The cost is 802,400 yuan, 567,400 yuan and 401,200 yuan. The market value can reach 2.856 million yuan and 2.016 million respectively. Yuan, 1.428 million yuan, the investment return rate will reach 256% in one year.
Gu Ru, also 37 years old, is also a director of Liard. He holds a master's degree. He worked for CITIC Securities, China Merchants Securities, and Tianyi Securities. From April 2008 to October this year, he served as vice president of Fosun Chuangfu Investment Co., Ltd. Shanghai) Co-President of Equity Investment Management Co., Ltd. 41-year-old Chen Huawei (microblogging) Fosun Chuangfu Investment Director, 40-year-old Tang Bin is the president. Fosun Chuangfu is a wholly-owned subsidiary of Shanghai Fosun Industrial Investment.
Gu Ru appeared in the listed company Shaanxi Red Flag Civil Explosion Shareholders. At that time, Gu Ru spent 1.54 million yuan to transfer 600,000 shares, 2.57 yuan / share. If successful listing, Gu Ru holds the stock market value or reached 12.6 million yuan, Hong Qimin The second largest shareholder also invested in the Shanghai Fosun industry. However, the Hongqi civil explosion was rejected in October this year.
An industry insider pointed out that venture capital executives have repeatedly used their own venture capital companies to rush into stocks, not to mention the benefits of even deeper problems.
The main business is too single, the inventory pressure is high
According to the Liard Optoelectronics Prospectus, during the reporting period, the company's main business income was mainly derived from the sales revenue of LED full-color display products. In 2008, 2009, 2010 and January-June 2011, sales revenue was realized. The proportion of revenue from the main business has increased year by year. Compared with the same-listed companies that have already been listed before, Liarde’s revenue is too dependent on the display business.
During the reporting period, the size of Liard's optical inventory increased continuously. At the end of 2008, the end of 2009, the end of 2010 and the end of June 2011, the book value of the company's inventory was RMB 115,751,100, RMB 18,606,700, RMB 21,434,900 and RMB 22,943.63, respectively. Ten thousand yuan. In the future, as the scale of the company's business expands, the inventory size may increase further. Once the completed LED application product project cannot be accepted by the customer, there may be a situation of inventory price decline or backlog, which will have a negative impact on the company's financial status and profitability.
In terms of accounts receivable, Liarde Optoelectronics at the end of 2008, the end of 2009, the end of 2010 and the end of June 2011, the net amount of accounts receivable was 44,478,600 yuan, 52,247,200 yuan, 95,650,500 yuan and 95,572,100 yuan respectively. The proportion of current assets in the current period was 21.82%, 18.88%, 22.19% and 21.53%. The large scale of accounts receivable is not conducive to the improvement of operational efficiency, and may also cause losses to the company due to bad debts. At the same time, due to the characteristics of the display industry, the company's demand for liquidity is large, and as of June 30, 2011, the company's asset-liability ratio reached 44.11%.
At the same time, the reporter was surprised to find that the entire prospectus of the Liard Optoelectronics basically uses the outdated data in 2009 in the data content part of the industry, which obviously cannot reflect the current development status and development trend of the LED display market.
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