[High- tech LED reporter Zhao Hui] Recently, Silan Microelectronics Co., Ltd. (SH.600460) released the report on the use report of the previous fundraising report, saying that Shilan Micro’s wholly-owned subsidiary Shilan Mingxin Company implemented the high The expansion project of the brightness LED chip production line ended on December 31, 2012, with an accumulated investment of 474,715,200 yuan, and 95.51% of the committed investment has been completed.
According to the plan of “Hangzhou Silan Microelectronics Co., Ltd. Non-public Issuance of Stocksâ€, the planned construction period of this project is December, which should be completed on September 30, 2011, but the actual construction period has reached 27 months. . According to the announcement, the extension of the construction period was mainly due to the extension of equipment delivery and commissioning cycles. As of December 31, 2012, a total of 15 MOCVD equipments were added to the project. Except for one MOCVD equipment, it was still under commission due to special process, and the rest were put into production, basically reaching the design capacity.
Due to the slow release of production capacity and the sharp drop in the price of LED epitaxial chips in the past two years, the sales volume of Silan Mingxin high-brightness LED chip production line has reached 181,281,300 yuan in the past three years, sales gross profit of 31,958,800 yuan, net profit loss of 2,567,200 yuan. The gross profit margin of the project is only 16.88%. By the end of 2012, the capacity utilization rate of the project was 78.67%.
“At present, our production capacity is 1400kk/month, and the display chip accounts for 80%. This year, we will continue to expand production. By the end of the year, the production capacity will reach 2000kk/month. By that time, the proportion of lighting chips will rise to 30%-40%. "Shi Lanwei, director and general manager of Shilan Mingxin, Jiang Zhongyong told the reporter of "High-tech LED".
According to the company's annual report, Silan's 2012 operating income was 134,902,200 yuan, net profit was 18.27 million yuan, and net profit decreased by 88.07%. Among them, in 2012, Silan Mingxin realized operating income of 155 million yuan, a decrease of 54.69% compared with 2011, and a net profit of -29.13 million yuan, a decrease of 152.93% compared with 2011.
The High-Tech LED Industry Research Institute (GLII) believes that after a significant decline in the performance of the previous two years, Silan Mingxin's market position in the field of domestic LED epitaxial chips has declined, as the market competition has stabilized and product prices have declined. Slowly, coupled with the new equipment put into use, the production capacity has been expanded and the gross profit margin is expected to rebound.
Zhan Runzi, deputy general manager of Tongfang’s semiconductor and lighting industry, said that upstream chip companies were basically in a loss-making state in the whole industry last year. In 2013, the chip industry’s gross profit will rebound from 2012, which will mainly rely on reducing costs and improving light efficiency. New products and joint packaging plants take the custom route and other measures to achieve.
Hua Di Optoelectronics (300323.SZ) vice president Bian Defei also believes that after the sharp decline in chip prices in 2011 and 2012, basically has reached a relative balance point, this year's chip price fluctuations may not be as big as the previous two years.
However, as the main customer source of Silan Mingxin, the LED display industry has fallen into a fierce price war in the past two years. The gross profit margin of general display chip companies is about 10%, and the manufacturers with smaller production lines are even lower. 5%. The event of the closure of the display company has occurred since the end of last year. Among them, there are many enterprises with revenues exceeding 100 million yuan, such as 钧多立, Haobo Optoelectronics, Jiahao Optoelectronics, etc., so the downstream customers’ repayment period and bad debt risk have increased sharply. Will continue to exist.
According to the monitoring data of the High-tech LED Industry Research Institute (GLII), as of the end of 2012, the output value of the domestic LED display industry was 24.1 billion yuan, a year-on-year increase of 10%. Overall, the growth rate and growth rate of the display market are slowing down, and will maintain an annual growth rate of 10%-20% in the next two or three years.
According to industry insiders, Silan Mingxin's display chips have previously had a very high share in the industry, but their share has been declining in the past two years due to capacity and price issues. After the expansion, how to recapture the original chip market and customers will be the main problems that the company will face, and the display market has achieved steady growth in recent years. In the future, the market has limited capacity, how to increase the proportion of illuminated white chips faster. It will also be an important test.
At the same time, the lighting chip business will also face more severe market competition than display chips. On the one hand, the high-end chip market will face the coffers of multinational companies such as Philips, Osram, American Cree, and Nichia (all of the above-mentioned companies are integrated chip and chip manufacturers, directly facing the wider downstream lighting customers). On the other hand, the low-end market faces fierce price competition from Taiwan-based chip makers and mainland Sanan Optoelectronics, Dehao Runda and other companies with large capacity advantages.
It is understood that Huacan Optoelectronics, which is the main supplier of domestic LED display chips with Silan Mingxin, has started to increase the development of the white light chip market from last year. The total investment of Huacan Optoelectronics Suzhou Zhangjiagang New Project is 1.8 billion yuan. It is expected to be completed by the end of this year, and 50% of the production capacity will be released in the lighting white light chip business.
According to the plan of “Hangzhou Silan Microelectronics Co., Ltd. Non-public Issuance of Stocksâ€, the planned construction period of this project is December, which should be completed on September 30, 2011, but the actual construction period has reached 27 months. . According to the announcement, the extension of the construction period was mainly due to the extension of equipment delivery and commissioning cycles. As of December 31, 2012, a total of 15 MOCVD equipments were added to the project. Except for one MOCVD equipment, it was still under commission due to special process, and the rest were put into production, basically reaching the design capacity.
Due to the slow release of production capacity and the sharp drop in the price of LED epitaxial chips in the past two years, the sales volume of Silan Mingxin high-brightness LED chip production line has reached 181,281,300 yuan in the past three years, sales gross profit of 31,958,800 yuan, net profit loss of 2,567,200 yuan. The gross profit margin of the project is only 16.88%. By the end of 2012, the capacity utilization rate of the project was 78.67%.
“At present, our production capacity is 1400kk/month, and the display chip accounts for 80%. This year, we will continue to expand production. By the end of the year, the production capacity will reach 2000kk/month. By that time, the proportion of lighting chips will rise to 30%-40%. "Shi Lanwei, director and general manager of Shilan Mingxin, Jiang Zhongyong told the reporter of "High-tech LED".
According to the company's annual report, Silan's 2012 operating income was 134,902,200 yuan, net profit was 18.27 million yuan, and net profit decreased by 88.07%. Among them, in 2012, Silan Mingxin realized operating income of 155 million yuan, a decrease of 54.69% compared with 2011, and a net profit of -29.13 million yuan, a decrease of 152.93% compared with 2011.
The High-Tech LED Industry Research Institute (GLII) believes that after a significant decline in the performance of the previous two years, Silan Mingxin's market position in the field of domestic LED epitaxial chips has declined, as the market competition has stabilized and product prices have declined. Slowly, coupled with the new equipment put into use, the production capacity has been expanded and the gross profit margin is expected to rebound.
Zhan Runzi, deputy general manager of Tongfang’s semiconductor and lighting industry, said that upstream chip companies were basically in a loss-making state in the whole industry last year. In 2013, the chip industry’s gross profit will rebound from 2012, which will mainly rely on reducing costs and improving light efficiency. New products and joint packaging plants take the custom route and other measures to achieve.
Hua Di Optoelectronics (300323.SZ) vice president Bian Defei also believes that after the sharp decline in chip prices in 2011 and 2012, basically has reached a relative balance point, this year's chip price fluctuations may not be as big as the previous two years.
However, as the main customer source of Silan Mingxin, the LED display industry has fallen into a fierce price war in the past two years. The gross profit margin of general display chip companies is about 10%, and the manufacturers with smaller production lines are even lower. 5%. The event of the closure of the display company has occurred since the end of last year. Among them, there are many enterprises with revenues exceeding 100 million yuan, such as 钧多立, Haobo Optoelectronics, Jiahao Optoelectronics, etc., so the downstream customers’ repayment period and bad debt risk have increased sharply. Will continue to exist.
According to the monitoring data of the High-tech LED Industry Research Institute (GLII), as of the end of 2012, the output value of the domestic LED display industry was 24.1 billion yuan, a year-on-year increase of 10%. Overall, the growth rate and growth rate of the display market are slowing down, and will maintain an annual growth rate of 10%-20% in the next two or three years.
According to industry insiders, Silan Mingxin's display chips have previously had a very high share in the industry, but their share has been declining in the past two years due to capacity and price issues. After the expansion, how to recapture the original chip market and customers will be the main problems that the company will face, and the display market has achieved steady growth in recent years. In the future, the market has limited capacity, how to increase the proportion of illuminated white chips faster. It will also be an important test.
At the same time, the lighting chip business will also face more severe market competition than display chips. On the one hand, the high-end chip market will face the coffers of multinational companies such as Philips, Osram, American Cree, and Nichia (all of the above-mentioned companies are integrated chip and chip manufacturers, directly facing the wider downstream lighting customers). On the other hand, the low-end market faces fierce price competition from Taiwan-based chip makers and mainland Sanan Optoelectronics, Dehao Runda and other companies with large capacity advantages.
It is understood that Huacan Optoelectronics, which is the main supplier of domestic LED display chips with Silan Mingxin, has started to increase the development of the white light chip market from last year. The total investment of Huacan Optoelectronics Suzhou Zhangjiagang New Project is 1.8 billion yuan. It is expected to be completed by the end of this year, and 50% of the production capacity will be released in the lighting white light chip business.
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