Is it rumored to defeat San'an Optoelectronics's stock price?

Radar finance produce | Li Yihui edited | Deep Sea

In recent days, the stock price of LED chip leader San'an Optoelectronics has dropped sharply.

On September 21, the company's stock price fell by 7%on the basis of 7.05%of the previous trading day. As of the close of 3.13%, the cumulative decline in the last 9 trading days reached 25.36%, and the market value evaporated 29 billion yuan.

On the evening of September 20, San'an Optoelectronics issued a clarification announcement saying that "some users posted on the online platform that San'an Optoelectronics was taken away in the office at noon." The report is not true.

However, since July, a series of chip anti -corruption actions still involve Sanan Optoelectronics. A few days ago, SMIC, Changdian Technology, and San'an Optoelectronics announced, claiming that the director Ren Kai could not perform his duties normally.

According to the official announcement, Ren Kai was the vice president of Huaxin Investment, and Huaxin Investment was the only manager (GP, ordinary partner) of the National Integrated Circuit Industry Investment Fund (Great Fund), and San'an Optoelectronics was the investment target of the Great Fund.

What is the performance troubled by the rumored Sanan Optoelectronics? The financial report shows that the company's deduction of non -net profit in the first half of this year was only 220 million yuan, a year -on -year decrease of 28.31%; inventory reached 5.64 billion yuan, an increase of 1022 billion yuan from the end of the previous year. In addition, the company's asset -liability ratio reached a new high of 40.14%. At the end of the period, the short -term borrowing was 3.565 billion yuan, but the balance of cash and cash equivalent was only 2.026 billion yuan.

In the past two years, the LED industry has shrunk, San'an Optoelectronics has adjusted the product structure, actively transformed into the MINI/Micro LED chip, while vigorously developing a semiconductor business of compounds. However, from the results, the new business has not fully contributed its performance, and the company's net profit still depends on government subsidies.

Multiple clarifications to block the stock price plunge

According to the information of Tianyan, San'an Optoelectronics was established in 1993. It is a member of the San'an Group of Fujian. It is located in Jingzhou City, Hubei Province. It is a company that is mainly engaged in computers, communications and other electronic equipment manufacturing industries. The registered capital of the enterprise was 447.934.1308 million yuan, exceeding 99%of Hubei Province.

Radar Finance has noticed that with the recent sharp decline in the stock price of San'an Optoelectronics, some market rumors have been widely spread on the Internet.

According to surging news, on September 20, some users posted on the Internet platform that "San'an Optoelectronics was taken away at the office at noon" and "company financial fake mines" and other information.

Or affected by this rumor, San'an Optoelectronics's stock price approached the limit on the day, and finally closed down 7.05%. After the trading details, as many as 4 seats in the top 5 sellers of the stock were occupied by the special seats of the institution, the total amount of selling was 688 million yuan.

On the evening of September 20, San'an Optoelectronics issued a clarification announcement saying that the above -mentioned online media reports were not true, and the company's production and operation at present is normal.

However, from media reports, there are more than one rumors of the company. Regarding the company's extension of the fixed increase, there are rumors that the fixed increase participant hopes that the fixed increase price will be 12 yuan/share, which is far lower than the company's current stock price, so it is forced to postpone it. The relevant person in charge of San'an Optoelectronics responded to the media that it was completely unbelievable.

It is understood that the above -mentioned fixed increase is a plan submitted by the company in 2021. It is proposed to issue 672 million shares to raise 7.9 billion yuan, of which 6.9 billion yuan is used in Hubei Sanan MINI/Micro LED to display industrialized projects, and the remaining supplementary flow flows funds.

According to the company's announcement on September 18, the non -public issuance work has not yet been completed, and it is planned to extend the validity period of this non -public issuance shares for 12 months to October 14, 2023.

In addition, there is a saying that because of a public offering fund manager to clear the position of Sanan Optoelectronics; and some market participants expressed concern about the company's third quarter report. Under various rumors, from the perspective of the secondary market trend, the company's rumors failed to prevent the stock price from continuing to adjust, which caused some column chain reactions.

According to the data, San'an Optoelectronics's fourth -phase employee holding plan purchased in December last year, the purchase price was about 34.62 yuan/share, and calculated at the closing price of 18.9 yuan per share on September 21. Floating loss is 45.4%.

At the same time, as the stock price fell further, some investors expressed concern about the high proportion of shareholders of Sanan Optoelectronics.

According to the announcement on August 4, the company's shareholder Sanan Electronics and its controlling shareholder Fujian San'an Group holds a total of 1.457 billion shares of the company, accounting for 32.54%of the company's total share capital. As of the announcement of the collateral procedures as of the announcement date, Sanan Group and Sanan Electronics still pledged a total of 553 million shares, and the pledge shares accounted for about 37.96%of the shares held by two companies.

It should be noted that San'an Optoelectronics also stated in the clarification announcement that the company's director Ren Kai could not perform his duties normally by receiving investigation by the disciplinary inspection authority. The company has held the board of directors to nominate Tang Shujun as the new director candidate, which will not affect the company's production and operation.

The resume shows that from September 2014 to December 2014, Ren Kai served as vice president of Huaxin Investment Management Co., Ltd. from December 2014 to the present.

According to the 21st Century Business Review, in September 2014, the National Integrated Circuit Industry Investment Fund was established. Huaxin Investment is the only manager of the Great Fund and is responsible for daily investment operations.

The total fundraising scale of the first phase of the Great Fund reached 138.72 billion yuan. The invested companies include SMIC, Yangtze River Storage, Ziguang Zhanrui, San'an Optoelectronics, and Changdian Technology. In June 2015, Sanan Group transferred the 217 million shares of Sanan Optoelectronics to the Great Fund, with a total transfer of 4.84 billion yuan. Later, through non -public offering and other methods, the Dasan once held 10.29%of Sanan Optoelectronics.

Since 2020, the Great Fund has begun to reduce its holdings of Sanan Optoelectronics. The latest reduction occurred in March this year. According to the announcement, from September 24, 2021 to March 23, 2022, the large fund reduced holdings of 89.5866 million shares of Sanan Optoelectronics, accounting for 2%of the company's total share capital.

As of the 2022 interim report, the Great Fund held 6.47%of Sanan Optoelectronics and was the second largest shareholder.

Increased net profit decline in inventory increase

At the level of performance, due to the slowdown in the growth of the traditional LED lighting market, San'an Optoelectronics's performance growth has declined.

The semi -annual report shows that the company is mainly engaged in the research and development, production and sales of semiconductor materials and devices of compounds. The chip is the core main business.

According to the financial report data, San'an Optoelectronics ’operating income was 6.762 billion yuan in the first half of 2022, a year -on -year increase of 10.6%; net profit attributable to the owner of the parent company was 932 million yuan, a year -on -year increase of 5.46%.

According to the same flower of the same flower, during the 2021 interim report and annual report, the company's revenue growth rate was 71.38%and 48.71%, respectively, and the growth rate even exceeded the level of the first two years before the epidemic.

At that time, in the financial report, the management stated that "the demand for the LED market is strong, some low -end products have continued to increase, and it is expected that the prices of some products in the future will continue to increase." "The LED industry maintains a good growth trend."

However, in the first half of this year, due to the epidemic and demand, the supply and demand of the LED market was impacted to a certain extent, and the overall supply and demand was from rising to fall.

In terms of subdivision, the company's overall business revenue achieved 5.3 billion yuan in the first half of the year, and the overall revenue of LED extension chip business decreased by 11.53%year -on -year, of which traditional LED extension chip sales revenue decreased by 24.10%compared with the same period of the previous year.

Affected by this, the company's profitability also declined. In the first half of this year, the net profit attributable to shareholders of listed companies was 220 million yuan, a year -on -year decrease of 28.31%.

It can be seen that the net profit of San'an Optoelectronics has fallen sharply after deducting non -deduction is that in the net profit, there is a big head in non -recurring profit and loss projects.

In the first half of the year, the company's non -recurring profit and loss amount reached 712 million yuan, including 665 million yuan of "government subsidies to the current profit and loss".

At the same time, due to the poor supply chain and the various factors of the customer's overall rhythm, the net value of the inventory book of Sanan Optoelectronics at the end of the first half increased by 1.022 billion yuan from the end of the previous year.

According to financial reports, as of the end of June 2022, the company's inventory amount was 5.64 billion yuan, and the mid -year and end of 2021 were 4.103 billion yuan and 4.618 billion yuan, respectively.

Increased inventory will undoubtedly affect the company's capital turnover efficiency, increase the pressure of company management, cost control and other aspects, and also face the risk of inventory price decline.

In the past two years, San'an Optoelectronics has frequently invested. According to the semi -annual report, the company's major non -equity investment projects include the semiconductor and integrated circuit industrialization project of the San'an Semiconductor in Quanzhou, and the MINI/Micro of Sanan Optoelectronics, Hubei, to display industrialization and silicon carbide industry projects. The total budget investment is 46.558 billion yuan At present, a total of 24.278 billion yuan has been invested.

Large investment challenged Sanan Optoelectronics's capital capabilities. In the first half of this year, the net cash flow generated by the company's operating activities was 697 million yuan, a year -on -year decrease of 31.7%.

In the first half of this year, the company's asset -liability ratio rose significantly, from 31.74%in the same period last year to 40.14%, which is also the company's indicator more than 40%since 2014.

Among all liabilities, the short -term borrowing at the end of the first half of the first half increased by 54.07%to 3.565 billion yuan at the end of the previous year; the non -current liabilities due within one year increased by 167.94%to 1.889 billion yuan from the end of the previous year.

As of the first half of 2022, the company's short -term borrowing and non -current liabilities expired within one year were 5.454 billion yuan, and the corresponding monetary funds were 3.263 billion yuan. Cash equivalent indicators, only 2.026 billion yuan at the end of the period.

What is the prospect of transitioning a new business?

In terms of new businesses, San'an Optoelectronics has focused on creating two new growth curves in recent years. First of all, MINI LED, Micro LED chips, followed by silicon carbide and nitrogen bleaching semiconductors.

According to the financial report, from January to June 2022, the integrated circuit business (the merger of the three subsidiaries of the subordinates) achieved revenue of 1.462 billion yuan; the company's MINI/Microled, plant lighting, vehicle lighting, ultraviolet high-end business scale further increased, sales revenue 84.80%over the same period last year.

Although the revenue of production capacity has increased, the three subsidiaries engaged in new businesses have not contributed profits.

From the financial report, it can be seen that Hubei San'an, which is mainly engaged in the MINI/Micro LED extension, is engaged in Hunan San'an, which is engaged in the third -generation compounds such as silicon carbide and silicon -based nitride, and Quanzhou integration engaged in filter and packaging business. After half a year, it is in a state of losses unless regular profit or loss. At the time of traditional LED pressure, end -application products based on MINILED backlight applications have continued to emerge, bringing new growth points to the industry. In March of this year, San'an Optoelectronics announced that it has received orders for important international customers MINILED and started shipping.

On September 13, it was rumored that Sanan Optoelectronics had reduced the MINI LED chip quotation by 10%-15%. The company has denied it, saying that MINI LED chips have stable prices for overseas customers.

However, it is impossible to ignore that with the emergence of MicroLED commercial demand, supply manufacturers cut into the segment are also increasing. In addition to Shen Kangjia A recently announced that it has the capacity of MINI LED chips, Zhao Chi's MinileD chip expansion project is expected to mass production in the second half of the year, and Longteng Optoelectronics is also promoting the mass production process of car MINI LED products.

In terms of silicon carbide, new energy vehicles are the most important application market. Third -party institutions expect silicon carbide power devices to become the mainstream technical solution for motor drive systems in new energy vehicles.

As of the end of June 2022, Hunan San'an Moon Silicon carbide production capacity has reached 6,000 pieces. In the future, large -scale application of large -scale car will help Sanan Optoelectronics out of the downturn.

However, industry insiders pointed out that the silicon carbide power element market is mainly controlled by European and American companies. As a local supplier, Sanan Optoelectronics can seize the opportunity for the rise of domestic new energy vehicles to have variables.

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