The chip leader has fallen for several days!San'an Optoelectronics's traditional LED business shrinks, and the non -net profit has dropped by 28%

In response to many recent rumors, San'an Optoelectronics has clarified one by one, but why is the stock price still falling? The analysis believes that the sluggish semiconductor industry and the company's own performance may also be an important reason for market concerns

"Investment Times" researcher Luo Yi

Multiple market rumors have triggered a few days in a row in the secondary market.

The information shows that from 24.75 yuan/share on September 9th, San'an Optoelectronics fell to 17.80 yuan/share on September 23, and the 10 trading days fell 28.08%. Compared with 44.92 yuan per share hit in August 2021, it has fallen by nearly 60 %. As of the close of September 26, the company's stock price rose slightly by 0.28%on the basis of the previous trading day to close at 17.98 yuan/share.

The above rumors include "San'an Optoelectronics Related persons are taken away at the office at noon", "For order, the company's miniled chip price decreases by 10%-15%" and "fixed-income party hopes to increase the price below the current market price".

San'an Optoelectronics issued a clarification announcement on September 20 that the information of "San'an Optoelectronics was taken away in the office" was not true. In response to the mini LED price reduction and fixed increase related rumors, San'an Optoelectronics responded to the researcher of the "Investment Times" that the market rumored company MINI LED business reduced prices by 10%-15%rumors, and the price of MINI LED chips for overseas customers was stable.

The company said that its MINI LED products have been continuously promoted by international leading customers. One of the customers' shipments increased steadily, and the shipments of the other customers increased from April, and the sales scale climbed monthly.

According to market rumors, "the fixed increase participant hopes that the fixed increase price is 12 yuan/share, and the price is far lower than the current stock price of the company, which leads to the company's fixed increase delay." San'an Optoelectronics said It is stipulated that the information of the market rumor that "the fixed -income party hopes to increase the issuance price of 12 yuan/share" is not true rumors. Essence

Market rumors have caused the stock price to fall from a variety of days

Data show that from 24.75 yuan/share on September 9th, San'an Optoelectronics fell to 17.80 yuan/share on September 23, and the 10 trading days fell 28.08%. Compared with 44.92 yuan per share hit in August 2021, it has fallen by nearly 60 %. As of the close of September 26, the company's stock price closed at 17.98 yuan/share.

From September 8th, San'an Optoelectronics's main force, oversized and large orders have been net outflow for 10 consecutive trading days, and the market value has evaporated more than 29 billion yuan within 10 trading days.

San'an Optoelectronics's continuous decline in the secondary market may be caused by many rumors in the market. On the evening of September 20, San'an Optoelectronics issued a clarification announcement saying that the company was concerned about online media reports that "some users posted on the online platform that San'an Optoelectronics was taken away at the office at noon." The report was not true.

In addition, San'an Optoelectronics previously issued an announcement saying that the non -public issuance issues in 2021 were postponed, which caused the market to speculate on the reasons for the delay in fixed increase. The fixed -increase issuance price is 12 yuan/share, and the price is far lower than the company's current stock price. "

San'an Optoelectronics said to the Researcher of the Investment Times that the Definition Delay is a procedural regulation. The company will promote and complete the non -public offering shares within the validity period of the approval.

For market rumors, "Dingzang Fang hopes to increase the issue price of 12 yuan/share", San'an Optoelectronics said that this is an unreal rumor. The company said that the price of this non -public offering of shares was not lower than the price of 80%of the stock trading price of 20 trading days. The final issuer will be determined according to the principles of subscription quotes and prices.

According to the previous 2021 non -public issuance plan, San'an Optoelectronics plans to issue 672 million shares, raising 7.9 billion yuan. The San'an Optoelectronics Announcement shows that because the company has not yet completed the non -public issuance work, it plans to extend the validity period of non -public issuance and postponed until October 14, 2023.

Some people in the market industry analyzed that the delay of general listed companies may include the following reasons: there are differences with the original fixed increase participants, the low -level market response, and the expected changes in the company's development planning.

The industry is weak and the performance declines

San'an Optoelectronics has basically clarified one by one for the recent rumors of the market. Why is the stock price still falling? Some analysts believe that, in addition to the current market rumors, the decline in the stock price may also be replaced by public fund managers and clean up their predecessors.

The downturn in the semiconductor industry and the performance of Sanan Optoelectronics may also be an important reason for market concerns.

According to the prediction of independent consulting companies, global semiconductor revenue in 2022 is expected to increase by 7.4%, compared with the growth rate of 13.6%predicted in the previous quarter, and the growth rate of 26.3%in 2021. At the same time, the agency predicts that in 2023, the total market revenue of semiconductors will decrease by 2.5%, which means that the global semiconductor industry will miss $ 40 billion in revenue.

On September 7, Qing Guixian, the president of Samsung Electronics, also stated that it is expected that the sales of chip sales are expected to decline sharply until next year.

The sluggish industry is also reflected in the business performance data of Sanan Optoelectronics. Public information shows that San'an Optoelectronics's current business mainly includes LED business and integrated circuit business, and the main products include LED extension, LED chip, LED lights, integrated circuit chips, material waste sales, etc. Among them, the LED extension chip business is the company with the largest proportion of the company's revenue. The annual report of 2021 shows that the company achieved operating income of 12.572 billion yuan throughout the year, and the extension chip business completed 6.536 billion yuan, accounting for 51.99%of the total revenue ratio.

However, this year's semi -annual report shows that San'an Optoelectronics's extension chip business fell 11.53%year -on -year revenue. Among them, the sales revenue of traditional LED extension chips fell by 24.10%compared with the same period of the previous year, and the extension chip accounted for 44.39%. The company explained in the semi -annual report that the sales of some products in the traditional LED field in the first half of the year did not meet expectations. It was mainly affected by the turbulence of domestic and foreign economic environment, repeated epidemic, downturn in real estate markets, and shrinking consumer market demand.

Or affected by the decline in this main business, San'an Optoelectronics's revenue growth rate declined in the first half of the year, revenue achieved 6.762 billion yuan, an increase of 10.6%year -on -year, and the growth rate in the same period in 2021 was 71.38%.

From the perspective of net profit, San'an Optoelectronics's net profit attributable to shareholders of listed companies in the first half of the year was 932 million yuan, an increase of 5.46%year -on -year, but the non -net profit was only 220 million yuan, a year -on -year decrease of 28.31%. Among them, the non -net profit in the second quarter was 111 million yuan, a year -on -year decrease of 56.02%.

The semi -annual report shows that the main income of the company's non -recurring profit and loss comes from government subsidies. In the first half of the year, the company's non -recurring profit and loss amount reached 712 million yuan, of which 665 million yuan was received, accounting for 93.39%of all non -recurring profit and loss.

San'an Optoelectronics 2022 In the first half of revenue and net profit

Data source: company financial report

Inventory increase, asset -liability ratio increased

The industry demand is weak. In addition to the impact on the revenue and net profit of Sanan Optoelectronics, the company's inventory has increased rapidly. According to the semi -annual report, as of the end of June 2022, the company's inventory amount was 5.64 billion yuan, accounting for 11.16%of the total assets, an increase of 1.022 billion yuan from the end of the previous year, an increase of 22%. At the end of 2021, the company's inventory amount was 4.103 billion yuan and 4.618 billion yuan, respectively.

While traditional business sales bring surge in stock, San'an Optoelectronics has increased its investment in the new business, and investment is increasing. According to data from the semi -annual report, the company's major non -equity investment projects, including the semiconductor and integrated circuit industrialization project of Sanan Semiconductor in Quanzhou, and the MINI/Micro of Sanan Optoelectronics, Hubei, showed industrialization and silicon carbide industry projects. The total budget investment was 46.558 billion. Yuan, currently invested 24.278 billion yuan.

However, the above projects are still difficult to make profit in the short term. Data show that in the first half of 2022, it lost 134 million yuan and Quanzhou San'an lost 87 million yuan in the first half of the year.

The fixed increase scheme of the aforementioned extension is also related to the above projects. According to information submitted by the company in 2021, it is planned to publicize 672 million yuan to raise 7.9 billion yuan, of which 6.9 billion yuan is used in Hubei San'an MINI/Micro to display industrialized projects. This fixed increase will have a continuous impact on the above projects.

In response to related issues, San'an Optoelectronics told the Investment Times researcher that the company's project is accelerating the construction period, and the company's financial status has always maintained healthy and good. With the continuous release of production capacity, sales revenue will continue to be realized, and its performance will continue to improve.

Data show that San'an Optoelectronics's asset -liability ratio rose significantly in the first half of the year. As of the middle of this year, the company's debt ratio reached 40.14%, the highest point since 2014, an increase of 8.4%over the same period last year.

From the perspective of debt, the company's short -term borrowing at the end of the first half of the year was 3.565 billion yuan, an increase of 54.07%over the end of the previous year, and the non -current liabilities due within one year reached 1.889 billion yuan, an increase of 167.94%over the end of the previous year. Data show that San'an Optoelectronics ’short borrowing in the first half of the year and non -current liabilities due within one year were 5.454 billion yuan, and the corresponding monetary funds were 3.263 billion yuan.

San'an Optoelectronics 2022 major non -equity investment in the first half of the year

Data source: San'an Optoelectronics Newspaper

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