On the evening of November 12, Sanan Optoelectronics (600703.SH) announced that the company's wholly-owned subsidiary, Xiamen Sanan Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Sanan Optoelectronic Technologyâ€) plans to use self-raised funds of no more than 2.352 billion. NTD (approximately RMB 50.568 million) subscribed for no more than 120 million shares of common stock issued by Yuanyuan Optoelectronics (3061.TW), a company listed on the Taiwan Stock Exchange, in a private placement.
After the completion of Sanan Optoelectronics, Sanan Optoelectronics Technology will hold approximately 19.9% ​​of the shares of Yanyuan Optoelectronics and become the largest shareholder of Yuyuan Optoelectronics.
According to the announcement, Haoyuan Optoelectronics is one of the earliest listed LED companies in Taiwan, and has strong competitiveness in blue, green, ultraviolet epitaxial wafers and chips. According to the data, as of June 30 this year, the total assets of Yuyuan Optoelectronics totaled NT$18.793 billion (approximately RMB4,040 million), and the total owner's equity was NT$13.016 billion (approximately RMB 2.798 billion). From January to June 2012, the operating income was 2.372 billion Taiwan dollars (about 510 million yuan), and the combined total profit and loss was 216 million Taiwan dollars (about 46.44 million yuan).
Although Sanan Optoelectronics said in the announcement, after the completion of this investment, it will be more conducive to consolidating the advantages of both parties in the product and market areas, enhancing the international competitiveness of the two parties in the LED industry, and laying a solid foundation for becoming a world-class LED company. . However, the third quarterly report of Sanan Optoelectronics showed that the sum of bills receivable and accounts receivable of the company in the first three quarters increased from the beginning of the year of 450 million yuan to 1.49 billion yuan at the end of the period, an increase of more than 200%.
But it also means that nearly half of the company's goods are sold and become notes and receivables, which remain on the company's financial statements. The net cash flow generated by Sanan Optoelectronics' operating activities in the first three quarters was -230 million yuan. The report shows that this figure was 636 million yuan in the same period last year. The company explained that the significant increase in bills receivable was mainly due to the settlement of sales receipts, and the significant increase in accounts receivable was mainly caused by the scale of sales. The researchers believe that the company's operating cash flow needs to be improved, and considering that the downstream LED packaging plants are more dispersed and highly competitive, it is considered that "the company has the risk of falling product prices and gross profit margins due to increased industry competition" and "the existence of certain Bad debt risk."
In recent years, the LED industry has not been very prosperous. "If the days of the LED industry continue to be difficult, Sanan Optoelectronics may not be able to protect itself." The researchers said.
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