Aoyang Shunchang (002245) was listed on the Shenzhen Stock Exchange on June 5, 2008. In terms of external publicity, the company stated that “from the time of production to the listing, the company is one of the shortest companies in China when it is successfully listed.†Under the IPO raised funds, the company has changed its investment projects several times. Today, five years have passed, and the company's fundraising projects have not yet reached the target. Even so, the company's new financing plan was born in the past.
Raise 500 million investment LED chips
On June 4, Aoyang Shunchang issued a non-public offering plan, which plans to issue no more than 100 million shares at a price of 5.12 yuan per share, and raise funds of about 500 million yuan to invest in LED epitaxial wafers and chip industrialization projects (Phase I ). Among them, the total investment of the project is 800 million yuan, and it is planned to invest 400 million yuan in raised funds; the supplementary working capital is 100 million yuan.
According to the company, the project construction site is located in Qinghe New District, Huai'an City, Jiangsu Province. After the completion of the project, the company will have an LED epitaxial wafer and chip production base with advanced equipment and outstanding production efficiency. The construction period of the project is 30 months. After the project is completed and put into production, it will form an annual production capacity of 1.8 million pieces of blue-green LED epitaxial wafers (calculated by 2-inch epitaxial wafers) and 11.5 billion blue-green chips.
As expected from the previous IPO fundraising project, Aoyang Shunchang is full of “confidence†for the future: “After the project is completed, it is estimated that the annual sales income will be 720 million yuan, the annual after-tax profit will be 169 million yuan, and the post-tax financial internal rate of return will be 24.51. %, after-tax investment payback period is 5.46 years."
Construction can't keep up with environmental changes
Since June 2008, the Australian Ocean Shunchang IPO has been fundraising for five years, but until now, the performance of some of the company's IPO projects has not met the standard.
Among them, the company's 60,000 tons / year galvanized coil steel processing logistics distribution project of Shanghai Aoyang Shunchang 40,000 tons of galvanized coil steel project, the cumulative realized income is lower than the previous commitment of more than 20%. The company explained that the project was changed from Zhangjiagang to Shanghai in November 2009. The approval of the land for the World Expo in Shanghai has affected the progress of the project. Currently, the project has just reached production in 2013.
In addition, the Guangdong Runsheng 10,000 tons aluminum sheet project of the company's 15,000 tons/year aluminum alloy sheet processing and distribution project has achieved a total revenue of less than 20% of the commitment, while the low return of the project is due to “the market environment has changedâ€. "Guangdong Runsheng's main customer base is LCD TV manufacturers, and the backplanes used by these customers are gradually changed from aluminum to other materials. The company needs to re-develop new customer groups. Therefore, the company's operating results have not achieved the promised benefits. â€
Operating income has declined significantly
On the company's website, Aoyang Shunchang promotes itself as a company with an operating income of nearly RMB 2 billion, with customers in the Yangtze River Delta and the Pearl River Delta region.
The reporter reviewed the company's annual report data for the past two years and found that the business income of Aoyang Shunchang declined significantly. In 2011, the company achieved operating income of 1.749 billion yuan; in 2012, the company's operating income fell to 1.661 billion yuan. The latest financial data shows that in the first quarter of 2013, the company achieved operating income of 297 million yuan, a year-on-year decrease of 29.69%.
"Company revenue is mainly determined by substrate price income and service fees. The low price of the substrate caused the company's revenue to decline. In the first quarter of this year, the company's sheet metal prices were still at a low level compared with the same period of last year." An industry analyst said.
And this huge investment in the construction of LED projects, Aoyang Shunchang can effectively solve the real problems of slow project construction, market environment changes and so on? The reporter called the company to understand the situation. A staff member of the Securities Department told reporters that he had not been able to explain these problems shortly after he arrived at the company.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Raise 500 million investment LED chips
On June 4, Aoyang Shunchang issued a non-public offering plan, which plans to issue no more than 100 million shares at a price of 5.12 yuan per share, and raise funds of about 500 million yuan to invest in LED epitaxial wafers and chip industrialization projects (Phase I ). Among them, the total investment of the project is 800 million yuan, and it is planned to invest 400 million yuan in raised funds; the supplementary working capital is 100 million yuan.
According to the company, the project construction site is located in Qinghe New District, Huai'an City, Jiangsu Province. After the completion of the project, the company will have an LED epitaxial wafer and chip production base with advanced equipment and outstanding production efficiency. The construction period of the project is 30 months. After the project is completed and put into production, it will form an annual production capacity of 1.8 million pieces of blue-green LED epitaxial wafers (calculated by 2-inch epitaxial wafers) and 11.5 billion blue-green chips.
As expected from the previous IPO fundraising project, Aoyang Shunchang is full of “confidence†for the future: “After the project is completed, it is estimated that the annual sales income will be 720 million yuan, the annual after-tax profit will be 169 million yuan, and the post-tax financial internal rate of return will be 24.51. %, after-tax investment payback period is 5.46 years."
Construction can't keep up with environmental changes
Since June 2008, the Australian Ocean Shunchang IPO has been fundraising for five years, but until now, the performance of some of the company's IPO projects has not met the standard.
Among them, the company's 60,000 tons / year galvanized coil steel processing logistics distribution project of Shanghai Aoyang Shunchang 40,000 tons of galvanized coil steel project, the cumulative realized income is lower than the previous commitment of more than 20%. The company explained that the project was changed from Zhangjiagang to Shanghai in November 2009. The approval of the land for the World Expo in Shanghai has affected the progress of the project. Currently, the project has just reached production in 2013.
In addition, the Guangdong Runsheng 10,000 tons aluminum sheet project of the company's 15,000 tons/year aluminum alloy sheet processing and distribution project has achieved a total revenue of less than 20% of the commitment, while the low return of the project is due to “the market environment has changedâ€. "Guangdong Runsheng's main customer base is LCD TV manufacturers, and the backplanes used by these customers are gradually changed from aluminum to other materials. The company needs to re-develop new customer groups. Therefore, the company's operating results have not achieved the promised benefits. â€
Operating income has declined significantly
On the company's website, Aoyang Shunchang promotes itself as a company with an operating income of nearly RMB 2 billion, with customers in the Yangtze River Delta and the Pearl River Delta region.
The reporter reviewed the company's annual report data for the past two years and found that the business income of Aoyang Shunchang declined significantly. In 2011, the company achieved operating income of 1.749 billion yuan; in 2012, the company's operating income fell to 1.661 billion yuan. The latest financial data shows that in the first quarter of 2013, the company achieved operating income of 297 million yuan, a year-on-year decrease of 29.69%.
"Company revenue is mainly determined by substrate price income and service fees. The low price of the substrate caused the company's revenue to decline. In the first quarter of this year, the company's sheet metal prices were still at a low level compared with the same period of last year." An industry analyst said.
And this huge investment in the construction of LED projects, Aoyang Shunchang can effectively solve the real problems of slow project construction, market environment changes and so on? The reporter called the company to understand the situation. A staff member of the Securities Department told reporters that he had not been able to explain these problems shortly after he arrived at the company.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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