[Reporter/Ding Hui ] On June 25, the Ministry of Commerce approved the project of Xiamen Sanan Optoelectronics Technology Co., Ltd. to acquire Taiwan Yuyuan Optoelectronics Co., Ltd. According to the plan, this round of acquisitions will be self-funded by no more than 2.352 billion Taiwan dollars (about 505.68 million yuan) to subscribe to Taiwan Stock Exchange listed company Yuanyuan Optoelectronics issued by private placement of no more than 120 million ordinary shares. Upon completion, Sanan will hold a 19.9% ​​stake and become the largest shareholder of Yanyuan Optoelectronics.
Sanan Optoelectronics, as the highest listed stock market value (according to the closing price on June 26, 2013, with a market capitalization of about 25 billion yuan), has been plagued by excessive government subsidies and related party transactions. Recently, Sanan Optoelectronics has been moving frequently. On the one hand, it has continued to reduce costs through expansion, and on the other hand, it has attempted to increase sales by kidnapping mid-stream and downstream customers.
According to GLII data, up to now, the holding capacity of Sanan Optoelectronics MOCVD machine is 144, and the capacity utilization rate is less than 70%. The huge capacity pressure has caused Sanan Optoelectronics to look for the seaport to release production capacity in recent years.
On the evening of May 28, Sanan Optoelectronics announced that it has established a joint venture with Weiwei Co., Ltd. The registered capital of the joint venture company is 150 million yuan, mainly engaged in the sales of downstream LED application products. The joint venture company will give priority to Sanan Optoelectronics under the same conditions. Production of LED chips. It is understood that the current cooperation contract has been signed, the funds have been put in place, but the follow-up cooperation rules have not yet been determined.
On June 4, Sanan Optoelectronics Co., Ltd. announced that its wholly-owned subsidiary, lightera corporation, intends to acquire 100% equity of Lumen devices (inc., inc.) with its own monetary capital of US$22 million. Although the US lumens have orders from many world applications such as acer, zumtobel, eyelighting, etc., the revenue situation has not been very impressive. As of December 31, 2012, US illuminating assets totaled US$119.99 million and liabilities totaled US$17.749 million. In 2012, revenues were US$17.189 million and net profit was US$3,196,900. In other words, Sanan Optoelectronics acquired a company with a net asset of -556.91 million US dollars.
Prior to this, Sanan Optoelectronics indirectly invested in a number of packaging companies such as Cinda Optoelectronics, Tiandian Optoelectronics, and Anpuguang through the company's internal employees in an attempt to increase revenue. However, contrary to expectations, Tiandian Optoelectronics last year's revenue was only about 130 million yuan, and the performance of other companies was not satisfactory.
In order to seize the inherent position of Taiwan's major manufacturers such as Jingdian, we can still get government subsidies, and Sanan Optoelectronics has expanded its production capacity.
On June 19, Sanan Optoelectronics announced its announcement again. Its subsidiary, Xiamen Sanan Optoelectronics Technology Co., Ltd. will invest no more than 280 million yuan to add international advanced 20 single-cavity machines or 5 four-chamber one-piece machines. Gallium MOCVD equipment is an extension of some LED chip production lines. Benefiting from this, Sanan Optoelectronics will receive 100 million government subsidies for expansion.
Can such a large investment be a stable and continuous benefit for Sanan Optoelectronics? As of the first quarter, Anhui Sanan Optoelectronics Co., Ltd. has opened 98 MOCVD equipment. In the first quarter, there were still 140 million operating income, but the operating profit was -461.21 million.
In fact, Sanan Optoelectronics's frequent capital increase downstream did not alleviate its production capacity pressure. On the contrary, its chip inventory water level has increased all the way. Up to now, Sanan Optoelectronics' inventory level has reached 1.13 billion yuan.
The industry that has settled in the industry has to express concern about the financial status of Sanan Optoelectronics, because Yuanyuan has suffered losses for two consecutive years. Judging from the financial report provided by Yuyuan on the Taiwan Stock Exchange, in 2012, the loss was RMB 128 million, and in the first quarter of 2013, it lost another RMB 143 million. In fact, the sales of Yanyuan Optoelectronics in mainland China only accounted for 7% of its total revenue. The mainland is a major area for LED production. Yanyuan Optoelectronics wants to expand the mainland market through Sanan Optoelectronics.
Zhang Hongbiao, director of GLII of Gaogong LED Industry Research Institute, said that the product line of Yuyuan is mainly in backlight, while Sanan is mainly in lighting and display. There is a certain gap between the two markets. However, Sanan's chips are based on technical limitations and can only be used in the display and indicator areas where the low-end lighting and performance specifications are relatively low.
Wang Junbo, deputy general manager of Jingdian Baochen Optoelectronics Shenzhen Co., Ltd. believes that the current LED chip industry in the mainland is the hardest hit area, and the overcapacity of China's mainland chips is concentrated on the low-end chips, so the price has not improved. In the future, even if Yuanyuan won the mainland market through Sanan Optoelectronics, it had to face the cruel market reality of the price war of mainland enterprises like Jingdian.
Dr. Zhang Xiaofei, CEO of Gaogong LED, believes that the cooperation between Sanan Optoelectronics and Yuyuan can achieve a win-win situation, depending on the way they cooperate. Although the Ministry of Commerce has approved the merger of Sanan Optoelectronics and Yuanyuan, the Taiwan side is obviously not strong. The Industrial Bureau of the Ministry of Economic Affairs has recently reconvened a project review meeting, and the results still need to wait.
Sanan Optoelectronics, as the highest listed stock market value (according to the closing price on June 26, 2013, with a market capitalization of about 25 billion yuan), has been plagued by excessive government subsidies and related party transactions. Recently, Sanan Optoelectronics has been moving frequently. On the one hand, it has continued to reduce costs through expansion, and on the other hand, it has attempted to increase sales by kidnapping mid-stream and downstream customers.
According to GLII data, up to now, the holding capacity of Sanan Optoelectronics MOCVD machine is 144, and the capacity utilization rate is less than 70%. The huge capacity pressure has caused Sanan Optoelectronics to look for the seaport to release production capacity in recent years.
On the evening of May 28, Sanan Optoelectronics announced that it has established a joint venture with Weiwei Co., Ltd. The registered capital of the joint venture company is 150 million yuan, mainly engaged in the sales of downstream LED application products. The joint venture company will give priority to Sanan Optoelectronics under the same conditions. Production of LED chips. It is understood that the current cooperation contract has been signed, the funds have been put in place, but the follow-up cooperation rules have not yet been determined.
On June 4, Sanan Optoelectronics Co., Ltd. announced that its wholly-owned subsidiary, lightera corporation, intends to acquire 100% equity of Lumen devices (inc., inc.) with its own monetary capital of US$22 million. Although the US lumens have orders from many world applications such as acer, zumtobel, eyelighting, etc., the revenue situation has not been very impressive. As of December 31, 2012, US illuminating assets totaled US$119.99 million and liabilities totaled US$17.749 million. In 2012, revenues were US$17.189 million and net profit was US$3,196,900. In other words, Sanan Optoelectronics acquired a company with a net asset of -556.91 million US dollars.
Prior to this, Sanan Optoelectronics indirectly invested in a number of packaging companies such as Cinda Optoelectronics, Tiandian Optoelectronics, and Anpuguang through the company's internal employees in an attempt to increase revenue. However, contrary to expectations, Tiandian Optoelectronics last year's revenue was only about 130 million yuan, and the performance of other companies was not satisfactory.
In order to seize the inherent position of Taiwan's major manufacturers such as Jingdian, we can still get government subsidies, and Sanan Optoelectronics has expanded its production capacity.
On June 19, Sanan Optoelectronics announced its announcement again. Its subsidiary, Xiamen Sanan Optoelectronics Technology Co., Ltd. will invest no more than 280 million yuan to add international advanced 20 single-cavity machines or 5 four-chamber one-piece machines. Gallium MOCVD equipment is an extension of some LED chip production lines. Benefiting from this, Sanan Optoelectronics will receive 100 million government subsidies for expansion.
Can such a large investment be a stable and continuous benefit for Sanan Optoelectronics? As of the first quarter, Anhui Sanan Optoelectronics Co., Ltd. has opened 98 MOCVD equipment. In the first quarter, there were still 140 million operating income, but the operating profit was -461.21 million.
In fact, Sanan Optoelectronics's frequent capital increase downstream did not alleviate its production capacity pressure. On the contrary, its chip inventory water level has increased all the way. Up to now, Sanan Optoelectronics' inventory level has reached 1.13 billion yuan.
The industry that has settled in the industry has to express concern about the financial status of Sanan Optoelectronics, because Yuanyuan has suffered losses for two consecutive years. Judging from the financial report provided by Yuyuan on the Taiwan Stock Exchange, in 2012, the loss was RMB 128 million, and in the first quarter of 2013, it lost another RMB 143 million. In fact, the sales of Yanyuan Optoelectronics in mainland China only accounted for 7% of its total revenue. The mainland is a major area for LED production. Yanyuan Optoelectronics wants to expand the mainland market through Sanan Optoelectronics.
Zhang Hongbiao, director of GLII of Gaogong LED Industry Research Institute, said that the product line of Yuyuan is mainly in backlight, while Sanan is mainly in lighting and display. There is a certain gap between the two markets. However, Sanan's chips are based on technical limitations and can only be used in the display and indicator areas where the low-end lighting and performance specifications are relatively low.
Wang Junbo, deputy general manager of Jingdian Baochen Optoelectronics Shenzhen Co., Ltd. believes that the current LED chip industry in the mainland is the hardest hit area, and the overcapacity of China's mainland chips is concentrated on the low-end chips, so the price has not improved. In the future, even if Yuanyuan won the mainland market through Sanan Optoelectronics, it had to face the cruel market reality of the price war of mainland enterprises like Jingdian.
Dr. Zhang Xiaofei, CEO of Gaogong LED, believes that the cooperation between Sanan Optoelectronics and Yuyuan can achieve a win-win situation, depending on the way they cooperate. Although the Ministry of Commerce has approved the merger of Sanan Optoelectronics and Yuanyuan, the Taiwan side is obviously not strong. The Industrial Bureau of the Ministry of Economic Affairs has recently reconvened a project review meeting, and the results still need to wait.
Hydraulic pump
Hydraulic motor
The hydraulic cylinder
Hydraulic valve
The supercharger
All components used in hydraulic systems.
Can be divided into:
Power components, such as hydraulic pumps.
Control components, such as relief valve, sequence valve, directional valve, etc.
Actuators, such as hydraulic motors, hydraulic cylinders.
Auxiliary parts, such as: fuel tank, pipeline, etc.
Hydraulic system: is composed of a variety of hydraulic components, auxiliary components, the components are distributed in each part of the equipment, they are organically connected by the pipeline, pipe joints, connectors and other parts can independently complete a variety of working conditions of the system.
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