On June 8, Dehao Runda (002005.SZ) issued an announcement to review and approve the 3.5 billion yuan private placement proposal. 80% of the funds in this refinancing were invested in the Wuhu LED upstream epitaxial wafer production line project. However, the company just raised 1.5 billion yuan in the LED project in October 2010.
More than 8 months of financing for 5 billion yuan in a row, and all invested in a project, but the company's performance is not optimistic. In the first quarter of 2011, the company's first-quarter profit was 65.41 million yuan, a year-on-year increase of 621%, but the after-tax financial subsidy received by its wholly-owned subsidiary Wuhu Dehao Runda was 97.2 million yuan, which means that if the financial deduction is deducted Subsidies, the company lost 31.79 million yuan in the first quarter.
Counting the previous mergers and acquisitions and other investments, Dehao Runda's total LED investment in 2009 will exceed 9 billion yuan, but in fact most projects have not brought real income, the company has not paid dividends for 6 consecutive years, 2011 The overall gross profit margin in the first quarter also fell by 7.98%.
Zhang Xiaofei, CEO of Gaogong LED and dean of Zhejiang Higher Industrial Research Institute, said in an interview with Investor on June 27 that the overcapacity of China's LED industry is quite obvious. Dehao Runda is investing in traditional home appliance enterprises. LED epitaxial wafers, due to obstacles in talent and imported technology, the release of capacity is quite slow.
3 years 9 billion LEDs
Dehao Runda was established in Zhuhai in May 1996 and listed on the Shenzhen Stock Exchange in 2004. Its main business is small appliances. In 2009, it entered the LED industry and has established 6 LED bases such as Wuhu and Dalian.
Dehao Runda entered the LED industry through asset acquisitions. In April 2009, through the holding subsidiary Guangdong Jianlong Optoelectronics Technology Co., Ltd., it acquired all the fixed assets related to the LED business of Guangdong Jianlongda Optoelectronics Technology Co., Ltd. and Enping Jianlong Circuit Board Factory, with a total purchase price of 107 million yuan. In July of the same year, Guangdong Jianlong acquired a 60% stake in Shenzhen Ruituo Display Technology Co., Ltd. for 21 million yuan. Shenzhen Ruituo's business scope covers the production and sales of LED modules, LED lighting tubes and LED system displays. At this point, Dehao Runda officially entered the LED industry.
Subsequently, Dehao Runda began to slap on the LED project.
In October 2009, Dehao Runda invested RMB 20 million to establish Wuhu Dehao Runda Optoelectronics Technology Co., Ltd. In October 2010, it raised another 1.5 billion yuan and its own funds of nearly 100 million yuan to invest in Wuhu Dehao LED chip, LED packaging, LED lighting three projects, plus the company signed a contract with two foreign companies in July 2010 The procurement contract for 100 MOCVD (a state-of-the-art optoelectronic special equipment with high degree of automation, high price and high technology integration) is 1.8 billion yuan, and the supporting liquidity is 600 million yuan. After the completion of the above three investments, the company's total investment in Wuhu reached 4.02 billion yuan.
In December 2009, the company's wholly-owned subsidiary Dehao Runda International (Hong Kong) Co., Ltd. invested 25 million US dollars (about 170 million yuan) to establish Yangzhou Dehao Runda Photoelectric Co., Ltd., July 2010 Yangzhou Dehao and the United States A company signed a procurement contract for 30 MOCVD equipment. The total contract amount is no more than 76.5 million US dollars (about 530 million yuan), and Yangzhou Dehao investment is about 700 million yuan.
In March 2010, the company invested RMB 50 million to establish Dalian Dehao Optoelectronics Technology Co., Ltd. In October of that year, Dehao Runda and its subsidiary, Weisida Electric (Zhongshan) Manufacturing Co., Ltd. increased capital of RMB 112 million and RMB 18 million respectively to Dalian Dehao; Dehao (Dalian) Investment Co., Ltd. increased its capital by 320 million respectively. Yuan, 228 million yuan. After three capital increases, Dalian Dehao's investment will reach 728 million yuan.
On May 30, 2011, the Anhui LED base invested by Optoelectronics Technology Co., Ltd. was started. Dehao Runda invested 240 million yuan in Yandehao, accounting for 80% of its registered capital.
Preliminary calculations, the above projects and this refinancing, Dehao Runda's total investment in LED projects has exceeded 9.3 billion yuan. This figure does not include its undisclosed investment in Zhuhai and Shenzhen LED projects.
More than 8 months of financing for 5 billion yuan in a row, and all invested in a project, but the company's performance is not optimistic. In the first quarter of 2011, the company's first-quarter profit was 65.41 million yuan, a year-on-year increase of 621%, but the after-tax financial subsidy received by its wholly-owned subsidiary Wuhu Dehao Runda was 97.2 million yuan, which means that if the financial deduction is deducted Subsidies, the company lost 31.79 million yuan in the first quarter.
Counting the previous mergers and acquisitions and other investments, Dehao Runda's total LED investment in 2009 will exceed 9 billion yuan, but in fact most projects have not brought real income, the company has not paid dividends for 6 consecutive years, 2011 The overall gross profit margin in the first quarter also fell by 7.98%.
Zhang Xiaofei, CEO of Gaogong LED and dean of Zhejiang Higher Industrial Research Institute, said in an interview with Investor on June 27 that the overcapacity of China's LED industry is quite obvious. Dehao Runda is investing in traditional home appliance enterprises. LED epitaxial wafers, due to obstacles in talent and imported technology, the release of capacity is quite slow.
3 years 9 billion LEDs
Dehao Runda was established in Zhuhai in May 1996 and listed on the Shenzhen Stock Exchange in 2004. Its main business is small appliances. In 2009, it entered the LED industry and has established 6 LED bases such as Wuhu and Dalian.
Dehao Runda entered the LED industry through asset acquisitions. In April 2009, through the holding subsidiary Guangdong Jianlong Optoelectronics Technology Co., Ltd., it acquired all the fixed assets related to the LED business of Guangdong Jianlongda Optoelectronics Technology Co., Ltd. and Enping Jianlong Circuit Board Factory, with a total purchase price of 107 million yuan. In July of the same year, Guangdong Jianlong acquired a 60% stake in Shenzhen Ruituo Display Technology Co., Ltd. for 21 million yuan. Shenzhen Ruituo's business scope covers the production and sales of LED modules, LED lighting tubes and LED system displays. At this point, Dehao Runda officially entered the LED industry.
Subsequently, Dehao Runda began to slap on the LED project.
In October 2009, Dehao Runda invested RMB 20 million to establish Wuhu Dehao Runda Optoelectronics Technology Co., Ltd. In October 2010, it raised another 1.5 billion yuan and its own funds of nearly 100 million yuan to invest in Wuhu Dehao LED chip, LED packaging, LED lighting three projects, plus the company signed a contract with two foreign companies in July 2010 The procurement contract for 100 MOCVD (a state-of-the-art optoelectronic special equipment with high degree of automation, high price and high technology integration) is 1.8 billion yuan, and the supporting liquidity is 600 million yuan. After the completion of the above three investments, the company's total investment in Wuhu reached 4.02 billion yuan.
In December 2009, the company's wholly-owned subsidiary Dehao Runda International (Hong Kong) Co., Ltd. invested 25 million US dollars (about 170 million yuan) to establish Yangzhou Dehao Runda Photoelectric Co., Ltd., July 2010 Yangzhou Dehao and the United States A company signed a procurement contract for 30 MOCVD equipment. The total contract amount is no more than 76.5 million US dollars (about 530 million yuan), and Yangzhou Dehao investment is about 700 million yuan.
In March 2010, the company invested RMB 50 million to establish Dalian Dehao Optoelectronics Technology Co., Ltd. In October of that year, Dehao Runda and its subsidiary, Weisida Electric (Zhongshan) Manufacturing Co., Ltd. increased capital of RMB 112 million and RMB 18 million respectively to Dalian Dehao; Dehao (Dalian) Investment Co., Ltd. increased its capital by 320 million respectively. Yuan, 228 million yuan. After three capital increases, Dalian Dehao's investment will reach 728 million yuan.
On May 30, 2011, the Anhui LED base invested by Optoelectronics Technology Co., Ltd. was started. Dehao Runda invested 240 million yuan in Yandehao, accounting for 80% of its registered capital.
Preliminary calculations, the above projects and this refinancing, Dehao Runda's total investment in LED projects has exceeded 9.3 billion yuan. This figure does not include its undisclosed investment in Zhuhai and Shenzhen LED projects.
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