Dry photo Photoelectric four years to leap into the growth of the gem behind the suspense

Founded only 4 years, dry photo photoelectric on the stunning leap, on May 28 will enter the gem door.

Currently in the midst of the preparation of the issue of the dry photo photoelectric, the proposed release of not more than 29.5 million shares, accounting for 118 million shares after the issuance of 25% of the total share capital, the fund-raising will be used for the high brightness four yuan (ALGAINP) led wafer and chips 4 projects, the total investment is expected 450 million yuan

And to start the board since the average of more than 70 times times the issuance of the price-earnings ratio calculation, dry photo Photoelectric This issue will be far more than the Enterprise Board company overall twice times more than the raise level. 2009, the dry photo photoelectric earnings per share of 0.95 yuan.

According to the dry photo photoelectric prospectus, 2007 to 2009, the company http://www.aliyun.com/zixun/aggregation/32902.html "> Revenue, The annual compound growth rate of the operating profit and the net profit attributable to the owner of the parent company is 65.15%, 100.18% and 95.01% respectively, and the net profit of the ordinary shareholders of the company after the non-recurrent profit and loss is 21.3881 million yuan, 63.2936 million yuan and 75.0528 million yuan, the annual composite growth rate of 87.33%.

But the creation of such a bright growth of the dry photo photoelectric, behind it is benefited from the 2007 and 2008 consecutive two years of exemption from income tax, as well as the annual increase in the non-recurrent profit and loss, and the company also has unpaid related taxes, the violation of the provisions of borrowing, the issue of a real trade background of

High growth behind

Under the cloak of bright and luminous performance, there is a "very bad money" experience.

According to the dry photo photoelectric prospectus, 2007-2008, Xiamen King Lu Wang Paper Co., Ltd. for the dry photo photoelectric provides a number of short-term loans, the longest loan period of 217 days, the cumulative amount of loans to 46.625 million yuan.

These loans, dry photo photoelectric total pay interest of 2.4379 million yuan, of which, 2007 years to pay 1.7431 million yuan, the capital year weighted use rate of 14.01%, 2008 years to pay 694,800 yuan, the capital year weighted use rate of 10.17%.

And the Golden Heron Wang Paper Department of the actual control of the photoelectric one of the Wang's spouse Zhou Yi, in the period from January 1, 2006 to October 29, 2007 control of the enterprise.

According to the central bank's "general loan rules" and other relevant laws and regulations, King Lu Wang paper and dry photo photoelectric between unauthorized loans, has violated the provisions.

However, according to counsel of the issuer, in view of the liquidation of such borrowings, there is no dispute and is not a major violation of the law, photoelectric as a borrower by the relevant departments of the possibility of administrative punishment is very small.

In addition, in 2006-2007, the Book of Zhouyi provided a total of 13 million yuan for the photo-electricity, which received a $2.4 million interest rate of 18.57% per year for the annual weighted use of funds, and a 585,000 yuan interest rate of 12.08% for the year.

What is more, in 2007 and 2008, the photo-electricity issued by the company without real trading background of the bank acceptance of the 18.5 million yuan, this is also a violation of the People's Republic of China Bill law, and companies and company directors, senior management, but not because of such irregularities in the use of bills have been subject to any

For such irregularities, the photoelectric explanation is: to broaden the financing channels, save the financing costs.

The actual control of the photo-electric power Deng Ming, Wang Xiangwu, Wang is also committed to such a commitment, such as the company has been issued without a real transaction background of the act of acceptance by the relevant departments, or by any third party for any form of legal liability, to bear all legal liability and any loss, so that the company will not be harmed.

It is also strange that since July 2008, the photo-electricity has not paid the city maintenance and construction tax and education fees attached. Previously, the company paid the value-added tax and business tax 5%, 3% to pay the city maintenance and construction tax and education fees attached.

In this respect, the photo-electricity in the prospectus, said that since June 2008, the company changed to foreign-funded enterprises, due to the online tax reporting system tax options do not exist in the urban maintenance and construction of taxes and education fees attached, so the company did not pay the relevant tax in the reporting period. If you can not enjoy exemption, 2008, 2009, the company needs to pay the city maintenance and construction tax and education costs additional 2.9761 million yuan.

The State Administration of taxation stipulates that the applicable tax system of enterprises with less than 25% per cent of foreign ownership is treated according to domestic enterprises and shall not enjoy the tax treatment of foreign-invested enterprises.

Data show that the photo-electricity in March 2008, the introduction of foreign investors Sequoia Capital, the ratio was 22.56%. Furthermore, the composite growth rate of the 3-year high rise of the photo-electricity is also related to the company's exemption from income tax in 2007 and 2008 for two consecutive years, and to benefit from non-recurrent gains and losses.

From 2007 to 2009, the total profit of the photo-electric income tax was 38.17%, 31.49%, 10.38%, and the income tax concession enjoyed was as high as 8.4285 million yuan, 20.1808 million yuan, 10.1725 million yuan, of which, 2009 Company's income tax rate was 15%.

In addition, from 2007 to 2009, the government subsidy for photo-electricity received was 1.8 million yuan, 8.6886 million yuan and 37.1204 million yuan respectively, which grew exponentially each year.

Bonus mystery

Although the company's huge fund-raising projects to the hungry, but the photo-photovoltaic founder shareholders have been on the eve of the board to share a wealth feast. Photo-Electricity 4 years ago, 5 of the venture shareholders, in the prior to the release of the two dividends, not only have recovered all the investment, but also received the equivalent of the total investment equal income.

According to the data, the photo-electricity was established on February 21, 2006, and the registered capital of 15 million yuan was divided into two periods, of which the second period of 7 million yuan was paid in September 2006.

Since the beginning of the March 2008, the photo-electricity through the introduction of Sequoia Capital, capital accumulation and equity, net assets and other methods, the total capital stock from the original 15 million shares into 88.5 million shares, and 5 natural persons founder shareholders in addition to the original 15 million yuan registered capital, no more investment.

February 7, 2009, the photoelectric Board of Directors decided that the company to the Chinese shareholders in accordance with its shareholding ratio of 2008 profit of 12 million yuan, the foreign shareholders do not participate in this distribution. November 2009, the company approved the fourth general meeting of the provisional Shareholders in 2009, the company allocated cash dividends to all shareholders 24.05 million yuan.

In this respect, an investment banker said that after the photo-electricity fat dividend launched a total investment of 450 million yuan project public offering, is to be determined and then move, is the gem of the high price-earnings ratio and the full use of excess funds.

But after the photo-electricity into the gem, its previous rapid development momentum will not be the scenery.

Dry photo Photoelectric in the prospectus Declaration, the future development of the company will be slowed down, this is mainly because of the rapid growth of the company since its inception, is largely the result of the expansion of capacity scale, and the company has traversed the lower base of the initial stage, capacity growth will be slowed down.

The key problem is that China's mainland led enterprises as a whole still in a weak competitive position, and the international led chip manufacturers in the technical gap, the current Taiwan's four-yuan red, yellow chip production capacity accounted for more than 70% of the world, foreign led chip manufacturers in the domestic market a large number of exports at the same time, Also through the domestic investment set up a factory, directly involved in the domestic red, yellow LED chip market competition.

For the dry photo photoelectric, its main competitors in addition to Taiwan's Crystal yuan photoelectric, China photoelectric, Qi Li Photoelectric and other giants, as well as the domestic three photoelectric (600703. SH).

Affected by industry competition and other factors, 2008 and 2009, dry photo photoelectric four yuan series of high brightness red, yellow LED chip average sales price, respectively, reduced by 1.31%, 28.84%.

More importantly, dry photo photoelectric production of four Yuan series led epitaxial tablets and gallium arsenide solar cell epitaxial tablets of the most critical equipment MOCVD epitaxial Furnace, currently only Germany's Aixtron and the United States Veeco two companies can supply, and the production of four yuan led chips of other key equipment, the same dependence on imports.

Not only the production equipment controlled, the dry photo photoelectric production needs The arsenic alkane, the phosphorus alkanes also mainly relies on the import, the procurement channel is more unitary, but 2007-2009, the company from the top 5 suppliers ' raw material purchase amount, the proportion of total raw material purchases is up to 62.52%, 70.47% and 72.88% respectively, The main raw material procurement concentration is higher.

As a result, the investment bankers believe that the raw material bottlenecks, photo-electric products, although there is a certain market space, but the previous high growth trend with the market competition and technological progress, precursors advantage will no longer exist.