What is TCL planning?

"To disclose major issues, the company's shares opened on February 25, 2011 to suspend business." "24.5 billion to 8.5-generation LCD panel in front of the equity incentive plan in the post, this TCL is planning what?" The question soon came to an answer--February 26, Tcl (000100.SZ) announced its 2010 Annual report, accompanied by a 10-share 10 share of the high transfer program. February 28, TCL Group to 4.55 Yuan in the price of the opening, 15 minutes later to touch trading, after a number of empty contest, the final seal in the trading board position, volume reached 1.25 billion, turnover rate of 9.44%. The Hong Kong stock of TCL's Annual Report bulletin, the reaction is negative. As of the Close, TCL Multimedia (01070.HK) reported HK $2.64, down 5.04%;TCL Newsletter (02618.HK) at HK $8.12, down 1.58%. "Very demon!" The stock's trend has been seriously out of the fundamentals, we have been inconvenient to do more commentary. "A brokerage analyst who gave a neutral rating to Tcl in early January responded to questions from reporters," he said. From the beginning of the 3.38 Yuan Low, TCL group has risen so far, the rise has nearly more than 40%. 11 consecutive years of unpaid "stingy" TCL, why suddenly throw such "gift package"? "The main purpose is to curry favor with a-share investors, but the high transfer (rather than the cash dividend) does not have much substance, and Hong Kong's response is more objective." The analyst said. and high after the transfer, TCL will board a A-share "the first low price shares" of the throne. On February 28, the closing price of 4.82 yuan, in addition to the right, Tcl shares will be halved to 2.41 yuan, compared to the current a-share of the lowest agricultural bank also 2 cents lower. "Fill" out the profit of TCL Group's annual report, can be said to be "complementary" out of the positive profits. The annual report shows that the company's operating income is about 52 billion, an increase of 17% over the same period last year, a net profit of about 430 million per cent for the shareholders of the listed companies, and a base of 0.1243 yuan for each share, compared with 8% and 25% respectively over a year earlier. The annual report appears to be more neutral at first glance, but after deducting non-recurrent gains and losses, net profit attributable to shareholders of listed companies plunged to a negative of $230 million, down 200% from a year earlier. The annual report shows that revenue from its mobile phone business doubles, achieving a profit of 611 million yuan. But the rapid growth of mobile communications has not made up for the annual loss of the company's multimedia business. 2010, TCL Multimedia loss of 857 million yuan. The two offset, TCL loss of 246 million yuan. The reporter found that the real rescue TCL Group in the annual loss dilemma, is from the government's total of more than 1 billion yuan subsidy income. According to the annual report data, TCL Group's subsidy income, compared with 2009 's 240 million yuan, increases 400%, among them, the Huimin project energy-saving subsidy 260 million yuan, the Science and Technology fund 130 million yuan, the High generation LCD panel project subsidy 480 million yuan, compared to 2009 all has the big exaltation. The new project Gao ShiOn behalf of the LCD panel subsidy, accounting for almost half of the subsidy income. "' Mother with son expensive ', Tcl with 8.5 generation LCD panels of the expensive, seems to have embarked on the old road of Beijing east." The analyst said to reporters. BEIJING-Orient as a domestic LCD panel manufacturing faucet, although the loss, but can continuously ring money financing, and always in the upcoming "cap" of the critical juncture, access to government subsidies, remove the St worry. TCL's first 8.5 generation LCD panel production line project, refers to the cutting glass substrate size for the 2200mx2500m of the first 8.5 generation TFT-LCD thin Film transistor liquid crystal display project. Public data show that TCL's 8.5-generation LCD panel project, by the joint venture company Huaxing Photoelectric led, the project's total investment reached 24.5 billion yuan. At present, the joint venture company registered capital of 10 billion yuan, by TCL Group and deep Super technology both sides respectively, including TCL group accounted for 55%. The remaining 14.5 billion yuan funds through the bank loans and other financing methods to solve. And deep super technology, is one of the Shenzhen SASAC Direct management Enterprises. The main plant of the project has been capped in advance on December 29, 2010, and Tcl's share price has been revealed from that day "demon potential." "The investment of 24.5 billion yuan does not include the investment demand of raw materials, human resources and other supporting facilities in the late stage." The local government is certainly not going to be able to cast a shadow on the project, which is so obvious to the local economy. For TCL's annual report escort, it is understandable. A private-equity official expressed his views to reporters. Into the 8.5-generation "Sham Shui Po", the annual report of TCL Group, the arithmetic average of its syndicated loan interest is 4.05%, assuming that all other sources of Huaxing's financing are derived from syndicated loans, according to the 55% contribution ratio of TCL Group, In 2011 its syndicated loans on the 8.5-generation line would have to bear more than 300 million interest payments, which would directly deplete the profits of its 2010 annual report. TCL's multimedia business, which only improved in the fourth quarter, faces huge financial risks if it cannot turn the tide in 2011. One of the auditors said to reporters. "The current competition in the color TV market has been very fierce, domestic and foreign manufacturers multifaceted, in the demographic dividend gradually disappear, the technical level to be improved, the domestic manufacturers in a relative disadvantage." And the price trend of LCD panel has the possibility of fluctuation. 8.5 Generation line of gambling, betting is ' time difference ' and industrial chain integration. "says a private equity-home appliance industry analyst. Now, the BoE is ahead. Beijing Oriental Vice President Zhang Yu said in a media interview: "The plan for the end of June 2011 to light the first screen, the third quarter of 2011 production." "and TCL Senior vice President, Huaxing Photoelectric CEO He Chengming said:" According to the plan, the first 8.5-generation LCD panel project will start in August 2011, the same year 4 quarter to achieve production, December 2012 to full production, then adopt new technology technology, is expected to achieve production capacity of the monthly processing glass baseBoard 120,000, the annual output of 26 inches to 32 inches, 46 inches and 55 inch LCD TV module about 17.5 million pieces, most of the capacity will be digested by Tcl. However, even if mass production is achieved, the future of the 8.5 generation line is still difficult. "After mass production, the financial statements of the TCL2012 year will face the problem of fixed asset depreciation." CICC Huang in its research report. "BoE as the leading, still unavoidable loss, TCL8.5 generation line of the future, really hard to see." We have no intention of releasing the analysis report related to TCL recently. A beijing-based brokerage researcher told reporters. The current TCL, obviously has been zoned 8.5 generation line of "deep", and how the future will be TCL Multimedia performance warmer, LCD panel market price fluctuations and other factors, and all this uncertainty.