830 listed companies are listed in the long LED trapped IPO "Bangsai Lake"
According to reports, "the past few years have been good, the performance has been rising, the financial report looks beautiful, in line with the indicators of high growth, and the earnings per share is high, the stock can also sell a good price. Now the industry is entering the adjustment period, already listed Companies are hard to guarantee performance growth, such as our non-financial companies, let alone high growth." The LED company CEO said.
In recent years, under the impetus of the government's energy-saving and emission-reduction policies, various local governments have launched energy-saving projects, and the LED industry has gained a share. Large and small LED enterprises all over the country have sprung up, and some powerful enterprises have taken advantage of the opportunity to land in the capital market. The LED sector in the A-share market has grown rapidly.
However, in the past one or two years, due to the overheated investment in the previous period, the homogenization competition was fierce, the price wars began to rise, and the whole industry entered the era of low profit. Most LED companies began to show signs of decline in profits, and even some companies have suffered from the collapse of the capital chain and the emergence of bosses and corporate closures.
Even listed companies with relatively strong financial strength are not optimistic. According to the statistics of the High-tech LED Industry Research Institute, among the 25 key listed IP companies, there were 15 revenue growth in the third quarter of this year, accounting for 60% of the total, down 10.83% from the first half of the year; net profit increased by only 10%. Accounted for 40% of the total. Among the above 25 listed companies, most of the declines in performance were upstream chips and downstream display application companies. The overall performance of midstream packaging companies also declined slightly. Only the LED lighting application in the industry chain achieved profit growth.
At present, the CSRC has revealed that there are about 5 LED companies in the queue listing stage, most of which are LED downstream application manufacturers. In addition, there are a number of strong companies to complete the restructuring, is in the counseling period. The reporter recently participated in the 2012 High-tech LED Conference, and more than half of the more than 300 LED companies participating in the conference were joint-stock companies. An industry source believes that according to the current situation, many LED companies will find it difficult to land in the A-share market in the next few years.
However, the impact of listing on the individual and the industry as a whole is not completely consistent or even contradictory. On the one hand, in the fierce competition of homogenization in the industry, enterprises can only be invincible if they continue to grow their own production capacity to form a scale advantage. At this time, it is the only way to expand production through listing. On the other hand, Enterprises through the listing of funds for expansion, resulting in the industry's overall capacity expansion, further intensifying competition.
"From the current market situation, whether it is the capital market or the company's fundamentals, LED companies are not a very good time to market. From the perspective of project investment, the LED industry is now oversupply from upstream chips to packages. It is also conducive to the healthy development of the industry." Zheng Tiemin, general manager of Shandong Inspur Huaguang Co., Ltd. said that industry mergers and acquisitions may be a lower cost alternative to the development of IPO.
Of course, companies seeking to obtain a listing status are not entirely for "circling money." For example, the person in charge of Yuanhui Optoelectronics, which is planning to go public, told reporters that the company's brand has influence in overseas markets, and its overseas business accounted for a relatively high turnover. The company plans to list in the mainland to expand its brand influence and seek a place in the domestic market.
(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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