Three lights truth photoelectric $20 billion in market value and the price is sold to the local government
Three photoelectric is A nearly five times the value in attendance on the photoelectric (002638 SZ) A stock market value biggest LED company. It does not produce, outsourcing lamps only, the local government to the highest 12400 yuan/light to buy it, three times more expensive than the market price.
It does not produce, outsourcing lamps only, the local government to the highest 12400 yuan/light to buy it, three times more expensive than the market price. It is China's largest manufacturer of LED chips, but the mainstream of the downstream customers don't buy its goods, big customer? Is the hidden identity related party! It is the factory cost is much higher than counterparts; Backdoor listings over half profit, net worth nearly forty percent since the gifts from the government...
This is A nearly five times the value in attendance on the photoelectric (002638 SZ) A stock market value biggest LED company.
And challenged with fraud listed on the attendance of the photoelectric, three Ann photoelectric (600703. SH) in the LED industry upstream chip link; The same as the attendance on the photoelectric, three Ann photoelectric set up the company existing staff outside went on to become the company big customers, but it is not disclosed, and so on and so forth.
Three photoelectric is a mainly engaged in the full color is high brightness LED epitaxial wafer, chip, compound solar cells, high concentrated photovoltaic products such as research and development, production and sales of the company, the headquarters is located in xiamen, industrialization base in xiamen, tianjin, wuhu, huainan, quanzhou, and many other areas.
Three Ann photoelectric story began in July 2008 h successful backdoor * ST day, from now on, it starts from provincial minnan corner the eye-popping expansion and the stock market myth. From 2008 to 2008, three photoelectric net profit soared 15 times, shares the most high to August 2010 129.34 yuan (price), up to 18.3 times.
Along with the prices, since 2009, three Ann photoelectric two consecutive non-public funding 3.8 billion yuan. In April 2011, three Ann photoelectric trying to public offering to raise no more than 8 billion yuan, after the cut to less than 6.3 billion yuan, but because of the market environment change and termination.
On continuous financing dongfeng, backdoor listings at the beginning of the net assets of less than 500 million yuan, total assets of less than 900 million yuan of three photoelectric, by the end of 2012, has become a net worth of 6 billion yuan, total assets of more than ten billion yuan of csi 300 and the Shanghai 300 companies, there are nearly 90 funds most positions.
However, securities market weekly, the survey found three Ann photoelectric backdoor listings, over half the profits come from not only government subsidies, the LED street lamp (hereinafter referred to as the "street"), the LED chip (hereinafter referred to as the "chip"), the gold scrap material recycling three main business is problematic, associated large customers by non-affiliated, tianjin and wuhu project also allegedly inflated investment. For the convenience of the reader to understand, we in a PDF document (link: http://www.capitalweek.com.cn/2013-03-28/1508881417.html).
If cautious investors look at all the profits of the company - often cut without government subsidies, and then cut to the essence of government subsidies "street lamps trade" "profit", and then cut to supported by related parties "chip business", the last cut to unreliable "gold waste materials recycling business", you will find, sausage has cut hand.
However, every day, which is supported by the $20 billion market value, have active volume of the big winners of icy cold of the fundamentals.
Street light truth: ten thousand yuan
An optoelectronic three big main business, the street light in recent years in the company's main business profit form proportion bigger and bigger (figure 2). In 2011, the three lights photoelectric nearly half of the main profit from (figure 3).
Since 2010, three Ann photoelectric from wuhu, huainan, quanzhou, and anxi government hands, for a total of up to 2.65 billion yuan of street lamp order (table 1).
Although three Ann photoelectric said in a statement, high-power lamps for "company design and manufacture", but the securities market weekly survey found that nearly all street lamps from outsourcing company.
Three Ann photoelectric provided to local governments and, LED street light price is much higher than the market price, especially in quanzhou, anxi, 3 times more than the market price of.
In addition, the three lights of photoelectric and local governments signed the contract, not only the implementation of difficult problems, also suspected of violating the government procurement law.
LED street lamp power
In late November 2011, industry authoritative research institutions, high LED industry research institute (GLII) (hereinafter referred to as "high LED") released the "2011 China LED street lamp enterprise competitiveness ranking", has carried on the detailed investigation of LED street lamp market, involving 186 LED street lamp enterprises in domestic production and sales, as well as the installation of the more than 50 cities LED street lamp.
The top three, respectively is the history of jiangsu ford, reach into the east lighting photoelectric (00515 HK), frequently. Xiamen cinda (000701 SZ), xiamen cinda photoelectric technology co., LTD. (hereinafter referred to as "cinda photoelectric") ranked fifth. Cinda photoelectric business income is 260 million yuan in 2011. But, when the street lamp revenue was 580 million yuan three photoelectric Ann is out of place in the list. This is completely LED cracks, or three lights photoelectric income other than that?
Xiamen cinda 2012 first phase of short-term debt prospectus said: the subsidiary cinda photoelectric in the execution by three processing orders, mainly is the wuhu municipal LED street lamp 600 million yuan. As of March 2012, cinda photoelectric has carried out the order amount of 437 million yuan.
According to the three Ann photoelectric annals, wuhu housing and urban and rural construction committee (hereinafter referred to as "wuhu urban commission") in 2010 and 2011, two years purchasing 371 million yuan street, three Ann photoelectric in 2010 and 2011, the supply of wuhu street lamps may all come from cinda photoelectric.
In 2011, three wholly owned subsidiary of Ann photoelectric anhui three Ann photoelectric photoelectric, tianjin and xiamen three Ann photoelectric occupy cinda photoelectric three seats in the top five customers, contribute to 92% of its revenue. In xiamen cinda half annual report in 2012, also disclosed the company being executed in wuhu, huainan, quanzhou, street lamp order. These cities and three lights photoelectric for order place.
In December 2012, the securities market weekly in fujian anxi survey found that anxi city roads including residential areas is almost entirely replace the LED street lamp, but several street nameplate display manufacturing unit for cinda photoelectric.
According to understand, anxi LED street lamp procurement, installation and operation of the essence contract energy management co., LTD. (hereinafter referred to as "essence contract energy") specific operation. The relevant person in charge of its told this newspaper that anxi all LED lights from cinda photoelectric. And three Ann optoelectronic applications one employee said to the reporter, the company's future will be in the name of your production application products.
More evidence that: three Ann photoelectric LED street light from outsourcing, isn't it claims to "design and production," three Ann photoelectric only in the business of LED lights from the government to take "middlemen" role of the contract, contribution to the three lights photoelectric, nearly half of the 2011's main profit business trade is, in fact, street lamp.
The lamp was 12400 yuan
Outsourcing to the street lamp, to sell more expensive?
Three Ann photoelectric in wuhu and huainan announcement, the government procurement contract for street lamp purchasing price not mentioned; In quanzhou and anxi street lamp procurement contract announcement, the company said the purchase price of $62 per watt.
Wuhu urban commission, an official told the securities market weekly, three lights photoelectric procurement price is $46 per watt. Procurement model, according to the contract, and every street lamp (90-200 watts), 4140-9200 yuan. Quanzhou anxi and calculate by $62 per watt, both LED lights (60-200 watts) is about 3720-12400 yuan/light.
According to your correspondent in investigation, in the land of the four around the so-called "street" in the contract, do not include light pole, cables and installation of construction, the purchase price as high as ten thousand yuan of the LED street lamp consists of a street lamp holder only - and not with solar panels, solar street lamp, battery just ordinary mains street lamp.
Specified in the wuhu government procurement information release media wuhu bidding procurement trading center (http://www.whzbb.com.cn/), this reporter found that many of the roads of street lamp lighting, cables, installation and debugging is a separate tender, tender announcement marked the LED street lamp holder provided by the tenderee.
Ten thousand yuan street, how profits?
Three Ann photoelectric effect on securities market weekly, an official said bluntly: "... now domestic estimates that no one like us so high price...
A 2012 provided by cinda photoelectric LED street light quotation sheet, according to various lamps offer us 16-19 yuan per watt. Cinda photoelectric, he says, "the price we can discuss further."
High LED told the economist, the LED lights market competition is intense, price confusion, but overall prices are falling. , according to the data provided by the pure LED lights (that is, the lamp holder), in 2010 about 30 yuan/watt, around $23 per watt in 2011, is down to 15 to 16, 2012 yuan per watt.
In 2012, the semiconductor lighting products subsidies promotion project bidding, China electronics import and export corporation authorized by ministry of finance, ministry of science and technology, national development and reform commission and other bidding procurement high-power LED street lamps, including foreign companies such as philips, a total of 110 enterprises to participate in bidding, the LED street light the bidding price is lower than 15 yuan/tile, the lowest quotation only 8 yuan/watt.
In contrast, the unit price of ten thousand yuan street lamp and much higher than the market average. If 2011 23 yuan/unit price to calculate, according to the order of wuhu 46 yuan/executive price exceeded the market price is doubled, quanzhou and anxi order for 62 yuan per watt price exceeded the market average of 1.5 times; By 2012, according to the market price of 15 yuan /, the three lights photoelectric in quanzhou and anxi order price exceeds the market average price is more than 3 times, even by cinda photoelectric highest 19 yuan/tile offer, both of the lamps in the government procurement also offer 226%.
Half annual report and annual report in 2012, three photoelectric Ann has been ranked before disclosure disclosure of LED street lamp's main revenue and gross margin. Three Ann photoelectric insiders of securities market weekly, said the street lamp gross margin is too high, to avoid unnecessary trouble, so not to be.
Part of street lamp order or a blank check
Three lights photoelectric inspection order execution, securities market weekly, found that in the big lamp procurement contracts signed with the local government, in addition to the case of urban and rural construction committee (hereinafter referred to as the "huainan ChengJianWei") street lamps order execution is better outside, other orders may contract execution difficult problems (table 2).
Three lights photoelectric $2.65 billion order, some orders may be empty promises.
By 2011, wuhu urban commission two years 370 million yuan purchasing LED lights, this means that if you want to perform three years (table 1), a total of 600 million yuan purchasing contract to complete at least 230 million yuan in 2012, street lamp procurement. But in 2012 the annual report disclosure, wuhu urban commission has not entered three Ann photoelectric top five clients, and fifth largest customer contribution business income is 154 million yuan.
This reporter learned from wuhu street lamp procurement related people familiar with the place that 2012 purchase of three lights photoelectric is less, mostly bdo, (002005 SZ) and ask for quantum of street lamp. Three Ann photoelectric public data also show that in the first half of 2012, wuhu urban commission only buy less than 38 million yuan of street lamp.
In three signed with quanzhou and anxi photoelectric LED street light, in the purchase order are also similar to the provisions of the annual purchases. Quanzhou and anxi street lamp procurement contract execution for four years, from 2011 to 2014, and each year shall be the purchase of 163 million yuan and 237 million yuan respectively.
Four years, according to the contract anxi need to purchase order of the lamps in the amount of 950 million yuan. As of late 2012, anxi state-owned assets investment co., LTD. (hereinafter referred to as "investment"), the total is 435 million yuan.
Anxi, a report said news anxi city a total of nearly 20000 street lights and landscape lamp,. The emc contract, head of energy also told this reporter that by the end of 2012, anxi, has completed all 24000 streetlights and city landscape lamp replacement and installation.
If anxi news reports are true, has to execute the contract only 435 million yuan, anxi international trust &investment even by 12400 yuan per lamp high, also purchasing the 35000 streetlights, exceed the actual installation of anxi street lamp and landscape lamp needs. Order to perform and anxi still have 515 million yuan, in the next two years will face the problem of how to perform.
Quanzhou order problem seems to be more big.
Contract, according to the four years since 2011, quanzhou to three Ann photoelectric purchasing LED street lamp 163 million yuan every year, and three Ann photoelectric, according to a report in 2011 in quanzhou from three Ann photoelectric purchase no street lamp; In 2012, quanzhou has not into three Ann photoelectric top five customers. "Securities market weekly" in December 2012 in local understands, quanzhou was only one area change in the LED street lamp. Quanzhou city street lamp order is more like a blank check.
The affiliated party "rescue" street lamp business
Three lights photoelectric business in 2012, the emergence of a new customer - emc contract energy, and your correspondent in anxi local research, energy essence contract is three Ann photoelectric related party.
According to its website (http://www.anxinled.com), the company is based on the contract energy management mechanism, to energy-saving service for direct purpose of the professional company, is by the xiamen cinda, anxi and a number of enterprises in foreign trade company in quanzhou (lake) photoelectric industrial park venture.
And anxi news piece titled "strive to become the contract energy management model demonstration county" mentioned in the news: essence contract energy company registered capital of 100 million yuan, by a foreign trade corporation, anxi, anxi government wholly state-owned enterprises) investment 40 million yuan, xiamen cinda investment fund 20 million yuan, 40 million yuan and three Ann photoelectric. Three photoelectric Ann has a 20% stake in it.
Essence contract energy insiders in talking to your correspondent, according to the company shareholder's stake in xiamen cinda accounted for 40%, the government foreign trade company (anxi) accounted for 40%, three Ann photoelectric accounted for 20%. Confirmed the news.
Three Ann photoelectric in 2012 annual report disclosure, essence contract energy for the company's second largest customers, contribute the operating income of 327 million yuan, accounting for 9.74% of the company's annual revenue. But in a significant related party transactions of the annual report disclosure, no energy essence contract.
Street lamp of government procurement is not open, suspected of illegal
Specified in the local government procurement information release on the website, about three Ann photoelectric wuhu and other four total to $2.65 billion in government procurement, the reporter did not refer to the relevant bidding information to the LED street lamp order.
Such as, wuhu bidding procurement trading center network (http://www.whzbb.com.cn/) from 2007 to 2013, a total of 33 pages "lights" latest information, without any three lights photoelectric was signed in 2010, 600 million yuan of bidding information.
Wuhu bidding procurement center to this reporter, said a person as long as the public bidding, published online in bidding, bidding after the retreat of the announcement.
Related laws, street lamp belongs to the public facilities, street lamp procurement is not classified as state secrets, also should not inconvenient public commercial secrets, and three Ann photoelectric order amount is huge, according to the law of the People's Republic of China government procurement regulations must be public bidding. And he can categorically denied "by the government's investment promotion and capital introduction discount without public bidding".
Head of public utilities, wuhu urban commission in talking to your correspondent obfuscating, finally just said don't know, and refused to explain further. People familiar with the division is responsible for the wuhu street light projects.
Wuhu another government official said: "three photoelectric is investment project, do not need to be announced. City leaders to make a meeting minutes or something like that, after decided and related functional departments to sign the contract. The contract confidential, even we haven't seen before."
In anhui province huainan and quanzhou of fujian province government procurement network site, "securities market weekly" reporter also did not see the huge orders related three Ann photoelectric bidding procedures.
: in the hidden related party
Street lamp business is problematic, three Ann photoelectric chip business? Three Ann photoelectric in 2011 from chip sales income is 1.02 billion yuan, in 2012, the annual report did not disclose the item data.
In December 2012, the "securities market weekly" interview with nearly 20 domestic mainstream companies LED packaging and application of the survey three Ann photoelectric chip in the downstream of the usage, the results were surprising. Three Ann photoelectric as LED chip leading enterprises, most packaging companies said in an interview, rarely purchasing the chips (table 3).
Mainstream packaging companies purchasing three Ann photoelectric chip is not much, so three Ann photoelectric LED chips sold to who?
Securities market weekly survey found that in recent years, the three Ann photoelectric chip business before the three big customers as well as associated enterprises, the company has said in the announcement, "relationship with the company" for "the related party".
Three photoelectric in the top five customers, in addition to local government street lamp procurement of wuhu councils, huainan ChengJianWei and just get in quanzhou and anxi development investment, the highest frequency is the three companies - shenzhen ample light electric technology co., LTD. (hereinafter referred to as "ample light electricity"), shenzhen static photoelectric technology co., LTD. (hereinafter referred to as "static photoelectric") and cinda photoelectric (table 4).
Securities market weekly survey found that the three companies some shareholders live in xiamen, they are mostly three Ann photoelectric chairman Lin Xiucheng anxi, and with three photoelectric there exists a complex relationship.
Cinda photoelectric is three group joint venture
Since 2009, cinda photoelectric long-term among three Ann's first big customer photoelectric chip business.
Cinda photoelectric founded in October 2007, registered in xiamen, from xiamen cinda and xiamen lang star electric co., LTD. (hereinafter referred to as the "star power" lang) joint venture set up, lang star electric shareholders for Chen yun-nan, Li Shangwu (figure 6).
According to the economist, according to data obtained in 2007, cinda photoelectric board members for Zhou Kunshan, zhi-qiang Lin, Chen Shuzhao, Du Shaohua, Liao Mingyue; Zhou Kunshan as chairman of the board of directors of the company, zhi-qiang Lin manager for the company. Zhi-qiang Lin is three Ann photoelectric control Lin Xiucheng son, now the three photoelectric, general manager of Ann.
Cinda photoelectric a shareholders' meeting in January 2008, the data shows: xiamen cinda and lang stars electricity all the shareholders are present at the meeting, zhang zhi-qiang Lin, Liao Mingyue, Chen Shuzhao directorship and by-election 19, hui-zhong sun and Fan Dan as directors, 19 for the general manager. Since then, lang star Chen yun-nan two shareholders and Li Shangwu did not appear again. And since January 2008 zhi-qiang Lin, to the general manager is no longer in December 2008, financial statements, head of the unit column appears signed "zhi-qiang Lin's signature.
According to media reports, lang star power for three photoelectric largest shareholder fujian Ann group co., LTD. (hereinafter referred to as the "three Ann group") is a wholly owned subsidiary, formerly three electronic application division, independent registered after because of business development.
Securities market weekly field survey found that lang star with three Ann photoelectric just across the road, in lang stars in the hospital and the beauty of Ann photoelectric, part three Ann group office. According to the hospital within three Ann group of employees, according to lang star electric is three Ann group; Another in three photoelectric and lang star electric worked in the employee also said that three group actually has lang star power.
And according to this reporter obtained three Ann group in 2012, according to the latest staff roster Li Shangwu for three group general manager office workers.
Ample light electricity a shareholder of three group financial personnel
Ample room for three Ann photoelectric chip business of another big customer.
In April 2009, ample light electricity was registered in shenzhen, until the end of 2011, the registered capital is 12.5 million yuan. Is such a pocket in the field of LED packaging enterprises, set up in those days with three Ann photoelectric happened at least 5.2 million yuan of business between us, and during the next two years, comfortably three Ann photoelectric chip business customers the top two. In 2011, ample light electricity from three Ann photoelectric purchasing the LED chip is as high as 80.73 million yuan.
Data shows, ample light electricity shareholder occurred many times change. In 2011, the company founder shareholders Li Laiquan, Zhang Jinyan, nymphs left, two new shareholders natural human huang wan Ming and Wu Xianghui (table 5).
Among them, the exit for ample light electricity before who is the first big shareholder Li Laiquan anxi, shown on the id card address for anxi FengCheng town datong road no. 1, and this is anxi seat of government.
Securities market weekly, obtained by the xiamen municipal public security bureau information center data show that Li Laiquan in August to xiamen in 2010, is still for the floating population, registered permanent residence is not in xiamen. In xiamen is not a house in its name. "Securities market weekly" reporter repeatedly visit Li Laiquan registration address, all did not find it himself.
Your correspondent, the survey found, 49, Li Laiquan for xiamen anxi economic association for the advancement of the second and the third member. According to xiamen, staff of the association for the advancement of anxi economy, Li Laiquan worked in three groups. The staff roster has been confirmed in three group, roster displays: Li Laiquan for three group finance department personnel.
At the same time, from the ample light electricity out of the other shareholders Lin Quanze into three group department GaN chip engineers.
2012 NianZhongBao, ample light electricity no longer appear in three photoelectric big customer list. 2012 annual report, ample light electricity for three photoelectric Ann's third largest accounts receivable, accounts receivable amount is 39.517 million yuan, relationship to "related party".
Static photoelectric shareholders and zhi-qiang Lin is a "small"
Your I, ample light electricity from three Ann photoelectric top five customers list disappear, static photoelectric appearances. In the first half of 2012, the atmospheric photoelectric become three Ann photoelectric LED chip business, the second largest customer.
Static photoelectric founded in 2007 by wan xi red, Luo Long and LeiYuHou set up in shenzhen, then Wu Zhongzhu and Liu Yaode two natural persons to join (table 6). In 2011, the registered capital of 9 million yuan only static photoelectric photoelectric to at least three Ann bought $13.93 million worth of LED chip. 2012 NianZhongBao, that figure rose to 38.24 million yuan.
Liu Yaode, Wu Zhongzhu and zhi-qiang Lin are anxi and age.
According to Liu Yaode himself, he and zhi-qiang Lin as elementary school, junior high school students, to sit at the same table. More as it happens, not only for static photoelectric Liu Yaode shareholders, at the same time or cinda photoelectric executives at present. Liu Yaode zhi-qiang Lin classmates, why don't you go to work three Ann? Outside, he said, there are several company in his name, can't go to three Ann photoelectric work.
While Wu Zhongzhu brother told your correspondent, Zhou Jinfang Wu Zhongzhu and his wife are in three photoelectric, of three photoelectric employees.
Your correspondent won three Ann group staff roster and according to data provided by the xiamen municipal public security bureau information center: Zhou Jinfang for three Ann photovoltaic market order management assistant; Wu Zhongzhu inauguration units for fujian three group, working conditions for employees.
Cut-out of scrap source of profits
Waste sales are three photoelectric third main business, is also an important source of profits (figure 3).
Three Ann photoelectric material, scrap sales gross profit margin is as high as 90% above, and revenue is growing rapidly in recent years, the results showed that increased from 2008 2008 yuan to 230 million yuan in 2012. In 2012, the business will contribute as much as 26.4% of main business gross margin.
In January 2013, the main waste sales business partner in kunming silver peng industry &trade co., LTD., was shut down the mountain west conference in kunming, the environmental protection department for wastewater pollution (figure 7).
It is understood that the waste mainly for gold and other precious metals. Another big domestic LED chip production enterprise wave Zheng Tiemin told this reporter, general manager of hua gold waste is mainly produced in "evaporation" link in the LED chip, enterprises usually adopt "evaporation" process would gold "stick to" chip, but in the evaporation in the body, gold can fly around, not to fall on a chip of gold becomes waste materials in furnace bottom.
Zheng Tiemin said, adding that this part of the scrap account for most of the whole production line, the bottom need to clean up once every 10 days or so, recovery of gold outsourced to specialized recycling enterprise." According to their experience, each producing 1600 kk chips will need to use gold 10 kilograms, and because of the production process and the specifications of the different, gold consumption difference may reach 1 times the left and right sides, about 5-10 kg. And every 10 kg of gold consumption, after purification has 8 kilograms recycling can be recycled.
And what this means is that three Ann photoelectric will be sold for recycling of gold, and then to buy gold. And this kind of practice in the industry.
Another dry LED industry listed companies according to the photoelectric (300102 SZ) equities had revealed that the company's most scrap recycling, but no specific statistics how many. In 2011, dry as photoelectric operating income of 377 million yuan, 99% for chip and epitaxial wafer income.
This part of the business, silver peng industry and trade in kunming after being shut down, it isn't three Ann photoelectric how to deal with.
: under the suspicion of increased investment
Basic indifference in size, equipment, facilities, three Ann than dry as photoelectric photoelectric tianjin project of yangzhou project (hereinafter referred to as the "dry according to yangzhou") spent 400 million yuan, allegedly inflated assets.
Like tianjin three Ann, dried according to the LED epitaxial wafer and chip of yangzhou project mainly produces red, yellow chip, as dry as photoelectric one of the main offering investment project, the project construction scale slightly bigger than a three Ann project in tianjin.
Results show that dried according to yangzhou project began to build in 2010, at the end of 2011, the main body of the project engineering and supporting all completed, in addition to the liquidity of form a complete set of fixed assets and investment about 550 million yuan.
By the end of 2012, tianjin three Ann 19 MOCVD machine and its supporting equipment, such as land factory total investment is 965 million yuan.
Difficult to understand is that tianjin three Ann and dried according to yangzhou MOCVD equipment purchase and global two oligarchs MOCVD equipment, more than a single value 10 million yuan, in the case of production equipment and the process is essentially the same, tianjin more than three Ann had spent about 400 million yuan.
Similarly, a total investment of RMB 6.6 billion yuan of wuhu photoelectric industrialization (first phase) allegedly inflated investment projects also exist.
If simple per MOCVD corresponding epitaxial wafer, chip production line unit of fixed assets investment, dried according to yangzhou MOCVD unit of investment in fixed assets is 26.19 million RMB, and three Ann photoelectric tianjin and wuhu project reached 47.41 million yuan, 49.48 million yuan, respectively were 81% and 89% higher than that of dried according to yangzhou project (table 8).
Theoretically, the larger, the investment proportion of the economy, each corresponding MOCVD equipment units fixed asset investment will be less. However, the same is epitaxial wafer supporting chip production line, the larger the wuhu three Ann, tianjin Ann is higher than dry as the unit of yangzhou into.
Over half of the profits from the government "gift"
Three double photoelectric annual growth performance, is undoubtedly the important reason of capital market.
But our statistics, three Ann photoelectric more than half of the profits from the non-operating income, and the body of the non-operating income is of all kinds of government subsidies.
Backdoor listings since 2008, three Ann photoelectric received government subsidies of various types of nominal amounting to 2.9 billion yuan, mainly comes from two classes: equipment purchase and technology three (table 9).
Since the backdoor, three Ann photoelectric total contribution for shareholders pre-tax profit of 3.13 billion yuan, of which comes from government subsidies of non-operating income is as high as 1.66 billion yuan, over half of the profits from government subsidies.
Not only profits, three Ann snowballing photoelectric asset growth, the government also help a lot of "gift". At the end of 2012, three Ann photoelectric, including rights and interests of minority shareholders, the actual net worth 7.82 billion yuan (owner's equity is 6.29 billion yuan, to zhang, "other non-current liabilities" column is not yet confirmed all kinds of government subsidies of 1.53 billion yuan of income), and three Ann photoelectric received government subsidies of various types of nominal amounting to 2.9 billion yuan, nearly forty percent of its net assets is a "gift" from the government.
Three Ann photoelectric why can get such a large number of subsidies?
Securities market weekly, on the other hand, for catering to the local government for GDP growth.
Three Ann photoelectric factory in local, not only can drive the local employment, and driving the development of the local related industry cluster.
Three, on the other hand, Ann photoelectric caught up with the government to support the development of LED industry "good day".
In 2009, the national development and reform commission issued "semiconductor lighting energy conservation industry development opinions. At the same time, the energy conservation and environmental protection industry is recognized as the "twelfth five-year" plan one of the seven emerging industries. Under the policy called on local governments showed great enthusiasm for the LED industry.
As local investment LED enthusiasm gradually retreat, wuhu, yangzhou and so on various local governments to the LED key MOCVD equipment purchase subsidy policy were expiring, business investment, government pay for the end of the day.
In 2012, three Ann photoelectric annual government subsidies from the equipment purchase only 51 million yuan, science and technology such as three other subsidies also fell sharply.
Severe domestic economic growth and capital market environment, also let three Ann photoelectric financing failed for the third time, three Ann photoelectric "subsidies, expansion, refinancing" model of development is facing crisis. Securities (network)