The hottest market value of San'an optoelectronics

  • Detail

The truth of the 20billion market value of San'an optoelectronics: the purchased street lamps are sold to local governments at a high price

which is different from Qinshang optoelectronics, which is suspected of fraudulent listing. San'an Optoelectronics () ranks in the upstream chip link of the LED industry; Like Qinshang optoelectronics, San'an optoelectronics also has internal employees who set up companies abroad and then become major customers of the company, but they have not been disclosed

San'an optoelectronics is a company mainly engaged in the R & D, production and sales of panchromatic ultra-high brightness LED epitaxial chips, chips, compound solar cells, high-power concentrated photovoltaic products, etc. its headquarters is located in Xiamen, and its industrialization bases are distributed in Xiamen, Tianjin, Wuhu, Huainan, Quanzhou and other regions

the story of San'an optoelectronics began in July 2008 with the success of backdoor * ST Tianyi. Since then, it has started its eye popping business expansion and stock market myth from the corner of Southern Fujian in Pianan. From 2008 to 2012, the net profit of San'an optoelectronics soared by 15 times, and its share price rose to 129.34 yuan (compound price) in August 2010, up to 18.3 times

with the soaring share price, since 2009, San'an optoelectronics has raised a total of 3.8 billion yuan in two consecutive private offerings. In April, 2011, San'an optoelectronics tried to raise no more than 8billion yuan in public, and then reduced to no more than 6.3 billion yuan, but terminated due to changes in the market environment

taking advantage of continuous financing, at the beginning of backdoor listing, San'an optoelectronics, with net assets of less than 500million yuan and total assets of less than 900million yuan, has become a constituent company of Shanghai Shenzhen 300 and Shanghai Stock Exchange 180[-0.27% with net assets of 6billion yuan and total assets of more than 10 billion yuan by the end of 2012, with a maximum of nearly 90 heavy positions in funds

however, the investigation of securities market weekly found that since the backdoor listing of San'an optoelectronics, not only more than half of the profits have come from government subsidies for the device, but its three main businesses, LED street lamps (hereinafter referred to as "street lamps"), LED chips (hereinafter referred to as "chips"), and gold waste material recycling, have been plagued with problems. Related major customers have been treated as non related, and Tianjin and Wuhu projects are also suspected of falsely increasing investment. For the convenience of readers, We distributed PDF documents (link address:

If cautious investors observe the company's profits over the years - cut off the non recurrent "government subsidies", then cut off the "profits" of the "street lamp trade" which is essentially government subsidies, then cut off the "chip business" supported by related parties, and finally cut off the unreliable "gold waste material recycling business" , you will find that the sausage has been cut

however, this is the cold fundamentals that support this 20billion yuan market capitalization Bull Stock with active trading volume every day

above: truth of 10000 yuan streetlights

among the three main businesses of San'an optoelectronics, streetlights have accounted for an increasing proportion in the company's main profit composition in recent years (Figure 2). 201 can be divided into static load testing machine and dynamic load testing machine for one year. Nearly half of the main profits of San'an optoelectronics come from street lamps (Figure 3)

since 2010, San'an optoelectronics has received a total of 2.65 billion yuan of street lamp orders from the governments of Wuhu, Huainan, Quanzhou and Anxi (Table 1)

although in the announcement, San'an optoelectronics said that high-power street lamps were "designed and produced by the company", the investigation of securities market weekly found that almost all the street lamps of the company came from outsourcing

moreover, the price of LED street lamps provided by San'an optoelectronics to local governments is much higher than the market price, especially in Quanzhou and Anxi, which is three times higher than the market price

in addition, the street lamp contracts signed by San'an optoelectronics and local governments are not only difficult to implement, but also suspected of violating the laws related to government procurement

led streetlight brokers

at the end of November 2011, the industry authoritative research institution - high engineering LED Industry Research Institute (Glii) (hereinafter referred to as "high engineering led") released the "2011 ranking of the competitiveness of China's LED streetlight enterprises", and conducted a detailed investigation on the LED streetlight Market, involving the production and sales of 186 domestic LED streetlight enterprises, as well as the installation of LED streetlights in more than 50 cities

the top three in this ranking are Jiangsu shiford, Dajin Dongfang lighting (), and Qinshang optoelectronics. Xiamen Xinda Optoelectronic Technology Co., Ltd. (hereinafter referred to as "Rick heggs, senior marketing manager of Xinda optoelectronic Battelle", a subsidiary of Xiamen Xinda [-5.60% capital research report] (), said in an interview with plastics on April 15: "the sale of plasticizers is a little deviated from the traditional business of PolyOne") Ranked fifth. The operating revenue of Cinda Optoelectronics in 2011 was 260 million yuan. However, Sanan optoelectronics, with a street lamp revenue of 580million yuan that year, was not on the list. Is this a mistake of senior engineering led, or is there another secret in the income of San'an photoelectric street lamp

Xiamen Xinda 2012 phase I short-term bond prospectus mentioned that its subsidiary Xinda optoelectronics is implementing orders commissioned by San'an, mainly Wuhu 600million yuan municipal LED street lamps. As of March, 2012, Cinda optoelectronics has implemented an order amount of 437 million yuan

according to the annual report of San'an optoelectronics, Wuhu housing and Urban Rural Development Commission (hereinafter referred to as "Wuhu housing and Urban Rural Development Commission") purchased 371million yuan of street lamps in 2010 and 2011. The street lamps supplied by San'an Optoelectronics in 2010 and 2011 may all come from Xinda optoelectronics

in 2011, the wholly-owned subsidiaries of San'an optoelectronics Anhui San'an optoelectronics, Tianjin San'an optoelectronics and Xiamen San'an optoelectronics accounted for three of the top five customers of Cinda optoelectronics, contributing 92% of its revenue. In the 2012 semi annual report of Xiamen Xinda, it was also disclosed that the company was executing street lamp orders in Wuhu, Huainan, Quanzhou and other places. These cities coincide with the places where San'an optoelectronics obtained street lamp orders

2012 to avoid large losses caused by loose fasteners; In December, when investigating Anxi County, Fujian Province, securities market weekly found that almost all the LED street lamps in Anxi urban roads, including residential areas, had been replaced, but the nameplate of many street lamps showed that the manufacturing unit was Xinda optoelectronics

it is understood that the procurement, installation and operation of LED street lights in Anxi County are operated by Anxi Contract Energy Management Co., Ltd. (hereinafter referred to as "Anxi contract energy"). The relevant person in charge revealed to this magazine that all LED street lights in Anxi come from Xinda optoelectronics. An employee of San'an photoelectric application department admitted that the company would produce application products in its own name in the future

several evidences show that the LED street lamps of San'an optoelectronics come from outsourcing, which is not what it claims to "design and produce" by itself. In the LED street lamp business, San'an optoelectronics only plays the role of "broker" who obtains contracts from the government. The street lamp business that contributed nearly half of the main profits of San'an Optoelectronics in 2011 is actually street lamp trade

Copyright © 2011 JIN SHI