[High-tech LED news / high-tech LED industry research institute]
Near the end of the year, the domestic LED industry has repeatedly reported bad news: First, the multi-legged boss ran the road; later, a number of small and medium-sized LED companies collapsed; during the period, many LED manufacturers in Taiwan reported that they would be implemented in the fourth quarter. The unfavorable news of the salary and pay system, because the situation of Taiwan's LED industry largely indirectly reflects the prosperity of the global LED industry, the industry is generally worried that the domestic LED industry will enter a new round of turbulent pattern.
What makes the industry more worried is that the disclosure data of LED listed companies in the third quarter report shows that more than half of the company's earnings plummeted. At the same time, a large number of accounts receivable and inventories have soared, and the company's operating cash flow has shown signs of shrinking significantly.
In this regard, industry insiders analyzed and predicted that the entire LED industry market is sluggish, product prices continue to decline, and there will still be a large number of small and medium-sized LED companies facing the risk of mergers and acquisitions next year.
"Double benefit"
The results of the third quarterly report of domestic A-share listed companies officially closed on October 31. Among them, the third-quarter earnings growth of listed companies with LED as their main business continued to slow down. Most of the companies' product gross profit margin and net interest rate growth rate showed an overall decline. (See Table 1)
For the reasons for the slowdown in earnings growth in the third quarter, most companies disclosed that the LED terminal market was too low, resulting in a large reduction in corporate orders, and multiple factors such as manpower, raw materials, and financing costs were facing upward pressure, resulting in a significant profitability of the company. Sliding down.
Under the background that the US economic recovery is weak, the EU is deeply in debt crisis, and overseas consumer demand is declining, domestic LED lighting export orders are expected to fall sharply in the fourth quarter.
Gaogong LED reporter learned at the Hong Kong International Autumn Lighting Fair that this annual event, regarded as the second largest lighting exhibition in Asia, saw a certain decline in passenger traffic this year compared with last year.
The sales manager from DG Lighting Company of the United States told reporters that they have been purchasing LED-related products from China for many years, but due to the weak domestic economic growth this year, the orders for LED lamps purchased from the Chinese market this year are three to five less than in previous years. to make.
According to the reporter, the performance of the first three quarters of domestic lighting companies also confirmed the above phenomenon. During the Hong Kong Lighting Fair, a large-scale traditional lighting company in China told reporters that whether it is traditional lighting or LED lighting, the company's orders for foreign trade in this year are showing a downward trend, but the specific ratio is still difficult to estimate.
Overall, the more severe situation of LED listed companies may not be reflected in this year's annual report and next quarter report. Mainly considering that as of the end of the third quarter, a number of listed companies have slowed down the pace of expansion due to overcapacity warnings in the domestic LED industry in the first half of the year, resulting in no large-scale new capacity release before the end of the year, and the demand for corporate orders is not optimistic, plus Under the continuous influence of inflationary pressures, the company's three major expenses (operating expenses, management expenses, financial expenses) will continue to be high, resulting in the growth of double profit (maori, net profit).
Accelerated growth of accounts receivable
In the first three quarters of 2011, some LED listed companies saw a significant increase in accounts receivable. (See Table 2 on the next page)
Among them, the upstream chip listed company Sanan Optoelectronics ranked first in the growth rate of all LED listed companies with a growth rate of 153.2%, and another red-yellow chip company Ganzhao Optoelectronics, the total amount of accounts receivable increased over the same period of last year. 50%. The total amount of accounts receivable of the above two companies was 395 million and 215 million, respectively.
"High-tech LED" 2011 11th mid-stream package listed company's total receivables ranked top is Ruifeng Optoelectronics and Lehman Optoelectronics, the two companies' accounts receivable growth rate of more than 60%, respectively 86.4% and 69.5%. The total amount of accounts receivable of downstream listed companies is relatively low.
Generally speaking, accounts receivable are receivables from enterprises and cannot be recovered. Most of them occur in industries with relatively close upstream and downstream links in the industry chain. The LED industry is particularly prominent. Some analysts in the securities industry said that "accounts receivable is a time bomb for the financial status of listed companies. If the accounts receivable are too large and the debt ratio is too high, then its capital chain is likely to break." Once broken, the result is that no one supplies raw materials and the company cannot produce them. "At least this is an unhealthy financial structure." Similar to the history of the enterprise "triangular debt" crisis may come back, its impact will certainly affect the entire LED upstream and downstream industry chain.
For example, in the third quarter of Ganzhao Optoelectronics, the total amount of accounts receivable was as high as 250 million yuan, and the “small multi-run event†that had been raging in the past caused the company to recover the accounts receivable from Duo Duoli in a timely manner or form bad debts, although the number is not It's a big deal, but if the similar events happen again, the consequences are hard to imagine.
According to the data of Ganzhao Optoelectronics, the turnover of the company's accounts receivable has been at the lowest level compared with the same industry. The turnover of 1.59 has decreased by 12.63% compared with the same period of the previous year, indicating that the company's collection rate is slow and the average collection period is changed. Long, once the customer can't pay the purchase price normally, it is easy to form bad debts.
Near the end of the year, the domestic LED industry has repeatedly reported bad news: First, the multi-legged boss ran the road; later, a number of small and medium-sized LED companies collapsed; during the period, many LED manufacturers in Taiwan reported that they would be implemented in the fourth quarter. The unfavorable news of the salary and pay system, because the situation of Taiwan's LED industry largely indirectly reflects the prosperity of the global LED industry, the industry is generally worried that the domestic LED industry will enter a new round of turbulent pattern.
What makes the industry more worried is that the disclosure data of LED listed companies in the third quarter report shows that more than half of the company's earnings plummeted. At the same time, a large number of accounts receivable and inventories have soared, and the company's operating cash flow has shown signs of shrinking significantly.
In this regard, industry insiders analyzed and predicted that the entire LED industry market is sluggish, product prices continue to decline, and there will still be a large number of small and medium-sized LED companies facing the risk of mergers and acquisitions next year.
"Double benefit"
The results of the third quarterly report of domestic A-share listed companies officially closed on October 31. Among them, the third-quarter earnings growth of listed companies with LED as their main business continued to slow down. Most of the companies' product gross profit margin and net interest rate growth rate showed an overall decline. (See Table 1)
For the reasons for the slowdown in earnings growth in the third quarter, most companies disclosed that the LED terminal market was too low, resulting in a large reduction in corporate orders, and multiple factors such as manpower, raw materials, and financing costs were facing upward pressure, resulting in a significant profitability of the company. Sliding down.
Under the background that the US economic recovery is weak, the EU is deeply in debt crisis, and overseas consumer demand is declining, domestic LED lighting export orders are expected to fall sharply in the fourth quarter.
Gaogong LED reporter learned at the Hong Kong International Autumn Lighting Fair that this annual event, regarded as the second largest lighting exhibition in Asia, saw a certain decline in passenger traffic this year compared with last year.
The sales manager from DG Lighting Company of the United States told reporters that they have been purchasing LED-related products from China for many years, but due to the weak domestic economic growth this year, the orders for LED lamps purchased from the Chinese market this year are three to five less than in previous years. to make.
According to the reporter, the performance of the first three quarters of domestic lighting companies also confirmed the above phenomenon. During the Hong Kong Lighting Fair, a large-scale traditional lighting company in China told reporters that whether it is traditional lighting or LED lighting, the company's orders for foreign trade in this year are showing a downward trend, but the specific ratio is still difficult to estimate.
Overall, the more severe situation of LED listed companies may not be reflected in this year's annual report and next quarter report. Mainly considering that as of the end of the third quarter, a number of listed companies have slowed down the pace of expansion due to overcapacity warnings in the domestic LED industry in the first half of the year, resulting in no large-scale new capacity release before the end of the year, and the demand for corporate orders is not optimistic, plus Under the continuous influence of inflationary pressures, the company's three major expenses (operating expenses, management expenses, financial expenses) will continue to be high, resulting in the growth of double profit (maori, net profit).
Accelerated growth of accounts receivable
In the first three quarters of 2011, some LED listed companies saw a significant increase in accounts receivable. (See Table 2 on the next page)
Among them, the upstream chip listed company Sanan Optoelectronics ranked first in the growth rate of all LED listed companies with a growth rate of 153.2%, and another red-yellow chip company Ganzhao Optoelectronics, the total amount of accounts receivable increased over the same period of last year. 50%. The total amount of accounts receivable of the above two companies was 395 million and 215 million, respectively.
"High-tech LED" 2011 11th mid-stream package listed company's total receivables ranked top is Ruifeng Optoelectronics and Lehman Optoelectronics, the two companies' accounts receivable growth rate of more than 60%, respectively 86.4% and 69.5%. The total amount of accounts receivable of downstream listed companies is relatively low.
Generally speaking, accounts receivable are receivables from enterprises and cannot be recovered. Most of them occur in industries with relatively close upstream and downstream links in the industry chain. The LED industry is particularly prominent. Some analysts in the securities industry said that "accounts receivable is a time bomb for the financial status of listed companies. If the accounts receivable are too large and the debt ratio is too high, then its capital chain is likely to break." Once broken, the result is that no one supplies raw materials and the company cannot produce them. "At least this is an unhealthy financial structure." Similar to the history of the enterprise "triangular debt" crisis may come back, its impact will certainly affect the entire LED upstream and downstream industry chain.
For example, in the third quarter of Ganzhao Optoelectronics, the total amount of accounts receivable was as high as 250 million yuan, and the “small multi-run event†that had been raging in the past caused the company to recover the accounts receivable from Duo Duoli in a timely manner or form bad debts, although the number is not It's a big deal, but if the similar events happen again, the consequences are hard to imagine.
According to the data of Ganzhao Optoelectronics, the turnover of the company's accounts receivable has been at the lowest level compared with the same industry. The turnover of 1.59 has decreased by 12.63% compared with the same period of the previous year, indicating that the company's collection rate is slow and the average collection period is changed. Long, once the customer can't pay the purchase price normally, it is easy to form bad debts.
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