Affected by the sluggish LED industry, since 2012, the performance of Ganzhao Optoelectronics (300102.SZ) has been declining, and Sequoia Capital has reduced its holdings to less than 5%. The company's nearly 100-yuan share price has fallen to February 4, 2013. The day's 8.37 yuan, more worthy of attention is that the company's receivables risk is not reduced.
The performance forecast released by Ganzhao Optoelectronics at the end of January 2013 shows that the net profit attributable to shareholders of listed companies in 2012 is estimated to be approximately RMB 97.81 million to RMB 116 million, representing a year-on-year decrease of 35%-45%. The company said that the main reason for the decline in performance was: due to the intensification of market competition, the sales price of chips decreased significantly year-on-year, and the gross profit margin of chips dropped sharply.
The data shows that the gross profit margin of chip products that account for more than 80% of the revenue of Ganzhao Optoelectronics has dropped from 63.41% in the 2011 interim report to 42.94% in the 2012 interim report. What is even more worrying is that many securities analysts said that the LED industry as a whole is still in fierce competition, product prices are still falling, and the downstream market growth rate is lower than upstream supply and demand. These factors have certain development for the company's future development. Negative Effects.
Some insiders believe that with the intensified market competition and technological advancement, the first-mover advantage of Ganzhao Optoelectronics will cease to exist. Coupled with the single dilemma of the main business, the company's previous high growth situation will be difficult to sustain, not to mention the company's strategy. The development is not clear enough, and there is still no decision on whether to expand the blue-green light product line.
It is worth noting that despite the decline in operating income, the risk of accounts receivable prompted by Ganzhao Optoelectronics before the listing has not decreased, and some investors believe that the company's 2012 third quarter report "accounts receivable is unreasonably high." According to public data, from 2009 to 2011, the ratio of dry photonics accounts receivable to operating income increased from 47% to 58%. In 2011, Ganzhao Optoelectronics even had a net outflow of operating cash of 21.1 million yuan. As of the first three quarters of 2012, Ganzhao Optoelectronics accounts for 277 million yuan. In 2012, new accounts receivable accounted for 21% of operating income.
In addition, the inventory of Ganzhao Optoelectronics increased from 39.78 million yuan in 2010 to 127 million yuan in 2011, an increase of 219.16% over the same period of last year. In the third quarter of 2012, the inventory further increased to 135 million yuan, and the inventory turnover days also reached 222.35 days. The operational capacity is a challenge.
In the context of the decline in earnings, in 2010, Ganzhao Optoelectronics was frequently reduced by shareholders, and its shareholder, Sequoia Capital, which held 15.42% of its shares, was reduced to 5% or less. Ganzhao Optoelectronics announced that in September 2011, the company's directors and then the Secretary-General twice reduced the holding of 4 million shares through the block trading platform, and the cash-out reached 1.12 yuan. Since October 2011, Sequoia Capital has also begun to reduce its holdings of Ganzhao Optoelectronics. In the fourth quarter of 2011, it reduced its holdings by 14.88 million shares. In 2012, it reduced its holdings by 15.7626 million shares. As of December 24, 2012, Sequoia Capital held There are 149.79 million shares of Ganzhao Optoelectronics, accounting for 4.96%. It is no longer a shareholder holding more than 5% of the company's shares. It has accumulated about 480 million yuan in two years.
The performance forecast released by Ganzhao Optoelectronics at the end of January 2013 shows that the net profit attributable to shareholders of listed companies in 2012 is estimated to be approximately RMB 97.81 million to RMB 116 million, representing a year-on-year decrease of 35%-45%. The company said that the main reason for the decline in performance was: due to the intensification of market competition, the sales price of chips decreased significantly year-on-year, and the gross profit margin of chips dropped sharply.
The data shows that the gross profit margin of chip products that account for more than 80% of the revenue of Ganzhao Optoelectronics has dropped from 63.41% in the 2011 interim report to 42.94% in the 2012 interim report. What is even more worrying is that many securities analysts said that the LED industry as a whole is still in fierce competition, product prices are still falling, and the downstream market growth rate is lower than upstream supply and demand. These factors have certain development for the company's future development. Negative Effects.
Some insiders believe that with the intensified market competition and technological advancement, the first-mover advantage of Ganzhao Optoelectronics will cease to exist. Coupled with the single dilemma of the main business, the company's previous high growth situation will be difficult to sustain, not to mention the company's strategy. The development is not clear enough, and there is still no decision on whether to expand the blue-green light product line.
It is worth noting that despite the decline in operating income, the risk of accounts receivable prompted by Ganzhao Optoelectronics before the listing has not decreased, and some investors believe that the company's 2012 third quarter report "accounts receivable is unreasonably high." According to public data, from 2009 to 2011, the ratio of dry photonics accounts receivable to operating income increased from 47% to 58%. In 2011, Ganzhao Optoelectronics even had a net outflow of operating cash of 21.1 million yuan. As of the first three quarters of 2012, Ganzhao Optoelectronics accounts for 277 million yuan. In 2012, new accounts receivable accounted for 21% of operating income.
In addition, the inventory of Ganzhao Optoelectronics increased from 39.78 million yuan in 2010 to 127 million yuan in 2011, an increase of 219.16% over the same period of last year. In the third quarter of 2012, the inventory further increased to 135 million yuan, and the inventory turnover days also reached 222.35 days. The operational capacity is a challenge.
In the context of the decline in earnings, in 2010, Ganzhao Optoelectronics was frequently reduced by shareholders, and its shareholder, Sequoia Capital, which held 15.42% of its shares, was reduced to 5% or less. Ganzhao Optoelectronics announced that in September 2011, the company's directors and then the Secretary-General twice reduced the holding of 4 million shares through the block trading platform, and the cash-out reached 1.12 yuan. Since October 2011, Sequoia Capital has also begun to reduce its holdings of Ganzhao Optoelectronics. In the fourth quarter of 2011, it reduced its holdings by 14.88 million shares. In 2012, it reduced its holdings by 15.7626 million shares. As of December 24, 2012, Sequoia Capital held There are 149.79 million shares of Ganzhao Optoelectronics, accounting for 4.96%. It is no longer a shareholder holding more than 5% of the company's shares. It has accumulated about 480 million yuan in two years.
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