Recently, the incident of “Running the Road” by the owner of Duo Duoli has already sounded the alarm for the LED industry on the fast-drying, and the company, which is not obvious in Lianchuang Optoelectronics, is now not easy to raise funds for LED. .

Lianchuang Optoelectronics has been diluted in the most profitable assets of Xiamen Hongfa, and even after losing control of the company, Lianchuang Optoelectronics announced that it will raise funds to invest in four LED projects, and said that the previous transfer of Xiamen Hongfa is also focused on LED .

The prospects of the four major projects are doubtful
Recently, around Lianchuang Optoelectronics, two major events have taken place. The first is the company's Xiamen Hongfa Equity Outflow*ST Liyang Assets Reorganization, and the public opinion is in turmoil; the second thing is that the company has issued an additional fundraising plan.

Lianchuang Optoelectronics raised 636 million yuan for four projects: semiconductor lighting source industrialization project, LED device industrialization project for semiconductor lighting source, LED epitaxial material for power infrared monitoring system, chip and device industrialization project and enterprise technology R&D center construction project.

Although Lianchuang Optoelectronics has continuously expressed its optimism about the project prospects in the issuance plan, the real situation may not be so optimistic.

Among the four projects, the largest investment was 220 million in chip and device industrialization projects. In the LED industry, the higher gross profit is mainly in the upstream chips and epitaxial wafers, but the advantages of Lianchuang Optoelectronics are not in this piece.

“Lianchuang Optoelectronics has a little foundation in packaging, and there is not much advantage in upstream chips and epitaxial wafers.” Zou Jianjun, a wealth securities researcher who has traveled to Lianchuang Optoelectronics, commented on the technical capabilities of Lianchuang Optoelectronics. In fact, even the leading LED upstream enterprises in China, Sanan Optoelectronics (600703) and Silan Micro (600460), may not be very competitive in the face of foreign companies.

Wu Changjiang, chairman of the domestic lighting giant NVC Lighting, has publicly stated that he will not invest in LED chips, because even if the money is squandered, it may not be an international giant. It is understood that LED upstream investment is large and technical requirements are high.

Lianchuang Optoelectronics' "LED device industrialization project for semiconductor lighting sources" mainly belongs to the packaging business, with an investment of nearly 200 million. Although the company has been operating for many years in packaging, due to the low threshold, the competition is fierce. According to the statistics of Great Wall Securities, in the LED industry chain, the profits of the upper, middle and lower reaches of the industry accounted for 70%, 10% to 20%, and 10% to 20% respectively.

Among the remaining two projects, the semiconductor lighting source industrialization projects are mainly LED street lights, LED tunnel lights, LED bulbs. In the previous Securities Times, it was found that LED street lights and LED tunnel lights were also chaotic in bidding. In the bushes, relying on local government protection to obtain orders, and in terms of household lighting, due to the high price, the use of LED lights is difficult to break in the short term.

New owner's expectation gap
Zhang Xiaofei, director of the High-tech LED Industry Research Institute, has combed the leading enterprises in the LED industry: the upstream epitaxial chips are Sanan Optoelectronics, GCL Optoelectronics, and Dehao Runda (002005); the midstream is packaged with Guoxing Optoelectronics (002449), Mulinsen, Ruifeng Optoelectronics (300241), Yimeixinguang; leading enterprises in downstream applications are Sunshine, Austrian Bright, Gongzuo, Zhouming and so on.

There is no name for Lianchuang Optoelectronics. The reporters found that in the research report of the brokerage researcher, Lianchuang Optoelectronics was rarely included in the industry. In fact, like Sanan Optoelectronics and Silan Micro, Lianchuang Optoelectronics has experienced rapid development in the industry, but in the company's performance, it has not seen the word speed.

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