On June 20th, TCL's share price plummeted nearly 7%. The TCL Group (000100.SZ) that Li Dongsheng bought during the year was already in the quilt state.
Executives increased their holdings, LCD volume, performance, and stock price climb. In the near-perfect rising logic, the stock price K-line chart of the old-fashioned home appliance listed company TCL Group has shown a "perfect" rise pattern that lasted for half a year.
However, starting on June 3, TCL Group's share price suddenly plummeted, and the stock price plunged nearly 20% in just 6 trading days. On June 6, Chairman Li Dongsheng “excused†an increase of 1.165 million shares, followed by the release of May's brilliant sales data, but these did not stop the pace of TCL Group's share price decline.
Recently, TCL Group announced that it has signed a contract for the transfer of state-owned property rights with Shenzhen Shenchao Technology Investment Co., Ltd. (hereinafter referred to as “Shenzhen Shenchaoâ€), and accepted the 30% equity of Huaxing Optoelectronics held by the latter. Approximately 3.18 billion yuan will be paid in two installments, and 50% of the transfer price will be paid before June 30, 2013 and before December 15, respectively.
Analysts pointed out that the Shenzhen Shenchao and TCL Group's joint venture was actually set up with a “gambling agreementâ€, and TCL Group would have to buy the entire share capital of Huaxing Optoelectronics. This means that the TCL Group will need more than 5 billion yuan in the future.
Li Dongsheng made 16 attempts to seek equity financing?
The purpose of Li Dongsheng's increase in holdings is undoubtedly to maintain the stability of the stock price in the secondary market. In the context of good performance, whether it will use equity financing to acquire Huaxing Optoelectronics is worthy of attention.
Since May 2012, Li Dongsheng has increased its holdings by 16 times, and has increased its holdings by more than 50 million shares. Among them, in 2012, the continuous increase in book holdings has exceeded 50%.
Li Dongsheng’s latest increase in holdings was on June 5 this year, which increased the share of TCL Group’s 1.165 million shares. In the previous trading days, TCL Group's share price has experienced a cliff-like diving. Since then, TCL Group has continuously released good news.
On June 7th, TCL Group announced that the sales data in May was satisfactory. After the Dragon Boat Festival holiday, the fourth trading day after the completion of the increase in holdings, TCL announced an emergency suspension, and announced on June 18 that the subsidiary Huaxing Optoelectronics' 51 billion yuan debt was exempted from state assets.
Statistics show that since 2012, Li Dongsheng has increased the shareholding of listed companies by more than 50 million shares. In 2012, the average price of positions was about 2.1 yuan, and the average price of holdings in 2013 was about 2.57 yuan. Since June, the rapid decline in the share price of TCL Group has already swallowed up the floating surplus in 2013.
On June 25, 2011, Li Dongsheng reduced the holding of TCL Group's stock by 6 million shares, and the average transaction price was 2.96 yuan/share. After the reduction, TCL Group's share price plunged all the way, from the lowest level of 3 yuan / share to 1.71 yuan / share.
“TCL's quarterly report is unusually beautiful, but the main profit components are all from LCD panel projects. Other communications and other industries are still sluggish. Before the state-owned enterprises invested in LCD panel companies, such as BOE, the performance of the companies fluctuated drastically, the liquid crystal panel single project anti-risk ability is worth Suspicion." A private equity source said that the purpose of Li Dongsheng's increase in holdings is undoubtedly to maintain the stability of the stock price in the secondary market. In the context of good performance, whether it will use equity financing to acquire Huaxing Optoelectronics is worthy of attention.
Behind the state assets exemption 5.1 billion debt
It is difficult to digest depreciation losses based solely on the profitability of Huaxing Optoelectronics itself. Large-scale investment projects like this rely heavily on government subsidies.
Analysts speculate that "according to the equity transfer contract with Shenzhen Shenchao, TCL will pay the first phase of nearly 1.6 billion yuan in cash at the end of this month, and the company's net profit for the first quarter is only about 300 million yuan. According to the agreement signed with Shenzhen Shenchao. TCL will acquire all the shares in succession, and the follow-up funds will be under great pressure."
According to the data, Huaxing Optoelectronics Co., Ltd. is a joint venture between TCL Group and Shenzhen Shenchao, investing in 8.5 generation LCD panel production line projects with a total investment of 24.5 billion yuan.
The actual controller of Shenchao Technology is Shenzhen SASAC. According to industry insiders, due to the huge cost of LCD screen projects, local governments have given great support, and Huaxing Optoelectronics enjoys preferential policies in land, taxation, subsidies and other aspects.
With the two-year project construction entering the production phase, Huaxing Optoelectronics has begun to contribute to the TLC Group since the fourth quarter of last year. In the first quarter of this year, it achieved sales revenue of 3.36 billion yuan and net profit of 410 million yuan. Although the performance report is gratifying, some industry insiders still have doubts.
“The investment in LCD panels is huge. The total investment of a 8.5-generation project is about 25 billion to 30 billion yuan. Although the sales situation is better now, it cannot be ignored that huge infrastructure investment will also generate huge amounts every year. Equipment depreciation expense." A veteran of the veteran merchants who asked not to be named told reporters that the 8.5-generation project of BOE has only invested about 20 billion yuan in equipment investment. According to the five-year depreciation period, the annual financial loss caused by depreciation exceeds 4 billion yuan.
Huaxing Optoelectronics determines the depreciation period according to the estimated service life of the assets. The depreciation period of production equipment is 7 years, the depreciation period of power facilities is 10 years, and the depreciation period of factory buildings is 30 years. “Huaxing Optoelectronics is close to the 8.5-generation project invested by BOE. Although the depreciation time is slightly longer, the annual depreciation loss is expected to reach 2 billion to 3 billion yuan.†The aforementioned researcher judged.
So in the current market environment, can Huaxing Optoelectronics' profitability be able to offset the depreciation losses of equipment?
"It is very difficult to digest depreciation losses based solely on the profitability of Huaxing Optoelectronics itself. Large-scale investment projects like this rely heavily on government subsidies," the researcher further said.
According to the announcement, Huaxing Optoelectronics realized a profit of 410 million yuan in the first quarter, of which operating profit accounted for 350 million yuan, and the remaining 60 million yuan was derived from government subsidies.
On June 19th, TCL Group said that Shenzhen Shenchao agreed to exempt the Huaxing Optoelectronics 8.5th generation TFT-LCD project from 5.1 billion yuan of debt. According to the relevant provisions of the Accounting Standards for Business Enterprises, the entrusted loan exemption belongs to a government subsidy related to assets, which should be recognized as deferred income and evenly distributed over the useful life of the relevant assets, which is included in the current profit and loss.
According to the agreement signed by TCL Group and Shenzhen Shenchao, the company has the right to request Shenzhen Shenchao to transfer all or part of the equity of the project company it holds in the appropriate period within 5 years after the project reaches the second phase of the mass production target. Shenzhen Shenchao also has the right. The TCL Group is required to acquire all or part of the equity of the project company and neither party may refuse.
With the smooth progress of Huaxing Optoelectronics Project, the repurchase of equity has brought certain financial pressure to TCL Group.
LCD panel production line upgrade pressure
In addition to short-term consumption fluctuations, the market has doubts about the life cycle of the 8.5-generation LCD screen that Huaxing Optoelectronics mainly pushes.
Huaxing Optoelectronics has become the heaviest component of the TCL strategy.
In the first quarter of this year, TCL Group's subsidiary Huaxing Optoelectronics LCD panel business achieved a net profit of 410 million yuan and a operating profit of 350 million yuan, accounting for 75% of the TCL Group's performance. In addition to Huaxing Optoelectronics' "outstanding", TCL's traditional flat-panel TV and mobile communication business performance is not satisfactory.
"The sudden collapse of TCL's share price is directly due to the end of the national appliance subsidy policy in June, which led to the decline in market expectations." The aforementioned researcher told reporters that, at a deeper level, TCL Group and local governments have invested heavily in the production of the 8.5-generation LCD screen production line, although Entering the harvest period, but the international LCD panel prices have declined in the second quarter of this year, and whether the future performance can continue the high growth rate remains to be seen.
As of May 31, the one-year home appliance energy conservation subsidy policy has come to an end. During the year, the domestic flat-panel TV consumer market was effectively stimulated, especially in May, flat-panel TVs were concentrated. The industry believes that flat-panel TV consumption will fall in the third quarter, and the demand for upstream LCD panels will also slow down.
In addition to short-term consumption fluctuations, the market has doubts about the life cycle of the 8.5-generation LCD screen that Huaxing Optoelectronics mainly pushes.
"The 8.5-generation screen is mainly used for small and medium-sized flat-panel TVs within 46 inches. At present, the giant product lines such as Sharp in Japan have been updated to the 9th generation level, which is suitable for large screens of 50 inches or more." The aforementioned researchers judged that the LCD screens are updated very fast. The pace of domestic enterprises is obviously behind the international.
He Zaihua, a senior researcher at CIC, judged that since the current large-size LCD panel is the main driving force for the recovery of the panel industry, the generation of new production lines of panel makers is gradually increasing, but the 8.5-generation line is sufficient to meet the current market demand.
"The generation of liquid crystal panel production line refers to the cutting size of the substrate. The higher the generation, the larger the corresponding economic cutting size. The different generation products have the same technology, the difference lies in the production process, and the unit production cost will be affected. According to the development of panel manufacturers, in the future, according to market needs, domestic enterprises will choose to put into production higher production lines for generations." He Zaihua believes that.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Executives increased their holdings, LCD volume, performance, and stock price climb. In the near-perfect rising logic, the stock price K-line chart of the old-fashioned home appliance listed company TCL Group has shown a "perfect" rise pattern that lasted for half a year.
However, starting on June 3, TCL Group's share price suddenly plummeted, and the stock price plunged nearly 20% in just 6 trading days. On June 6, Chairman Li Dongsheng “excused†an increase of 1.165 million shares, followed by the release of May's brilliant sales data, but these did not stop the pace of TCL Group's share price decline.
Recently, TCL Group announced that it has signed a contract for the transfer of state-owned property rights with Shenzhen Shenchao Technology Investment Co., Ltd. (hereinafter referred to as “Shenzhen Shenchaoâ€), and accepted the 30% equity of Huaxing Optoelectronics held by the latter. Approximately 3.18 billion yuan will be paid in two installments, and 50% of the transfer price will be paid before June 30, 2013 and before December 15, respectively.
Analysts pointed out that the Shenzhen Shenchao and TCL Group's joint venture was actually set up with a “gambling agreementâ€, and TCL Group would have to buy the entire share capital of Huaxing Optoelectronics. This means that the TCL Group will need more than 5 billion yuan in the future.
Li Dongsheng made 16 attempts to seek equity financing?
The purpose of Li Dongsheng's increase in holdings is undoubtedly to maintain the stability of the stock price in the secondary market. In the context of good performance, whether it will use equity financing to acquire Huaxing Optoelectronics is worthy of attention.
Since May 2012, Li Dongsheng has increased its holdings by 16 times, and has increased its holdings by more than 50 million shares. Among them, in 2012, the continuous increase in book holdings has exceeded 50%.
Li Dongsheng’s latest increase in holdings was on June 5 this year, which increased the share of TCL Group’s 1.165 million shares. In the previous trading days, TCL Group's share price has experienced a cliff-like diving. Since then, TCL Group has continuously released good news.
On June 7th, TCL Group announced that the sales data in May was satisfactory. After the Dragon Boat Festival holiday, the fourth trading day after the completion of the increase in holdings, TCL announced an emergency suspension, and announced on June 18 that the subsidiary Huaxing Optoelectronics' 51 billion yuan debt was exempted from state assets.
Statistics show that since 2012, Li Dongsheng has increased the shareholding of listed companies by more than 50 million shares. In 2012, the average price of positions was about 2.1 yuan, and the average price of holdings in 2013 was about 2.57 yuan. Since June, the rapid decline in the share price of TCL Group has already swallowed up the floating surplus in 2013.
On June 25, 2011, Li Dongsheng reduced the holding of TCL Group's stock by 6 million shares, and the average transaction price was 2.96 yuan/share. After the reduction, TCL Group's share price plunged all the way, from the lowest level of 3 yuan / share to 1.71 yuan / share.
“TCL's quarterly report is unusually beautiful, but the main profit components are all from LCD panel projects. Other communications and other industries are still sluggish. Before the state-owned enterprises invested in LCD panel companies, such as BOE, the performance of the companies fluctuated drastically, the liquid crystal panel single project anti-risk ability is worth Suspicion." A private equity source said that the purpose of Li Dongsheng's increase in holdings is undoubtedly to maintain the stability of the stock price in the secondary market. In the context of good performance, whether it will use equity financing to acquire Huaxing Optoelectronics is worthy of attention.
Behind the state assets exemption 5.1 billion debt
It is difficult to digest depreciation losses based solely on the profitability of Huaxing Optoelectronics itself. Large-scale investment projects like this rely heavily on government subsidies.
Analysts speculate that "according to the equity transfer contract with Shenzhen Shenchao, TCL will pay the first phase of nearly 1.6 billion yuan in cash at the end of this month, and the company's net profit for the first quarter is only about 300 million yuan. According to the agreement signed with Shenzhen Shenchao. TCL will acquire all the shares in succession, and the follow-up funds will be under great pressure."
According to the data, Huaxing Optoelectronics Co., Ltd. is a joint venture between TCL Group and Shenzhen Shenchao, investing in 8.5 generation LCD panel production line projects with a total investment of 24.5 billion yuan.
The actual controller of Shenchao Technology is Shenzhen SASAC. According to industry insiders, due to the huge cost of LCD screen projects, local governments have given great support, and Huaxing Optoelectronics enjoys preferential policies in land, taxation, subsidies and other aspects.
With the two-year project construction entering the production phase, Huaxing Optoelectronics has begun to contribute to the TLC Group since the fourth quarter of last year. In the first quarter of this year, it achieved sales revenue of 3.36 billion yuan and net profit of 410 million yuan. Although the performance report is gratifying, some industry insiders still have doubts.
“The investment in LCD panels is huge. The total investment of a 8.5-generation project is about 25 billion to 30 billion yuan. Although the sales situation is better now, it cannot be ignored that huge infrastructure investment will also generate huge amounts every year. Equipment depreciation expense." A veteran of the veteran merchants who asked not to be named told reporters that the 8.5-generation project of BOE has only invested about 20 billion yuan in equipment investment. According to the five-year depreciation period, the annual financial loss caused by depreciation exceeds 4 billion yuan.
Huaxing Optoelectronics determines the depreciation period according to the estimated service life of the assets. The depreciation period of production equipment is 7 years, the depreciation period of power facilities is 10 years, and the depreciation period of factory buildings is 30 years. “Huaxing Optoelectronics is close to the 8.5-generation project invested by BOE. Although the depreciation time is slightly longer, the annual depreciation loss is expected to reach 2 billion to 3 billion yuan.†The aforementioned researcher judged.
So in the current market environment, can Huaxing Optoelectronics' profitability be able to offset the depreciation losses of equipment?
"It is very difficult to digest depreciation losses based solely on the profitability of Huaxing Optoelectronics itself. Large-scale investment projects like this rely heavily on government subsidies," the researcher further said.
According to the announcement, Huaxing Optoelectronics realized a profit of 410 million yuan in the first quarter, of which operating profit accounted for 350 million yuan, and the remaining 60 million yuan was derived from government subsidies.
On June 19th, TCL Group said that Shenzhen Shenchao agreed to exempt the Huaxing Optoelectronics 8.5th generation TFT-LCD project from 5.1 billion yuan of debt. According to the relevant provisions of the Accounting Standards for Business Enterprises, the entrusted loan exemption belongs to a government subsidy related to assets, which should be recognized as deferred income and evenly distributed over the useful life of the relevant assets, which is included in the current profit and loss.
According to the agreement signed by TCL Group and Shenzhen Shenchao, the company has the right to request Shenzhen Shenchao to transfer all or part of the equity of the project company it holds in the appropriate period within 5 years after the project reaches the second phase of the mass production target. Shenzhen Shenchao also has the right. The TCL Group is required to acquire all or part of the equity of the project company and neither party may refuse.
With the smooth progress of Huaxing Optoelectronics Project, the repurchase of equity has brought certain financial pressure to TCL Group.
LCD panel production line upgrade pressure
In addition to short-term consumption fluctuations, the market has doubts about the life cycle of the 8.5-generation LCD screen that Huaxing Optoelectronics mainly pushes.
Huaxing Optoelectronics has become the heaviest component of the TCL strategy.
In the first quarter of this year, TCL Group's subsidiary Huaxing Optoelectronics LCD panel business achieved a net profit of 410 million yuan and a operating profit of 350 million yuan, accounting for 75% of the TCL Group's performance. In addition to Huaxing Optoelectronics' "outstanding", TCL's traditional flat-panel TV and mobile communication business performance is not satisfactory.
"The sudden collapse of TCL's share price is directly due to the end of the national appliance subsidy policy in June, which led to the decline in market expectations." The aforementioned researcher told reporters that, at a deeper level, TCL Group and local governments have invested heavily in the production of the 8.5-generation LCD screen production line, although Entering the harvest period, but the international LCD panel prices have declined in the second quarter of this year, and whether the future performance can continue the high growth rate remains to be seen.
As of May 31, the one-year home appliance energy conservation subsidy policy has come to an end. During the year, the domestic flat-panel TV consumer market was effectively stimulated, especially in May, flat-panel TVs were concentrated. The industry believes that flat-panel TV consumption will fall in the third quarter, and the demand for upstream LCD panels will also slow down.
In addition to short-term consumption fluctuations, the market has doubts about the life cycle of the 8.5-generation LCD screen that Huaxing Optoelectronics mainly pushes.
"The 8.5-generation screen is mainly used for small and medium-sized flat-panel TVs within 46 inches. At present, the giant product lines such as Sharp in Japan have been updated to the 9th generation level, which is suitable for large screens of 50 inches or more." The aforementioned researchers judged that the LCD screens are updated very fast. The pace of domestic enterprises is obviously behind the international.
He Zaihua, a senior researcher at CIC, judged that since the current large-size LCD panel is the main driving force for the recovery of the panel industry, the generation of new production lines of panel makers is gradually increasing, but the 8.5-generation line is sufficient to meet the current market demand.
"The generation of liquid crystal panel production line refers to the cutting size of the substrate. The higher the generation, the larger the corresponding economic cutting size. The different generation products have the same technology, the difference lies in the production process, and the unit production cost will be affected. According to the development of panel manufacturers, in the future, according to market needs, domestic enterprises will choose to put into production higher production lines for generations." He Zaihua believes that.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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