[Source: Gaogong LED's "LED Research Review" magazine April issue / Wang Changjiang]
Affected by the impact of the global photovoltaic industry, Tianlong Optoelectronics (300029.SZ), once praised as “the first brand of photovoltaic equipment in Chinaâ€, is now faint. The main business of photovoltaics has been hit hard, and the newly expanded LED business has not improved. Tianlong Optoelectronics seems to have fallen into a quagmire and is struggling.
According to the latest report of Tianlong Optoelectronics released in 2012, the total revenue of Tianlong Optoelectronics in 2012 was about 1.76 billion yuan, down 79.09% year-on-year, and the net profit loss to shareholders of the parent company was about 510 million. Yuan, which was 921.28% lower than that of 2011, was ranked as the chief of the loss list of the GEM company.
In fact, the reporter survey found that since the second half of 2011, Tianlong Optoelectronics has begun to decline. In the second quarter of 2012, after the company exchanged orders for 40 million yuan of single crystal furnaces, the company's performance has been in a downturn. Three years ago, Tianlong Optoelectronics IPO raised funds of 601 million yuan when it was listed. Now it has used more than 500 million yuan of super-raised funds, but all fundraising projects failed to meet the expected targets, resulting in the company's operating conditions in trouble.
During the period, the LED industry investment boom continued, and Tianlong Optoelectronics chose to get involved in the LED upstream sapphire crystal growth furnace equipment and MOCVD equipment. However, two years later, the two major LED equipment businesses that had high hopes for the past failed to produce the expected performance contribution. The staged overcapacity of the upstream of the LED continues to ferment, making the future of the LED equipment business of Tianlong Optoelectronics unclear.
Sapphire crystal growth equipment "dumb fire"
Around 2009, the domestic sapphire substrate market is in short supply, while the sapphire crystal growth furnace relies on overseas suppliers such as GT-solar, TT and ACR-energy. Due to the optimistic market for domestic sapphire growth equipment “import replacementâ€, Tianlong Optoelectronics began to cut into Sapphire crystal furnace business.
In 2010, Tianlong Optoelectronics' sapphire crystal growth furnace products encountered a dilemma of sales growth after they achieved small-volume supply. The reporter learned that in 2010, the sales volume of Tianlong Optoelectronics sapphire crystal growth furnace was only 12 units, and in 2012, the sales volume was still only a few dozen units.
In 2011, Li Liuchen, general manager of Tianlong Optoelectronics, said in an interview with Gaogong LED that Tianlong Optoelectronics had received a large number of orders, and the sales of sapphire crystal growth furnaces increased by three or four times. But looking back now, the actual revenue contribution was not achieved as originally planned.
Recently, the reporter called Li Liuchen, and he refused to interview the reporter: "The company is currently in a very delicate period, and it is not convenient to answer questions about the company's business for the time being."
“The whole sapphire crystal growth furnace market was not very prosperous last year. We have not seen the sapphire crystal growth furnace equipment of Tianlong Optoelectronics in the market.†A person in charge of a long crystal furnace in Jiangsu told reporters that due to the continued sluggish LED market, Sapphire substrate manufacturers lack the driving force to continue to expand capacity.
According to the data disclosed by Tianlong Optoelectronics' 2012 Annual Report, the sales volume of Tianlong Photovoltaic Furnace was 1005 sets, down 77.03% year-on-year. The annual output of 1,200 sets of monocrystalline silicon growth furnace projects achieved a total loss of 144 million yuan. This is in stark contrast to the estimated annual profit after tax of 51.51 million yuan in the prospectus, and the polysilicon ingot furnace did not reach the expected return.
Tianlong Optoelectronics explained that the main business income of single crystal furnace and polycrystalline silicon ingot furnace could not reach the planned progress, mainly due to the sluggish overall PV industry in the same year, the market demand was sluggish, and the sales volume could not reach the expected.
However, Lu Song, the secretary of Tianlong Optoelectronics, told reporters that from the current situation, the LED business status of the company is better than that of the photovoltaic industry. “The company is currently considering a transition, but it is not certain which direction to go in.â€
MOP in the capital increase
Except for the investment in the sapphire crystal growth furnace project, the MOCVD equipment developed by Zhonghao Optoelectronic Equipment Co., Ltd. (hereinafter referred to as “Zhongyiâ€), a holding subsidiary of Tianlong Optoelectronics, has not achieved the expected results.
In March 2011, Tianlong Optoelectronics teamed up with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to establish Jiangsu Zhonghao Semiconductor Equipment Co., Ltd. to develop, manufacture and sell MOCVD equipment and epitaxial processes. Among them, Tianlong Optoelectronics invested 513.333 million yuan in super-raised funds, Huaying Optoelectronics invested 35.238 million yuan in intangible intellectual property investment and invested 6,666,700 yuan.
In August 2012, Tianlong Optoelectronics continued to increase its capital by using 35 million yuan of super-raised funds. After the capital increase, Tianlong Optoelectronics held a stake of 52.81%. After the main business was in a huge loss situation, Tianlong Optoelectronics began to focus on LED business.
In September 2012, Tianlong Optoelectronics announced that Zhonghao Optoelectronics had signed the first MOCVD sales contract with Jiangsu Hanlai Technology Co., Ltd. However, Lu Song said that the MOCVD equipment is currently in the testing stage and has not confirmed revenue.
"It is expected that until June, the commissioning work will be completed and the revenue will be confirmed." According to the reporter, in addition to Hanlai Technology, there are five companies in the trial of the MOCVD equipment of Zhonghao Optoelectronics, but Lu Song said that the current It is not convenient to disclose the specific information of the above customers.
“The company has high hopes for MOCVD equipment. The project is still in the investment stage and has not yet contributed revenue, but it has made great progress. This MOCVD equipment has the highest system capacity and the lowest extension operating cost in the current market. â€
Lu Song told reporters that Tianlong Optoelectronics has invested huge research and development expenses in this respect. In the future, MOCVD equipment business may become a new bright spot for the company's performance growth.
However, Lu Song also said that since the LED upstream is still in the stage of staged overcapacity, MOCVD equipment is a cutting-edge new product, and its development is uncertain. “If market demand picks up later than expected, it may pose a great risk to the operation of the project.â€
In fact, the reporter noticed that this risk has begun to appear. The second MOCVD equipment originally planned to be shipped in April 2013 is still unseen. "At present, the second MOCVD equipment is still in preparation, and there will be a certain degree of delay compared with expectations." Lu Song said.
The market outlook is unknown
"Since the first half of last year, the company's main photovoltaic industry began to suffer, and the impact in the second half of the year was even more severe." Lu Song told reporters that due to policy influence, the photovoltaic industry may show signs of recovery in 2013, but the company's performance in the short term. It won't do much good.
In addition to the decline in the main business performance, the reduction from shareholders has also made Tianlong Optoelectronics in a passive position in the capital market.
On January 9, 2013, Tianlong Optoelectronics confirmed the receipt of the Shareholding Reduction Plan by Noah Technology Co., Ltd. (hereinafter referred to as “Noah Technologyâ€), the controlling shareholder and actual controller. Noah Technology currently holds 61,192,406 shares of Tianlong Optoelectronics, accounting for 30.6% of Tianlong's total share capital. The plan for the reduction of shares will start on January 15, 2013. Within six months, Noah Technology will reduce the original shares to not more than 16 million shares, which is no more than 8% of the total shares of Tianlong Optoelectronics.
Although Noah Technology said that the reduction is for capital turnover, but for Tianlong Optoelectronics, the controlling shareholder significantly reduced its shareholding, the company's market outlook is worrying.
Recently, the relevant person in charge of Tianlong Optoelectronics said on the investor interaction platform that the company is preparing to transform into a new business, and will retain important employees and adjust the department structure.
“After the Spring Festival, few institutional investors came to the company to investigate, and the overall strategic adjustment company is still in the discussion stage.†Lu Song told reporters that the company has not officially cut down significantly, but if the direction of new business transformation is determined, it may Streamline some employees.
Affected by the impact of the global photovoltaic industry, Tianlong Optoelectronics (300029.SZ), once praised as “the first brand of photovoltaic equipment in Chinaâ€, is now faint. The main business of photovoltaics has been hit hard, and the newly expanded LED business has not improved. Tianlong Optoelectronics seems to have fallen into a quagmire and is struggling.
According to the latest report of Tianlong Optoelectronics released in 2012, the total revenue of Tianlong Optoelectronics in 2012 was about 1.76 billion yuan, down 79.09% year-on-year, and the net profit loss to shareholders of the parent company was about 510 million. Yuan, which was 921.28% lower than that of 2011, was ranked as the chief of the loss list of the GEM company.
In fact, the reporter survey found that since the second half of 2011, Tianlong Optoelectronics has begun to decline. In the second quarter of 2012, after the company exchanged orders for 40 million yuan of single crystal furnaces, the company's performance has been in a downturn. Three years ago, Tianlong Optoelectronics IPO raised funds of 601 million yuan when it was listed. Now it has used more than 500 million yuan of super-raised funds, but all fundraising projects failed to meet the expected targets, resulting in the company's operating conditions in trouble.
During the period, the LED industry investment boom continued, and Tianlong Optoelectronics chose to get involved in the LED upstream sapphire crystal growth furnace equipment and MOCVD equipment. However, two years later, the two major LED equipment businesses that had high hopes for the past failed to produce the expected performance contribution. The staged overcapacity of the upstream of the LED continues to ferment, making the future of the LED equipment business of Tianlong Optoelectronics unclear.
Sapphire crystal growth equipment "dumb fire"
Around 2009, the domestic sapphire substrate market is in short supply, while the sapphire crystal growth furnace relies on overseas suppliers such as GT-solar, TT and ACR-energy. Due to the optimistic market for domestic sapphire growth equipment “import replacementâ€, Tianlong Optoelectronics began to cut into Sapphire crystal furnace business.
In 2010, Tianlong Optoelectronics' sapphire crystal growth furnace products encountered a dilemma of sales growth after they achieved small-volume supply. The reporter learned that in 2010, the sales volume of Tianlong Optoelectronics sapphire crystal growth furnace was only 12 units, and in 2012, the sales volume was still only a few dozen units.
In 2011, Li Liuchen, general manager of Tianlong Optoelectronics, said in an interview with Gaogong LED that Tianlong Optoelectronics had received a large number of orders, and the sales of sapphire crystal growth furnaces increased by three or four times. But looking back now, the actual revenue contribution was not achieved as originally planned.
Recently, the reporter called Li Liuchen, and he refused to interview the reporter: "The company is currently in a very delicate period, and it is not convenient to answer questions about the company's business for the time being."
“The whole sapphire crystal growth furnace market was not very prosperous last year. We have not seen the sapphire crystal growth furnace equipment of Tianlong Optoelectronics in the market.†A person in charge of a long crystal furnace in Jiangsu told reporters that due to the continued sluggish LED market, Sapphire substrate manufacturers lack the driving force to continue to expand capacity.
According to the data disclosed by Tianlong Optoelectronics' 2012 Annual Report, the sales volume of Tianlong Photovoltaic Furnace was 1005 sets, down 77.03% year-on-year. The annual output of 1,200 sets of monocrystalline silicon growth furnace projects achieved a total loss of 144 million yuan. This is in stark contrast to the estimated annual profit after tax of 51.51 million yuan in the prospectus, and the polysilicon ingot furnace did not reach the expected return.
Tianlong Optoelectronics explained that the main business income of single crystal furnace and polycrystalline silicon ingot furnace could not reach the planned progress, mainly due to the sluggish overall PV industry in the same year, the market demand was sluggish, and the sales volume could not reach the expected.
However, Lu Song, the secretary of Tianlong Optoelectronics, told reporters that from the current situation, the LED business status of the company is better than that of the photovoltaic industry. “The company is currently considering a transition, but it is not certain which direction to go in.â€
MOP in the capital increase
Except for the investment in the sapphire crystal growth furnace project, the MOCVD equipment developed by Zhonghao Optoelectronic Equipment Co., Ltd. (hereinafter referred to as “Zhongyiâ€), a holding subsidiary of Tianlong Optoelectronics, has not achieved the expected results.
In March 2011, Tianlong Optoelectronics teamed up with Huasheng Optoelectronic Equipment (Hong Kong) Co., Ltd. to establish Jiangsu Zhonghao Semiconductor Equipment Co., Ltd. to develop, manufacture and sell MOCVD equipment and epitaxial processes. Among them, Tianlong Optoelectronics invested 513.333 million yuan in super-raised funds, Huaying Optoelectronics invested 35.238 million yuan in intangible intellectual property investment and invested 6,666,700 yuan.
In August 2012, Tianlong Optoelectronics continued to increase its capital by using 35 million yuan of super-raised funds. After the capital increase, Tianlong Optoelectronics held a stake of 52.81%. After the main business was in a huge loss situation, Tianlong Optoelectronics began to focus on LED business.
In September 2012, Tianlong Optoelectronics announced that Zhonghao Optoelectronics had signed the first MOCVD sales contract with Jiangsu Hanlai Technology Co., Ltd. However, Lu Song said that the MOCVD equipment is currently in the testing stage and has not confirmed revenue.
"It is expected that until June, the commissioning work will be completed and the revenue will be confirmed." According to the reporter, in addition to Hanlai Technology, there are five companies in the trial of the MOCVD equipment of Zhonghao Optoelectronics, but Lu Song said that the current It is not convenient to disclose the specific information of the above customers.
“The company has high hopes for MOCVD equipment. The project is still in the investment stage and has not yet contributed revenue, but it has made great progress. This MOCVD equipment has the highest system capacity and the lowest extension operating cost in the current market. â€
Lu Song told reporters that Tianlong Optoelectronics has invested huge research and development expenses in this respect. In the future, MOCVD equipment business may become a new bright spot for the company's performance growth.
However, Lu Song also said that since the LED upstream is still in the stage of staged overcapacity, MOCVD equipment is a cutting-edge new product, and its development is uncertain. “If market demand picks up later than expected, it may pose a great risk to the operation of the project.â€
In fact, the reporter noticed that this risk has begun to appear. The second MOCVD equipment originally planned to be shipped in April 2013 is still unseen. "At present, the second MOCVD equipment is still in preparation, and there will be a certain degree of delay compared with expectations." Lu Song said.
The market outlook is unknown
"Since the first half of last year, the company's main photovoltaic industry began to suffer, and the impact in the second half of the year was even more severe." Lu Song told reporters that due to policy influence, the photovoltaic industry may show signs of recovery in 2013, but the company's performance in the short term. It won't do much good.
In addition to the decline in the main business performance, the reduction from shareholders has also made Tianlong Optoelectronics in a passive position in the capital market.
On January 9, 2013, Tianlong Optoelectronics confirmed the receipt of the Shareholding Reduction Plan by Noah Technology Co., Ltd. (hereinafter referred to as “Noah Technologyâ€), the controlling shareholder and actual controller. Noah Technology currently holds 61,192,406 shares of Tianlong Optoelectronics, accounting for 30.6% of Tianlong's total share capital. The plan for the reduction of shares will start on January 15, 2013. Within six months, Noah Technology will reduce the original shares to not more than 16 million shares, which is no more than 8% of the total shares of Tianlong Optoelectronics.
Although Noah Technology said that the reduction is for capital turnover, but for Tianlong Optoelectronics, the controlling shareholder significantly reduced its shareholding, the company's market outlook is worrying.
Recently, the relevant person in charge of Tianlong Optoelectronics said on the investor interaction platform that the company is preparing to transform into a new business, and will retain important employees and adjust the department structure.
“After the Spring Festival, few institutional investors came to the company to investigate, and the overall strategic adjustment company is still in the discussion stage.†Lu Song told reporters that the company has not officially cut down significantly, but if the direction of new business transformation is determined, it may Streamline some employees.
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