The LED lighting market has great prospects, and the LED chip manufacturer Huacan Optoelectronics (300323. SH), which has just been listed, has accelerated its turn.
"50% of the company's third-stage LED epitaxial wafer expansion project will be used in the lighting market." In June, Hua Can Optoelectronics Secretary-General Ye Aimin told the "New Industry" that Huacan Optoelectronics invested in planning in 2011. The total investment of the third phase LED epitaxial chip construction project reached 1.398 billion yuan and is expected to be put into operation in 2013. By then, Huacan Optoelectronics will add 22 billion new LED chips.
Hua Di Optoelectronics vice president Bian Defei pointed out that because of the limitations of production capacity, Huacan Optoelectronics can only dig deep into the LED display market. So far, LED lighting chip revenue accounted for less than 30% of the company's total revenue.
"In fact, the company has accumulated a number of LED lighting customers, such as Hongli Optoelectronics, Hualian Group and Semper Electric. Therefore, the company's current priority is to expand the production capacity of LED epitaxial wafers and chips." Bian Defei said.
According to the prospectus issued by Huacan Optoelectronics in May, as of the end of last year, Huacan Optoelectronics has owned 25 sets of MOCVD equipment (LED epitaxial wafer production equipment). In the third phase of the expansion project, 48 MOCVD equipment will be added, and only 48 MOCVD equipment will cost 760 million yuan.
Huge capital investment has made Huacan Optoelectronics' cash flow increasingly tight. Huacan's photoelectric current ratio dropped rapidly from 2.98 times in 2010 to 1.46 times in 2011; the quick ratio also dropped from 2.6 times in 2010 to 1.08 times in 2011.
The current ratio and the quick ratio reflect the liquidity of the enterprise and the ability to repay the short-term debt of the enterprise. Generally speaking, the company is full of cash, the current ratio is generally more than 2 times, and the quick ratio is generally more than 1 time.
Fortunately, Huacan Optoelectronics successfully registered in the Shenzhen GEM at the end of May, issued 50 million shares, and raised a net amount of 923 million yuan.
Despite this, Huacan Optoelectronics' cash flow is still tight. Because LED lighting customers have higher and higher performance requirements for LED chip products, especially the consistency of LED chip brightness, this also requires LED chip manufacturers to have a certain amount of inventory in lighting chip stocking.
Huacan Optoelectronics also said that one of the reasons why the company's production and sales rate in 2011 has decreased compared with previous years is that the company has entered the LED lighting market since 2011, resulting in more LED lighting chips. As of the end of last year, Huacan photoelectric inventory has reached 123 million yuan.
Based on this, Huacan Optoelectronics announced in early June that due to insufficient liquidity, it will use 25.26 million yuan of super-raised funds and 85 million yuan of idle raised funds to supplement the company's working capital.
In fact, Huacan Optoelectronics is so anxious to expand the production capacity of LED chips and open up the LED lighting market. It is because the domestic lighting market has begun to show a trend of comprehensive transformation of LED lighting.
(unfinished)
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