GLII Comments: In the first quarter of this year, the LED lighting market continued to develop at a high speed, driving the demand for upstream chips to rise. Sanan Optoelectronics once again chose the market high point to amplify chip production capacity.
According to the monitoring data of the High-tech LED Industry Research Institute (GLII), as of the end of the third quarter of 2013, Sanan Optoelectronics' inventory and accounts receivable accounted for 35.5% of the company's net assets.
In terms of the scale of the first 100 MOCVD expansion projects in the first phase of the project, the company's production capacity will be doubled on the existing basis within two years. At that time, whether such a large-scale new capacity of Sanan Optoelectronics can be smoothly digested by the market, Not known.
On April 4, Sanan Optoelectronics (600703) disclosed in the announcement that the company intends to sign an Investment Agreement with Xiamen Torch Hi-Tech Industrial Development Zone to invest in the development of LED epitaxy and chip development and manufacturing industrialization projects in the development zone. The total investment of the project is 10 billion yuan. At the same time, Xiamen Sanan Optoelectronics Co., Ltd., a subsidiary of the development zone, was established with a registered capital of 10 million yuan.
The announcement shows that the main content of the agreement consists of two parts: First, the company invested in the construction of LED blue, green light epitaxial wafers and chip production lines in the west of Min'an Avenue in Xiamen Torch High-tech Zone and west of Binhai East Avenue. The total investment of the project is 10 billion. Yuan, the total size of 200 MOCVD (based on 2 inches and 54 pieces). The initial investment will be as high as 5 billion yuan, the registered capital will be 2 billion yuan (in phases), and the operation period will be no less than 20 years. In addition, 100 MOCVD equipment will be launched in the first phase. The first phase of the project will be built for one year. And the relevant production supporting facilities will be completed within two years. The remaining 100 MOCVD will be started after the first phase of equipment is put into operation, and will be put into use no later than the end of 2018. Otherwise, Xiamen Torch Development Zone will have the right to cancel the corresponding subsidies for MOCVD equipment that has not yet been put in place.
On the one hand, Xiamen Torch Development Zone agreed to give Sanan Optoelectronics Project Company a single unit of equipment with a subsidy of 5 million yuan and a subsidy of 5 million yuan, which will be paid in installments with the company's project company. The upper limit of subsidy is 200; Supporting Sanan Optoelectronics Project Company and the cooperative energy service company to undertake LED renovation projects for public lighting such as Xiamen street lamps in a competitive negotiation manner in accordance with the contractual energy management model, and plan to renovate the project for about 10 billion yuan in 10 years.
The reporter found that Sanan Optoelectronics' 2013 semi-annual report showed that the company's wholly-owned subsidiary MOCVD equipment has exceeded 130 units in full production.
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