On the one hand, there is money to squeeze into good projects, while on the other hand, it is a good project to regret financing too early. The semiconductor lighting industry is as hot as the current weather in the primary market. At the "High-tech LED National Tour Survey and Industry Seminar", our reporter was informed that with the rapid development of China's LED lighting industry, venture capital is "stretching" LED-related enterprises. In the half year, the LED industry has undergone a major reversal. In March of this year, many venture capital and LED companies were still wondering about the future market prospects and worried about the resistance. But recently, venture capital has been betting on LED companies such as chips and packages. In the recent research and many industry seminars held by Gaogong LED, the reporter was informed that there are many phenomena in the venture capital institutions to rush to invest in LED projects, and even there are cases where money is available and cannot enter the door. This year's financing case of Wuhan Diyuan Optoelectronics Technology Co., Ltd. is a classic portrayal of the LED industry financing story. As the largest professional manufacturer of high-brightness and high-power white LED power chips in China, Wuhan Diyuan Optoelectronics quickly attracted a number of investment institutions after throwing out a third round of financing plans totaling 150 million yuan. A number of institutions, such as Hunan New Energy Industry Venture Capital Fund, hope to participate in the stock market, but they have all been rejected. According to the reporter's understanding, the current valuation of the LED lighting industry is not low by static valuation. Zhang Xiaofei, CEO of Gaogong LED, said, “There are different valuation methods for different companies. For example, large and mature enterprises with an annual output value of 50 million yuan to 100 million yuan usually have net assets for the next 3 to 5 years. , the return on net assets, the price-earnings ratio valuation. Usually 5 to 8 times the net assets, may also exceed 10 times.†Wuhan Diyuan photoelectric valuation based on the price-earnings ratio. Despite the official turnaround at the end of this year, Diyuan Optoelectronics issued an additional price of 5 yuan per share. The basis is that in 2012, the estimated earnings per share is nearly 1 yuan, and it is planned to be listed in the next three years. Therefore, the P/E ratio is 20 times, and the price per share is about 5 yuan. In this regard, Wu Zhihong, the chairman of Wuhan Diyuan Optoelectronics, apparently regrets more than joy. “It’s cheap to sell. If it’s financing in the second half of the year, it’s definitely not the price. When we developed the financing plan, we have not made a profit. Now the market situation is good, Wuhan Diyuan Optoelectronics has also stepped out of the break-even point." Zhang Xiaofei said, "This is not an individual phenomenon. Since the second quarter of this year, with the implementation of various supporting policies and the market heating up, the LED lighting industry generally has a high profit growth or a loss. Therefore, at current corporate financing, While considering the historical compound growth rate, it will also consider various factors such as accelerated development of the industry and accelerated growth of the company. Usually, the premium rate is much higher than half a year or even a quarter ago." In this regard, Wei Zhansheng, senior manager of Hunan New Energy Industry Venture Capital Fund, said that “Compared with pure financial participation, LED companies pay more attention to the resources behind the investors. The Jiuzhou Group previously introduced by Wuhan Diyuan Optoelectronics is For example, the latter has the resources for the development of the LED packaging industry, so it has quickly become a partner of Wuhan Diyuan Optoelectronics downstream products. After the combination of the two, it will help Wuhan Diyuan Optoelectronics become bigger and stronger." According to the reporter, in addition to focusing on chip companies, local governments and venture capitalists have turned their attention to downstream packaging and other industrial chains. Yang Daohong, deputy director of the Investment Promotion Bureau of the Management Committee of Donghu High-tech Development Zone, pointed out that "With the results of upstream chip technology research, the large-scale application of the downstream has been put on the agenda, and the future high-tech development zone will introduce and support the downstream industry." A number of companies said that financing will be used to expand production capacity. When the reporter asked, "As the pace of expansion accelerates, whether China's LED lighting industry will follow the huge surplus of solar cell production capacity," the industry does not seem to worry. Yang Daohong said, "LED lighting is currently in the mid-term of the rising period of development. There is still a long time left over. In the long run, excess is the pain that any industry must experience, and the LED lighting industry is inevitable. But I personally think that LED There will only be structural excess, some low-end products will be eliminated for the market, and high-end products will not be affected by the market.†Wei Shengsheng said, “China is already the world's largest solar cell production base, and LED lighting is still at this stage. In addition, the demand for the solar cell industry mainly comes from overseas, so it is greatly affected by the financial crisis; and the internal demand for LED lighting is very large, so it is not vulnerable to serious external shocks."
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