LED faucet Sanan Optoelectronics (600703.SH) in the past two years can be regarded as a big bull stock in the A-share market. For two consecutive years, Sanan Optoelectronics has thrown a high-transfer plan, but behind the glamorous appearance, there is a frequent "disharmony" phenomenon.
Sanan Optoelectronics completed two additional issuances within two years, and quickly circulated large sums of money through intensive issuance, and the stock price has risen sharply before the company disclosed the high-transfer plan twice. It has been observed that most of the two long-term funds have appeared in the local sales department of Xiamen.
Insider trading suspect
According to the performance of Sanan Optoelectronics' secondary market, Sanan Optoelectronics once again rose 17% ahead of schedule before the 2010-year 2010 annual report disclosed the “10-turn 12-segment 2†high delivery plan. This is the same as a year ago. On January 4 last year, the shares of Sanan Optoelectronics announced after the daily limit, Xiamen funds also appeared in the buy seats.
Before the disclosure of Sanan Optoelectronics Annual Report, Sanan Optoelectronics' stock price rose against the market for four consecutive trading days. On the previous trading day before the official disclosure, it even increased its volume to the daily limit, and the seat that bought the most was the local sales department of Xiamen. — Guoxin Securities Xiamen Hubin North Road bought 7,493,900 yuan on the same day, which is about 1.5 times the accumulated purchase amount of the other four seats.
In addition, as it was a year ago, the high delivery was once again "seeing death." Just after the 2010 performance increase and the “10-to-12 parcel 2†plan were officially disclosed, Sanan Optoelectronics’ performance was similar to that of the previous year. Shortly after the opening on January 24, it suffered huge selling, with an intraday decline of 6.47%. In the end, it closed at 4.08%, and the turnover rate reached 11.31%. This data is much higher than the previous trading day, an increase of nearly 1.5 times. Obviously, the funds fled on a large scale.
Therefore, Sanan Optoelectronics sent the stocks at the beginning of 2011, attracting market doubts. On the eve of the suspension of major events or the disclosure of important information of listed companies, the company's share price has risen significantly, and the volume of transactions has increased abnormally. Usually, the company's suspected insider trading behavior is very large.
Although some market participants believe that the SFC’s rumor about strict investigation of insider trading will weaken this year, that is, the regulatory environment will be relaxed this year, but the voice from the regulatory authorities is that combating insider trading is a long-term act, no Room for relaxation.
750 million government subsidies
On January 24, Sanan Optoelectronics announced the annual report of the previous year. The company's operating income was 863 million yuan, an increase of 83.42%; net profit was 419 million yuan, an increase of 132.73%.
Since the additional issuance of share capital last year, EPS has only increased by 1.41% to 0.72 yuan. Sanan Optoelectronics insiders admitted to the media on January 26 that in addition to the increase in production at Xiamen and the steady growth of the main business in Tianjin, the government subsidies obtained through the purchase of MOCVD equipment are also the main reason for the growth.
Through calculation, Sanan Optoelectronics received subsidies of 750 million yuan from local governments in 2010, and the company's net profit in 2010 was only 419 million yuan. If it is not the contribution of subsidies, the company will suffer losses of several hundred million yuan.
According to the Sanan Optoelectronics Annual Report, last year, the semiconductor lighting device R&D and industrialization project received a government subsidy of 1.33 million yuan, while the enterprise technology center innovation capacity building project received a government subsidy of 3.5 million yuan... among which the bulk of the MOCVD equipment purchase subsidy, this The government subsidy was 525 million yuan, and the above projects received a total of 547 million yuan in financial subsidies.
In the end, Sanan Optoelectronics 2010 annual report confirmed the government subsidy income of 254 million yuan, accounting for 60% of the company's full-year net profit last year, and the company's 2010 subsidy income increased by 3.5 times compared with the same period in 2009.
In addition to government subsidies, Sanan Optoelectronics launched a private placement project in Tianjin and Wuhu, Anhui Province after two years of backdoor listing in 2008. It is already the earliest, largest and best quality full color system in China. Ultra-high brightness LED epitaxy and chip industrial production base.
However, the 12 billion yuan Wuhu Optoelectronics Industrialization Base project, which was deeply concerned by the market, was originally planned to be mass-produced last year and will be fully operational by the end of this year. In fact, the plan has not been realized. At present, the construction of the base is still going on, and the projects expected to be produced are not realized as scheduled. It is understood that if this project is put into production, the total output of LED epitaxial wafers will exceed 6 million pieces, and the total core capacity will reach 155 billion.
Although the capacity of the fundraising project was not released as scheduled, it did not delay Sanan Optoelectronics received subsidies from local governments last year. Prior to the announcement of Sanan Optoelectronics, on December 17, 2010, the company received 15 MOCVD equipment progress subsidies from the Wuhu Municipal Government and a total of 125.55 million yuan in subsidies for 10 equipment deposits. According to the contract signed by the two parties, it is agreed that the Wuhu Municipal Government will provide a corresponding proportion of subsidies in accordance with the progress of purchasing MOCVD equipment.
Sanan Optoelectronics announced that it has purchased a total of 107 MOCVD main production equipments from American Uyco Precision Instruments Co., Ltd. and AIXTRON AG of Germany.
Dividends are also refinancing
Since the backdoor S*ST Scorpio (47.96, -0.36, -0.75%), Sanan Optoelectronics has risen repeatedly. From April 27, 2007, the closing price of S*ST Scorpio on the last trading day before the suspension was 5.42 yuan. Over the past three years, although the market has been ups and downs, a performance of Sanan Optoelectronics has made investors earn a lot of money. Since the resumption of trading on July 8, 2008, the increase has exceeded 20 times.
Sanan Optoelectronics Co., Ltd. is recognized as a rare black horse stock in the A-share market. Looking back at the development of the company in the past two years, in addition to receiving high government funding subsidies, the company also has an annual High-frequency additional issuance for financing, the amount of money to get started is very impressive.
In the three years from 2008 to 2010, Sanan Optoelectronics has a refinancing plan released every year. With the LED limelight, it is possible to complete the financing plan in the same year. Sanan Optoelectronics also borrowed this shareholder's wind and threw out big projects that made the market dizzy.
With the launch of a series of large projects, Sanan Optoelectronics has frequently experienced tight funding. In fact, the need for refinancing is one of the reasons why many companies are sending high. According to the dividend regulations issued by the CSRC in 2008, listed companies “the accumulated profits in cash in the last three years are not less than 30% of the annual distributable profits realized in the last three yearsâ€, and they cannot be refinanced if they fail to meet the standards.
Obviously this is because the SFC has raised the threshold because the A-share listing refinance is too frequent. This time, Sanan Optoelectronics launched a high-transfer plan of 10 turns and 12 yuan for 2 yuan in 2010. It is already the second consecutive year that Sanan Optoelectronics launched the high-transfer plan after the “10 to 10†in 2009.
In addition, Sanan Optoelectronics also carried out trust financing. On September 6 last year, Zhongrong, Sanan Optoelectronics A-share Affiliated Income Investment (Phase I) Collective Fund Trust Scheme was officially established, and Sanan Optoelectronics' controlling shareholder Sanan Group successfully raised 150 million yuan; Six months ago, Sanan Group raised 200 million yuan in the same way. So far, Sanan Group has financed 350 million yuan through trust.
On March 18 last year, Suzhou Trust established Su Xin Li Cai, Sanan Optoelectronics Stock Revenue Investment No. 3 Collective Fund Trust Scheme was officially established. The trust period was 24 months, ending on March 18, 2012. The trust scale was 200 million. Yuan, the expected rate of return is 7.5%.
According to the previous disclosure by Suzhou Trust, the scale of the trust plan is 120 million to 200 million yuan, and the final result is the upper limit. The trust funds are used to transfer the Sanan Optoelectronics held by Sanan Group to not less than 8 million shares and no more than 13.34 million. The stock income right of the restricted shares shall not be more than 2 years after the trust plan is established, and the Sanan Group will repurchase the above stock rights at a premium of 10%/year to realize the withdrawal of the trust plan funds.
During the trust period, if the People's Bank of China adjusts the one-year deposit rate, the repurchase premium rate will be adjusted at the same rate, and the adjusted annual repurchase premium rate is not less than 10%/year.
Despite the two financings, Sanan Optoelectronics did not disclose the detailed use. However, in addition to LED-related projects, the company is currently actively expanding its concentrating solar cell business, and the power to invest in solar cells is growing.
After investigating Sanan Optoelectronics, Minsheng Securities found that the company plans to achieve a capacity of 100MW for concentrating photovoltaic solar systems in 2011 and 1,000 MW in 2015. It is expected that large-scale industrialization will take 3 to 5 years, and the concentrating business will be Become a new growth point for its performance.
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