Regent Optoelectronics IPO public opinion analysis profit depends on export tax rebate
However, in the critical period of Regent's IPO sprinting, the media recently exposed a lot of negative sensational information, which caused great repercussions. The news pointed out that Regent's export tax rebate dependence is high, there are uncertain factors in the expansion of overseas markets, and the market competition is becoming increasingly fierce. The company has raised funds to expand production, and the expected returns are questioned. In addition, in the current difficult recruitment of the LED industry, Regent has been sued for detaining the employee's commission, which has caused people to worry about the loss of their employees.
According to the monitoring of Chinese enterprises' lyrics network, the Regent Optoelectronics Enterprise's public opinion index has scored 61 points in the past week. The negative information of the company's public opinion has begun to spread, and the reputation of the company has been greatly damaged. Judging from the monitoring results, the current situation of Regent's solar sensation has been in the state of medium-risk warning, and enterprises should take active measures to deal with it.
As of July 31, the media had 14 news reports about Regent Optoelectronics. Among them, the sensational information about corporate employee turnover, declining performance, and risk of fundraising projects was frequently mentioned by many media. On May 28th, the financial industry website first reported the related information such as the decline in the performance of Regent Optoelectronics and the intensified competition in the product market. The paper expounded the various problems faced by Regent Optoelectronics from various angles. Relevant public opinion information has aroused the attention of many media, and at the same time, investors have some doubts about the development prospects of Regent Optoelectronics.
In June, Regent's sensational situation rose again. On June 9, Zhongjin Online once again reported on the status of Regent Optoelectronics IPO, pointing out that the enterprise buildings and office buildings are leased, and there are risks such as demolition. In the future, once the company is forced to relocate and cannot renew the lease due, the company The production and operation will have a major impact. The above related reports were subsequently reprinted by a number of authoritative media including Chinese companies, and they attracted great attention in the industry.
At the end of July, the sensational situation of Regent's optoelectronic network reached its peak. China's online publication "Regent Optoelectronics' profitability of export tax rebates was worrisome", which once again caused challenges for Regent's corporate reputation. The news pointed out that Regent Optoelectronics has a high degree of dependence on export tax rebates, uncertainties in overseas market expansion, and increasingly fierce market competition. In addition, in the current difficult recruitment of the LED industry, Regent has been sued for detaining the employee's commission, which has caused people to worry about the loss of their employees. Relevant information has been widely disseminated by the media and has also dealt a blow to investor confidence.
As of the 30th, many media reports only focused on the negative events related to Regent Optoelectronics. They took the lead in using their own public opinion monitoring system and combined with the network survey to conduct detailed monitoring and public opinion analysis on the related issues of Regent Optoelectronics IPO. Industry concerns.
Watch [public opinion] Regent photoelectric profit greatly dependent on the export tax rebate <br> <br> The Regent photo to be listed fund-raising total of 170.9217 million yuan, of which 78.26% of the funds to invest in LED packaging and display production base construction project, the The project is the absolute focus of fundraising. Regent Optoelectronics expects that after the project is put into production, it will add 32,000 square meters per year of high-end LED display capacity, double the capacity plan, and increase revenue by 298.8 million yuan and net profit of 42.64 million yuan.
Such a prospective outlook is tempting, but considering the expansion of Regent's overseas market and the uncertainty of the export tax rebate rate, the prospects for the company's fundraising projects may be overshadowed.
According to the prospectus, in the past three years, Regent's net profit attributable to the parent company has grown rapidly, reaching 31.896 million yuan, 34.78 million yuan and 38.837 million yuan respectively. However, the China Net Finance reporter found that Regent's profits are highly dependent on export tax rebates and are on an upward trend year by year.
During the reporting period, the export sales revenue of Regent's LED display products were 99.092 million yuan, 134.45 million yuan, and 187,880,100 yuan respectively. Since 2009, Regent's export tax rebate rate has been 17%.
According to the formula for calculating the export tax rebate, a simple calculation was made. During the reporting period, the refund amount of Regent's LED display products was about 16.845 million yuan, 22.8905 million yuan, and 31.939 million yuan, accounting for 52.81%, 65.74% and 82.24 of the net profit respectively. %.
Most of the profits are subject to export tax rebates. Regent has no rumors. It said in the prospectus: "The political and economic environment of the overseas market is more complicated than the domestic market. It is a question of international economic recovery and the European debt crisis continues to ferment. Under the background, Regent's overseas market development uncertainty has further increased, and Regent Optoelectronics faces certain international market expansion risks. In addition, "If the country lowers the export tax rebate rate of related products in the future, Regent's export sales There will be a risk of falling profit margins."
Intense competition in the industry caused prices continued to decline <br> <br> According to public information, the current LED industry concentration is not high, the market is more fragmented and the continuous influx of new competitors, the market is showing a homogenization of competition.
The increasingly fierce market competition has caused the price of Regent Optoelectronics to decline. Taking Regent's high-pixel full-color display and high-pixel LED display module as an example, the average unit price of high-pixel full-color display in the report period was 12,700 yuan / square meter, 0.92 million / square meter and 10,700, respectively. Yuan/square meter; the average sales unit price of high-pixel LED display module is 0.79 million yuan / square meter, 0.62 million yuan / square meter and 0.54 million yuan / square meter, the price decline is obvious.
In this regard, Regent said frankly that with the international LED industry shifting to China, overseas competitors set up production bases in China, China's LED display industry competition gradually intensified, and product prices showed a downward trend.
Some insiders pointed out to the China Net Finance reporter: "Because of the large number of support policies for the LED industry in the past few years, the projects built in various places have been put into production one after another, and the production capacity is seriously over-supplied. The market competition has become increasingly fierce. Since 2011, there have been some flaws. LED companies such as Duoli, Haobo Optoelectronics, Bolunte and Vision Optoelectronics have closed down, and even predicted that the LED industry will follow the photovoltaics. In the second half of last year, although the LED industry has turned warmer, the overcapacity and price wars still exist. Increasing revenues without increasing profits has become a common phenomenon in the industry."
Factories and office buildings demolition deposit risk <br> <br> gold online reporter access to the prospectus shows, six Richland photoelectric main production and management of office space and a total of a total area of 18,241.50 square meters, and these houses are Regent Photoelectric is leased to a third party and is not its own property.
What is worrying is that apart from the sixth item, No.1, the first floor of No.11 Building, Liulitun, Chaoyang District, Beijing, the other five items have not obtained the property certificate of rental housing for historical reasons. The risk of business being affected or even interrupted due to relocation and expiration cannot be renewed.
Regent said: The company has prepared a plan for the relocation of the above five properties, and has passed the audit of the board of directors, and the company has purchased the Zhujiang River in Nansha District, Guangzhou through the company's wholly-owned subsidiary Guangzhou Zhouzhou Optoelectronics. The land of the industrial park covers an area of â€‹â€‹2,3695.4 square meters. However, after investigation, it was found that the above-mentioned land purchased in the Zhujiang Industrial Park in Nansha District of Guangzhou City was basically used for the land used in the new fundraising project, and the risk of the company's original factory lease was not solved.
According to the prospectus, the â€œLED packaging and display production base construction projectâ€ and the â€œR&D center projectâ€ in the Regent Optoelectronics investment project are planned to occupy a building area of â€‹â€‹15,000 square meters and 3,000 square meters respectively, and these two sites are located in Guangzhou. Zhujiang Industrial Park, Nansha District. According to this calculation, after deducting 18,000 square meters of land for the raised project, the newly purchased Zhujiang Industrial Park in Nansha District of Guangzhou has only 5,000 square meters of land, which is far from enough for the company's previous delivery room and office building.
In the future, once the company is forced to relocate and cannot renew the lease due, it will have a major impact on the company's production and operation.
The turnover of employees in the company was serious. In 2013, the number of employees of Regent Optoelectronics was lost. In the past three years, the number of employees of Regent Optoelectronics was 726, 770 and 651 respectively. The number of employees in 2012 and 2013 increased by 6.06% and -15.45%. .
After consulting the prospectus, it was found that during the reporting period, the production capacity of Regent's LED module was 40,000 square meters, 50,000 square meters, and 50,000 square meters respectively; the LED display capacity was 27,000 square meters, 30,000 square meters and 3 Ten thousand square meters. It can be seen that the production scale of the company's products has increased in 2012, while it remained unchanged in 2013. The scale of production has not decreased and the number of employees has fallen sharply, which is puzzling.
Some enterprise managers pointed out to the China Net Finance and Economics reporter: "The loss of employees will have a greater negative impact. In order to complete the production tasks, enterprises will not hesitate to let the workers work overtime, set obstacles and not allow employees to resign normally, which will lead to a vicious circle. â€
The chairman of the LED industry also told the China Net Finance reporter: "In recent years, the labor shortage in the LED industry has become a common phenomenon. Now the 80s and 90s are not only concerned about wages and benefits, but also about freedom and individuality. And the space for growth. Enterprises want to retain employees, relying on administrative means to set up barriers to personnel movements will not help, and may backfire, but will cause adverse consequences, not only can not retain people but also can not recruit people. How to use these new generations Employees need companies to think hard."
Corporate Governance information verification <br> <br> It is verified, Shenzhen Richland Optoelectronics Technology Co., Ltd., is a Sun source. Regent Optoelectronics is principally engaged in the R&D, design, production and sales of LED packages and their application products. At present, the company has a mature industrial chain of packaging and application integration, and can simultaneously perform three different forms of LED device packaging: dot matrix, surface mount and in-line.
In addition, the monitoring shows that there is no information about Regent Optoelectronics in the list of people who have been untrustworthy in the national court. The official website of the State Food and Drug Administration, the General Administration of Quality Supervision, Inspection and Quarantine, and the State Administration for Industry and Commerce and other official websites have no information on the news.
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