In years spent similar. Last winter, Dehao Runda (002005) just succeeded in issuing 1.5 billion additional shares. This summer, Dehao Runda has thrown a 3.5 billion additional plan. This time, less than a spring and autumn.
On May 23, Dehao Runda announced that it plans to raise 3.5 billion yuan with a target of 15.61 yuan/share. 80% of the funds raised will be invested in the LED epitaxial wafer production line project, and 20% of the funds will be used to supplement the working capital. Dehao Runda also withdrew its executive equity incentive plan.
What makes people staggering is not the speed of the money of Dehao Runda Lightning, but the four additional projects that Dehao Runda has woven in the future will bring a net profit of 2.09 billion yuan per year, equivalent to 10.7 million net profit of 2010. Times. Such a bold prediction, let the competitor Sanan Optoelectronics pinch the cold sweat to "do not understand."
“Is it so high? The project forecast is very outrageous. This forecast is very different from the peers. It can only be said that each company’s expectations and motivations for the market are different.†An analyst in Shanghai who has long tracked the LED industry Not too confused.
Compared with the additional plan of competitor Sanan Optoelectronics 40 days ago, the doubts of Dehao Runda's additional project “painting cake†immediately surfaced.
Two years circle 5 billion VS six years 0 bonus
"Wang Donglei also knows that LED is a burning industry. So it must be tight. Sanan Optoelectronics is also like this." A person from Shenzhen who is close to Dehao Runda said.
The story told by Dehao Runda began in March 2009. Previously, Dehao Runda had been working in the small appliance industry for 13 years. In March 2009, Dehao Runda officially entered the LED industry by introducing strategic investors. In July of the same year, Shenzhen Ruituo Display Technology Co., Ltd. was acquired to further increase the layout of the LED industry.
In October 2009, Dehao Runda first thrown a 1.5 billion plan to invest in LED chip, packaging, lighting industry chain projects, covering the upper, middle and lower reaches of the industry. In November 2010, Dehao Runda successfully issued 1.5 billion shares to Zhuhai Dehao Electric, Wuhu Economic Development Zone Investment and Development Co., Ltd., Longwo Lake Construction and Development, and Wuhu Yuanda Ventures at a price of 9.54 yuan per share. .
In addition to the major shareholder Zhuhai Dehao Electric, the other three shareholders have the background of the Wuhu SASAC. This is related to all the LED projects of Dehao Runda are located in Wuhu City, Anhui Province. At present, Dehao Runda's share price has reached 17.03 yuan, nearly double the original increase price, less than 7 months, the book share of the major shareholder and Wuhu SASAC almost doubled.
In 2011, Dehao Runda stepped up Sanan Optoelectronics and then dropped a 3.5 billion plan. If this refinancing is successful, Dehao Runda will be worth 5 billion real money. The difference is that the increase in the price of the company has risen to 15.61 yuan with the stock price of Dehao Runda.
In the past two months, Dehao Runda's share price has been falling, and the lowest price has dropped to 16.39 yuan. On the edge of the increase in the price, it is not attractive to investors. This is a far cry from the first low-cost issuance.
"This refinancing will introduce new institutions. The institutions that participated in the additional issuance will not participate in the additional issuance this time." Dehao Runda insiders told the Financial Weekly reporter.
In addition, Dehao Runda's large funds also come from government subsidies. According to the statistics of the Financial Weekly reporter, since 2010, Dehao Runda has received a total of 8 government subsidies, with a total amount of 700 million, of which 395 million government subsidies are included in the current profit and loss, which is included in the current results.
To a certain extent, government subsidies have masked the embarrassment of Dehao Runda's small home appliance industry. Dehao Runda's net profit for the first quarter was 65.41 million yuan, while the current government subsidies amounted to 133 million yuan. This means that, excluding government subsidies, Dehao Runda's main business is a loss.
Different from the “generous dividend†of Sanan Optoelectronics, Dehao Runda seems to be very “trickâ€. In the past 7 years since its listing, Dehao Runda has had a cash dividend of 101 million in the year of its listing in 2004. Since 2005, cash dividends have been zero for six consecutive years.
On May 23, Dehao Runda announced that it plans to raise 3.5 billion yuan with a target of 15.61 yuan/share. 80% of the funds raised will be invested in the LED epitaxial wafer production line project, and 20% of the funds will be used to supplement the working capital. Dehao Runda also withdrew its executive equity incentive plan.
What makes people staggering is not the speed of the money of Dehao Runda Lightning, but the four additional projects that Dehao Runda has woven in the future will bring a net profit of 2.09 billion yuan per year, equivalent to 10.7 million net profit of 2010. Times. Such a bold prediction, let the competitor Sanan Optoelectronics pinch the cold sweat to "do not understand."
“Is it so high? The project forecast is very outrageous. This forecast is very different from the peers. It can only be said that each company’s expectations and motivations for the market are different.†An analyst in Shanghai who has long tracked the LED industry Not too confused.
Compared with the additional plan of competitor Sanan Optoelectronics 40 days ago, the doubts of Dehao Runda's additional project “painting cake†immediately surfaced.
Two years circle 5 billion VS six years 0 bonus
"Wang Donglei also knows that LED is a burning industry. So it must be tight. Sanan Optoelectronics is also like this." A person from Shenzhen who is close to Dehao Runda said.
The story told by Dehao Runda began in March 2009. Previously, Dehao Runda had been working in the small appliance industry for 13 years. In March 2009, Dehao Runda officially entered the LED industry by introducing strategic investors. In July of the same year, Shenzhen Ruituo Display Technology Co., Ltd. was acquired to further increase the layout of the LED industry.
In October 2009, Dehao Runda first thrown a 1.5 billion plan to invest in LED chip, packaging, lighting industry chain projects, covering the upper, middle and lower reaches of the industry. In November 2010, Dehao Runda successfully issued 1.5 billion shares to Zhuhai Dehao Electric, Wuhu Economic Development Zone Investment and Development Co., Ltd., Longwo Lake Construction and Development, and Wuhu Yuanda Ventures at a price of 9.54 yuan per share. .
In addition to the major shareholder Zhuhai Dehao Electric, the other three shareholders have the background of the Wuhu SASAC. This is related to all the LED projects of Dehao Runda are located in Wuhu City, Anhui Province. At present, Dehao Runda's share price has reached 17.03 yuan, nearly double the original increase price, less than 7 months, the book share of the major shareholder and Wuhu SASAC almost doubled.
In 2011, Dehao Runda stepped up Sanan Optoelectronics and then dropped a 3.5 billion plan. If this refinancing is successful, Dehao Runda will be worth 5 billion real money. The difference is that the increase in the price of the company has risen to 15.61 yuan with the stock price of Dehao Runda.
In the past two months, Dehao Runda's share price has been falling, and the lowest price has dropped to 16.39 yuan. On the edge of the increase in the price, it is not attractive to investors. This is a far cry from the first low-cost issuance.
"This refinancing will introduce new institutions. The institutions that participated in the additional issuance will not participate in the additional issuance this time." Dehao Runda insiders told the Financial Weekly reporter.
In addition, Dehao Runda's large funds also come from government subsidies. According to the statistics of the Financial Weekly reporter, since 2010, Dehao Runda has received a total of 8 government subsidies, with a total amount of 700 million, of which 395 million government subsidies are included in the current profit and loss, which is included in the current results.
To a certain extent, government subsidies have masked the embarrassment of Dehao Runda's small home appliance industry. Dehao Runda's net profit for the first quarter was 65.41 million yuan, while the current government subsidies amounted to 133 million yuan. This means that, excluding government subsidies, Dehao Runda's main business is a loss.
Different from the “generous dividend†of Sanan Optoelectronics, Dehao Runda seems to be very “trickâ€. In the past 7 years since its listing, Dehao Runda has had a cash dividend of 101 million in the year of its listing in 2004. Since 2005, cash dividends have been zero for six consecutive years.
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