Epitaxial wafer and chip manufacturing leader, actively expand production and fully enjoy industry growth
With the promotion of LED applications, China's LED chip market scale increased from 280 million yuan to 1.9 billion yuan in the six years from 2002 to 2008, with an average annual growth rate of 37.6%. However, this is only the beginning. This stage is just the process that LED has just completed from being recognized to being recognized. As technology advances and costs continue to decrease, the LED backlight penetration rate is expected to increase from 10% to 30% in the next two years. However, once LED general lighting is supported by the policy, the market space will be quickly opened. In the future, global LED will form a market scale of nearly one trillion yuan. As the leading enterprise of LED chips in China, Sanan Optoelectronics will undoubtedly enjoy the growth of the whole industry throughout the year.
Sanan Optoelectronics' main business is distributed in the upstream of the LED industry chain, mainly engaged in chip epitaxial wafer production and chip manufacturing. The company achieved sales revenue of 470 million yuan in 2009, net profit of 180 million yuan, and overall gross profit margin as high as 42%. The market share in the middle is over 20%. In 2009, the company will raise 800 million yuan to raise funds to build Tianjin Sanan, and the production capacity will be doubled. In March 2010, the company announced plans to issue additional issuance plans. It plans to raise nearly 3 billion yuan to finance the first phase of the 12 billion yuan LED chip that the Wuhu Municipal Government strongly supports. It plans to expand its production capacity by 10 times in the next four years. All of this is undoubtedly a big deal for companies with a sales income of only 470 million yuan in 2009 and a net asset of 1.46 billion yuan.
We believe that this issuance is the correct decision of a leading enterprise: under the premise of market space growth, the industry's first-in-one productivity will achieve greater economies of scale in one step, thereby significantly reducing costs and improving product competitiveness; in addition, from the game From the perspective, although it is impossible to prevent the expansion of other followers, the latter will consider the consequences of overcapacity and reduce the expansion plan. From the results, the one-stop expansion of leading enterprises will gain a larger market share and gain greater economies of scale, thereby further consolidating their industry position. From now on to the next five years, it will be a golden period for the development of the LED industry. At this time, the capacity of the LED is limited by the upstream MOCVD equipment production capacity and the shortage of raw materials such as substrates, and cannot be effectively amplified. Therefore, the company's preemptive access to a large number of MOCVD equipment orders is the first to lock in the future capacity and market share, expanding the scale of the LED market demand for the explosion.
Jin Sanan reached production in August this year, the company's production capacity will double
Tianjin Sanan has completed the installation and commissioning of the project, and the personnel support and training work has been completed. The project has started trial production on June 24 this year. It is expected that the production will be fully completed in August, when the company's production capacity will be Doubled. At present, Xiamen Sanan has 22 MOCVDs, most of which are 2 inch 24-piece machines, only four are 2 inch 45-piece machines; and Tianjin Sanan's 15 expansions this year will all be 2 inch 45-piece machines, which is expected to reach After the birth, Tianjin will have an annual production capacity of 850,000 epitaxial wafers and 20 billion chips. The company's current production capacity is 500,000 pieces of epitaxial wafers and 18 billion chips per year. After the Tianjin production, the company's production capacity will more than double. The first phase of the Wuhu plant has been capped. In September, the equipment will arrive at the construction of the Wuhu project. The construction scale will be two new production lines of 2.65 million pieces/piece epitaxial wafers. Each production line contains 50 core equipment MOCVD (introduction equipment) and new supporting chip production line. 3 sets (mainly introduced equipment) and so on. After the project is completed and put into production, it will form an annual output of 5.3 million pieces of ultra-high brightness LED red, yellow, blue and green light epitaxial wafers and a production capacity of 117 billion chips.
The first phase of the Wuhu LED project has been implemented for five months since it started construction in February this year. The plant construction has been capped in July and it is expected that the renovation will be completed in September this year. At present, the company has ordered 107 MOCVDs, and it is expected that the equipment will arrive in succession after September. After 2-3 months of equipment installation and commissioning, the Wuhu project is expected to be put into production from the end of this year and will be completed by the end of 2011. At present, Wuhu’s additional investment plan has been reported to the CSRC, and we expect to have a meeting during the year. According to the company's plan, after the completion of the first phase of the project, the construction of the second phase will be quickly followed up.
Solar PV projects are well-organized and will become the company's medium and long-term performance growth point
The concentrating solar photovoltaic power station demonstration project cooperated with Qinghai Electric Power Company has completed 1 MW installation and commissioning. Due to slight delay in Qinghai rainy season, it is expected to start grid-connected power generation next month. The 3MW project is expected to be completed in the first half of next year. Based on the successful experience of 3MW in the future, the company will implement the 15MW project by replicating the 3MW project. In addition, the company and the United States EMCORE Corporation to establish a joint venture company Sanke Photovoltaic Co., Ltd., will be mainly engaged in the design and development of ground high-concentration solar energy applications (HCPV) components and systems. Sanke Photovoltaic has a registered capital of 30 million US dollars, of which Sanan Optoelectronics has invested 18 million US dollars, accounting for 60% of the share capital. In terms of technical cooperation, EC will license the intellectual property and know-how related to the design, manufacture and testing process of HCPV receivers, modules and systems for terrestrial solar applications owned by EC. Sanan Optoelectronics will contribute its own ground. Intellectual property and know-how of high-concentration solar power HCPV components and systems. The joint venture company will be established in Wuhu and is expected to receive a series of preferential policies from the Wuhu Municipal Government. The industrialization process of concentrating solar energy projects is closely related to the support of national industrial policies. From the perspectives of technology accumulation, project operation and policy, we believe that the large-scale implementation of concentrating solar energy industry still needs to go through 3-5 years. Solar projects are expected to be an important growth point for the company's performance.
Photovoltaic inverter (PV inverter or solar inverter) can convert the variable DC voltage generated by photovoltaic (PV) solar panels into an inverter of mains frequency alternating current (AC), which can be fed back to the commercial transmission system, or for off-grid Grid usage of the grid. The photovoltaic inverter is one of the important balance of system (BOS) in photovoltaic array system, which can be used with general AC power supply equipment. Solar inverters have special functions for photovoltaic arrays, such as maximum power point tracking and island effect protection. Photovoltaic inverters usually consist of the following main parts:
DC input: The photovoltaic inverter receives DC power input from solar panels.
Inverter module: The inverter module is the core part of the inverter, responsible for converting direct current into alternating current. It contains multiple electronic components and switching circuits, through precise control and adjustment, convert direct current into alternating current of specific frequency and voltage.
Controller: The controller monitors and controls the operation and performance of the inverter to ensure the stable operation of the inverter and make optimal adjustments when needed.
Output: The output of the inverter is alternating current, which can be connected to household appliances, industrial equipment or incorporated into the grid to supply electricity.
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