220 million yuan to acquire LED silica gel enterprises, this listed company to be a "pioneer"?
The tide of capital integration in the LED industry chain is spreading to the materials sector. With the continuous increase in the domestic LED lighting market demand and the outbreak of the small-pitch LED market, the demand for glue as an auxiliary material has also risen, which naturally attracts a lot of attention from many companies and capital.
Recently, Dongguan Yi'an Technology (300328) issued an announcement to use its own funds to acquire 100% of Shenzhen Opt Industrial Materials Co., Ltd. at a price of 220 million yuan. After the completion of the transaction, Opt became a wholly-owned subsidiary of Yi'an Technology.
The data shows that the valuation of this acquisition is 185,353,600 yuan higher than the net asset value of the consolidated financial statements. The value-added rate is 488.15%, which is 185,526,600 yuan higher than the net asset value of the individual statement, and the appreciation rate is 487.98%.
The main products of OPT are: RTV one-component adhesive, addition-forming silicone rubber, condensation type potting glue, thermal silica gel, thermal grease, three anti-coating glue.
Founded in 2006, Opt is a company specializing in R&D, production, sales and service of new thermal silica materials. The company has customer resources in the fields of LED display, lighting, power supply and communication (such as Powerful Color, Lianjian Optoelectronics, Zhaochi shares, Lidaxin, Visual Guangxu, Scud, Reed Smart, Giant Energy, etc.).
The data shows that Opto's revenue in 2016 was less than 100 million yuan and the net profit was 10.1057 million yuan.
According to the announcement, Opto and Yi'an Technology have strong correlation and complementarity in customers such as LED display and consumer electronics. Yi'an Technology's successful acquisition of the entire equity of Optel is conducive to the integration of OPT's original LED display, consumer electronics and other customer resources, shortening the market development time of Yi'an technology-related products, and quickly entering the original customer base of Optel.
Yi'an Technology and Opto have a competitive advantage in their respective fields. After the completion of the acquisition, the two parties will integrate a number of customer resources such as LED display and consumer electronics to further expand the company's large LED curtain wall, consumer electronics and other product markets. Opt will also further determine the company's leading position in the LED glue industry.
In March 2016, Prof. Li Yangde, the actual controller of Yi'an Technology, controlled 18% of the US Liquid Metal Technology Company (hereinafter referred to as LQMT). After continuing to increase to 46% in November 2016, he was elected as the chairman of the board of directors.
However, it is clear that the acquisition of Opto has little to do with the company's layout of liquid metal.
Yi'an Technology previously released a performance report, the company achieved operating income of 563 million yuan in 2016, an increase of 1.36%; net profit attributable to shareholders of listed companies was 38,139,300 yuan, down 29.07% year-on-year.
The company's main business is the production and sale of magnesium, aluminum, zinc alloy and hardware precision parts and their spare parts, precision molds, small household appliances (excluding certificates), non-stick coatings. Among them, automotive precision structural parts is one of the main businesses of Yi'an Technology, and has been recognized by many European and American car brands. Among them, the inner frame of the door (projected area of ​​1.2m2) is integrally formed by 4000T magnesium alloy die-casting machine. It is one of the suppliers of ultra-thin and ultra-light car doors in the world.
So, why does Yi'an Technology enter the glue field?
In fact, since the beginning of this year, the polarization of LED materials companies has become more and more obvious. Many small glue factories have been eliminated. At present, there are only a few glue factories in the market.
Taking LED packaged silica gel as an example, although it accounts for a relatively small proportion of the overall cost of LED devices, it is a very critical application material, which plays a decisive role in the overall performance of LED devices.
Packaging companies also use glue and other accessories as the main way to reduce costs. Encapsulating materials companies are facing a situation where profit margins are shrinking and their survival is becoming increasingly difficult.
After years of development, LED glue products have now entered a state of white heat. For example, Kangmet, the largest LED packaging rubber company in China, is also increasing its research and development efforts to maintain diversified glue products to meet the diverse needs of customers.
The head of Commet said that several new products have been added this year, such as solid crystal glue, SMC, rubber cake, RGB epoxy glue. It is estimated that the company's sales will continue to grow by around 30% in 2017.
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