Ganzhao Optoelectronics will be listed on Shenzhen Stock Exchange on August 2
Dry Photoelectric: Domestic GaAs LED chip leader listed
Event description
Xiamen Ganzhao Optoelectronics Co., Ltd. will be the first public offering of A shares on the Growth Enterprise Market of the Shenzhen Stock Exchange on August 2, 2010. The basic information is as follows:
Ganzhao Optoelectronics intends to publicly issue no more than 29.5 million RMB ordinary shares (A shares) in the form of a combination of offline placement with the inquiry object and online fund purchase pricing. If the share is issued by 29.5 million shares, the shares will be publicly issued. Represents 25% of the total share capital after the issue.
We expect the EPS of the company to be 0.968 yuan, 1.398 yuan, and 1.895 yuan in the next three years. Considering the good prospects of the company's fundraising projects and the development trend of the industry, the company's price-earnings ratio is 40-45 times, and the corresponding stock price is 38.72-43.56. Yuan, the recommended inquiry range is 34.8-41.3 yuan. The event review company overview and the issue of the equity structure company was formerly established on February 21, 2006 in Xiamen Ganzhao Optoelectronics Co., Ltd., and was launched on March 31, 2009 as a whole change. Established as a foreign-invested company with a foreign investment ratio of less than 25%.
The company has a total of 5 natural person promoters and 2 legal person promoters. The chairman of the natural person promoter Deng Dengming, the director and general manager Wang Xiangwu and the director Wang Weiyong are the founding shareholders or early shareholders of the company, and directly and indirectly hold 61.8436% of the shares of the pre-issuing company, which is the actual controller of the company. Sequoia Capital China II Holdings, SRL (Sequoia Capital) is a Sequoia Capital China II.LP (Sequoia Capital China II Fund)
A wholly-owned company established to invest in the company, its main business is venture capital and project management. Sequoia Capital is a world-renowned venture capital firm with extensive experience and outstanding performance in IT investments including semiconductor technology. Xiamen Qianyu Optoelectronic Technology Service Co., Ltd., the promoter of domestic legal person, is actually a management company of Ganzhao Optoelectronics. The main asset is the long-term equity investment in Ganzhao Optoelectronics.
Yangzhou Ganzhao Photoelectric Co., Ltd. was established on February 19, 2009. It is a wholly-owned subsidiary of Ganzhao Optoelectronics, and its business scope is the same as that of the parent company.
The IPO intends to issue no more than 29.5 million shares of unrestricted shares, accounting for 25% of the total share capital after the issuance. The share capital structure after the issuance is as follows:
Industry background analysis
LED industry:
LED (Light Emitting Diode) is an abbreviation of Light Emitting Diode, which is a solid-state light-emitting device that converts electrical energy into light energy by utilizing the characteristics of a semiconductor material. LED light source has the advantages of small size, long life, energy saving and environmental protection, high brightness, low heat and strong controllability. The application field is very wide, and it has gradually become more in mobile phones, display screens, automobiles, special lighting, traffic signals, landscape decoration, etc. The field has been widely used. With the gradual maturity of LED technology, high-brightness LED light source, which is one of the important development directions of LED in the future, will replace the traditional lighting source, which will be the mainstream trend in the next few years, and the market prospect is good.
The rise of the global LED industry began in the 1960s, and can be roughly divided into four stages according to different research and development priorities, as shown in the following table:
The development and production of red and yellow LED chips are the earliest, and the current technology is also the most mature. The research and development direction is always the improvement of brightness, power and uniformity. In recent years, low-brightness red and yellow LED chips have become saturated, and high-brightness quaternary red and yellow LED chips have gradually become mainstream.
The LED industry chain can be divided into upstream, midstream and downstream. The substrate and the epitaxial wafer are upstream products of the LED, and the quality directly determines the quality of the products in the middle and lower reaches.
The upstream industry, including substrate fabrication and epitaxial growth, is a bottleneck in technological progress. It has the characteristics of technology and capital intensiveness. It has the highest barriers to entry, has the fewest number of companies capable of engaging, and has a high profit margin.
The chip is the core component of LED. The brightness, uniformity, stability and light decay of the chip have a direct impact on the quality of the terminal product. The mid-stream chip manufacturing has high requirements on technology and capital, and the number of enterprises participating in the competition. Relatively small.
The entry barriers for downstream packaging and applications are relatively low, and as the LED application field continues to expand, its market size continues to expand. But the number of companies that can participate is the most, and the competition is the most intense.
In recent years, the continuous growth of China's central and local finances and national income has provided a good economic foundation for the wide application of LED. At the same time, LED light source has also obtained the National Semiconductor Lighting Project and 863 Program with its energy-saving, high-efficiency and environmental protection features. Guidance and support for relevant industrial policies such as scientific and technological research projects. The domestic LED chip market has grown from 280 million yuan in 2002 to about 1.9 billion yuan in 2008, with a compound annual growth rate of 42%. In LED applications, display screens, landscape lighting, consumer electronic backlights, signal lights, indicator lights, etc. are still the main application areas in China; they have also achieved high-end applications such as LCD TV backlights, automotive lights and functional lighting. Fast progress. According to the statistics of National Semiconductor Lighting Engineering R&D and Industry Alliance, the LED application market in China was about 45 billion yuan in 2008. Among them, architectural landscape and decorative lighting are the main application areas of high-brightness LED in China. The market scale reached 12.6 billion yuan, accounting for the total domestic LED. The application market has a market share of 28%; followed by the display and home appliances sector, the market size also exceeds 12 billion yuan, accounting for 27% of the market.
At present, China's LED manufacturing has basically formed a complete industrial chain. By the end of 2008, there were more than 3,000 LED companies in China, including 25 epitaxial wafer and chip manufacturers in the upper and middle reaches, and about 600 packaging companies.
According to the National Semiconductor Lighting Engineering R&D and Industry Alliance, by 2010, the overall scale of China's LED market will reach 100 billion yuan, and the market scale of landscape lighting, display screens, traffic lights, backlights and other applications will continue to grow rapidly. In these fields, red and yellow LED chips are widely used. In 2015, the domestic LED market will reach more than 500 billion yuan, and the application will be mainly based on lighting. Important application areas include landscape decoration, municipal lighting, backlighting, commercial lighting, home lighting, and automotive applications. With the continuous expansion of the application field, the market demand for high-brightness quaternary red and yellow LEDs is also rapidly increasing. According to preliminary estimates, the market demand for high-bright quaternary LED chips in China will reach 93 billion in 2012.
Source: Prospectus, Changjiang Securities Research Department
GaAs solar cell industry:
A solar cell is a semiconductor device that converts solar energy into direct current electrical energy using a photovoltaic effect. At present, the commercialized solar cells mainly include crystalline silicon solar cells (monocrystalline silicon solar cells and polycrystalline silicon solar cells), thin film solar cells, and semiconductor compound solar cells (mainly GaAs solar cells).
The development and application of crystalline silicon solar cells are relatively early, and currently occupy the majority of the solar cell market share; thin film solar cells have been rapidly developed in recent years, which has a cost advantage over crystalline silicon solar cells; gallium arsenide solar cells are new energy sources, One of the typical representatives of new materials, photoelectric conversion efficiency and technology content is the highest. At the beginning of the product, it is mainly used in high-end applications such as spacecraft power supply. In recent years, with the development of concentrating technology and tracking technology, the application range of products has gradually expanded and has begun. Gradually applied to ground power generation systems.
At present, crystalline silicon solar cells still account for more than 90% of the total market, both globally and domestically. The market share of thin-film solar cells will increase significantly in the future, and GaAs solar cells are still in industrialization. In the initial stage, the current market share is small, but with its performance advantages, the future has a large room for development.
Gallium arsenide solar cells include single-junction gallium arsenide solar cells and multi-junction gallium arsenide solar cells. At present, multi-junction gallium arsenide solar cells are dominated by triple junctions. Three-junction gallium arsenide solar cells have replaced single-junction gallium arsenide solar cells with performance advantages, and have become the development direction of gallium arsenide solar cells.
Gallium arsenide solar cells have superior performance in terms of photoelectric conversion efficiency, high temperature resistance, and space radiation resistance than crystalline silicon solar cells. Globally, GaAs solar cells have replaced crystalline silicon solar cells in the spacecraft field, becoming the most important next-generation space power source. The massive launch of various military and civilian satellites and spacecraft provides a wide range of requirements for gallium arsenide solar cells. However, the domestic start of the solar cell is still in the period of transition from a crystalline silicon material battery to a three-junction gallium arsenide material battery. The solar cells used in the satellites launched by China are completely produced by Chinese enterprises and scientific research institutions. The market for gallium arsenide solar cells in the future will be shared by domestic enterprises. The next decade will be a new stage for the rapid development of China's space industry. Major space programs such as the Lunar Exploration Project, the Shenzhou Plan, and the Beidou Global Positioning System have entered a critical implementation period. To this end, a large number of spacecraft will be launched and launched. According to McCann Bridge, only Beidou Global Positioning System will complete the launch of more than 30 satellites by 2015. According to the average of only 4,000 pieces of epitaxial wafers of 4-inch triple-arsenide arsenide batteries for each satellite, the market size of solar cell epitaxial wafers for domestic space will exceed 300,000 in the next five years, of which only Beidou Global Satellite Positioning System will be 5 In the year, it will require more than 100,000 pieces of 4-inch triple-junction GaAs battery epitaxial wafers. At present, there are only a few companies in China that can produce high-efficiency triple-junction GaAs battery epitaxial wafers. In 2008, the production capacity was about 30,000 pieces, which is far from meeting the demand and has huge market space.
Concentrating technology is currently widely used to improve the photoelectric conversion efficiency of triple-arsenide solar cells and reduce the cost of power generation. The rapid development of terrestrial concentrating technology has greatly reduced the investment and power generation cost of GaAs solar cells, making it possible for commercial applications of GaAs cells on the ground. In 2008, Spain built the world's first 3 megawatt commercial concentrating GaAs battery power generation system, indicating that the MW-class era of concentrating GaAs solar power systems has arrived. At present, there are several sets of 25 kW concentrating gallium arsenide solar power generation systems in China, and there are several projects. The ground solar photovoltaic power generation system will be built with concentrating GaAs solar cells as the core components, and concentrating arsenic. The ground application of gallium solar cells is gradually becoming a new trend, and will enter a period of rapid growth after the market introduction period of products in the next few years.
Company analysis
The company is mainly engaged in the research and development, production and sales of optoelectronic products, mainly including high-brightness quaternary LED epitaxial wafers and chips and three-junction gallium arsenide solar cell epitaxial wafers and chips. The products are widely used in display screens and lighting. High-end areas such as automotive taillights, backlights and space satellites.
The company independently researched and mastered the core technologies of high-brightness quaternary red and yellow LED epitaxial wafer growth, and also made major breakthroughs in the research and development and production of LED chips. The main technical indicators of the company's quaternary LED chip products are at the domestic leading level, some of which have reached the international advanced level and have high cost performance. It is one of the few companies in China that can initially produce LED epitaxial wafers and chips.
The company uses a three-junction gallium arsenide solar cell epitaxial wafer produced by independent research and development and possesses a number of MOCVD core technologies. The photoelectric conversion efficiency index of the space battery products processed by the company is at the domestic leading and international advanced level, and is currently the largest in China. One of the companies that can mass produce triple junction GaAs solar cell epitaxial wafers. In addition, the company's ground-based concentrating triple-junction GaAs solar cell chip products have been successfully trial-produced and achieved product sales in 2009.
Gross margin level keeps the advantage
The company has domestic leading product technology, rich industry experience and good operational management capabilities, which makes the company have a higher gross profit margin than domestic counterparts, and is also an important embodiment of the company's core competitiveness.
First of all, the company's product yield rate is high, the company's main battery and red and yellow optical chip products have a yield rate of more than 95%, which is at the domestic leading level. Secondly, the company's main operating equipment has high utilization rate, and resources can be effectively utilized and improved. The profitability of fixed assets.
Thirdly, the company's main production and processing equipment models are unified, effectively reducing the cost of maintenance in supporting systems and accessories. In addition, the company's efficient management ensures that labor productivity is at a high level.
Strong research and development capabilities, with technical advantages
The company independently developed and mastered a number of
The core technology of quaternary red and yellow LED epitaxial wafer growth, the application of these technologies has enabled the company's quaternary LED epitaxial wafers and chip products to maintain good uniformity, stability and consistency, and various technical indicators are at home. Leading level. In the triple junction GaAs solar cell epitaxial wafer, the company independently developed and owns a number of MOCVD core technologies, and adopts the space produced by the company to use the triple junction GaAs solar cell epitaxial wafer to produce photoelectric conversion efficiency. International advanced level.
The company has obtained one patent for invention patent and three utility model patents; another five invention patents have obtained the preliminary examination and approval notice, which is in the substantive examination stage; two new invention patents have been accepted.
Domestic market segment leadership and capacity advantages
As of the end of 2009, the company has 5 sets of MOCVD epitaxial furnaces of the same type from AIXTRON of Germany, four of which are used for LED GaAs chips and epitaxial production, and have formed an annual output of nearly 9 billion chips (converted with 9milX9mil chips). Production capacity is one of the largest suppliers of quaternary red and yellow LED chips in China.
The company is also one of the largest suppliers of mass-produced triple-junction gallium arsenide solar cell epitaxial wafers in China. In 2008 and 2009, the company's triple-junction gallium arsenide solar cell epitaxial wafers sold 20,544 and 17,512, respectively. The scale of the field is obvious.
Product portfolio flexibility
The company's existing MOCVD epitaxial furnace is extremely versatile. It can switch between quaternary LED epitaxial wafers and GaAs solar cell epitaxial wafers by simply changing the substrate material and changing the growth process. According to the market demand situation, the production plan of the two major categories of products can be adjusted at any time to maximize the efficiency of equipment use and reduce the fixed cost of the product unit. The company is currently one of the few companies in China to produce quaternary LED epitaxial wafers, chips and space for three-junction gallium arsenide solar cell epitaxial wafers, quaternary red yellow LED epitaxial wafer + gallium arsenide solar cell epitaxial wafer The highly competitive semiconductor optoelectronic product portfolio not only facilitates continuous technology accumulation, improves equipment management efficiency, but also enhances production flexibility and greatly reduces the operational risks brought by market fluctuations.
Direct sales model helps companies expand market share
Since its establishment, the company has adopted the direct sales model in terms of sales, rather than the sales-based model widely used by Taiwanese manufacturers. At present, it has formed a center for Xiamen, with Yangzhou and Shenzhen offices as two wings covering the Pearl River Delta and the Yangtze River Delta. The main domestic packaging companies in the triangle region, the fastest direct delivery network on the same day.
At present, the vast majority of the top 20 LED packaging companies in the country (excluding Taiwan-funded enterprises) have become the customers of the company. At the same time, the company also actively develops Taiwan-funded LED packaging enterprise customers by relying on a good direct selling network to continuously improve the market. Occupation rate.
Fundraising investment analysis
According to the investment plan and prioritization, the funds raised from this public offering will be invested in the following projects in turn:
The high-brightness quaternary LED epitaxial wafer and chip project will be implemented in Yangzhou and Xiamen, and the epitaxial equipment and supporting chip equipment based on the German AIXTRON specific model MOCVD epitaxial furnace will be introduced. Among them, the Yangzhou project will introduce 4 epitaxial furnace equipment, and Xiamen will introduce 3 epitaxial furnace equipment. After the project is fully produced, the company will increase the production capacity of 18.9 billion quaternary red and yellow LED chips and 500 million power quaternary red LED chips each year, further expanding the company's quaternary red and yellow light. At the same time of the advantages of LED chip scale, increasing the proportion of high-end products of power-based quaternary red LED chips in the company's products is beneficial to the company to adjust product structure and upgrade product grades, which is an extension and extension of the existing product line.
The high-efficiency triple-junction gallium arsenide solar cell epitaxial wafer project will replicate the current mature high-efficiency triple-junction gallium arsenide solar cell epitaxial wafer production line, enabling the company's three-junction gallium arsenide solar cell epitaxial wafer production capacity from the current 18,000 pieces / Increasing to 36,000 pieces per year, it will meet the market demand for triple-arsenide solar cell epitaxial wafers in the rapidly expanding space. At the same time, it will also provide pre-production capacity reserves for ground-based concentrating triple-junction gallium arsenide solar cell chips. Further expanding the company's market share in this segment and enhancing the company's competitiveness is an extension and extension of the existing business.
We believe that the fundraising project will strengthen the company's leading position in the market segment, break the current capacity bottleneck, effectively enhance the company's core competitiveness, and be optimistic about the future profitability of the fundraising project.
Earnings forecast and inquiry proposal
We use a relative valuation method. At present, the company's main business is most similar to the domestic Sanan Optoelectronics. By the end of 2010, the average dynamic P/E ratio of the companies with LED chips as the main business was 74.24 times. We predict that the company's future operating income will grow to 64.42%, 56.25%, and 34.22%, respectively. At the same time, the company also has stable income and high profitability expectations in the field of GaAs solar cells. We believe that the company can give the company 40-45 times dynamic P/E ratio in 2010, corresponding to the price range of 38.72-43.56 yuan.
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