Breathtaking Leap Forward Textile Decided To Pform Electronic Industry

Yesterday, deep

A (000045) convened the third provisional shareholders' meeting in 2012. The company announced in the evening that the meeting adopted the voting on the spot ballot and the Internet voting mode, and deliberated and adopted the motion on adjusting the company's specific items to the specific non-public development stock in 2012.

During the vote, the motion was approved by more than 2/3 of the total number of valid voting shares.

Market participants believe that this means deep textile, an old textile enterprise, and the road of pformation is irreversible.

Or pform the polarizer into a pioneer in China.

The purpose of Shenzhen textile's private placement is to raise funds for the two phase project of TFT-LCD polarizer.

TFT-LCD polarizer is one of the upstream components of the LCD panel (LCD) used in color TV, computer phone and other electronic products.

According to Guang Fa securities (000776) electronics industry analyst Hui Lun introduced to this newspaper, Shenzhen textile is currently one of the largest TFT-LCD polarizer production enterprises in China. In the 17 years of deep ploughing polarizer, the company has mastered the complete production technology and technology of TFT-LCD polarizer, has advanced R & D capability and a number of patented technologies, and is also a draftsman of the relevant standards of Polaroid industry, occupying the commanding heights of the domestic Polaroid industry.

To undertake the development and production of polarizer is a wholly owned subsidiary of Shenzhen textile A Shenzhen Shengbo Photoelectric Technology Co., Ltd.

Reporters yesterday interviewed the office of the board of directors of Shenzhen textile, the people concerned said that the two phase project of TFT-LCD using polarized light is an important measure to further implement the overall planning of Shenzhen city's TFT-LCD polarizer project and improve the layout of Shenzhen LC industrial chain.

The project is not only in line with the development needs of the current policy, but also strongly supported by major shareholder Shenzhen Investment Holdings Company Limited. Shenzhen Investment and control company will invest its own capital 3~6 billion yuan to subscribe for the non-public offering shares.

According to a number of industry analysts including Changjiang Securities (000783), GF Securities and so on, it is predicted that the success of the first phase of the project will provide a good demonstration for the two phase of the project.

After the two phase of the project is completed, the production capacity of TFT-LCD will be increased by 12 million 800 thousand yr / year with the production of polarizer. It is estimated that the annual average sales revenue will reach 2 billion 681 million yuan after the project reaches production, with an average annual profit tax of 378 million yuan, with an average annual net profit of 205 million yuan.

The rising profits will rapidly open up the distance between the company and its peers, and give the company the opportunity to enjoy the huge space of import substitution and become the pioneer of the domestic polarizing film production industry.

The new project has a short-term impact on the company.

Polaroid project has great influence on deep textile in the near future.

Reporters interviewed the third quarterly report, and found that some financial indicators of the company have undergone tremendous changes, such as: management fees increased by 56.3% over the same period last year.

The total amount decreased by 206.49% compared with the same period last year, and net profit decreased by 242.37% compared with the same period last year. Cash purchases for goods paid increased by 41.34% over the same period last year. The company's explanations for this reporter are mainly due to the increase in production volume, R & D expenses and other related expenses of the 4 phase of the TFT-LCD phase I project.

What is even more amazing is the increase in operating expenses from 68908.13% over the same period last year, mainly due to the loss of fire accidents in Longhua factory area.

In addition, as at the end of the three quarter, the net profit attributable to shareholders of listed companies, earnings per share, weighted average return on net assets and the weighted average return on net assets after deducting non recurring gains and losses respectively decreased by 507.49%, 500%, 520% and 633.33% respectively compared with the same period last year. The main reason is that "TFT-LCD uses the polarizer phase I project" on the 4 line to test mass production and increase the related costs and expenses, resulting in a sharp decrease in profits compared with the same period last year, resulting in a significant decrease in earnings per share, net assets yield and other financial indicators. Net cash flow from operating activities decreased by 487.79% compared with the same period last year. The main reason is that "TFT-LCD uses the Polaroid phase I project" on the 4 line to test mass production and purchase raw materials, R & D expenses and other related costs.

Obviously, the pformation of deep textiles has paid a heavy price, and the ongoing pformation is a "breathtaking leap."

Deep textile has also made corresponding returns.

Three Quarterly Bulletin revealed: TFT-LCD polarizer phase 1 project is progressing smoothly, Sheng Bo photoelectric has officially become a qualified supplier of BOE, Huaxing photoelectric, deep photoelectric, Longteng photoelectric, Hanyu color crystal.

The announcement shows that the development of line 4 from 2.4 inch screen polarizer, 7 inch e-book polarizer, polarizer of 19 inch display to 31.5 inch LCD TV polarizer and many other products has been approved by many customers including BOE, Huaxing photoelectric, deep photoelectric, Longteng photoelectric, Shanghai Tianma, Han Yu color crystal and many other customers, and some customers' batch certification. Huaxing photoelectric and Shenzhen ultra photoelectric have placed an order with the company.

Market share is still serious.

Some market participants are very optimistic about the pformation prospects of Shenzhen textile company.

For example, Changjiang Securities analyst Chen Zhijian, Jiangnan securities analyst Tan Xiaoming, GF Securities electronics industry analyst Hui Yulun and others are all representatives of the multi group.

Chen Zhijian told reporters that at present, the capacity of the global large-size panel has gradually shifted to the mainland. Under the local matching requirements, the main supply chain of polarizer will shift with the pfer of the panel's capacity, and the domestic polarizing plate market is expected to usher in a new growth.

In addition, due to the continued decline in the price of large panel panels and the continued downturn in the market, the cost pressures of panel manufacturers will further increase. As one of the raw materials of the panel, the polarizing plate industry will usher in an opportunity of import substitution, and the company has accumulated a lot in the key technology, formula, know-how and quality control of polarizer.

However, an institutional investor who once participated in the field survey of deep textiles told reporters that in addition to the high cost of expansion, in fact, compared with other upstream materials of the LCD panel, the gross margin level of the polarizing film project, which is heavily invested by deep textiles, is not high.

Strategically speaking, the TFT-LCD polarizer of Shenzhen textile has improved the domestic flat panel display industry chain. But to a certain extent, because the key upstream materials are monopolized by foreign countries, the polarizing production enterprises, especially the small capacity domestic enterprises, have limited bargaining power, and the excess profits of the industry are mostly grabbed by upstream material manufacturers.

"In the domestic flat panel display industry, overcapacity is emerging today.

More cautious. "

The investor said.