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>> Huaying Technology is trapped in the “slump” of the funds. The OLED production line has not been “successful” and has been questioned. 26th,March,2019
Previously benefited from the 5G+OLED concept skyrocketing, the “problem” stocks that ignored the fundamentals, Huaying Technology successively went up and down, and then were “returned to the original shape”.
Although the company announced on the evening of March 7 that "the subsidiary Huajia Cai will receive the investment of 600 million yuan in Haisi's equity investment (hereinafter referred to as "Haisi equity investment") is good news. However, on March 8, Huaying Technology's share price not only did not improve but fell to the limit; even after the opening on March 11, Huaying Technology's share price continued to decline.
It is worth noting that on the evening of March 11, Huaying Technology once again announced that Huajia Cai had received a prepayment of 300 million yuan from Haisi's equity investment. However, compared with CPT, Huaying Technology has a total of more than 3 billion yuan in debt, and the 600 million yuan bail-out funds can only be temporarily rescued.
On March 12, Chen Wei, general manager of Huaying Technology, admitted in an interview with the "Securities Daily" reporter that 600 million yuan of funds can only achieve short-term support for the company, and the company still faces financial pressure. The company needs to rely on its own team to strive to turn losses. . It further revealed that this year the company will launch IGZO TFT products in the second half of the year. Based on this, the OLED test line is expected to be trial-produced during the year.
Control ownership is undecided
On February 12, the company convened the board of directors to determine that CPT has lost control of Huaying Technology. CPT and Huaying Technology and its subsidiaries are not parent-subsidiary companies. They will not be included in the consolidated statements until the end of December 2018. This incident triggered the attention of the Shenzhen Stock Exchange.
It has been reported that on February 12, 2019, Huang Shichang, the director of CPT, publicly announced that he had lost control of Huaying Technology in mainland China and is currently operated by the second largest shareholder, Fujian Electronic Information Group. CPT still holds 26.37% of the shares of Huaying Technology in mainland China and is the largest shareholder. However, due to the resignation of the chairman and directors, it has lost control.
For CPT's unilateral “pick-up”, Huaying Technology stated in its reply letter on March 1 that Huaying Technology's current ownership of control is uncertain. In addition, after consulting CPT, Fujian Electronic Information Investment and Putian Guotou, Huaying Technology does not have any control over shareholder control or other governance disputes.
Chen Wei further revealed to the "Securities Daily" reporter that in addition to the resignation of the chairman and directors, Huaying Technology is still operating normally in the original business management team of the two sides of the strait, and the information group has already had management personnel stationed before, but the daily operation still remains. Mainly by the Huaying Technology Management Team.
It is worth noting that the daily production and operation of Huaying Technology is closely related to CPT. Among them, in 2017, the company purchased goods and received labor related transactions from CPT and its related parties, accounting for 36.58%, selling goods and providing labor services. The transaction accounted for 55.65%, and the CPT reorganization will undoubtedly have a major impact on the subsequent production and operation of Huaying Technology.
It is reported that Huaying Technology will release its annual report on April 30, and the company's performance forecast shows that due to the bankruptcy and reorganization of the parent company CPT, Huaying Technology's net profit was 3.7 billion yuan to 5.5 billion yuan.
According to Huaying Technology's self-closing data, as of December 31, 2018, the balance of the actual receivables of the company's accounts receivable, Zhonghua Yingguan Co., Ltd. (hereinafter referred to as “CMB”), was US$458 million. At the end of December, the exchange rate was RMB 3.141 billion. The above receivables could not be fully recovered, and the company needed to make large amounts of bad debts.
Huajia color OLED production line suspected cloud
It is worth mentioning that Huaying Technology's performance is also affected by the large amount of loss of Huajia Cai, the largest investment subsidiary. According to the company, Fujian Huajia Cai Co., Ltd. (hereinafter referred to as “Huajia Cai”), a wholly-owned subsidiary of the company, expects a loss of approximately RMB 1.5 billion in 2018. Among them, in 2018, Huajia Cai's fixed cost depreciation is as high as 560 million yuan. In addition, Huajiacai did not reach the design capacity until June last year, and currently Huajia Cai is still dominated by low-end mobile phone screen products a-SiTFT.
Huajia Cai can be said to be the largest investment project of Huaying Technology in recent years. On June 2, 2015, Huaying Technology decided to set up Fujian Huajia Cai Co., Ltd. in Fujian Putian to facilitate the planning and operation of the 6th generation TFT-LCD production line.
In order to promote this project, Huaying Technology Co., Ltd. has invested 10 billion yuan to raise funds. According to the plan, Huajia Cai's 6th generation TFT-LCD production line project plans to invest 12 billion yuan, and the new glass substrate size is 1500mm×1850mm. It is 30,000 pieces/month. It is expected to start construction in September 2015 and start production in July 2017.
However, the above projects were pushed back until the design capacity was reached in June 2018. In addition, the second-phase OLED production line and test line, which was considered a leading technology product at that time, has not yet been put into production.
Huaying Technology once said on the interactive platform on May 7, 2018 that Huajia Cai has a monthly production capacity of 30,000 slabs and currently has a production capacity of 20,000 pieces. It is expected to reach the design capacity in the second quarter of 2018. The second phase of the Huajia Cai project is still under planning. In addition, the company's OLED experimental line is under construction.
However, Huang Shichang, the director of Chunghwa Picture Management, said on February 12, 2019 that ChunghwaPai had planned to produce low-temperature polycrystalline slabs or metal by investing in Huaying Technology’s indirect investment in Fujian’s Kamata 6th generation panel factory. The oxide process is currently not realized, and the actual product is still a conventional polycrystalline germanium panel (a-Si).
Cui Jilong, an analyst at Dixian Consulting Co., told the "Securities Daily" reporter that the OLED project launched at the same time as Huajiacai began to reach production in 2018, and it is expected that technology will mature gradually this year or next year. In contrast, Huajia Cai has not been able to achieve profitability in the traditional a-Si project. If it continues to invest in OLED projects in the future, it will be quite difficult for technology or capital thresholds, and it will require tens of billions of dollars to continue investment. And 2 to 3 years to achieve production.
Chen Wei told the "Securities Daily" reporter that the Huajiacai OLED project is different from the current domestic mainstream manufacturers' technology routes. Based on the IGZOTFT technology, the company is advancing the project according to normal procedures. It is expected that IGZOTFT products will be realized in the second half of this year. Mass production, and on this basis, the OLED test line is expected to be trial production during the year.
It further stated that although the market is paying high attention to OLED, from the actual situation, it is still unknown whether OLED products will become the profit driver of Huajia Cai in the future. First of all, at present, the OLED production line needs at least two or three billion yuan of follow-up investment. In addition, from the perspective of market competition, it will become more and more fierce.
The industry believes that IGZOTFT technology products are currently in the market with differentiated competition technology, which has advantages in medium-sized products.
Ten billion yuan fundraising project profit depends on subsidies
In the opinion of the industry, compared with other manufacturers in the same industry, Huajia Cai can not say that it is successful in terms of project progress or profitability. On the contrary, it can explain the backwardness and other manufacturers' projects in the same period.
More market participants have questioned that in recent years, a major factor in the profitability of Huaying Technology has come from government subsidies.
According to the announcement on June 27, 2017, Huaying Technology signed the “Fujian Putian High-tech Panel Project Investment Cooperation Contract” with the Putian Municipal People's Government and Fujian Electronic Information (Group). The contract involves a project subsidy of 2.64 billion yuan, which was provided to Huajia Cai Company an average of 440 million yuan per year within six years after the project was put into production.
In addition, from 2016 to 2017, Huajia Cai successively received a total of 240,500 yuan of government subsidies such as investment promotion subsidies from the Commerce Bureau, talent development subsidies, and special subsidies for peak production awards.
According to the company's annual report, in 2017, Huaying Technology received a government subsidy of 484 million yuan, which was included in the current profit and loss. Among them, the government subsidy received by Huajia Cai, a wholly-owned subsidiary, was 440 million yuan. In addition, the company received a government subsidy of RMB 43.408 million in the current profit and loss in 2016, and passed the investment income of RMB 570 million to make no loss in the year.
Huaying Technology believes that the reason for the loss of Huajia Cai in 2018 also includes the failure to receive government subsidies. According to the data, Huaying Technology's net profit in 2016, 2017 and 2018 was 396 million yuan, 205 million yuan and 461 million yuan respectively; -33 million yuan, -4.83 billion yuan.
Why did Huajia Cai choose Putian to settle down instead of Xiamen or Fuzhou, which is more complete from upstream and downstream, is it driven by subsidy policy? Chen Wei believes that Huajia Cai is based on the industrial supporting infrastructure of Fujian Province. From the geographical point of view, Putian is half an hour away from Fuqing, not far away.
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