The Southwestern pharmaceutical industry, which is “inlaid†with the concept of sapphire at a price of 4.12 billion yuan, is quite subtle.
In the early morning of September 10, Apple pointed out at the new product launch that the new iPhone6 ​​product did not use the sapphire screen that had been rumored before.
On August 12, Southwest Pharmaceutical (600666), which had been suspended for nearly 4 months, issued a restructuring plan, saying that it will realize the backdoor listing of Harbin Orient Optoelectronics Technology Co., Ltd. (hereinafter referred to as Orient) through a series of transactions.
The reporter noted that in the announcement, in order to describe the huge market space for the future of the sapphire industry, Southwest Pharmaceuticals also specifically mentioned the extensive application of the sapphire materials by the Apple series. Analysts believe that the new iPhone6 ​​product does not involve sapphire, which may cause the industry to break out. The timetable for the period is postponed.
In addition, market participants believe that there are a number of sapphire concept companies with new projects in the near future. Although sapphire has sufficient imagination in the field of smart phone devices, there are also concerns about overcapacity.
High premium injected sapphire assets <br> <br> since the beginning of June this year, thrown objects after the proposed restructuring Aorui De, Southwest Pharmaceutical "abandoning drug testing the waters" of the road gradually become clear.
On August 12, Southwest Pharmaceuticals released a restructuring plan to complete asset restructuring in a “four-step†manner. First, Southwest Pharmaceuticals used its entire assets and liabilities as a price of 427 million yuan, and replaced it with the equivalent of Zuo Hongbo (one of the actual controllers of Orient). After the replacement, Southwest Pharmaceuticals The price of 7.42 yuan per share will be issued to all shareholders of Ored to 498 million shares, and then 100% of Orient will be acquired; Zuo Hongbo will take all the assets he has acquired and 413 million yuan in cash, and will be transferred to Taiji Group. Holding a 29.99% stake in Southwest Pharmaceutical.
In addition, Southwest Pharmaceuticals plans to raise 1.03 billion yuan through non-public offerings. The relevant funds will be used for Orient's "large-size sapphire material industry base expansion project" and its subsidiary Qiuguan photoelectric "sapphire" Window film base project".
It is worth noting that the estimated value of the 100% equity of the proposed investment in Orient is 4.12 billion yuan, while the net book value of the parent company is 596 million yuan, and the estimated value-added rate is as high as 590.84%.
The Orient Asset Evaluation Report released by Southwest Pharmaceuticals shows that the above assessment data is evaluated by the income assessment method. The higher value-added rate is based on several factors: the income method valuation is inconsistent with the book value standard, and the future of the sapphire industry The growth space is huge, and the sapphire industry's profit growth is relatively fast.
“The book value generally reflects the historical cost of the company's existing assets, and the income method reflects the comprehensive profitability of the company's assets.†Yang Zegui, an evaluation analyst.
The reporter noted that in judging the company's prospects, the concept of "Apple" was frequently mentioned in the evaluation report including the Orient company and the announcement of the restructuring plan, saying that sapphire materials will be widely used in future smart phones and wearable devices.
"The sapphire concept has been very much in the capital market since the beginning of this year. Whether the iPhone 6 uses sapphire materials also affects investors' enthusiasm for the sapphire concept to some extent," said Zhang Jun, an analyst with the electronic components industry.
Underlying earnings meet the test of <br> <br> With Apple's new conference held after the market was stir-fried iPhone6 will use sapphire screen rumor has been burst, investors have worried that Apple's use less phone in Sapphire The driving effect on the screen, the timetable for the industry outbreak may be delayed.
In fact, the reporter also found through multiple interviews that sapphire is still facing many challenges in mass production on smart phones and wearable devices.
In the announcement issued by Southwest Pharmaceuticals, sapphire has been repeatedly emphasized that it has superior scratch resistance. According to Corning, a manufacturer of special glass and ceramic materials, the sapphire substrate is expensive to manufacture, and the price is about 10 times that of the current glass panel. It is difficult to replace the glass panel in a short time.
Guotai Junan analysis Yan Qing believes that although the iPhone6 ​​screen has not used sapphire materials, it does not affect the scale application of sapphire in the future. Domestic brands such as Jinli and Huawei have plans to launch smart phones with sapphire panels.
However, some market participants disagree with this view. "Domestic mobile phones have always occupied the market with price/performance and price wars. The cost of sapphire cannot be reduced. The timetable for mass production is difficult to say," said an industry insider who declined to be named.
This is likely to affect Orient's promise of profitability expectations. According to the announcement, Orient promised net profit of RMB 220 million and RMB 300 million from 2014 to 2015, respectively, and the compound growth rate in the next five years is about 32%.
In the early morning of September 10, Apple pointed out at the new product launch that the new iPhone6 ​​product did not use the sapphire screen that had been rumored before.
On August 12, Southwest Pharmaceutical (600666), which had been suspended for nearly 4 months, issued a restructuring plan, saying that it will realize the backdoor listing of Harbin Orient Optoelectronics Technology Co., Ltd. (hereinafter referred to as Orient) through a series of transactions.
The reporter noted that in the announcement, in order to describe the huge market space for the future of the sapphire industry, Southwest Pharmaceuticals also specifically mentioned the extensive application of the sapphire materials by the Apple series. Analysts believe that the new iPhone6 ​​product does not involve sapphire, which may cause the industry to break out. The timetable for the period is postponed.
In addition, market participants believe that there are a number of sapphire concept companies with new projects in the near future. Although sapphire has sufficient imagination in the field of smart phone devices, there are also concerns about overcapacity.
High premium injected sapphire assets <br> <br> since the beginning of June this year, thrown objects after the proposed restructuring Aorui De, Southwest Pharmaceutical "abandoning drug testing the waters" of the road gradually become clear.
On August 12, Southwest Pharmaceuticals released a restructuring plan to complete asset restructuring in a “four-step†manner. First, Southwest Pharmaceuticals used its entire assets and liabilities as a price of 427 million yuan, and replaced it with the equivalent of Zuo Hongbo (one of the actual controllers of Orient). After the replacement, Southwest Pharmaceuticals The price of 7.42 yuan per share will be issued to all shareholders of Ored to 498 million shares, and then 100% of Orient will be acquired; Zuo Hongbo will take all the assets he has acquired and 413 million yuan in cash, and will be transferred to Taiji Group. Holding a 29.99% stake in Southwest Pharmaceutical.
In addition, Southwest Pharmaceuticals plans to raise 1.03 billion yuan through non-public offerings. The relevant funds will be used for Orient's "large-size sapphire material industry base expansion project" and its subsidiary Qiuguan photoelectric "sapphire" Window film base project".
It is worth noting that the estimated value of the 100% equity of the proposed investment in Orient is 4.12 billion yuan, while the net book value of the parent company is 596 million yuan, and the estimated value-added rate is as high as 590.84%.
The Orient Asset Evaluation Report released by Southwest Pharmaceuticals shows that the above assessment data is evaluated by the income assessment method. The higher value-added rate is based on several factors: the income method valuation is inconsistent with the book value standard, and the future of the sapphire industry The growth space is huge, and the sapphire industry's profit growth is relatively fast.
“The book value generally reflects the historical cost of the company's existing assets, and the income method reflects the comprehensive profitability of the company's assets.†Yang Zegui, an evaluation analyst.
The reporter noted that in judging the company's prospects, the concept of "Apple" was frequently mentioned in the evaluation report including the Orient company and the announcement of the restructuring plan, saying that sapphire materials will be widely used in future smart phones and wearable devices.
"The sapphire concept has been very much in the capital market since the beginning of this year. Whether the iPhone 6 uses sapphire materials also affects investors' enthusiasm for the sapphire concept to some extent," said Zhang Jun, an analyst with the electronic components industry.
Underlying earnings meet the test of <br> <br> With Apple's new conference held after the market was stir-fried iPhone6 will use sapphire screen rumor has been burst, investors have worried that Apple's use less phone in Sapphire The driving effect on the screen, the timetable for the industry outbreak may be delayed.
In fact, the reporter also found through multiple interviews that sapphire is still facing many challenges in mass production on smart phones and wearable devices.
In the announcement issued by Southwest Pharmaceuticals, sapphire has been repeatedly emphasized that it has superior scratch resistance. According to Corning, a manufacturer of special glass and ceramic materials, the sapphire substrate is expensive to manufacture, and the price is about 10 times that of the current glass panel. It is difficult to replace the glass panel in a short time.
Guotai Junan analysis Yan Qing believes that although the iPhone6 ​​screen has not used sapphire materials, it does not affect the scale application of sapphire in the future. Domestic brands such as Jinli and Huawei have plans to launch smart phones with sapphire panels.
However, some market participants disagree with this view. "Domestic mobile phones have always occupied the market with price/performance and price wars. The cost of sapphire cannot be reduced. The timetable for mass production is difficult to say," said an industry insider who declined to be named.
This is likely to affect Orient's promise of profitability expectations. According to the announcement, Orient promised net profit of RMB 220 million and RMB 300 million from 2014 to 2015, respectively, and the compound growth rate in the next five years is about 32%.
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