Recently, the National Development and Reform Commission announced that South Korea's Samsung, LG and Taiwan's Chi Mei, AUO, CPT and Hanyu Jingjing were fined 144 million yuan for conspiring to manipulate LCD panel prices. This is China's first overseas visit. Enterprises implement price monopoly penalties.
The LCD TV market is in a high-speed growth period, and as the world's largest color TV manufacturing base in mainland China, it was once unable to produce LCD panels, and had to purchase LCD panels from South Korea, Taiwan, and Japanese companies at high prices. Li Dongsheng, chairman of TCL Group, has publicly stated that "there is no LCD panel to sleep." As a result, domestic companies including BOE, SVA, Tianma, TCL, etc. have re-raised on the LCD panel, but the domestic LCD panel project has been in a loss before, so the gamble has caused controversy and continues to this day.
Among them, BOE, the leading enterprise of domestic LCD panels, is because of the “debt and profit†for many years, and the “financing king†in the A-share market, which has become the key target of the industry and the majority of investors.
Is it "circling money" or "making industry"? Is this expansion model of China's panel industry a Chinese characteristic or an international practice? Does this industry need the government's generous support? Domestic panel makers have been gambling for a few years, has there been any change in panel display industry leading position? The reporter used BOE as a sample to investigate the panel industry.
Huge investment plan to provoke controversy
In the 11 years since the listing of BOE, most of the years have been huge losses, but it has carried out 5 additional issuances, and the amount of funds raised exceeds 27 billion yuan. This financing scale, except for several major state-owned banks, may not be the right one; Since the LCD panel industry, it has continued to invest more than tens of billions and has not been able to make money, but it has not stopped investing. Recently, it has announced more than 60 billion investment plans; local governments have been eager to do so, Beijing, Hefei, Chongqing Waiting for the land to come up with billions of funds to buy shares.
Some commentators believe that BOE has achieved free expansion through the use of capital by means of financing-loss-refinancing-re-loss, net assets from the 2.2 billion to 18 billion, suspected of having empty gloves and white wolves; well-known financial commentators Ye Tan also said that BOE has set a negative benchmark in the capital market: as long as it is a strategic enterprise, regardless of the profit prospects, it can be circled. However, Chen Yanshun, the president of BOE, stressed that he is doing business in a down-to-earth manner, and said that after the period of investment, he will eventually keep his eyes open.
In 2012, the LCD panel industry turned warm, and with four production lines all put into production, BOE is finally expected to achieve profitability. Just as the stockholders were just taking a breather, BOE has thrown out two magnificent investment plans of more than 60 billion 8.5-generation lines, which surprised many professionals and investors: Where does the capital come from? Is it the most advanced technology? Will it bring overcapacity? A series of doubts have once again been overwhelming.
Among them, the most concerned is the issue of funding sources. BOE's 2012 third quarter report shows that BOE's total assets are 68.1 billion yuan, total liquid assets and monetary funds are 41 billion, and various accounts receivable are 7 billion, but its total liabilities are also as high as 34 billion. Such a statement of accounts, once again to bear tens of billions of investment, investors can not help but worry that BOE will once again increase the licensing. In this regard, Chen Yanshun gave investors a reassurance. "In terms of capital, on the one hand, it is the input of the local government. The Hefei municipal government invested 10 billion yuan in the 8.5-generation line, and the Chongqing municipal government invested 10.8 billion in the 8.5-generation line. These investments are all in the market. The rest of the funds are negotiated between BOE and the local government. We have also issued stocks before, and we don’t need to raise stocks to raise funds in the future. I believe the board will have a decision. But at least So far, we have not considered this issue."
Self-owned funds are also one of the sources of funding for BOE. Since 2011, BOE has gradually improved its cash flow after the overall operation has improved. “The cash flow of BOE in 2012 is at least 3 billion. In 2013, there will be nearly 6.7 billion in cash flow. These cash flows will play a very good supporting role for the future development of BOE.†Chen Yanshun stressed that BOE's financing channels have begun to diversify, and the hematopoietic function has been further enhanced. "As the panel industry environment improves, some industry funds, some investors, especially some strategic investors will be interested in this investment. So everyone should not I think that BOE’s investment will be directed to additional issuance. Before the BOE’s private placement, it was a market difficulty. There was no new blood injection, and the financing method was single and narrow.â€
Isn’t it good to hold cash? Why invest in this node? Chen Yanshun also explained to reporters from the industry law that the panel industry is like a highway without an exit. There are tigers in front of the wolves. You must go to the top five in the world, ride in the middle, and eat it if you are not careful. Without high investment and no scale, we will not be able to fight the first camp, and we will only be able to be suppressed by the first-line manufacturers. "The expansion of BOE is not a blind expansion, it is based on technological progress and market-driven. In the field of high-tech manufacturing, technology can not necessarily win, technology can not keep up. The BOE production base is not a chaotic investment, not a head The decision is not to say who will give more support to the support, Beijing, Erdoschi radiate to North China, Hefei stare at East China, and Chengdu has a southwestern layout."
Is kidnapping the government still driving 100 billion yuan in output value?
The expansion of BOE is inseparable from the support of the local government. Whether in Beijing, Hefei or Chongqing, the relationship between BOE and the local government has envied the outside world. However, there are also voices that the so-called close relationship is only the BOE bundled with the local government. To cite just one example: In 2009, BOE A received government subsidies of up to 700 million yuan. At the same time, the Erdos government also gave the local 1 billion tons of coal exploration rights to BOE. In 2011, BOE sold this exploration right and obtained billions of “revenuesâ€.
Why is the local government so generous? Shen Bin, an analyst at Shenyin Wanguo Securities, told the Southern Reporter that first, it can stimulate investment, a panel project can drive huge investment effects, which in turn can drive employment; second, it can improve the aggregation effect of related information industries. The government itself will not pursue the profit of this investment, at least there is no return on investment in the short term, let alone profit and tax. Relevant data shows that an 8.5-generation line will be put into production, which will form a liquid crystal display industry group with an annual output value of hundreds of billion yuan.
However, the industry does not agree with the statement that the BOE bundles local governments. The global LCD panel projects are high-input, high-risk and high-reward projects. One 8.5-generation line has invested at least RMB 25 billion. The top four investments of Samsung, LG, AUO and Chi Mei are more than US$100 million. In addition, South Korea's Samsung, LG, China's Taiwan's AUO and other industry giants have already launched a number of 8.5-generation lines, with a high threshold. Therefore, in order to have global competitiveness, LCD panel companies in China must first have a certain scale. This is also the reason why BOE is determined to invest in the Hefei and Chongqing 8.5-generation line projects.
According to reports, three years ago, when a large number of large customers in BOE settled in Chongqing, BOE began to pay attention to Chongqing. After the completion of the downstream mechanism, Chongqing is interested in the upstream core layout. "Three years ago, Chongqing Mayor Huang Qifan sketched a blueprint for our chairman, saying that in three years, Chongqing would have to form 100 million laptops, 50 million printers, 30 million mobile phones, and 10 million TV industrial clusters. At that time, I felt far away. Three years later, it became a reality. Obviously, Chongqing, as an IT and home appliance manufacturing base, needs and has the ability to digest an 8.5-generation line. This is why BOE is determined to invest in Chongqing."
The "big book" behind the LCD panel industry
In the voice against the expansion of BOE, overcapacity of LCD panels is a major argument. Consulting firm WitsV iew research assistant Liu Chenhong said that due to the influence of products and profits, the current capacity of the 8.5-generation LCD panel production line of Taiwanese manufacturers in China has not been fully opened, which has caused oversupply in the global panel market. Once the BOE 8.5 generation line, Samsung Suzhou 8.5 The generation line, the 10th generation line of CLP Panda, and the mass production of BOE 8.5 generation line in Chongqing, the global panel will be oversupply.
However, Chen Yanshun is not worried about the conclusion that overcapacity is derived from this static calculation. For a long time, lack of core and less screen is the two major bottlenecks restricting the development of China's electronics industry. Although the 8.5-generation line of BOE and Huaxing Broadcasting and Television has been put into production, the status quo of China's lack of core and less screen has not been fundamentally changed. In 2011, China spent $47.2 billion on the import of LCD screens. “This ranks fourth among China’s single imported products (the top three are integrated circuits, oil and iron ore). The more than 40 billion US dollars are still in the market after the Chinese companies represented by BOE have fallen in half. The data. Even after two years of domestic 8.5-generation lines are put into production, as demand continues to rise, there will be no overcapacity."
In the past two years, the LCD panel industry is in a low position. In addition to the sluggish demand in the consumer market, there is another important reason. The price war on LCD panels is extremely fierce. When the first 32-inch screen of BOE came out in 2010, Samsung, LG and other industries slammed the price of 32-inch screen by 20%. The purpose was to trap the domestic LCD panel companies in the cradle period.
However, the industry giant's wishful thinking has not been successful, and the mainland panel companies have stubbornly collapsed and become an important force to break the monopoly of Korean and Chinese Taiwanese companies. At present, BOE's LCD panel production capacity has accounted for about 9% of global production capacity, ranking sixth in the world, and will soon surpass Japan's Sharp and become the industry's fifth. It is precisely because of the existence of BOE and Huaxing Optoelectronics that the price of LCD panels has been falling all the way, and Chinese consumers have become the biggest beneficiaries. In addition, Chinese home appliance companies can compete with giants such as Sony, Sharp, Samsung, and LG, occupying more than half of the Chinese market, and fully benefiting from the supply of domestic LCD panel companies.
In addition, the industrial cluster formed by BOE and Huaxing Optoelectronics has initially formed an ecological circle. Statistics show that among the listed companies of A-shares, the first major customers of at least 20 companies are BOE, including equipment, including materials, including supporting equipment. "Under the premise of lack of core and less screen, we say that China is a big country in the manufacture of consumer electronics. It is self-deception. At best, it can only be assembled in China, not in China. Only after solving its components, especially the core of the core. After the parts, we can call China to manufacture. Through the Chinese enterprises such as BOE, Shenzhen Tianma (7.97, -0.19, -2.33%) and Huaxing Optoelectronics, they worked hard for ten years and really created the output value on a piece of white paper. The trillions of Chinese flat panel display industry." Chen Yanshun stressed.
Chen Liyi, CEO of Huaxing Optoelectronics, once said that if there is no LCD panel, it is impossible for domestic color TV manufacturers to compete with multinational giants in overseas markets. Can be described in a language.
Return on equity is negative for many years
BOE has been walking on the road of panel investment for many years, and has accumulated a large amount of investment. What is the return on investment over the years? An investment manager told reporters that the investment effect of BOE can be seen through a set of figures. He provided the reporter with a weighted return on equity (ROE) from BOE since 2000. The weighted ROE figures from 2000 to 2004 were positive, at 9.84%, 3%, 4% and 15.28% respectively. In 2005, the weighted ROE suddenly dropped to -38.3%, and then fell to -57.75% in the following year. In 2007, the weighted ROE turned positive to 16.33%, but by 2008, the weighted ROE continued to be negative, or -15.94%. From 2009 to 2011, the weighted ROEs were 0.39%, -11.77%, and 2.22%, respectively.
In the five years from 2007 to 2011, although the earnings figures have improved, the investment manager pointed out that in the five years of non-operating income, government subsidies were 217 million, 11 million, 700 million, 76 million and 6.7 respectively. Billion, weighted RO E is almost entirely dependent on government subsidies.
In addition, the 2012 semi-annual report and the third quarterly report showed that BOE had a loss of 787 million in the first half of the year, and the semi-annual report showed that the government subsidized 150 million. In the third quarter, BOE’s losses narrowed to 635 million. However, non-operating income (including government subsidies) increased to 414 million. The third quarterly report explained that the increase in government subsidies was caused.
Obviously, from the digital point of view, BOE’s current “burning money†really does not see the value of investment. Zhang Han, a securities industry analyst in Beijing, told the Southern Reporter that “there are basically two reasons why A-share investors do not like BOE. One is that the core technologies of the industry are all abroad, and the basic display technology is in Japan and South Korea. Foreign production, domestic enterprises do not master the core technology, can only be led by the nose. Another is that this is a heavy asset industry, the factory floor is highly automated, if you go to visit, you can not see a few workers, mostly rely on robot operation, As a result, although domestic production, but the comparative advantage of cheap labor does not play a role." The analyst said that domestic panel companies are currently more difficult to profit, even if profitable, the profit period is very short.
However, from an investment perspective, one is a good company and a bad company, and another is a good stock and a bad stock. Zhang Han said that from the secondary market, BOE also has investment opportunities. At present, the stock price of BOE is relatively low, and the stock price is lower than the net assets, which is relatively cheap. In 2013, the panel industry will pick up and investors will enter. However, he also said that profit investors will not choose BOE, even if the investment will choose to find opportunities in the short term, and will not hold for a long time.
"He's arsenic, my honey," this may be somewhat alarmist. However, compared to some "bad companies" in the eyes of some investment managers, BOE is quite popular with some local governments. Zhang Han said that BOE's support from government or policy-oriented institutions also includes repeated financing and loan from CDB.
As a result of multiple rounds of increase, the proportion of shares held by BOE state-owned legal entities is increasing. In 2012, the BOE semi-annual report showed that the top ten shareholders of the top ten shareholders were state-owned legal persons or countries, and the shareholding ratio of the nine major shareholders was 50.7%. In addition, Beijing BOE Display Technology Co., Ltd., a subsidiary of the BOE 8.5-generation line production line project in 2010, received a syndicated loan of approximately RMB 10.5 billion led by CDB.
The LCD TV market is in a high-speed growth period, and as the world's largest color TV manufacturing base in mainland China, it was once unable to produce LCD panels, and had to purchase LCD panels from South Korea, Taiwan, and Japanese companies at high prices. Li Dongsheng, chairman of TCL Group, has publicly stated that "there is no LCD panel to sleep." As a result, domestic companies including BOE, SVA, Tianma, TCL, etc. have re-raised on the LCD panel, but the domestic LCD panel project has been in a loss before, so the gamble has caused controversy and continues to this day.
Among them, BOE, the leading enterprise of domestic LCD panels, is because of the “debt and profit†for many years, and the “financing king†in the A-share market, which has become the key target of the industry and the majority of investors.
Is it "circling money" or "making industry"? Is this expansion model of China's panel industry a Chinese characteristic or an international practice? Does this industry need the government's generous support? Domestic panel makers have been gambling for a few years, has there been any change in panel display industry leading position? The reporter used BOE as a sample to investigate the panel industry.
Huge investment plan to provoke controversy
In the 11 years since the listing of BOE, most of the years have been huge losses, but it has carried out 5 additional issuances, and the amount of funds raised exceeds 27 billion yuan. This financing scale, except for several major state-owned banks, may not be the right one; Since the LCD panel industry, it has continued to invest more than tens of billions and has not been able to make money, but it has not stopped investing. Recently, it has announced more than 60 billion investment plans; local governments have been eager to do so, Beijing, Hefei, Chongqing Waiting for the land to come up with billions of funds to buy shares.
Some commentators believe that BOE has achieved free expansion through the use of capital by means of financing-loss-refinancing-re-loss, net assets from the 2.2 billion to 18 billion, suspected of having empty gloves and white wolves; well-known financial commentators Ye Tan also said that BOE has set a negative benchmark in the capital market: as long as it is a strategic enterprise, regardless of the profit prospects, it can be circled. However, Chen Yanshun, the president of BOE, stressed that he is doing business in a down-to-earth manner, and said that after the period of investment, he will eventually keep his eyes open.
In 2012, the LCD panel industry turned warm, and with four production lines all put into production, BOE is finally expected to achieve profitability. Just as the stockholders were just taking a breather, BOE has thrown out two magnificent investment plans of more than 60 billion 8.5-generation lines, which surprised many professionals and investors: Where does the capital come from? Is it the most advanced technology? Will it bring overcapacity? A series of doubts have once again been overwhelming.
Among them, the most concerned is the issue of funding sources. BOE's 2012 third quarter report shows that BOE's total assets are 68.1 billion yuan, total liquid assets and monetary funds are 41 billion, and various accounts receivable are 7 billion, but its total liabilities are also as high as 34 billion. Such a statement of accounts, once again to bear tens of billions of investment, investors can not help but worry that BOE will once again increase the licensing. In this regard, Chen Yanshun gave investors a reassurance. "In terms of capital, on the one hand, it is the input of the local government. The Hefei municipal government invested 10 billion yuan in the 8.5-generation line, and the Chongqing municipal government invested 10.8 billion in the 8.5-generation line. These investments are all in the market. The rest of the funds are negotiated between BOE and the local government. We have also issued stocks before, and we don’t need to raise stocks to raise funds in the future. I believe the board will have a decision. But at least So far, we have not considered this issue."
Self-owned funds are also one of the sources of funding for BOE. Since 2011, BOE has gradually improved its cash flow after the overall operation has improved. “The cash flow of BOE in 2012 is at least 3 billion. In 2013, there will be nearly 6.7 billion in cash flow. These cash flows will play a very good supporting role for the future development of BOE.†Chen Yanshun stressed that BOE's financing channels have begun to diversify, and the hematopoietic function has been further enhanced. "As the panel industry environment improves, some industry funds, some investors, especially some strategic investors will be interested in this investment. So everyone should not I think that BOE’s investment will be directed to additional issuance. Before the BOE’s private placement, it was a market difficulty. There was no new blood injection, and the financing method was single and narrow.â€
Isn’t it good to hold cash? Why invest in this node? Chen Yanshun also explained to reporters from the industry law that the panel industry is like a highway without an exit. There are tigers in front of the wolves. You must go to the top five in the world, ride in the middle, and eat it if you are not careful. Without high investment and no scale, we will not be able to fight the first camp, and we will only be able to be suppressed by the first-line manufacturers. "The expansion of BOE is not a blind expansion, it is based on technological progress and market-driven. In the field of high-tech manufacturing, technology can not necessarily win, technology can not keep up. The BOE production base is not a chaotic investment, not a head The decision is not to say who will give more support to the support, Beijing, Erdoschi radiate to North China, Hefei stare at East China, and Chengdu has a southwestern layout."
Is kidnapping the government still driving 100 billion yuan in output value?
The expansion of BOE is inseparable from the support of the local government. Whether in Beijing, Hefei or Chongqing, the relationship between BOE and the local government has envied the outside world. However, there are also voices that the so-called close relationship is only the BOE bundled with the local government. To cite just one example: In 2009, BOE A received government subsidies of up to 700 million yuan. At the same time, the Erdos government also gave the local 1 billion tons of coal exploration rights to BOE. In 2011, BOE sold this exploration right and obtained billions of “revenuesâ€.
Why is the local government so generous? Shen Bin, an analyst at Shenyin Wanguo Securities, told the Southern Reporter that first, it can stimulate investment, a panel project can drive huge investment effects, which in turn can drive employment; second, it can improve the aggregation effect of related information industries. The government itself will not pursue the profit of this investment, at least there is no return on investment in the short term, let alone profit and tax. Relevant data shows that an 8.5-generation line will be put into production, which will form a liquid crystal display industry group with an annual output value of hundreds of billion yuan.
However, the industry does not agree with the statement that the BOE bundles local governments. The global LCD panel projects are high-input, high-risk and high-reward projects. One 8.5-generation line has invested at least RMB 25 billion. The top four investments of Samsung, LG, AUO and Chi Mei are more than US$100 million. In addition, South Korea's Samsung, LG, China's Taiwan's AUO and other industry giants have already launched a number of 8.5-generation lines, with a high threshold. Therefore, in order to have global competitiveness, LCD panel companies in China must first have a certain scale. This is also the reason why BOE is determined to invest in the Hefei and Chongqing 8.5-generation line projects.
According to reports, three years ago, when a large number of large customers in BOE settled in Chongqing, BOE began to pay attention to Chongqing. After the completion of the downstream mechanism, Chongqing is interested in the upstream core layout. "Three years ago, Chongqing Mayor Huang Qifan sketched a blueprint for our chairman, saying that in three years, Chongqing would have to form 100 million laptops, 50 million printers, 30 million mobile phones, and 10 million TV industrial clusters. At that time, I felt far away. Three years later, it became a reality. Obviously, Chongqing, as an IT and home appliance manufacturing base, needs and has the ability to digest an 8.5-generation line. This is why BOE is determined to invest in Chongqing."
The "big book" behind the LCD panel industry
In the voice against the expansion of BOE, overcapacity of LCD panels is a major argument. Consulting firm WitsV iew research assistant Liu Chenhong said that due to the influence of products and profits, the current capacity of the 8.5-generation LCD panel production line of Taiwanese manufacturers in China has not been fully opened, which has caused oversupply in the global panel market. Once the BOE 8.5 generation line, Samsung Suzhou 8.5 The generation line, the 10th generation line of CLP Panda, and the mass production of BOE 8.5 generation line in Chongqing, the global panel will be oversupply.
However, Chen Yanshun is not worried about the conclusion that overcapacity is derived from this static calculation. For a long time, lack of core and less screen is the two major bottlenecks restricting the development of China's electronics industry. Although the 8.5-generation line of BOE and Huaxing Broadcasting and Television has been put into production, the status quo of China's lack of core and less screen has not been fundamentally changed. In 2011, China spent $47.2 billion on the import of LCD screens. “This ranks fourth among China’s single imported products (the top three are integrated circuits, oil and iron ore). The more than 40 billion US dollars are still in the market after the Chinese companies represented by BOE have fallen in half. The data. Even after two years of domestic 8.5-generation lines are put into production, as demand continues to rise, there will be no overcapacity."
In the past two years, the LCD panel industry is in a low position. In addition to the sluggish demand in the consumer market, there is another important reason. The price war on LCD panels is extremely fierce. When the first 32-inch screen of BOE came out in 2010, Samsung, LG and other industries slammed the price of 32-inch screen by 20%. The purpose was to trap the domestic LCD panel companies in the cradle period.
However, the industry giant's wishful thinking has not been successful, and the mainland panel companies have stubbornly collapsed and become an important force to break the monopoly of Korean and Chinese Taiwanese companies. At present, BOE's LCD panel production capacity has accounted for about 9% of global production capacity, ranking sixth in the world, and will soon surpass Japan's Sharp and become the industry's fifth. It is precisely because of the existence of BOE and Huaxing Optoelectronics that the price of LCD panels has been falling all the way, and Chinese consumers have become the biggest beneficiaries. In addition, Chinese home appliance companies can compete with giants such as Sony, Sharp, Samsung, and LG, occupying more than half of the Chinese market, and fully benefiting from the supply of domestic LCD panel companies.
In addition, the industrial cluster formed by BOE and Huaxing Optoelectronics has initially formed an ecological circle. Statistics show that among the listed companies of A-shares, the first major customers of at least 20 companies are BOE, including equipment, including materials, including supporting equipment. "Under the premise of lack of core and less screen, we say that China is a big country in the manufacture of consumer electronics. It is self-deception. At best, it can only be assembled in China, not in China. Only after solving its components, especially the core of the core. After the parts, we can call China to manufacture. Through the Chinese enterprises such as BOE, Shenzhen Tianma (7.97, -0.19, -2.33%) and Huaxing Optoelectronics, they worked hard for ten years and really created the output value on a piece of white paper. The trillions of Chinese flat panel display industry." Chen Yanshun stressed.
Chen Liyi, CEO of Huaxing Optoelectronics, once said that if there is no LCD panel, it is impossible for domestic color TV manufacturers to compete with multinational giants in overseas markets. Can be described in a language.
Return on equity is negative for many years
BOE has been walking on the road of panel investment for many years, and has accumulated a large amount of investment. What is the return on investment over the years? An investment manager told reporters that the investment effect of BOE can be seen through a set of figures. He provided the reporter with a weighted return on equity (ROE) from BOE since 2000. The weighted ROE figures from 2000 to 2004 were positive, at 9.84%, 3%, 4% and 15.28% respectively. In 2005, the weighted ROE suddenly dropped to -38.3%, and then fell to -57.75% in the following year. In 2007, the weighted ROE turned positive to 16.33%, but by 2008, the weighted ROE continued to be negative, or -15.94%. From 2009 to 2011, the weighted ROEs were 0.39%, -11.77%, and 2.22%, respectively.
In the five years from 2007 to 2011, although the earnings figures have improved, the investment manager pointed out that in the five years of non-operating income, government subsidies were 217 million, 11 million, 700 million, 76 million and 6.7 respectively. Billion, weighted RO E is almost entirely dependent on government subsidies.
In addition, the 2012 semi-annual report and the third quarterly report showed that BOE had a loss of 787 million in the first half of the year, and the semi-annual report showed that the government subsidized 150 million. In the third quarter, BOE’s losses narrowed to 635 million. However, non-operating income (including government subsidies) increased to 414 million. The third quarterly report explained that the increase in government subsidies was caused.
Obviously, from the digital point of view, BOE’s current “burning money†really does not see the value of investment. Zhang Han, a securities industry analyst in Beijing, told the Southern Reporter that “there are basically two reasons why A-share investors do not like BOE. One is that the core technologies of the industry are all abroad, and the basic display technology is in Japan and South Korea. Foreign production, domestic enterprises do not master the core technology, can only be led by the nose. Another is that this is a heavy asset industry, the factory floor is highly automated, if you go to visit, you can not see a few workers, mostly rely on robot operation, As a result, although domestic production, but the comparative advantage of cheap labor does not play a role." The analyst said that domestic panel companies are currently more difficult to profit, even if profitable, the profit period is very short.
However, from an investment perspective, one is a good company and a bad company, and another is a good stock and a bad stock. Zhang Han said that from the secondary market, BOE also has investment opportunities. At present, the stock price of BOE is relatively low, and the stock price is lower than the net assets, which is relatively cheap. In 2013, the panel industry will pick up and investors will enter. However, he also said that profit investors will not choose BOE, even if the investment will choose to find opportunities in the short term, and will not hold for a long time.
"He's arsenic, my honey," this may be somewhat alarmist. However, compared to some "bad companies" in the eyes of some investment managers, BOE is quite popular with some local governments. Zhang Han said that BOE's support from government or policy-oriented institutions also includes repeated financing and loan from CDB.
As a result of multiple rounds of increase, the proportion of shares held by BOE state-owned legal entities is increasing. In 2012, the BOE semi-annual report showed that the top ten shareholders of the top ten shareholders were state-owned legal persons or countries, and the shareholding ratio of the nine major shareholders was 50.7%. In addition, Beijing BOE Display Technology Co., Ltd., a subsidiary of the BOE 8.5-generation line production line project in 2010, received a syndicated loan of approximately RMB 10.5 billion led by CDB.
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