Electronic enthusiasts eight o'clock in the morning: TCL Group, which has been suspended for a long time, is planning a new investment and business integration plan. Among them, the semiconductor display panel is the focus of the industry.
On the evening of July 12, TCL Group announced that the company intends to purchase 10.04% equity of Huaxing Optoelectronics held by Changjiang Hanyi, Xingyu Limited, Lin Zhouxing, Lin Zhouxing, Lin Zhouxing and Lin Zhouxing. . The transaction price was 4.034 billion yuan, all of which were paid by way of issuing shares.
After the completion of the transaction, TCL Group will directly hold 85.71% equity of Huaxing Optoelectronics. In recent years, Huaxing Optoelectronics has been the profit pillar of TCL Group, and is currently the second largest market share among TV LCD panel manufacturers in mainland China. At the same time, according to the research organization IHS data, in 2016, Huaxing Optoelectronics' market share in the global TV panel market was 13%.
The establishment of Huaxing Optoelectronics is an important measure for the upstream industrial chain of TCL vertical layout. At the moment when the display panel industry is gradually emerging, TCL is also deepening the integration of industrial chain.
Low-key "profit cow"Different from BOE's initial acquisition of Korean companies and research techniques, Huaxing Optoelectronics initially recruited talents for independent research and development. In this capital-intensive and technology-intensive industry, Huaxing Optoelectronics has also experienced rough developments. Today, benefits and technology are the two major labels of Huaxing Optoelectronics.
From the financial report, Huaxing Optoelectronics is a high-quality asset of TCL Group, and contributed half of the company's profits in 2016. As a profit cow of TCL Group, Huaxing Optoelectronics is quite low-key, which is also determined by the industry attributes of To B business. Insiders of Huaxing Optoelectronics told reporters that at present, TCL Multimedia accounts for 40% of Samsung's panel supply and Samsung accounts for 20% of the total. The remaining customers are the top five TV manufacturers in China, such as Hisense and Skyworth.
Despite the lucrative profits, the cyclical nature of the panel industry has allowed manufacturers to have years of performance. Continuously investing in the next generation of production lines in the midst of sluggish performance is the key to winning in the next round of competition, and the cost of tens of billions of dollars needs constant funding. In addition to the government's strong support, Huaxing Optoelectronics also hopes to bring more financing platforms and development prospects through listing.
However, the reorganization of Huaxing Optoelectronics and Deep Textile has not yielded results. After the stranding of the listing, the TCL revolves around Huaxing Optoelectronics' reorganization plan this year. Just in May, TCL Group transferred about 37% of the shares held by Huaxian Optoelectronics to Huaxing Optoelectronics. The logic behind it is to make the upstream and downstream companies of the panel more closely integrated. Among them, Huaxing Optoelectronics mainly produces panel glass, and Huaxian Optoelectronics focuses on modules. The cooperation between the two will be closer with the construction of the production line.
Now TCL Group's acquisition of Huaxing Optoelectronics shares is also the future of semiconductor display. The announcement stated that the transaction has two main purposes. The first is to further strengthen the management and control of Huaxing Optoelectronics, which will help improve the overall operating efficiency of listed companies and enhance shareholder returns. Second, listed companies intend to implement the transaction to let Huaxing Optoelectronics' key management personnel and core employees hold the listing. The company's shares will help to improve the company's incentive system and talent attraction.
However, in the field of semiconductor display, there is still a gap between Huaxing Optoelectronics and Samsung. The above-mentioned insiders admitted to the reporter: "Huaxing Optoelectronics' technology is not the most advanced. At this stage, in the case of maintaining efficiency leadership, it is pursuing product leadership and leading the technology. Compared with the world-class Samsung, Sharp, Huaxing Optoelectronics is still following up quickly, and we are now more efficient."
Overcapacity?TCL Group has spared no effort in investing in the upstream industry chain. Today, Huaxing Optoelectronics has three production lines. In addition, TCL Group concentrated its resources in the semiconductor field to Huaxing Optoelectronics.
But it needs to be pointed out that the external competitors are also very strong. In the announcement of the acquisition, TCL Group also listed the risk of overcapacity. From 2017 to 2019, Innolux's 8.6th generation line, Huike Electronics' 8.6th generation line, BOE Fuzhou's 8.5th generation line, BOE Hefei's 10.5th generation line, Huaxing Optoelectronics Shenzhen 11th generation line, China Electronics Xianyang 8.5 generation line The 8.6th generation line of China Electronics Chengdu and the 10.5 generation line of Sharp Guangzhou have been put into production successively, and the domestic LCD panel production capacity will surpass South Korea to become the world's number one. However, a large part of Huaxing Optoelectronics' production capacity still needs to be digested through external sales, so there is a possibility of price cuts.
According to statistics from Sigmaintell, in the first half of 2017, China's display panel manufacturers maintained a high growth in production area, accounting for 24.5% of the global display industry, an increase of 22.7%. Even in the case of RMB depreciation, the profitability of panel makers in mainland China continues to increase. It is expected that in the first half of 2017, the consolidated operating profit margin of China's main panel makers will reach 12%, up 9% from last year, and also in the past five years. The highest level. At the same time, the Korean display industry continued to strengthen investment in the large-size mid-to-high-end market and the AMOLED market, showing rapid growth in the OLED materials and equipment industry. Competition between Chinese and Korean companies has also become a focus of attention.
In the face of competition, TCL Group tried to realize its advantages through Huaxing Optoelectronics' continuous accumulation of factory technology. Because the production of liquid crystal panels is particularly demanding on the external environment such as air cleanliness, the upgrade of each link requires the accumulation of technology in the actual production process. In the case of mature LCD panel technology, improvements on the production line become even more important.
Today, Huaxing Optoelectronics' factory is automated and intelligent production. Zhang Feng, director of Huaxing Optoelectronics, told 21st Century Business Reporter: “With some intelligent control, first, the manufacturing cycle from production to output can be shortened by 38%; Second, the number of defective products can be reduced by about 42%. Third, through warehouse automation and deployment, the time period from our output to delivery customers can be shortened by 32%; fourth, the product defect rate can be reduced by 28%."
On the other hand, TCL Group wants to take a different approach in flexible display, and combines quantum dot technology and OLED technology, and also establishes a printing production technology for research and development of flexible panels. Zhang Feng said: "There are three main problems in flexible display technology. One is the design of the product, the second is the equipment processing technology, and the third is the material. The latter two are more critical. The technology of the previous processing technology is basically concentrated in Korean enterprises. Materials mainly rely on Japanese companies, but now the technology in these areas is slowly released."
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