The plan will never keep up with the pace of market changes. This sentence is used to describe the rapid expansion of Dongshan Precision (002384.SZ) in the two years after its listing, which may be the most appropriate. However, Dongshan Precision has not stopped expanding.
On July 27, Dongshan Precision re-issued the non-public offering plan, preparing to issue an additional 125 million shares and raising 1.081 billion yuan for precision sheet metal and LED device expansion projects.
In the previous month, Dongshan Precision announced that the company and the wholly-owned subsidiary Yongchuang Technology jointly invested 20 million yuan to set up Suzhou Dongshan Lighting Co., Ltd. to develop the design and sales of LED lighting products. At this point, the number of subsidiaries in the LED field of Dongshan Precision Investment has risen to five, and the investment amount has reached nearly 300 million yuan.
However, Dongshan Precision's layout and vision in the LED field is not limited to this. On August 25, Dongshan Precision announced the first half of 2012 financial report, Dongshan Precision is also preparing to jointly invest in the company's Suzhou Industrial Park, Dorni Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Doni Optoelectronics") to invest 21.6 million yuan in late May. , involved in the LED upstream chip business.
â€œI was originally involved in the LED field because I didnâ€™t know about LEDs. If I know LEDs, I wonâ€™t do it.â€
A senior executive of Dongshan Precision told the "New Industry" that LED has a market at present, and Dongshan Precision has capital. As long as the customers are robbed at low prices, Dongshan Precision will go faster than its competitors.
However, Dongshan Precision and its chairman Yuan Yonggang may not only break through the LED game in the future, but also participate in the photovoltaic endgame of Solfcus in the United States, as well as the puzzle of rail intelligent transportation and communication engineering software outsourcing.
"New Industry" notes that since Dongshan Precision was listed on the Shenzhen Stock Exchange on March 19, 2010, it has invested and participated in 10 companies, covering LED, intelligent transportation, photovoltaic, electrical, semiconductor equipment to software outsourcing. . Unfortunately, most companies are still in a state of loss, and there is a big gap between the huge output and earnings estimates at the time of the initial investment.
Perhaps based on this, in the first half of 2012, Dongshan Precision's net profit fell sharply by 45.59% year-on-year. At the same time, the share price of Dongshan Precision, which was once the top ten gold stocks in 2011, also fell from 82.41 yuan at the end of 2010 to 8.92 yuan on August 28.
"Dongshan Precision's diversified expansion is mostly based on the extension of its precision sheet metal business and the extension of the channel." A senior LED manufacturer familiar with Dongshan Precision said to the "new industry" that mass production, low-cost grab The city is Dongshan Precision's consistent business model, but this model has achieved initial success in the field of LED backlight modules. "Since July, Dongshan's precision LED backlight module has been in short supply."
The story of Dongshan's sophisticated diversification expansion has to start from March 2010. On March 19, 2010, Dongshan Precision was listed on the Shenzhen Stock Exchange, with a net offering of 959 million yuan and a total of 636 million yuan. According to Dongshan Precision's fundraising plan, it is mainly to expand the manufacturing capacity of the precision sheet metal business and double the capacity of precision sheet metal to meet the development needs of customers such as telecommunications, solar power and machine tools.
Dongshan Precision also said that the company signed a formal purchase contract with Solfcus, Inc., and the number of solar precision sheet metal parts required by Solfcus will increase from 2.46 million in 2009 to 12.3 million in 2010.
On the contrary, as of the end of 2009, Dongshan Precision's precision sheet metal production capacity was only 17 million pieces, and its capacity utilization rate has exceeded 100% for two consecutive years. According to the above data, only the demand of Solfcus can digest more than 70% of Dongshan Precision's new capacity.
It can be seen that the primary goal of Dongshan Precision's investment expansion is to focus on the solar power market, followed by the communications and machine tool market.
With the placement of investment funds and the expansion of the expansion project, Dongshan Precision has gradually emerged from the diversified expansion and industrial upgrading roadmap of digesting and expanding production capacity.
In mid-May 2010, Dongshan Precision invested 8 million yuan to participate in Suzhou Regate Intelligent Company, and entered the field of intelligent track transportation, mainly producing automatic ticket checking machines. Among them, the cost of sheet metal structural parts in the automatic ticket checking machine accounts for 30%-40% of the cost of raw materials.
Dongshan Precision expects that the construction period of the project will be 1.5 years. After the project is completed, it will produce 2,000 automatic ticket gates per year. By then, the annual income will reach 96 million yuan and the net profit will be 15.12 million yuan. According to the plan, in 2010, 200 automatic ticket gates will be produced, with a revenue of 11.6 million yuan. In 2011, it will produce 500 sets with a revenue of 27.5 million yuan. In 2012, it will produce 2000 sets with a revenue of 96 million yuan.
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