On December 2nd, Crystal Optoelectronics (002273) announced the plan for private placement. The company plans to purchase Fangyuan Group, Pan Maozhi, Wang Wei, Ling Daxin, Pan Huan, Chi Senyu, Ge Yiyi and Jiang Baoping through “fixed + cashâ€. Legally held 100% equity of Night Vision.
According to the plan, the transaction is divided into two parts, in which the company intends to issue shares with a number of shares not exceeding 6,453,300 shares to the counterparty, and the issue price is 19.37 yuan/share. And pay the counterparty a cash consideration of 125 million yuan. In addition, it will issue an additional 4,778,300 shares to eligible investors with no more than 10 eligible investors, and raise matching funds of 83,333,300 yuan. The issue price is not less than 17.44 yuan/share. The funds raised will be used for the payment of cash purchases, and the shortfall will be solved by Crystal Optics.
The announcement shows that the estimated asset value of this transaction is 266 million yuan, and the evaluation value-added rate is about 206.67%. The company said that the higher value-added of this evaluation is mainly due to the core competitive advantages of Night Vision's R&D, production process and brand.
Acquisition promotes industrial restructuring
Crystal Optoelectronics is a professional optical optoelectronics company. Its leading products are precision optoelectronic thin film components. The related products account for more than 90% of its operating income for three consecutive years. Although the leading product sales volume is in the forefront of the world, there is also a single business risk. The transformation and adjustment of the industrial structure has become an important strategy for the company's development.
It is understood that Crystal Hydropower has been based on the traditional optical industry in recent years, and has been accelerating the pace of adjustment of new industrial structures in order to achieve strategic transformation. In recent years, the company has been involved in optical business such as sapphire LED substrate and micro display. After a certain cultivation, the sapphire LED substrate business has achieved substantial breakthroughs and become an important new force in the company's business segment. The micro display business is expected. Benefiting from the development of technology products such as video glasses and car head-up display, it has brought huge business opportunities to the company.
The acquisition of Night Vision is another major step in the company's development strategy. Night Vision is mainly engaged in the research, development, production and sales of reflective materials. The main products include reflective fabrics and reflective films of various grades and specifications. The company has strong technical advantages in the field of reflective fabrics. It has mastered key technologies such as reflective fabric coating and beading. The products such as retroreflection coefficient, washability and flame retardancy have continuously broken through and are close to the highest level in the world. In the field of reflective film, Night Vision "high-strength reflective film industrialization" and "microprism reflective film" are listed in the "National Torch Program", and "Microprism Reflective Film" is also included in the "National Technology SME Technology". Innovation Fund Project".
Crystal Optoelectronics said that through the acquisition of Night Vision, it will have a positive effect on optimizing the optical business structure, enabling the company to have multiple development spaces in the industry at the same time, which will help to stabilize the listed companies due to changes in demand of a downstream industry. Risk of performance fluctuations.
The company's fixed plan has also been unanimously recognized by the organization. Guotai Junan analysts believe that the acquisition of Night Vision will effectively play the synergy effect of the two companies in optical coating technology, and the grafting of new technologies will help Crystal Optoelectronics find a new blue ocean in the optical industry. Industrial Securities (601377) also believes that in the long run, it is conducive to the risk of decentralized operations and performance fluctuations, and the formation of synergies. It is conducive to the company to focus on the field of optics and achieve epitaxial development.
The program leads investors to dispute
Although the company's acquisition plan has been recognized by professionals, it has caused dissatisfaction among ordinary investors. Many investors expressed their disappointment with the acquisition of Crystal Optoelectronics.
In this regard, Crystal Optoelectronics' secret secretary Kong Wenjun told reporters that this is mainly due to the fact that everyone expects M&A to be closely related to the company's own industry. Due to the company's technological advantages in video glasses and sapphire LED substrate business, we believe that the company may acquire assets related to it and further expand these emerging fields. However, the proposed increase plan is somewhat conservative compared to everyone's high expectations, resulting in a certain gap.
She also said that the sapphire LED lining business has undergone adjustments in the previous two years and has achieved good results this year. Video glasses technology has also been reserved, only to wait for end customers to launch related products. These technologies are all independently developed by the company and will continue to be unwavering.
Regarding the question of investors about the significance of night vision technology to Crystal Optoelectronics, the company said: “Night vision and Crystal Optoelectronics can have multiple complementary technologies in technology. Both are based on optical principles for product development and design. And applied to different downstream industries. Therefore, the two sides strengthen technical exchanges to help upgrade their products and improve their technology in their existing businesses."
The night vision performance problem is also the focus of investors. Some investors believe that TD Optics (002632, stock bar) is also the main reflective material, but it is expected that the 2013 results will decline by 20%-50%. The investor questioned the "acquisition of the company, which entered the company, and entered the reflective materials, must it be better than TD Optical?"
The company pointed out that “the sales and profits of Night Vision has been relatively stable in the past three years, and there has not been any obvious decline in performance. In addition, the company is actively expanding new business, and the company management team is also confident in the future development of the company. And will give a steady growth performance commitment for the next three years. The company is full of confidence in the future development of night vision."
Kong Wenjun also believes that the history of Night Vision is much longer than that of TD Optical. It is also a top-ranking enterprise in related fields in China, and it has its own unique advantages in technology.
According to financial data, the operating income of Night Vision in 2011, 2012 and the first three quarters of 2013 was 126 million yuan, 122 million yuan and 949.776 million yuan respectively, and the net profit was 20,750,900 yuan, 2016.93 million yuan and 17.6241 million yuan respectively. The announcement of the increase is also disclosed. The transaction party also made a performance commitment to Night Vision. It is estimated that the net profit from 2013 to 2016 will be 20.9 million yuan, 22.87 million yuan, 24.94 million yuan and 27.25 million yuan respectively.
After the resumption of trading on Monday, Crystal Optoelectronics broke the price and once fell below the additional price of 17.44 yuan. In this regard, Kong Wenjun said: "Because the current plan is only a plan, the relevant situation has not been described in detail. After the official report comes out, I believe that everyone will have a comprehensive understanding, the company's stock price will return to a normal valuation. Come up horizontally."
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
According to the plan, the transaction is divided into two parts, in which the company intends to issue shares with a number of shares not exceeding 6,453,300 shares to the counterparty, and the issue price is 19.37 yuan/share. And pay the counterparty a cash consideration of 125 million yuan. In addition, it will issue an additional 4,778,300 shares to eligible investors with no more than 10 eligible investors, and raise matching funds of 83,333,300 yuan. The issue price is not less than 17.44 yuan/share. The funds raised will be used for the payment of cash purchases, and the shortfall will be solved by Crystal Optics.
The announcement shows that the estimated asset value of this transaction is 266 million yuan, and the evaluation value-added rate is about 206.67%. The company said that the higher value-added of this evaluation is mainly due to the core competitive advantages of Night Vision's R&D, production process and brand.
Acquisition promotes industrial restructuring
Crystal Optoelectronics is a professional optical optoelectronics company. Its leading products are precision optoelectronic thin film components. The related products account for more than 90% of its operating income for three consecutive years. Although the leading product sales volume is in the forefront of the world, there is also a single business risk. The transformation and adjustment of the industrial structure has become an important strategy for the company's development.
It is understood that Crystal Hydropower has been based on the traditional optical industry in recent years, and has been accelerating the pace of adjustment of new industrial structures in order to achieve strategic transformation. In recent years, the company has been involved in optical business such as sapphire LED substrate and micro display. After a certain cultivation, the sapphire LED substrate business has achieved substantial breakthroughs and become an important new force in the company's business segment. The micro display business is expected. Benefiting from the development of technology products such as video glasses and car head-up display, it has brought huge business opportunities to the company.
The acquisition of Night Vision is another major step in the company's development strategy. Night Vision is mainly engaged in the research, development, production and sales of reflective materials. The main products include reflective fabrics and reflective films of various grades and specifications. The company has strong technical advantages in the field of reflective fabrics. It has mastered key technologies such as reflective fabric coating and beading. The products such as retroreflection coefficient, washability and flame retardancy have continuously broken through and are close to the highest level in the world. In the field of reflective film, Night Vision "high-strength reflective film industrialization" and "microprism reflective film" are listed in the "National Torch Program", and "Microprism Reflective Film" is also included in the "National Technology SME Technology". Innovation Fund Project".
Crystal Optoelectronics said that through the acquisition of Night Vision, it will have a positive effect on optimizing the optical business structure, enabling the company to have multiple development spaces in the industry at the same time, which will help to stabilize the listed companies due to changes in demand of a downstream industry. Risk of performance fluctuations.
The company's fixed plan has also been unanimously recognized by the organization. Guotai Junan analysts believe that the acquisition of Night Vision will effectively play the synergy effect of the two companies in optical coating technology, and the grafting of new technologies will help Crystal Optoelectronics find a new blue ocean in the optical industry. Industrial Securities (601377) also believes that in the long run, it is conducive to the risk of decentralized operations and performance fluctuations, and the formation of synergies. It is conducive to the company to focus on the field of optics and achieve epitaxial development.
The program leads investors to dispute
Although the company's acquisition plan has been recognized by professionals, it has caused dissatisfaction among ordinary investors. Many investors expressed their disappointment with the acquisition of Crystal Optoelectronics.
In this regard, Crystal Optoelectronics' secret secretary Kong Wenjun told reporters that this is mainly due to the fact that everyone expects M&A to be closely related to the company's own industry. Due to the company's technological advantages in video glasses and sapphire LED substrate business, we believe that the company may acquire assets related to it and further expand these emerging fields. However, the proposed increase plan is somewhat conservative compared to everyone's high expectations, resulting in a certain gap.
She also said that the sapphire LED lining business has undergone adjustments in the previous two years and has achieved good results this year. Video glasses technology has also been reserved, only to wait for end customers to launch related products. These technologies are all independently developed by the company and will continue to be unwavering.
Regarding the question of investors about the significance of night vision technology to Crystal Optoelectronics, the company said: “Night vision and Crystal Optoelectronics can have multiple complementary technologies in technology. Both are based on optical principles for product development and design. And applied to different downstream industries. Therefore, the two sides strengthen technical exchanges to help upgrade their products and improve their technology in their existing businesses."
The night vision performance problem is also the focus of investors. Some investors believe that TD Optics (002632, stock bar) is also the main reflective material, but it is expected that the 2013 results will decline by 20%-50%. The investor questioned the "acquisition of the company, which entered the company, and entered the reflective materials, must it be better than TD Optical?"
The company pointed out that “the sales and profits of Night Vision has been relatively stable in the past three years, and there has not been any obvious decline in performance. In addition, the company is actively expanding new business, and the company management team is also confident in the future development of the company. And will give a steady growth performance commitment for the next three years. The company is full of confidence in the future development of night vision."
Kong Wenjun also believes that the history of Night Vision is much longer than that of TD Optical. It is also a top-ranking enterprise in related fields in China, and it has its own unique advantages in technology.
According to financial data, the operating income of Night Vision in 2011, 2012 and the first three quarters of 2013 was 126 million yuan, 122 million yuan and 949.776 million yuan respectively, and the net profit was 20,750,900 yuan, 2016.93 million yuan and 17.6241 million yuan respectively. The announcement of the increase is also disclosed. The transaction party also made a performance commitment to Night Vision. It is estimated that the net profit from 2013 to 2016 will be 20.9 million yuan, 22.87 million yuan, 24.94 million yuan and 27.25 million yuan respectively.
After the resumption of trading on Monday, Crystal Optoelectronics broke the price and once fell below the additional price of 17.44 yuan. In this regard, Kong Wenjun said: "Because the current plan is only a plan, the relevant situation has not been described in detail. After the official report comes out, I believe that everyone will have a comprehensive understanding, the company's stock price will return to a normal valuation. Come up horizontally."
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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