Jinjimu changed money pit Hong Haijing electric stuffy

The electronics industry has undergone rapid changes, and the star industry will soon become a battlefield for the Red Sea killing battlefield, including the instant TFT panel. In recent years, the popularity of LED and solar energy, the market conditions this year can be said to straight down.

This also led to several mergers and acquisitions that have caused a sensation in the market, including Chi Mei Power (3481), which was formed by the Innolux group, and Taegu (3339) and TSMC (2330), which were recently won by Jingdian (2448). Mao Di (6244) and Yitong (3452), respectively of Inventec (2356), who had been in the game, were all eagerly looking forward to the role of “oil bottle”.

Hon Hai Group has always used mergers and acquisitions as an important means to promote the growth of the company. However, the combination of Chongmei and Chongmei created a situation in which the production capacity became a burden and the more the loss of production capacity, the greater the loss.

Moreover, the original Chi Meidian's huge capacity is not only unable to eat the original group, even the Hon Hai from the mobile phone to do LCD TV can not be overkill.

In the past, Innotec started with the “Innocence Model”, using a small amount of panel production capacity and having system assembly as a sea outlet, allowing Innolux to maintain a relatively stable profitability at the time of a sluggish liquid crystal cycle, without generating huge sums. Loss.

However, since the three-in-one, the three companies have merged and reorganized their efforts. They have also encountered the longest liquid crystal cycle in the history. At the same time, the new Chi Mei fell into losses in the second half of last year and has suffered continuous losses for four quarters. Hon Hai’s after-tax net profit for the first quarter of this year was about RMB 14.4 billion, but Chi Mei Power lost RMB 13 billion for the first quarter. Even the richest man may not be able to stand it.

In the past two years, Jingdian has been active in horizontal integration. In 2009, it successively invested in Nanya Optoelectronics and Taigu. It has acquired approximately 40% of South Asia Optoelectronics, and is the majority shareholder of Formosa Plastics and South Asia Optoelectronics, and its crystal technology team has also entered. South Asia Optoelectronics.

In addition, Jingdian took shares in Taigu and won less than 20% of the shares. Later, it also took shares in Guangjia, holding a ratio of up to 50%. Jingdian can grasp the production capacity of the four companies and built Pan-Chip.

Originally, Jingdian’s idea was to achieve the benefits of shared technologies such as technology and patents through alliances. In addition, it had one of the world’s best epitaxial production capacity, and the Group’s joint procurement was more bargaining power, and it would have an advantage in terms of cost in the future.

However, people are not as good as they are. In less than a year, the business climate has changed rapidly. The market is oversupplying, and production capacity has become a burden. In addition, the brothers have to work hard to climb the mountain. When the market conditions are not good, they have to grab orders for each other. The poorly-constructed brother company has a bad operating condition and erodes the profit of Jingdian.

In the second quarter of the year, Jingdian had a revenue of 5.535 billion yuan, a quarterly growth rate of 24.4%. Gross profit margin was fully loaded due to capacity utilization, and its product mix improved and it rebounded sharply to 27.9%. However, due to the transfer of investment from outside the industry, the net profit after tax was RMB 719 million, which was slightly lower than expected.

In the second quarter of Jingdian Power, the major industry losses, including Guangyu, Taigu, and the Shandong plant joint venture with UMC, the poor operating performance of the three companies are all quarterly losses. Therefore, the profits from out-of-pocket investment from the first quarter A profit of RMB 88 million was turned into a loss of RMB 130 million, which dragged the performance of Jingdian Financial.

Iphone Cables

USB Type C Cables USB 3.0 Cables CO.,LTD , http://www.nscables.com

Posted on