Three VS crystal electric power, four dimension PK

As the mainland LED industry "leader" of the Sanan optoelectronics industry has been plagued talk endlessly, mainly that the receive government subsidies over reliance on government funding and the blind expansion of production capacity, resulting in excess capacity, affecting the ecological environment of the whole industry chain. Some people even ridicule, but three is to eat the cooked rice, give me so many government subsidies, I can do better.

Take three optical contrast EPISTAR, three PK Jingyuan, see three rice? If you abandon Choufu mentality, get rid of "red eye", "three Empire" strategy can make you as the acme of perfection?

Earnings PK

Three: from 2010 to 2015 annual report three, three receive government grants increased year by year, but net profit also increased year by year, government subsidies Zhanjing profit decline in the proportion of nearly three years, maintained at 35%. This shows that the government's support for many years in three has gradually matured, profitability steadily.

However, the annual report on government grants three numerical questionable, an actual receipt of government funds is greater than the value, because: first, the report refers to government grants do not include closely related to the company's normal operating business, in accordance with the provisions of national policy, the government grants quota according to certain standards or quantitative continue to enjoy; second. In recent years, direct government subsidies are gradually transformed into shares of state-owned assets.

In June 2015, the national industrial fund acquired 9.07% of the shares held by the group of Sanan optoelectronics, becoming the second largest shareholder of Sanan optoelectronics, and has implemented several capital Sanan optoelectronics or borrowing.

Jingyuan: 2015 annual net loss of 3 billion 18 million yuan (NT $% for some 606 million yuan), annual revenue loss rate as high as 13.76%, the average gross margin fell to 0.48% huge.

Background PK

Three: as the absolute leader in the mainland LED chip industry, three is a country will make it to the collapse of the closure of enterprises, state subsidies for the year are hundreds of millions of. Three is the LED industry China number with foreign and Taiwan competition, no three, LED upstream chip industry has been completely control the risk of foreign investment.

However, government subsidies and administrative intervention is not a healthy mode, three has the ability of earnings, so direct government subsidies is gradually transformed into shares of state-owned assets.

At present, the ownership structure of the three, three electronic for the first shareholder, Sanan group shareholders for third, 36.58% of the total equity; the national industrial fund to 11.3% stake in second shareholders; the other major shareholders is also includes a gold card, Huijin, pension funds and other state-owned financial institutions, more than 10.7% of the total equity, state-owned assets accounted for 17% equity.

Jingyuan: LED enterprises in mainland by the government preferential treatment, often let Taiwan Jingyuan feel unfair. In a bid for PHILPS Lumileds, said Chairman Li Bingjie has repeatedly hope to get the support of the Taiwan government, but did not get good response, finally, led the Goscale to win, Jingyuan only slide.

Although in the end because of the U.S. government to block the Lumileds bid to break the case, but for crystal power, the lack of strong support for Austrian industrial policy, is the biggest weakness in the face of mainland competitors.

However, Jingyuan also has its own background. That year, Li Bingjie chance petrochemical professional into the photoelectric semiconductor field in Taiwan and the opportunity to institute, founded in 1996 in Taiwan as the technical background of epistar.

April, Wu Dunyi, vice president of Taiwan appeared in the 2016 Taiwan international lighting technology exhibition, behind the LED industry in Taiwan. Prior to March, Taiwan's leader Cai Yingwen, in "the red semiconductor supply chain" proposed "national team" strategy, said Taiwan should set the "national team", and anti force, intends to set up a "national" investment bank backing. These information will undoubtedly bring a lot of confidence in jingyuan.

However, it should be noted that there is no national team strategy in Taiwan. In addition, politicians are good at rally, and the LED industry needs to work harder. Whether it is or if it involves wafer Saman, political color too much, I will be tired.

Ally PK

Three: LED chip in the industrial chain of high-end raw material substrate prices change greatly, Jingan photoelectric ensures stable three upstream supply system. Three had sought to control Taiwan canyuan, although because Taiwan authorities blocked the cooperation is blocked, but canyuan dramatically and Jingyuan merger, it became one of the three crystal electric shareholders for cross-strait cooperation leading chip potential future foreshadowed.

Three occupy the United States Luminus100% equity and 150 patents, Luminus is an important channel to an overseas development. In the middle, and three nationstar, Siu Chi shares, Jufei and chip purchase agreement. In the downstream, and three Jiawei shares, Yankon a joint venture company.

In addition, three and Chery automobile joint venture interplex photoelectric committed to LED packaging and application, automotive lighting. An optoelectronic and Beiqi silver Xiang automotive lighting products supply agreement. Sanan optoelectronics and military institutions of Shanghai aerospace electronic chip all purchase agreement. An integration, were committed to the core on the photovoltaic integrated circuit, photovoltaic industry.

Jingyuan: MLS is its biggest customer, it is said that the 98% wafer factory in Xiamen to supply chip cooperation between the two sides is Linsen; India branch and LED filament lamp project. Jingyuan and department