To accelerate the development of venture capital industry to chase LED"

Side is money squeeze into good projects, good project financing side is regret too early, heat the semiconductor lighting industry in the primary market is not less than the current weather. In the high tech led national tour research and industry seminars, the reporter was informed that, with the rapid development of China's LED lighting industry into the period, venture capital are in the rush shares LED related businesses.

Six months time, LED industry has reversed. In March this year, many venture capital and LED companies are still wondering about the future market prospects, worried about the resistance. But recently, venture capital have bet chips, packaging and other LED companies.

In the recent high tech LED held around the research and a number of industry seminars, the reporter was informed that the venture capital institutions to throw a lot of LED project phenomenon, even the money can not come into the door. This year, Wuhan Di source Optoelectronics Technology Co., Ltd. together with the financing case, it is a classic portrayal of the story of LED industry financing. As the country's largest high brightness high-power white LED power chip professional manufacturers, Wuhan Di source photoelectric dished out the third round, a total of 150 million yuan of financing plan, quickly attracted a number of investment institutions. Hunan new energy industry venture capital fund and other institutions hope to participate in equity, but were declined outside the door.

According to the reporter, in order to calculate the static valuation, the current valuation of the LED lighting industry is not low. Zhang Xiaofei, chief executive officer of LED, said, for different companies have different valuation methods. Annual output value of 50 million yuan to $100 million of large, mature enterprises, for example, usually in the next 3 to 5 years of net assets, net assets yield, price earnings ratio valuation. Usually 5 times to times the net assets, may also be more than 10 times. Wuhan Di source photoelectric valuation part of the price earnings ratio. Although at the end of this year officially turned into profit, but the source of the original price of 5 yuan per share. According to its 2012 earnings per share is expected to nearly 1 yuan, plans to market in the next 3 years, so the listing price earnings ratio of 20 times the plan, the additional price of about $5 per share.

In this regard, Wuhan Di source photoelectric chairman Wu Zhihong obviously regret more than joy, cheap. If the late half of the financing, certainly not the price. When the development of financing solutions, we have not yet profitable, and now the market situation is excellent, Wuhan Di source photoelectric also out of breakeven point. Zhang Xiaofei said, this is not an individual phenomenon, since the two quarter of this year, with the implementation of the various support policies, market warming, LED lighting industry generally high profit growth or losses. Therefore, when the current corporate finance, considering the compound growth rate of history, but also to consider the industry to accelerate the development of the company to accelerate growth and other factors, the premium rate is usually higher than half a year or even a quarter ago. "

In this regard, Hunan new energy industry venture capital fund senior manager Wei said that the fight against understanding, compared with pure financial shares, LED companies are more interested in the resources behind the investor. In Wuhan, the source of the optoelectronics has been introduced Jiuzhou Group, for example, which has the resources of the LED packaging industry development, it quickly became a source of downstream products Wuhan di partner. After the two together, will help Wuhan Di source photoelectric bigger and stronger. "

According to the reporter, in addition to the attention of chip companies, local governments and venture capitalists will focus on the downstream packaging industry chain. East Lake high tech Development Zone Investment Promotion Bureau deputy director Yang Daohong pointed out, "as the research achievements of upstream chip technology, large-scale application of downstream has been put on the schedule, the future high-tech development zone will introduce and support downstream industry. "

Many companies said that financing will be used to expand production capacity. When a reporter asked, with the pace of expansion, China's LED lighting industry will step solar battery production capacity in excess of the footsteps, the industry does not seem worried. Yang Daohong said, LED lighting is currently in the middle of the rise of the development period, there is still a long time from the surplus. In the long run, excess is an industry must experience the pains, LED lighting industry is inevitable. But I personally think that LED will only appear structural surplus, some low-end products will be eliminated by the market, high-end products by the market impact is not. "Wei said," China is already the world's largest production base for solar cells, and LED lighting is far from this stage. In addition, the demand for the solar cell industry is mainly from overseas, so the impact of the financial crisis, etc.; and LED lighting demand is very large, it is not subject to the impact of the outside world. "