After the loss of high government subsidies this year, Vitcignor (8.380, -0.26, -3.01%) (002387.SZ) is facing a great test of its autonomous hematopoietic ability. According to the latest announcement of vitsino's performance forecast, in the half annual performance loss, the company's losses in the third quarter further expanded to more than 1.08 billion yuan.
However, the financial Union reporter combed and found that from 2018 to 2020, Vicino's government subsidy data were 2.031 billion yuan, 1.056 billion yuan and 1.144 billion yuan respectively. Had it not been for government subsidies, Vincigna's funding chain has been running out of money over the past few years and would have been heavily in the red.
Indeed, Vicino received only 150 million yuan in government subsidies in the first half of this year, directly leading to the release of third-quarter performance forecasts of display panel listed companies, Vicino is the only substantial loss. Industry insiders told financial Union that, compared with leading companies, Vicinage lacks scale and capital advantages, and lacks control over the upstream supply chain. With the return of market competition in the industry, the adverse impact of these weaknesses will be amplified.
Development on subsidies is unsustainable
According to vincino's latest performance announcement, the company's operating revenue in the first three quarters of 2021 is 2.70 billion yuan to 2.85 billion yuan, while the net profit attributable to shareholders of listed companies is a loss of 1.08 billion yuan to 1.18 billion yuan, including a loss of 330 million yuan to 430 million yuan in the third quarter.
Financial union reporters noted that The net profit of Vitsino in the first three quarters of last year was a loss of 26.7635 million yuan, and this year's loss increased 39 times over the same period last year, which is mainly because of the lack of two large income outside the main business of display panel: First, the contribution of non-recurring profit and loss to net profit decreased by about 550 million yuan compared with the same period last year, mainly due to the impact of changes in government subsidies; Secondly, the impact of providing patent technology licensing, consulting and management services for hefei Vicino Technology Co., LTD., a joint-stock company, on the performance of the first three quarters was 579 million yuan, which did not occur in the current period.
The highlight of this period is that Vicino's OLED product sales revenue was 2.60 billion yuan to 2.75 billion yuan, up 93% to 104% year on year. Shipments of kunshan 5.5-generation AMOLED panel production line increased by about 85% over the same period of last year, and shipments of Gu 'an 6th generation AMOLED panel production line increased by about 135% over the same period of last year, which had a positive impact on the company's operating revenue in the current period.
, according to industry analysts Lin zhi to wealth, according to yonhap news agency reporter d cigna OLED products has been, glory, zte, huawei Nubian brands such as adoption, shipment last year ranked second only to Beijing Oriental at home, and developed the OLED screen for the first time the camera solution, and applied in zte's mobile phone, so the OLED panel industry in China still have certain advantages.
But he also pointed out that Vicino's OLED production line investment is up to 30 billion yuan, which involves a lot of amortization after production; Early yield is not high, early input-output is low; Moreover, the quantity of supply to brand customers is limited, and the shipment mainly depends on the maintenance market, which affects the profit margin of the company and drags down the performance of this year.
For the dramatic reduction in government subsidies for Vitsino, a panel industry insider told The Financial Union reporter that in previous years, In order to support the OLED industry, governments at all levels of support for panel enterprises can be said to spare no effort, mainly reflected in encouraging enterprises to expand OLED production capacity. But the aggressive investment trend of the past has stalled as local governments work to reduce debt ratios; And after the black swan of COVID-19, the government chose to expand subsidies to people's livelihood while reducing subsidies to the panel industry.
Although this is a blow to OLED companies, the industry insider said, it will return to market competition in the industry, "it is not sustainable to rely on subsidies to support development, enterprises need to consolidate follow-up investment and research and development progress, accelerate technological innovation and industrial application. In addition, scale advantage will quickly become the key to profitability for vendors, and smaller vendors like Vincino may be at a disadvantage."
Production line single risk resistance capacity is insufficient
As of October 15, a-share display panel listed companies, there are two leading enterprises boCOM (000725.SZ), TCL Technology (6.330, -0.09, -1.40%) (000100.sZ) also released the third quarter earnings forecast, and viscina is different, In terms of earnings have achieved a relatively large scale of growth.
Among them, BOE A(5.090, -0.04, -0.78%) expects the net profit attributable to shareholders of listed companies in the first three quarters of this year to be 198.62 billion yuan to 200.62 billion yuan, A year-on-year increase of 702% to 710%. TCL technology expects the net profit of shareholders of listed companies to reach 9.03 billion to 9.180 billion yuan in the first three quarters of this year, up 346% to 353% year on year.
In the performance forecast, the two enterprises pointed out that the semiconductor industry in the first three quarters compared with the same period last year overall high prosperity, product shipment area generally compared with last year growth; And due to the continuous strong demand and drive IC and other raw materials shortage caused by the supply continues to be tight, IT, TV and other products prices have risen to varying degrees.
However, panel analysts told reporters that, in fact, if only look at the OLED production line, BOE, TCL technology can not make a profit. The main reason is that the production cost of OLED by domestic manufacturers is much higher than that of international leading enterprises such as Samsung, and there is a big gap in product yield. In addition, due to the government subsidies in the past few years, domestic panel manufacturers have expanded a large number of production capacity, and the price of OLED products has been driven down by the intensified competition, resulting in the situation of increasing revenues but not profits.
The person said that Vicino's predecessor was tsinghua University OLED project team, almost only flexible OLED panel business, like boe, TCL Technology, Shentianma and other manufacturers, the profits of LCD panel business to nurture OLED business. For example, BOE is LCD+OLED+MLED diversified layout. Compared with the above mainstream suppliers, Vicino's revenues and profits are relatively low, but it has also gained some technological accumulation and customer resources. Whether it can achieve breakthrough in the future remains to be seen.
Domestic and industrial practitioners to wealth, according to yonhap news agency reporter of OLED industry bottlenecks associated with manufacturing equipment, the upstream materials, the current domestic OLED industrial clusters of form a complete set to change local level is still low, some key still need to rely on imported raw materials, raw materials procurement bargaining power, "because d cigna has no advantage in scale, "Upstream controls are still insufficient, and operating risks are greater in the context of sharply rising raw material prices."
