In the early morning of September 10, Apple pointed out at its new product launch conference that the new iPhone 6 does not use the sapphire screen that has been widely rumored before.
On August 12, Southwest Pharmaceutical (600666), which had been suspended from trading for nearly four months, released a restructuring plan, saying that it would achieve the backdoor listing of Harbin Orade Optoelectronics Technology Co., Ltd. (hereinafter referred to as Orade) through a series of transactions.
The reporter noticed that in the announcement, in order to describe the huge future market space of the sapphire industry, Southwest Pharmaceutical also specifically mentioned the large number of applications of sapphire materials in Apple products. Analysts believe that the new iPhone 6 products do not involve sapphire, which may delay the timetable for the industry's explosive period.
In addition, market participants believe that a number of sapphire concept companies have recently launched new projects. Although sapphire has ample room for imagination in the field of smartphone devices, there are also concerns about overcapacity.
Injecting sapphire assets at high premiums
Since the proposed restructuring target of Orred was proposed in early June this year, Southwest Pharmaceutical's path of "abandoning drugs and throwing stones at stones" has gradually become clear.
On August 12, Southwest Pharmaceutical released a reorganization plan to complete the asset reorganization in a "four-step" approach. First, Southwest Pharmaceutical valued all its assets and liabilities at 427 million yuan, and exchanged it with the equivalent part of the shares of Oridian held by Zuo Hongbo (one of the actual controllers of Oridian); after the replacement was completed, Southwest Pharmaceutical offered 427 million yuan to the company at a price of 7.42 yuan per share. All shareholders of Orred issued 498 million shares, thereby acquiring 100% of the equity of Orred; Zuo Hongbo will use all the acquired assets and 413 million yuan in cash as consideration to acquire 29.99% of the equity of Southwest Pharmaceutical held by Taiji Group.
In addition, Southwest Pharmaceutical plans to raise another 1.03 billion yuan through non-public issuance. The relevant funds will be used for Oridian's "large-size sapphire material industry base expansion project" and its subsidiary Qiuguan Optoelectronics' "sapphire window film base project."
It is worth noting that the estimated value of 100% equity of the assets to be injected into Orred is 4.12 billion yuan, while the parent company’s book net asset value is 596 million yuan, and the estimated value-added rate is as high as 590.84%.
The OLED asset appraisal report released by Southwest Pharmaceutical shows that the above appraisal data is obtained by the income appraisal method. The higher value-added rate is due to several factors: the income method valuation is inconsistent with the standard of book value, the sapphire industry has huge room for future growth, and the sapphire industry has a relatively fast profit growth rate.
“The book value generally reflects the historical cost of the company’s existing assets, while the income method reflects the comprehensive profitability of the company’s various assets.” Valuation analyst Yang Zegui said.
The reporter noticed that when judging the company's prospects, the "Apple" concept was frequently mentioned in the evaluation reports and restructuring plan announcements including Oridian's, saying that sapphire materials will be widely used in future smartphones and wearable devices.
"The sapphire concept has attracted great attention in the capital market since the beginning of this year. Whether iPhone 6 uses sapphire material also affects investors' enthusiasm for the sapphire concept to a certain extent." Electronic components industry analyst Zhang Jun said.
Target profit expectations are being tested
With the convening of Apple's new product launch conference, the rumor that the iPhone 6 will use a sapphire screen has been debunked. Some investors are worried that without Apple's driving effect in sapphire application mobile phone screens, the timetable for the industry outbreak may be delayed.
In fact, reporters also discovered through multiple interviews that sapphire still faces many challenges in achieving mass production in smartphones and wearable devices.
In the announcement issued by Southwest Pharmaceutical, it has been emphasized many times that sapphire has super scratch resistance. According to Corning, a manufacturer of special glass and ceramic materials, the manufacturing cost of sapphire substrates is relatively high, and the price is about 10 times that of current glass panels. It will be difficult to replace glass panels in a short time.
Guotai Junan analyst Mou Qing believes that although the iPhone 6 screen has not yet used sapphire material, this will not affect the large-scale application of sapphire in the future. Domestic brands such as Gionee and Huawei have plans to launch smartphones using sapphire panels.
However, some market participants do not agree with this view. "Domestic mobile phones have always occupied the market with cost-effectiveness and price wars. The cost of sapphire cannot be reduced, and it is difficult to say the timetable for mass production." said an industry insider who did not want to be named.
This is likely to affect the profit forecast commitment made by Allred. According to the announcement, Orred promised to achieve net profits of 220 million yuan and 300 million yuan respectively in 2014 and 2015, with a compound growth rate of approximately 32% in the next five years.
The reporter noticed that in 2011, 2012, and 2013, Orred's operating income was 114 million yuan, 215 million yuan, and 388 million yuan respectively, and its net profits were 40.9076 million yuan, 17.5019 million yuan, and 75.3601 million yuan respectively. Not only was there a certain gap with the expected net profit, but the volatility was high.
PREVIOUS：The major asset reorganization plan was approved and OLED Optoelectronics was listed on the backdoor market.
NEXT：Increase capital to 14.5 billion! BOE invests in Mini LED direct display backplane and other projects
RELATED NEWS
- At Infocomm2021, many black technologies will be shown for the first time in Chi 2026-05-28
- Through the screen, see Leyard’s focus and innovation 2026-05-28
- Inventronics expects net profit of 75.29 million-83.21 million in the first half 2026-05-28
- Samsung gradually withdraws from the LCD market, panel double tigers will play i 2026-05-28
- Alto Electronics passed the five-star certification of the "Commodity After-sale 2026-05-28
CATEGORIES
LATEST NEWS
CONTACT US
Contact: mack
Phone: 13352972563
E-mail: mack@archled.net
Add: 3rd Floor, Building A, Mingjinhai Second Industrial Zone, Shiyan Street, Baoan, Shenzhen,Guangdong,China
ANNA