China Electronics annexation Rainbow Group Rainbow Electronics future direction to be determined
The rumors of China Electronic Information Industry Group Co., Ltd. (hereinafter referred to as "CEC" or "China Electronics") merger of Rainbow Group have now become a reality. Rainbow Electronics (00438.HK), a subsidiary of Rainbow Group, and its subsidiary Rainbow (600707.SH) were also included in the CEC. At this point, CEC opened the entire flat-panel industrial chain from glass substrates, liquid crystal panels, color TVs and displays, and Rainbow also found a wealthy "family".
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Last year, China's LCD panel production has surpassed Japan, second only to South Korea and Taiwan. However, although there are many production lines for LCD panels in mainland China, there are many companies and they are scattered. Industry analysts said that after the acquisition of Nanjing Panda a few years ago, CEC has now collected the rainbow to its knees, in order to become an integrator of the Chinese panel industry.
Then, under the framework of CEC, what role will the future rainbow play will be clarified. "Talk again after the Spring Festival, now the staff are not fixed, how to talk about the direction of the industry." A rainbow insider said, "The last OLED production line needs to invest at least tens of billions. Only when the direction is fixed can we get the resources."
In the era of CRT TV, Rainbow was the largest CPT manufacturer in China. However, the transformation in the flat era was not fast enough, and the performance went from bad to worse. It was eventually merged with the CEC of the central enterprise. According to the semi-annual report last year, Rainbow Electronics' net profit for the first half of 2012 fell by 400% year-on-year, with a loss of nearly 170 million yuan, and its 2011 loss of 253 million yuan. The CPT business continued to shrink, and the competition in the solar PV glass and luminescent materials business market intensified, which made the profitability of Rainbow continue to decrease.
Therefore, Rainbow Electronics shut down all its CPT production lines in 2012 and accelerated the transition to the flat panel industry. Rainbow Electronics has six liquid crystal (TFT-LCD) glass substrate production lines for ignition operation, of which four lines are mass-produced. In addition, Rainbow Electronics' third-generation display device PM-OLED (Organic Light-Emitting Diode) production line has also been put into operation. Rainbow Electronics is also planning a 4.5-generation AM-OLED production line in Shunde, but the funding problem is still pending.
"It was the best ending for the rainbow by CEC." Professor Gu Zhihua, director of the Flat Panel Display Engineering Research Center of Fudan University, told the "First Financial Daily" reporter that the rainbow with a revenue of several billion yuan a year was in the SASAC. Under the principle of “grasping the big and letting goâ€, either the place is decentralized or merged. CEC has resources, and it has a panel project of Nanjing Panda and a complete OEM business of TPV. After the merger, it can fully play the role of the rainbow.
China Electronics is indeed a low-key "big Mac". Prior to the merger of Rainbow Group, CEC had 14 listed companies with operations in integrated circuits, software, high-tech electronics, mobile communications, electronic engineering, trade logistics, and finance. In 2011, CEC's total operating income was 168.236 billion yuan and net profit was 2.877 billion yuan.
"After the merger of the rainbow, there is a glass substrate upstream of CEC, and a downstream OEM business of TPV. The vertical industry chain has been formed." A Chinese electronics insider told this reporter that for the rainbow, the benefits of simply making glass substrates are not Well; if CEC invests in the glass substrate project itself, it will repeat the construction, so “from the national, industry and enterprise level, integration is the best choice.â€
According to the insiders of China Electronics, CEC's CLP Panda has a 6th generation line in Nanjing. In the future, there will be other panel projects in Nanjing. The core resource of the rainbow is the glass substrate. It originally wanted a 6th generation line in Zhangjiagang. Unsuccessful, it is brewing an AM-OLED production line in Guangdong. The future of this project has not yet been fixed.
Gu Zhihua believes that the glass substrate is the highlight of the rainbow. Rainbow can already supply the glass substrate of the 4th generation line and the 5th generation line, but it has not yet made a profit, and the yield and capacity utilization rate should be improved in the future. Striving for the supply of larger-sized glass substrates is one of the futures of the rainbow. After all, the two domestic 8.5-generation lines are still mainly relying on the glass substrates of Corning and Japan Asahi Glass.
"Rainbow's energy-saving lamp phosphor business is profitable, but LED is the future direction of the lighting industry. The future of phosphors may not be very good." Gu Zhihua said that Rainbow has LED projects in Shanghai and Hefei, but it has not made any money.
A senior person in the Guangdong flat-panel industry admitted that glass substrates, OLEDs and LEDs are the three roads in front of the rainbow. CEC is still uncertain about whether the OLED project is in Nanjing or Shunde. "No matter what you do, you must first have money, and secondly someone. CEC has money, and now the most important thing is to stabilize Rainbow's talent team." 