The huge inventory crisis does not seem to have had too much impact on Sanan Optoelectronics (600703.SH) 2011 full-year results.
Yesterday, Sanan Optoelectronics announced that it expects net profit attributable to owners of the parent company to increase by 110% in 2011 compared with the same period of the previous year. Net profit for 2010 was 419 million yuan. Based on this data, Sanan Optoelectronics' net profit will reach 880 million yuan in 2011. In the first three quarters of 2011, Sanan Optoelectronics owned the parent company's net profit of 585 million yuan, which means Sanan Optoelectronics in the fourth quarter of 2011. Or achieve a net profit of 295 million yuan.
“Sanan Optoelectronics still relies on huge government subsidies to survive and develop in 2011.†A person familiar with Sanan Optoelectronics pointed out that Sanan Optoelectronics did not put the current situation of overcapacity in the domestic LED and photovoltaic industries. Slowly investing in it, "So the biggest problem for Sanan Optoelectronics is how to accelerate the expansion of market estuaries to digest the inventory pressure brought about by capacity expansion."
According to the statistics of all the announcements of Sanan Optoelectronics in 2011, the “First Financial Daily†obtained a total of 1,824.7 million yuan of government subsidies in 2011. Of course, the huge subsidies of about 1.8 billion yuan are not fully included in the profit and loss of Sanan Optoelectronics' 2011 earnings, but will be amortized into profit and loss during the project benefit period.
Even so, huge government subsidies should be one of the main reasons for the soaring performance of Sanan Optoelectronics in 2011. In the first three quarters of 2011, Sanan Optoelectronics' net profit was 585 million yuan, and the amount of government subsidies included in the current profit and loss reached 598 million yuan.
At the same time, Sanan Optoelectronics inventories also increased to 933 million yuan in the third quarter of 2011, an increase of 201% compared with 310 million yuan at the end of 2010; inventory turnover in the first three quarters decreased from 2.27 in the same period of 2010 to 1.12. The inventory turnover rate decreased year-on-year, indicating that the company's inventory turnover slowed down, the company's sales capacity declined, and the amount of working capital occupied in inventory will also increase.
The high inventory of Sanan Optoelectronics is also a microcosm of overcapacity in the domestic LED market. Many domestic LED manufacturers, including Dehao Runda (002005.SZ), have slowed down the pace of LED capacity expansion from the second half of 2011, or suspended the purchase of MOCVD (LED epitaxial wafer production equipment).
“Government subsidies will generally be gradually released according to the investment progress of LED enterprises, as well as the arrival of equipment and production.†An LED industry insider pointed out that Dehao Runda did not receive corresponding government subsidies in the fourth quarter of 2011. On the contrary, Sanan Optoelectronics received 4 government subsidies in the fourth quarter of 2011, and the cumulative subsidy amounted to 467 million yuan.
In September 2011, Sanan Optoelectronics invested RMB 2.5 billion in Quanzhou to build a sapphire substrate project, indicating that Sanan Optoelectronics did not slow down the pace of investment expansion due to overcapacity.
Regarding inventory problems and overcapacity in the market, Sanan Optoelectronics did not give any explanation in the 2011 performance forecast. It only indicated that the production conditions of Tianjin Sanan Optoelectronics Co., Ltd., a wholly-owned subsidiary of the company, were further improved, and some equipment of Anhui Sanan Optoelectronics was gradually put into operation. And the production of benefits is the main reason for the company's 2011 net profit growth.
XLPE Insulated Electrical Cable For Rated Voltage 3.6/6KV~26/35KV
For XLPE insulated power cable, either chemical method or physical method is employed to transform the molecular structure of PE from chain into three-dimensional network, i.e. thermoplastic PE is transformed into thermo setting XLPE. After cross-linking, the thermal and mechanical properties of PE have been greatly improved while its excellent electrical property are still retained.
The maximum permissible operating temperature of the conductor of a XLPE insulated power cable is 90℃ which resistance is higher than that of PVC or PE insulated power cable. The cable has the advantage of simplicity in construction, lightness in weight, convenience in application besides its excellent electrical, thermal, mechanical and anti-chemical corrosion properties. It can also be laid with no limitation of level difference along the route.
1. Product standard
The product is manufactured according to the standard of IEC60502-2 [Extruded solid dielectric power cables for rated voltages from l KV (Um=1.2KV) to 35KV (Um=40.5KV)", BS, DIN and ICEA upon request.Include 33kv Cable, 20kv Cable ,15kv Cable,11kv Cable, all of them are manufactured according to the standard.
2. Applications
The product is suitable for use in power transmission and distribution lines with rated power frequency voltage 3.6KV/6KV~26/35KV.
3. Operating characteristics
Rated power-frequency voltage U0/U: 3.6/6KV~26/35KV.
Max. Permissible continuous operating temperature or conductor:90℃.
Max. short-circuit temperature of conductor shall not exceed 250℃. (5s maximum duration)
The ambient temperature under installation should not below 0℃.
The bending radius of a single-core cable should not less than 20 times of the cable diameter.
The bending radius of a three-core cable should not less than 15 times of the cable diameter.
4. Voltage designation
The rated voltage of the cable for a given application shall be suitable for the operating conditions in the system in which the cable is used, and is expressed in the form of U0/U (Um) KV. Where:
U0-The rated power-frequency voltage between conductor and earth or metallic screen, for which the cable designed;
U-The rated power-frequency voltage between conductors, for which the cable designed;
Um-The maximum value of the [highest system voltage" for which the equipment may be used.
5. The values of U0 recommended for cables to be used in three-phase systems are listed below.
System category A-This category comprises those systems in which any phase conductor that comes in contact with earth or an earth conductor, is disconnected from the system within 1 min.
System category B-This category comprises those system which under fault conditions, are operated for a short time with one phase earthed. This period should not exceed 1h. For a longer period, not exceeding 8h on any occasion, can be tolerated. The total duration of earth faults in any year should not exceed 125h.
System category C-This category comprises all systems which do not fall into categories A and B.
6. Construction of cable
3.6/6kV~26/35kV, Single-core, XLPE insulated, power cable
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3.6/6kV~26/35kV, Three-core, XLPE insulated, power cable
3.6/6kV~26/35kV, Three-core, XLPE insulated, steel tape armored power cable
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