证券代码：300323 证券简称：华灿光电 编号：20151222 | --- | --- | --- | |----------------|------------------------------|-----------------------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □ 其他 | | 参与单位名称及 | 东方证券：王芳 | | | 人员姓名 | 易方达基金：孙逸 | | | 时间 | 2015 年 12 月 22 | 日 | | 地点 | 华灿光电(苏州)有限公司办公室 | | | 上市公司接待 | | 华灿光电股份有限公司董事会秘书叶爱民 | | 人员姓名 | | 华灿光电股份有限公司内审部总监陈吉 | | 投资者关系活动 | 问： | 并购蓝晶的考虑及蓝晶的发展前景如何？ | | 主要内容介绍 | 答： | 定增收购蓝晶，一方面考虑与公司 LE ...

Group 1: Company Vision and Strategy - The company aims to become a professional independent LED chip supplier, focusing on scale expansion without engaging in competition with its customers [2] - The LED industry in mainland China has many packaging enterprises, and the company seeks to leverage its accumulated advantages in technology, market, customers, and capital for professional collaboration [2][3] Group 2: Market Position and Expansion Plans - The company plans to focus on expanding its epitaxial chip production, as there is still significant room for growth in this area [3] - The company does not foresee significant international expansion in the near future, prioritizing stability in the domestic market [3] Group 3: Production Capacity and Goals - The Wuhan plant's capacity is approximately 100,000 to 150,000 wafers, but not all are 54 wafers [3] - The Zhangjiagang plant has a monthly capacity of 35,000 four-inch wafers, equivalent to 140,000 two-inch wafers, with plans to reach 400,000 two-inch wafers by next year [4] - By 2016, the company aims to achieve a production target of 1 million wafers per month [4] Group 4: Financial Considerations and Cost Management - The company anticipates ongoing cost reductions due to advancements in technology and management [5] - The company acknowledges that while prices cannot be guaranteed to decline, the current market competition is more rational than before [5] - Future expansions will require further equity financing due to a high debt-to-asset ratio [4][5] Group 5: Operational Challenges and Future Outlook - The company has halted restructuring plans due to a lack of consensus on key conditions, committing to not pursue major asset restructuring for six months post-stock resumption [5] - The company has made significant improvements in operating profits, which were previously heavily reliant on subsidies [5][6]

证券代码：300323 证券简称：华灿光电 编号：20150119 | --- | --- | --- | |----------------|------------------------------------|-------------------------------------------------| | | | | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □ 其他 | | 参与单位名称及 | 摩根士丹利华鑫基金：袁斌 | | | 人员姓名 | | | | 时间 | 2015 年 01 月 19 日 | | | 地点 | | 华灿光电股份有限公司一号厂房三楼董事会接待室 | | 上市公司接待人 | 董事会秘书叶爱民、证券事务代表亢娜 | | | 员姓名 | | | | 投资者关系活动 | 问： | 张家港子公司一二三期 MOCVD 机台是多少台，产 | | 主要内容介绍 | 能多少？ | | | | 答： 张家港一期规划的 | 48 台 MOCV ...

Group 1: Production Capacity and Equipment - The first phase of the Zhangjiagang project has 48 MOCVD machines, all of which are in production; the second phase plans for 6 MOCVD machines, with 2 already in operation and the rest ordered; the third phase plans for 42 MOCVD machines, most of which have arrived, aiming for completion in the first half of 2015 [2][3] - The production capacity from the first phase, launched in 2013, contributed minimally to the 2013 performance due to the machines arriving in the second half of the year; significant growth in 2014 was primarily from machines installed at the end of 2013 [3] - The company prioritizes R&D needs over production scheduling, with the number of MOCVD machines allocated for R&D not being a fixed value [3] Group 2: Market Demand and Supply - Global demand for LED applications is growing faster than previously predicted, with the LED industry and semiconductor lighting demand just beginning to be released; supply has mainly expanded in mainland China, lagging behind global demand growth [5] - The current market for MOCVD machines is dominated by a few manufacturers, making it difficult for them to expand production; the new machines being added to the market represent a small percentage of the total industry capacity [5] - The LED lighting market's future demand is expected to grow significantly, driven by developments in smart home technology, beyond merely replacing existing lighting solutions [5] Group 3: Company Strategy and Future Outlook - The company does not rule out future expansion in the Wuhan plant, currently focused on optimizing the Zhangjiagang plant's phases one to three [4] - The technology team has been stable since the company's inception, combining research-focused expertise from the U.S. and practical experience from Taiwan, which has formed a unique technological advantage [4] - In 2015, the company is expected to transition from an investment phase to a harvest phase, with a more optimized investment ratio and reduced competition in the market for epitaxial chips [6][7]

Group 1: Acquisition and Market Strategy - The acquisition of BluCrystal is based on its high performance commitments and its role as a major supplier of sapphire substrates for LED epitaxial chips, which is crucial for production [2] - BluCrystal's production capacity is currently underutilized due to its conservative business model, but post-acquisition, it is expected to gain stable sales channels, significantly increasing its capacity utilization [2][3] - The demand for sapphire window pieces is rising, especially with the increasing market share of domestic smartphones, which will lead to a substantial increase in procurement [3] Group 2: Financial Aspects and Investment - A total of 324 million RMB has been allocated for the funding of the acquisition and subsequent capacity expansion of BluCrystal [3] - The price of sapphire substrates has fluctuated significantly, peaking at 30 USD per piece before dropping to 5-6 USD per piece, influenced by market dynamics and government support for the LED industry [4] Group 3: Production and Cost Efficiency - The complementary demand for sapphire substrates and window pieces allows for seasonal adjustments in production, enhancing overall profitability and capacity utilization [3] - The company plans to use a significant portion of the funds raised from the share issuance to invest in BluCrystal's project development and capacity expansion post-acquisition [3][5] - Various raw material prices are declining, and operational costs are expected to decrease as the scale of production increases, leading to lower unit costs [4] Group 4: Technological Advancements - There is still considerable room for improvement in chip performance, with ongoing advancements expected to narrow the technology gap between domestic companies and global leaders [5] - The company has already entered the small-pitch screen market, which is anticipated to contribute significantly to future revenues despite its current small market share [5]

Group 1: Company Overview and Mergers - Huacan Optoelectronics is merging with Yunnan Blue Crystal, which has a stable operational style and currently insufficient production capacity [1][2] - The merger aims to stabilize Huacan's substrate procurement needs, significantly benefiting Yunnan Blue Crystal's customer demand and production capacity expansion [2][3] - Yunnan Blue Crystal's unique crucible descending method results in high utilization rates of crystal rods and lower energy consumption compared to other techniques [2][3] Group 2: Market Insights and Product Performance - Sapphire is the dominant substrate material for LEDs, with costs significantly lower than silicon carbide, and its price for 2-inch wafers is below $6 [2][3] - The sapphire market is expected to see stable prices with a gradual decline, while unit cost reductions and increased sales will offset any negative impacts from price drops [3][4] - The penetration rate of LED lighting in traditional lighting is currently below 40%, indicating substantial growth potential [4] Group 3: Financial and Operational Considerations - The company faces high financial costs due to significant USD loan balances, impacted by the depreciation of the RMB [3] - Huacan Optoelectronics plans to pursue financing arrangements related to the merger, although specific plans for equity financing are not disclosed [3] - The company is focused on expanding its semiconductor materials and devices business, with ongoing technical upgrades and potential future expansions [4]