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On June 7, 2011, Silan Micro (600460.SH) announced that the company intends to issue no more than 600 million yuan of corporate bonds, each with a face value of 100 yuan, totaling 6 million, and the bonds are fixed for 5 years. Bonds, at the end of the third year, attached the issuer to raise the coupon rate option and the investor's option to sell back.
According to the plan, the company bonds issued by Silan Micro are intended to repay borrowings, adjust the debt structure and supplement the company's working capital. Among them, according to the resolution of the company's board of directors, the use of raised funds of 200 million yuan to increase the capital of the wholly-owned subsidiary Hangzhou Shilan Mingxin Technology Co., Ltd. "high-brightness LED chip production line expansion project." After the capital increase, the registered capital of Silan Mingxin will increase to 700,000 yuan, and Silan Micro holds 100% of its shares. For Silan Micro, the use of corporate bond financing helps to avoid the risk of diversification and dilution of equity due to the issuance of new shares. However, the renewal of the bond will also directly affect its solvency due to the uncertainty of the company's own production and operation.
Raw material cost rises capacity bottleneck test
According to the first quarter financial report of Silan Micro, the gross profit margin of LEDs, one of the company's main businesses, fell by 8.77 percentage points year-on-year, and the corresponding operating costs increased by nearly 30% compared with the previous year. (See Table 1) 
Although the LED epitaxy of the wholly-owned subsidiary Shilan Mingxin has been expanded in the early stage, due to the slow progress of the project, the production capacity of the chip production line has not yet been released significantly. In addition, the prices of raw materials such as global sapphire substrates and purchased epitaxial wafers have been relatively high since last year. A significant increase in the history of the same period led to an increase in production costs.
Due to the rising cost of raw materials in the first quarter, the company's net profit also showed a certain decline. (See Table 2) 
According to GLII, Silan Mingxin has ordered 8 new MOCVD equipments in 2010, but since 4 of them have been delayed, the project has not yet been put into operation, and it is estimated that the release of capacity will take a long time. The construction of the Chengdu Duanlan Phase I plant will take some time and will not bring revenue to the company in the short term. (See Table 3) 
Text / Senior Engineer LED Industry Research Institute senior analyst Ye Xiaoli