LED market subsidies are chaotic and serious

Nearly 90% of listed companies have received government subsidies, and more than 90 of them have turned losses into profits. In response to the relevant data disclosed in this year's semi-annual report, the old-fashioned topic of subsidy chaos has warmed up again. According to statistics, 75 of the listed companies in Hubei benefited from government subsidies, totaling 1.58 billion yuan. Among them, 11 issued government subsidies, and Sanan Optoelectronics became the company with the most government subsidies in the first half of the year with 195 million yuan. The four enterprises have received more than 100 million subsidies for Sanan Optoelectronics, Huaxin Cement, Gezhouba and Hubei Energy, all of which are more than 100 million yuan, of which three are large state-owned enterprises. According to statistics, the first place is still Sanan Optoelectronics upstream of the LED. In recent years, the government's financial subsidies to Sanan Optoelectronics' energy-saving sector are only a regulation of the country's promotion of the LED industry within a certain period of time. At the same time, government subsidies have also caused a serious overcapacity of domestic LED chips, resulting in a linear decline in the price of LED chips. Many LED listed companies have shown a bad state of increasing revenues and not increasing profits in recent years. However, in this year's semi-annual report, Sanan Optoelectronics did not count the government subsidies for the current profit and loss, and the net profit growth remained beautiful. In the first half of the year, the sales revenue was 2.177 billion yuan, and the net profit attributable to shareholders of listed companies was 666 million yuan, a year-on-year increase of 43.87, becoming the profitable king of LED upstream. The other three companies won on the block. On this basis, the performance of Gezhouba’s semi-annual report was outstanding, with the net profit of 1.26 billion yuan topping the list, surpassing the second place Sanan Optoelectronics 600 million yuan. The amount of subsidies increased by nearly 200 million compared with last year. Compared with the government subsidies of 1.3 billion yuan in the first half of last year, the subsidy amount of listed companies in Hubei increased by more than 200 million this year. The upward trend of government subsidies is obvious. However, the coverage still remains at around 75. . This year, subsidized listed companies are concentrated in energy conservation, new energy, and emerging industries. In addition to the financial subsidies given by the location of the production base of the enterprise, some are subsidies given by the state ministries and commissions, which are related to the government's support for the development of the industry. However, listed companies' free tonics are also criticizing the market fairness. From the perspective of the country, from chlor-alkali chemicals to steel, from LEDs to non-ferrous metals, some companies with obvious overcapacity industries can still receive high subsidies. Turning losses into shells through government subsidies has become a certain normality in the A-share market. An industry insider believes that whether a company withdraws from the market or not is subsidized by the government, and it becomes a torture of the fairness of the delisting system. It is not just the fairness of the delisting system that subsidizes the chaos. Statistics show that among the 58 listed companies that have subsidized more than 100 million yuan in the first half of this year, 40 are state-owned or shareholding companies, accounting for nearly 70%. In addition, the amount of government subsidies received by 93 companies in the first half of the year was greater than their net profit. In the past three and a half years, 278 companies have relied on government subsidies to turn losses into profits, and some companies have even escaped from the market.

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