Multi-company performance is strong: Hongli lighting demand is heating up Shilan Micro optimistic about LED business

Since the second half of 2014, the domestic LED industry mergers and acquisitions have reached a climax. Recently, Tongfu Microelectronics and Ziguang Co., Ltd. successively announced overseas M&A plans, which indicates that LED industry mergers and acquisitions will enter the new era of 2.0, that is, from the integration of domestic resources to the stage of purchasing assets overseas.

Analysts pointed out that the merger of semiconductor industry mergers and acquisitions is the general trend of economic restructuring. Chinese enterprises are becoming the main force for the expansion of the global semiconductor industry. The continuous growth of China's semiconductor industry will profoundly affect the global semiconductor industry.

As of October 19, a total of 18 LED listed companies in the two cities disclosed their performance in the first three quarters. From January to September, one of the 18 companies turned losses, and 11 companies recorded positive year-on-year growth. Since the beginning of this year, the continuous adjustment of the operating structure, although the downstream drive is still weak, but the performance of LED listed companies generally improved.

Strong performance of multiple companies

Jun Zheng Electronics, which had a poor performance last year, reversed its performance in the first three quarters of this year. The company expects to achieve a net profit of 38.505 million yuan to 43.026 million yuan in the first three quarters. The company's performance loss in the same period last year was 1,292,300 yuan.

The main business of Junzheng Electronics after its listing is the JZ47xx series of microprocessor chips based on the MIPS architecture XBurst CPU core designed by the company. However, the mobile electronic market is unfavorable, and multimedia players and educational electronic products are suffering from the impact of flat-panel and smart phones. The company's previous performance has been underperforming. In order to avoid excessive reliance on a single market, the company continues to optimize smart watches, smart glasses and WIFI speakers, and actively expand the application areas of chip products. Following the Newton platform and the Halley platform, the company launched the Venus development platform to help the company's smart watch ecosystem. In order to avoid excessive dependence on the single market and uncertainties in the wearable device market, the company actively seeks and expands more market applications, such as smart Internet of Things, WIFI speakers, biometrics, security monitoring and so on. In this year's mid-year report, the company achieved operating income of RMB 30,989,400, a year-on-year increase of 14.33%; net profit of RMB 679,600, a year-on-year increase of 132.21%, and the performance turning point has already begun. With the release of the third quarter results, the company's full-year performance has basically been reversed.

Companies with increased performance in the first three quarters include National Technology, Obi, Tongfu Microelectronics, and Zhonghuan. Among them, National Technology expects net profit of 64 million yuan to 65.5 million yuan in the first three quarters, an increase of 1121.84% to 1150.48%. In the early stage, in the field of mobile payment, the national technology has been overtaken. The current business has already stepped out of the trough. The company's financial IC card chip business has steadily advanced. Through strengthening research and development, market access, product introduction and promotion, it is now in some commercial banks. Pilot distribution work was carried out. The number of domestic financial IC cards issued in the year is nearly 700 million. The previous overseas leader, NXP, monopolized the market, and the replacement space for localization in the next few years is huge.

Orbit, Tongfu Microelectronics, and Zhonghuan announced that the highest net profit growth in the first three quarters was above 50%. As the big bull stock of the GEM in the first half of the year, the performance of the first three quarters of the company has doubled compared with the performance of the mid-year report. The company's previous acquisition of Platinum Information has been consolidated and the product line layout has been further improved. The company also carried out international marketing promotion of products such as SOC/SIP and flight control systems according to the planning at the beginning of the year.

Analysts said that although the semiconductor environment is still difficult to say, many listed companies have fine-tuned their business strategies and still achieved better results than the same period last year. At present, in the big cycle of decline, the technology-driven factors still exist objectively, and there is still much room for growth in the semiconductor industry in the future.

Ruifeng Optoelectronics: TV backlight growth slows down, lighting business grows rapidly

The cost control is at a good level: the company's three expenses in the third quarter totaled 22.07 million, and the expense ratio was 10.65%, a slight decrease from the previous month. It is currently the lowest level in the year. Since the company's LED lighting business has grown significantly this year, and under the condition that the subsidiary Ruikang Optoelectronics is still under construction, the lowest rate in the year is rare. It reflects the company's cost control ability, but it still needs to be observed.

Backlight growth is limited, LED lighting is the main growth point in the future: global LCD TV growth slows down, it is estimated to remain at around 200 million units per year in the next two years, and LED LCDs have reached more than 90% in new LCD TVs. The industry is relatively mature, and the changes in the industry chain will not be very large. The company has limited room for growth in this area. However, with the continuous decline in the price of LED lighting terminals, the current price difference between LED lamps and energy-saving lamps has dropped to about 2 times, and the price difference between some low-priced products has been less than 2 times, which has stimulated the rapid start of the LED lighting market. The penetration rate of lighting LED is about 10%, which is a substantial increase from last year's 5%, and the penetration rate is expected to reach 20% next year. As a mid-stream package, the company will benefit significantly. This has been reflected in the company's LED lighting business revenue this year, but we should pay attention to the risk of falling gross profit margin caused by fierce competition in the industry. We will continue to pay attention to it in the follow-up.

Earnings forecast and investment rating: Under the background of slowing overseas demand and overall economic downturn, global LCD TV sales are not good, the company's large-size backlight business is limited to growth, but the TV backlight field has higher barriers, the industry chain is relatively closed, downstream The scale of the client is large, and it also provides certain performance guarantee for the company and has certain anti-risk ability. LED lighting will grow rapidly in the next two years and the company will benefit. We cut the company's 2013-2015 earnings per share to 0.31 yuan, 0.36 yuan and 0.47 yuan, maintaining the company's "overweight" investment rating.

Hongli Optoelectronics: lighting demand is heating up

The company's performance growth rate bottomed out in the fourth quarter of 2012 and continued to rise in the first and second quarters of this year.

Due to the decline in product prices, market demand is released, and the growth rate of income is above 20%. However, because of the decline in prices, profits have fallen by a large margin. The decline in product prices is a necessary condition for the start of lighting demand. In the future, the growth of the company's performance will mainly increase the income and profit scale by changing the price. The expansion of future production capacity will become the main driving force for performance growth.

2. Profitability has improved

Due to the decline in product prices, the company's product gross margin level dropped significantly. This is the main reason for the decline in performance. However, from the single quarter, the gross profit margin has stabilized. Last year, due to the relocation of the company and the operation of the new industrial park, the cost increased greatly. These effects gradually decreased this year, and the company's expense ratio began to decline. This will be beneficial to the improvement of profitability in the future. factor. Overall, the future profitability should remain basically stable.

3, home lighting heating

According to the latest market report, in 2012-2014, with the gradual fermentation of incandescent lamps in various regions, LED lamps began to enter the home lighting market. Because of the increase in luminous efficiency and the decline in the price of LED lamps, consumer acceptance has gradually increased, and LED lighting penetration has also increased. In 2013, the size of the home lighting market in China will reach US$5,941 million, a growth of 36%. The LED home lighting market will reach US$814 million, an increase of 96%, and is expected to account for 24% of the global market.

4. Future capacity increase

With the recovery of demand, the company's capacity expansion needs to be expected to reach 1200 KK / month at the end of the year, while the capacity of 12 years is 500 KK / month. The LED industry will continue to integrate in the future, and some enterprises with small scale and backward technology will be eliminated. This will benefit the development of companies with competitive advantages. In the current situation of rising industry demand, the release of the company's future production capacity is more optimistic, which is also the main driving force for the company's future growth. Aijian Securities

Length Grader

Length Grader,Rice Length Grader,Rice Grader Machine,Riec Mill Machine

WOSENS TECHNOLOGY Co., LTD , https://www.wosenstechnology.com

Posted on