LED manufacturers have paid bright transcripts in the first half of the year! The two leading crystal powers and Everlight all set record highs, with EPS of 3.5 yuan and 3.37 yuan respectively. Foreign-funded Morgan Stanley Securities gave Jingdian an additional rating, with a target price of RMB 130. Yiguang’s current order visibility is about 1 month. It is estimated that August revenue will be at a relatively high level with July. Corporate estimates, although the market has doubts over the oversupply of LED, but the stock price has been after finishing, with the performance of the second half is not bearish, the stock market outlook should be able to stabilize.
Yiguang’s net profit before tax for the first half of the year was RMB 1.56 billion, and its net profit after tax was RMB 1.406 billion, which was an increase of more than double the annual EPS 3.37, compared with RMB 1.73 in the same period last year. Among them, after-tax net profit of 865 million yuan in the second quarter, quarterly increase of nearly 60%, EPS2.07 yuan, are better than market expectations. Looking forward to the third quarter, although faced with the adjustment of inventory by panel makers, it is expected that the overall operating performance of the company can still maintain the level of the second quarter. Even if the recession does not exceed 10%, as visibility in the fourth quarter is not high at present, there is an opportunity Stimulated by the demand of the Chinese Lunar Year, performance has another peak in October and November.
Jingdian’s single-quarter gross profit margin reached 39% in the second quarter, after-tax net profit was RMB 1.69 billion, and EPS was RMB 2.2 in a single season; accumulated net profit after taxation was RMB 2.69 billion, and EPS was RMB 3.5, which was also better than market expectations.
Recent panel industry channel inventory correction intensified, South Korean panel makers cut orders for LED suppliers, under the pressure of layers of inventory reduction, the domestic epitaxial plant had to step up to attack LED lighting and other application opportunities; Jingdian to adjust the product The combination of high-margin application products, such as large-size panel backlights, lighting, etc., makes its profitability performance consistently better than market expectations, coupled with the penetration rate of LED-backlit LCD TVs in the second half of this year will be from the first half of the - 15%, accelerating to 25%-30%, therefore, it is expected that the LED market atmosphere in the fourth quarter will be significantly improved.
Yiguang’s net profit before tax for the first half of the year was RMB 1.56 billion, and its net profit after tax was RMB 1.406 billion, which was an increase of more than double the annual EPS 3.37, compared with RMB 1.73 in the same period last year. Among them, after-tax net profit of 865 million yuan in the second quarter, quarterly increase of nearly 60%, EPS2.07 yuan, are better than market expectations. Looking forward to the third quarter, although faced with the adjustment of inventory by panel makers, it is expected that the overall operating performance of the company can still maintain the level of the second quarter. Even if the recession does not exceed 10%, as visibility in the fourth quarter is not high at present, there is an opportunity Stimulated by the demand of the Chinese Lunar Year, performance has another peak in October and November.
Jingdian’s single-quarter gross profit margin reached 39% in the second quarter, after-tax net profit was RMB 1.69 billion, and EPS was RMB 2.2 in a single season; accumulated net profit after taxation was RMB 2.69 billion, and EPS was RMB 3.5, which was also better than market expectations.
Recent panel industry channel inventory correction intensified, South Korean panel makers cut orders for LED suppliers, under the pressure of layers of inventory reduction, the domestic epitaxial plant had to step up to attack LED lighting and other application opportunities; Jingdian to adjust the product The combination of high-margin application products, such as large-size panel backlights, lighting, etc., makes its profitability performance consistently better than market expectations, coupled with the penetration rate of LED-backlit LCD TVs in the second half of this year will be from the first half of the - 15%, accelerating to 25%-30%, therefore, it is expected that the LED market atmosphere in the fourth quarter will be significantly improved.
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