The company disclosed the 2014 annual report and the 2015 first quarter report: in 2014, the company's revenue was 991 million yuan, a year-on-year increase of 31.43%, and the net profit was 179 million yuan, a year-on-year increase of 36.64%. 2015Q1 company expects net profit of 39.7 million yuan -41.15 million yuan, an increase of 5%-30%.
The shipment of optical materials in batches is just around the corner. The gross profit margin has arrived: in 2014, the company's gross profit margin was 28.8%, down 0.8 percentage points year-on-year. It is estimated that the proportion of medium and large-sized LED devices with low gross profit margin will continue to increase. The revenue of medium and large-sized LED devices has accounted for nearly 30% of total revenue. The marginal effect on the further impact of gross profit margin is limited. The high-margin products such as optical film materials will contribute revenues in 15 years, which will push the overall gross profit margin of the company to an inflection point.
The company's excellent management ability is conducive to the era of competition: under the situation that LED industry is not prosperous, the company relies on lean management and active development to achieve a compound growth rate of 45% in operating income for 6 years. It is a rare quality company in the industry. . The company's goal is ambitious. It is planned to reach 3 billion yuan in revenue in 2017, which means that the company still needs to maintain a compound revenue growth rate of 45% in the next three years. As the profitability of new products such as optical film materials with higher profitability than the existing LED module level increases, the company's profitability is expected to achieve matching growth with revenue.
Internationalization and new products drive the company's continued growth: The company's continued growth momentum includes: (1) international expansion of small-size LED backlight modules, elimination of overseas patent barriers after obtaining Toyota Synthetic Technology license; (2) medium and large-size LED backlights There is still room for improvement in module penetration rate; (3) new products such as flash lamps are shipped in 15 years, LED lighting products are waiting for opportunities; (4) new materials such as optical film materials open long-term growth space for the company; (5) Also willing to continue the layout in the large optical industry through the extension method.
Investment suggestion: Buy-A investment rating, 6-month target price of 31.50 yuan. We expect the company's 2015-2017 EPS to be 0.90 yuan, 1.30 yuan, and 1.89 yuan respectively. The company is a rare and high-quality enterprise in the LED packaging industry. It has excellent management and strong execution ability and can resolutely promote new business development. We are optimistic about the future prospects of new products such as optical film materials. The company plans to issue no more than 30 million shares to raise 600 million yuan. It is expected that the issue price will not be far from the current price. Give the company a target price of 31.50 yuan for 6 months, corresponding to 35 times PE in 2015.
Risk warning: The progress of new product promotion is not up to expectations, and the price of LED products is falling.
The shipment of optical materials in batches is just around the corner. The gross profit margin has arrived: in 2014, the company's gross profit margin was 28.8%, down 0.8 percentage points year-on-year. It is estimated that the proportion of medium and large-sized LED devices with low gross profit margin will continue to increase. The revenue of medium and large-sized LED devices has accounted for nearly 30% of total revenue. The marginal effect on the further impact of gross profit margin is limited. The high-margin products such as optical film materials will contribute revenues in 15 years, which will push the overall gross profit margin of the company to an inflection point.
The company's excellent management ability is conducive to the era of competition: under the situation that LED industry is not prosperous, the company relies on lean management and active development to achieve a compound growth rate of 45% in operating income for 6 years. It is a rare quality company in the industry. . The company's goal is ambitious. It is planned to reach 3 billion yuan in revenue in 2017, which means that the company still needs to maintain a compound revenue growth rate of 45% in the next three years. As the profitability of new products such as optical film materials with higher profitability than the existing LED module level increases, the company's profitability is expected to achieve matching growth with revenue.
Internationalization and new products drive the company's continued growth: The company's continued growth momentum includes: (1) international expansion of small-size LED backlight modules, elimination of overseas patent barriers after obtaining Toyota Synthetic Technology license; (2) medium and large-size LED backlights There is still room for improvement in module penetration rate; (3) new products such as flash lamps are shipped in 15 years, LED lighting products are waiting for opportunities; (4) new materials such as optical film materials open long-term growth space for the company; (5) Also willing to continue the layout in the large optical industry through the extension method.
Investment suggestion: Buy-A investment rating, 6-month target price of 31.50 yuan. We expect the company's 2015-2017 EPS to be 0.90 yuan, 1.30 yuan, and 1.89 yuan respectively. The company is a rare and high-quality enterprise in the LED packaging industry. It has excellent management and strong execution ability and can resolutely promote new business development. We are optimistic about the future prospects of new products such as optical film materials. The company plans to issue no more than 30 million shares to raise 600 million yuan. It is expected that the issue price will not be far from the current price. Give the company a target price of 31.50 yuan for 6 months, corresponding to 35 times PE in 2015.
Risk warning: The progress of new product promotion is not up to expectations, and the price of LED products is falling.
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