1. Leading companies lead the industry growth, small spacing shows the outbreak period
Liard released the 2015 annual report on the evening of March 17. In 2015, the company achieved operating income of 2.023 billion yuan, a year-on-year increase of 71.42%, of which the net profit attributable to shareholders of listed companies was 331 million yuan, an increase of 105.05% over the same period. The shareholders will find a cash dividend of 0.7 yuan (including tax) for every 10 shares. Excluding the factors of consolidation, the company's LED small-pitch performance is brilliant, the company announced that LED small-pitch achieve high-speed growth (three-year compound growth of more than 70%), LED small-pitch global market share is more than 50%.
Zhouming Technology announced its performance report on February 28. It is estimated that the company's operating income will reach 1.314 billion yuan in 2015, a year-on-year increase of 35%. The net profit attributable to shareholders of listed companies will be 117 million yuan, a year-on-year increase of 93.39%.
Traditionally, small-pitch displays are mainly used in government, military, and public services. Due to price factors, it is widely believed that space in the commercial market has yet to be developed. From the perspective of industry trends, with the decline of raw materials such as lamp beads and advances in technology, the penetration rate of small-pitch products in the commercial market will gradually increase. In the past, the market was worried about the lack of market space in the government and military fields and the penetration progress in the commercial market, and worried about the short-lived growth of small-scale markets. Liard announced the company's revenue distribution in the small-pitch display from 2012 to 2015. Overall, sales in the government, military and industrial and commercial sectors continued to grow, and the sales of industrial and commercial enterprises increased steadily, while the traditional government The proportion of institutions and the military declined slightly, and the gross profit margin of small-pitch products reached 43.3%. The small-pitch segment entered the outbreak period from the end of 2015. We believe that the strong performance of leading companies has dispelled doubts about the growth trend of small pitch in the commercial market, and is optimistic about the accelerated penetration of LED small pitch in the commercial market.
2. Extension of mergers and acquisitions to enhance valuation
Whether it is LED lighting or LED display industry, it has entered the stage of big merger and acquisition in the past two years, and compared with the LED lighting industry, companies in the LED display industry have chosen to enter the media field. Screen equipment manufacturers, through years of cooperation with media companies, to increase the logic of the media business, we believe that leading companies will first transform from equipment providers to full solutions (system integration, content design, etc.) providers, and eventually become platform type The company has huge room for future development and high growth has significantly improved its valuation.
In 2015, LED small-pitch display ushered in the first year of the explosion. It is recommended to pay attention to companies that have been cultivating in the LED industry for many years, with technical reserves and comparative advantages.
Liad: Leading technology, leading market share, enjoying the advantages of domestic channels, acquiring US Pingda, and integrating overseas channels. Four-wheel drive (LED small pitch, LED display, LED intelligent lighting, cultural and educational media) promoted high growth.
Zhouming Technology: Leading technology, LED small-pitch outbreak promotes the company's small-pitch product gross profit, overseas high-end performing arts venue segment market share, the niche market to create high-margin brand. Small pitch + high-end creative screen wings fly together; outreach merger expectations are strong.
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