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Multi-company Strong Performance: Hongli Lighting Needs Warming Optimistic Silan LED Business

Mar 17, 2017

 since the second half of 2014, the domestic LED industry mergers and acquisitions DECADE climax. Recent overseas acquisitions program through rich micro-electrical and purple stock successive resorted to, indicating that the LED stadium lights industry merger integration into the new 2.0 era, that is, from the beginning of the integration of the stock of domestic resources into foreign asset purchases stage. backpfrontp Analysts pointed out that the semiconductor industry M \u0026 A tide of economic restructuring trend, Chinese enterprises are becoming a major force in the global semiconductor industry expansion, growing Chinese semiconductor industry, will profoundly affect the pattern of the global semiconductor industry. backpfrontp As of October 19, the two cities a total of 18 LED stadium lighting in the first three quarter results of listed companies to disclose the case. January to September, 18 companies, a company turnaround, 11-year performance of the company recorded a positive growth. This year, able to live constantly adjusted operating structure, although the downstream drive still weak, but the high power LED flood lights status of listed companies generally improved. backpfrontp more backpfrontp strong performance of the company last year, underperforming the king positron performance reversed in the first three quarters of this year. The company expects to achieve net profit of 38,505,100 to 43,068,200 yuan in the first three quarters. The company's performance over the same period last year loss of 1.2923 million yuan. backpfrontp Jun positron listed after main business is based on the company's self-designed core MIPS architecture XBurstCPU JZ47xx series microprocessor chip,1000W led flood light but the mobile electronics market development adversely, multimedia players, and educational electronic products suffered tablet, smart phones and other products giant impact, the company pre-performance has been poor performance. In order to avoid excessive dependence on a single market, the company continued to optimize smart watches, smart glasses and WIFI speakers and other programs, and actively expand the applications chip products. Following the Newton platform, Halley platform, the company has launched Venus development platform, the company help build smart watches ecosystem. In order to avoid over-reliance on a single market and uncertainties wearable device market, the company actively seeking and expanding more market applications, such as smart things, WIFI speakers, biometrics, security monitoring. This year's mid-year report, the company achieved operating income of 3,089.94 yuan, an increase of 14.33%; net profit of 679,600 yuan, an increase of 132.21%, led tunnel lights performance inflection point is already beginning now. With the release of third quarter results, the company's annual performance basically determined reversed. backpfrontp increase in the first three quarters of companies have national technology, Obi, through rich micro-power, Central shares. Among them, the national technology in the first three quarters of net profit is expected to achieve 64 to 65.5 million yuan, an increase of 1121.84 to 1150.48%. Early in the field of mobile payments planted fall of national technology, the business has come out from the bottom, company financial IC card chip business steadily, through the strengthening of research and development, good market access, product introduction and promotion, now in some commercial banks pilot issuance of work. Domestic financial IC card issuance volume of nearly 700 million,LED arena lights pre leading overseas NXP monopolize the market, the next few years localization alternative space is huge. backpfrontp Orbita, through rich micro-power, highest net profit in the first three quarters Soon Central share increase in more than 50%. As the first half of Ushimata GEM, Orbita the first three quarters compared with the performance in reporting the results to achieve double. Platinum Asia Information Company realized pre-acquisition and sheets, product line layout has been further improved. The company is also planning to carry out in accordance with the beginning of an international marketing efforts SOC / SIP, flight control systems and other products. backpfrontp Analysts said that although the semiconductor environment remains untold prosperity, LED tennis court lights but the number of listed companies to fine-tune the business strategy, still get better than last year's results. Now, in the great cycle downturn, technology-driven objective factors still exist, the future of the semiconductor industry, there are a lot of room for growth. backpfrontp Ruifeng power: TV backlight slowdown, lighting business was growing rapidly backpfrontp cost control at a good level: three quarters of the total cost the company 3 22.07 million, 10.65 percent expense ratio, the chain dropped slightly, the current minimum level for the whole year . This year the company substantial growth in LED lighting business, and in the subsidiaries RiCOM photoelectric condition is still in the construction period, the cost rate hit the lowest during the year it is rare, reflects the company's cost control, but can be sustained remains to be seen. Growth may be limited backpfrontp backlight, LED gym lighting is the next major growth: slowing growth in the global LCD TV, the next two years is expected to remain at around the level of 200 million units per year, and the new LCD TV, LED penetration has reached 90% above, industry is relatively mature industry chain will not change a great match, the company room for growth may be limited in this regard. But with declining LED lighting terminal price, the current spread of RGB LED flood lights with energy-saving lamps has been reduced to about 2 times, and some low-priced products have been less than 2 times the spread, thereby stimulating rapid start LED lighting market, we estimate this year GM LED lighting penetration rate of around 10%, 5% relative to last year, a substantial increase, and next year is expected to reach 20 percent penetration rate. The company as a midstream package link will significantly benefit from the company this year, LED lighting business revenue has been reflected, but should pay attention to risk fierce competition in the industry to bring the gross margin decline, we will continue to focus on the follow-up. backpfrontp earnings forecasts and investment rating: slowdown in overseas demand, the overall downward economic backdrop, the global LCD TV sales is poor, the company growing fear of large-size backlight business is limited, but high barriers to TV backlight areas, industrial chain is relatively closed, large scale downstream customers, but also for the company to provide certain performance guarantees and have a certain ability to resist risks. LED lighting rapid growth the next two years, the company will benefit. We cut the company 2013--2015 earnings per share to 0.31 yuan, 0.36 yuan and 0.47 yuan, to maintain the company overweight rating. backpfrontp Hongli Opto-electronic: lighting needs warming backpfrontp company earnings growth bottomed out in the fourth quarter 2012, continued to rise one or two quarter of this year. backpfrontp due to product price decline in market demand for the release, more than 20% revenue growth, but also because of a significant reduction in prices, the profit decline. Decline in product prices is a necessary condition to start lighting needs, future growth performance of the company, mainly through price for volume, revenue and profit growth in the size. The future expansion of production capacity will be the main driver of earnings growth. backpfrontp 2, backpfrontp profitability has improved due to lower prices, product gross margin decreased significantly. This is a performance decline. But look at a single quarter gross margin has stabilized, while last year due to the relocation of the company as well as new industrial park operations, expenses increased greatly, these effects gradually reduced this year, the company expense ratio began to decline, it will be advantageous in the future to improve profitability factor. Overall future profitability should remain stable. backpfrontp 3, home lighting heating backpfrontp According to the latest market report noted 2012-2014, with the benefit of each region progressively disabling incandescent fermentation, LED lamps entered the home lighting market. Because the luminous efficiency and LED lamps prices, consumer acceptance gradually increase, LED lighting penetration rate increases. 2013, home lighting market in China will reach $ 5,941 million, growth of 36%, including LED home lighting market will reach $ 814 million, an increase of 96 percent, is expected to account for 24% of the globe. backpfrontp 4, backpfrontp future production capacity as demand pick up, the company's capacity expansion demand is expected to have production capacity will reach the end of the package 1200KK / month, while 12-year capacity 500KK / month. Future LED industry consolidation trend continues, some of the technology behind the small scale enterprises will be eliminated. This will facilitate the development of enterprises have a competitive advantage. In the case of the current industry demand rising, the release of the company's future capacity situation is more optimistic, which is the main driver of the company's future growth. AJ Securities backp