LED (Light Emitting Diode) is a solid-state light-emitting device that uses the characteristics of semiconductor materials to convert electrical energy into light energy. In recent years, it has gradually become one of the concepts of hot speculation in the market. Foshan Lighting, Sanan Optoelectronics, Lianchuang Optoelectronics, Shishi A number of LED concept stocks such as Lanwei, Chunlan, Aucma and Ganzhao Optoelectronics have left a deep impression on investors.
From the current LED industry market situation, the country's largest red-yellow LED chip and solar cell epitaxial wafer manufacturer, Ganzhao Optoelectronics, the limelight is even more, and is highly sought after by investors.
â—Energy saving policy constitutes long-term positive
Not long ago, there was news from the media. Relevant industry insiders said that China is expected to introduce a timetable for eliminating incandescent lamps, and will impose a consumption tax on incandescent products. At the same time, it will give policy support to the energy-saving lamp industry to achieve the policy goal of energy conservation and emission reduction. The analysis believes that the above-mentioned news is within the forecast range of the market. The key point is that Taiwan's policy is to be strict and enforceable. However, in any case, a number of LED concept stocks such as Ganzhao Optoelectronics will be sought after by the market for a long time.
Ganzhao Optoelectronics issued a notice before the New Year's Day this year that the company received a special financial support of RMB 5.8064 million, and all of it was included in the company's current non-operating income. The net amount of the subsidy after deducting the enterprise income tax is 4,935,400 yuan, accounting for 5.87% of the company's audited net profit in 2009, which will have a certain impact on the company's 2010 profit.
Ganzhao Optoelectronics Co., Ltd. is mainly engaged in the R&D, production and sales of semiconductor optoelectronic products. At present, it mainly has high-brightness quaternary LED epitaxial wafers and chips and three-junction gallium arsenide solar cell epitaxial wafers and chips. High-brightness quaternary LED chips are mainly red and yellow. Their packaged products have been widely used in backlights, night scene projects, traffic lights, electronic devices, displays, automobiles and many other fields.
â—The company has huge market space in the future
According to industry estimates, the overall size of China's LED market will reach 100 billion yuan. In 2015, the domestic market will reach more than 500 billion yuan, and the application will be mainly based on lighting. Important application areas include landscape decoration, municipal lighting, backlighting, commercial lighting, and automotive applications. With the continuous expansion of the application field, the market demand for high-brightness quaternary red and yellow LEDs is also rapidly increasing. According to preliminary estimates, the market demand for high-bright quaternary LED chips in China will reach 93 billion in 2012.
The space GaAs solar cell market is stable and has great potential. On the whole, domestic solar cells for space use are currently in the transition period from crystalline silicon solar cells to triple-junction gallium arsenide cells. The future space for gallium arsenide solar cells will be shared by domestic companies in the ground application market. Domestic concentrating gallium arsenide solar cells have not yet formed a mass production supply market. At present, the pilot technology and products of the main links of the entire industry chain have been completed and are entering the pilot phase of small-scale power plants. The future will show a rapid growth trend.
In the field of triple-junction gallium arsenide solar cell epitaxial wafers, dry photo-electricity has exactly the self-developed MOCVD (metal organic chemical vapor deposition, which is the main epitaxial method technology for producing super bright LEDs at present), which is the largest in China. One of the companies that can mass produce triple junction GaAs solar cell epitaxial wafers.
â— Capacity bottleneck is gradually eased
In fact, the high-brightness quaternary red and yellow LED chip products of Ganzhao Optoelectronics can only meet the 50% demand of downstream core customers due to the limitation of production capacity. This problem will be solved with the expansion of production capacity.
It is understood that the company's project in Yangzhou is progressing smoothly. At present, there are 4 MOCVD (metal organic chemical vapor deposition, which is the main epitaxial method for producing super bright LEDs). The epitaxial equipment can be opened in the fourth quarter of 2010. Huachuang Securities expects that by the end of 2011, the company will have 29 MOCVD epitaxial equipments in Yangzhou and Xiamen. The LED chip production capacity will be expanded to about 7 times at the end of 2009, and the solar epitaxial wafer production capacity will be expanded to twice that of 2009.
â— Last year's performance increased by more than 60%
The market situation in short supply has made Ganzhao Optoelectronics a “high-quality stock†in the GEM. The third quarter report showed that the company achieved operating income of 208 million yuan in the first three quarters, a year-on-year increase of 68.06%, and a net profit of 95 million yuan, an increase of 87.36%.
Ganzhao Optoelectronics recently released a pre-announcement announcement that due to the sharp increase in LED market demand in 2010, the company's business scale is expanding. The company expects net profit of RMB 134 million to RMB 1.44 billion in 2010, a year-on-year increase of 60%-70%.
In addition, the company's management capabilities are excellent, and production can be guaranteed to proceed smoothly. The labor efficiency is high, and the per capita annual operating income of production employees is much higher than other manufacturers in the industry. It is understood that the company's cost control is strict, the plant layout is reasonable, and the office area occupies less space. In 2008-2009, the company's depreciation was only about 13% of operating costs, while the industry's usual level was about 25%. The company's yield is as high as 99%, reducing the company's raw material and scrap costs. At the same time, the company's product performance is stable and balanced, giving the company a strong pricing power.
Despite the strong performance growth of Ganzhao Optoelectronics, the compound annual growth rate of net profit in the past three years was as high as 95.01%. Gross profit margin also showed an upward trend year by year. However, some media reports said that behind the company's glamorous performance, it benefited from the exemption of income tax for two consecutive years in 2007 and 2008, as well as non-recurring gains and losses, which are increasing year by year, and there are unpaid relevant taxes, borrowings in violation of regulations, and issuing Bank acceptance bills without real trade background.
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