Yesterday, Sanan Optoelectronics' stock price reached a new high of 18.11 yuan, and its price-earnings ratio was as high as 60 times. Analysts believe that the company's main LED project has the theme of energy conservation and environmental protection, and this concept is in the same market as the new energy concept. Hot fried.
On January 23, Sanan Optoelectronics continued to madly continue its ST shares in the secondary market after being dismissed from other special treatments in the stock exchange by the Shanghai Stock Exchange. Yesterday, its share price rose to a daily limit of 18.11 yuan in the late session, setting a new high since the listing. Since the resumption of trading on July 8, 2008, just 144 trading days, Sanan Optoelectronics not only succeeded in uncap, but its share price has quietly climbed nearly 23% from 13.89 yuan. If it is calculated at 5.42 yuan before the suspension, its increase is as high as 70%, which is a model of the 2008 asset restructuring stock.
However, behind the infinite market in the secondary market, investors have raised questions about the future development prospects of Sanan Optoelectronics. Can its performance support the stock price to continue to rise?
According to the company's 2008 annual report, last year, it realized operating income of 213 million yuan and profit of 61.975 million yuan. The net profit attributable to shareholders of listed companies was 52.05 million yuan. After deducting non-recurring gains and losses, the net profit was 48.422 million yuan. The income was 0.28 yuan and the net assets per share was 1.95 yuan. Since the end of June 2008, Sanan Optoelectronics really completed the asset restructuring, so the data of its annual report can not really reflect its profitability. An analyst in the electronics industry said.
Industry outlook is greatly affected by policy
What makes the stock so favored by funds? By observing Sanan Optoelectronics public information, it is not difficult to find that the company's main LED project has the theme of energy conservation and environmental protection, and this concept is in the same market as the new energy concept. Hot fried.
The promotion and development of LEDs relies heavily on the government's policy support. The promotion of policies can almost determine the development prospects of the industry. Therefore, this technology has a concentrated promotion in the field of municipal facilities. For example, the Ministry of Finance and the National Development and Reform Commission jointly issued the Interim Measures for the Administration of High-Efficiency Lighting Products Promotion Subsidy Funds last year. The State adopted indirect subsidies to promote high-efficiency lighting products. The Ministry of Science and Technology Ten City Wanhao LED Street Light Demonstration Plan has also been proposed and implemented. However, at present, only a few cities such as Xiamen have replaced LEDs with LEDs, and their market is not large in the civilian sector. Liao Xinyu, an analyst at Dongfang Securities, told reporters that from a technical perspective, the LED industry faces the challenge of improving light efficiency, solving heat dissipation and reducing costs at high power. The focus of industrial competition is on how to improve the light efficiency and service life of a single chip under high power. The people like the price/performance ratio, but the LED bulb is obviously much more expensive than the ordinary incandescent lamp.
The reporter also noted that in addition to the market environment, there are restrictions on the improvement of Sanan Optoelectronics' performance, and the company itself has some problems. According to the data, there are more than 30 units engaged in LED epitaxy, chip research and development and production, about 600 packaging companies, and more than 1,700 LED application products and supporting enterprises. Among the listed companies, Sanan Optoelectronics and Silan Micro (5.12, -0.24, -4.48%) are located in the middle and upper reaches of the industry chain, accounting for about 70% of the industry's profits. According to Sanan Optoelectronics' 2008 annual report, its LED gross margin is 41.28%, while the gross profit margin of Silan Micro on LED is as high as 43.95%. Since the company completed its asset restructuring in June 2008 and its main business changed, its 2007 annual report was not comparable. Therefore, its product export business was affected by the external market in 2008, and it is still unknown. However, its annual report shows that Sanan Optoelectronics last year's semi-finished products were 11.12 million yuan, inventory goods were 55.65 million yuan, and inventory was 116 million yuan, accounting for 47.9% of inventory. Compared with foreign companies, the company's technology in LED production has no advantage, coupled with the impact of the financial crisis, the company's export volume in 2008 may be lower than before the listing. An industry analyst said.
The company has a high short-term debt ratio
According to company data, Sanan Optoelectronics has achieved an annual output of 450,000 pieces of epitaxial wafers and a production scale of 15 billion chips, accounting for more than 58% of the total domestic production capacity, ranking first in the country. However, its asset-liability ratio increased from 33% at the end of the third quarter of 2008 to about 44% at the end of the year, and the monetary funds on the account were only 109 million yuan, and its short-term liabilities were as high as 198 million yuan and long-term liabilities were 100 million yuan. Therefore, some analysts believe that Sanan Optoelectronics' financial situation is not optimistic, and the 141 million yuan receivables recovery rate will have a significant impact on the company's financial position. In addition, since the company's investment funds will mainly come from the circular investment of bank loans, although the company currently receives a credit line of about 500 million yuan, under the influence of the financial crisis, the ability to continuously obtain loans from banks will also be generated for the company. influences.
Despite this, the annual report also revealed the institutional investors' recognition of Sanan Opto's performance last year. The annual report shows that as of the end of the fourth quarter of 2008, a total of four funds held Sanan Optoelectronics, holding a total of 8.99 million positions, accounting for 12.78% of the company's circulating A shares. Among them, the most popular among the institutions is the Industrial Fund. Xingye Global View holds 3.92 million shares of the stock, ranking first among its top 10 tradable shares, accounting for 5.57% of the outstanding shares of the stock. In addition to the top 10 tradable shares, there is also the trend of investment in the industry, holding 10.9 million shares ranked 8th.
Future performance lies in the civilian market
After the restructuring was completed last year, Sanan Optoelectronics made a commitment to its future performance: If the company's net profit does not reach 122 million yuan in 2009, Sanan Group will make up the cash. The industry believes that Sanan Optoelectronics dared to make performance commitments because of the continued development of new LED applications launched in the 2008 Beijing Olympic Games, plus the 2010 Shanghai World Expo, Guangzhou Asian Games and the 2011 Shenzhen Universiade. The promotion of the event, and the implementation of the LED road lighting plan and the major notebook manufacturers this year announced that more than 50% of the backlights will be replaced by LEDs, which will have a positive impact on the LED industry and company performance.
However, there are still analysts who say that if they do not speed up the opening of the civilian market, and only rely on policy support, the company's gains in municipal facilities will not provide long-term performance support to the company. Take the Chengdu market as an example. A Skyworth 42-inch ordinary LCD TV only costs 5,000 yuan, and if LED is used as a TV screen, then the same size TV of the brand needs more than 7,000 yuan. The gap of 2,000 yuan has too much impact on consumers. A store staff member told reporters.
According to public information, in 2009, the company's top priority was to expand the Tianjin production base and continue to improve the brightness and yield of the company's white products. In 2008, the company could only produce 90-100lm/w white light products in small batches. The company's target is 90 in June 2009. -100lm/w white light products are officially mass-produced, which will help the company further pull into the technological gap with international peers and grab the white light main application market, such as 10-12 meters high street lighting and large-size LED panels.
Guoyuan Securities believes that due to the impact of the economic crisis, coupled with the penetration rate of LED in the LCD TV and notebook field did not reach as fast as expected, the global LED chip supply has a certain degree of excess, but the industry's long-term growth trend is clear. At present, the current self-sufficiency rate of LED epitaxial wafers and chips is seriously insufficient, and many downstream packaging companies have shifted to the mainland. Therefore, the demand for domestic LED chips will not shrink due to the global economic crisis and the sharp decline in exports. Maintain the company's 2009 and 2010 earnings per share of 0.58 yuan, 0.78 yuan profit forecast. CIC Securities also believes that the company's 2009-2010 earnings per share were 0.58, 0.77 yuan, respectively, maintaining a strong recommendation rating.
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