Lianchuang Optoelectronics has been engaged in the R&D, production and sales of the LED industry for many years, and has established a complete industrial chain from LED epitaxial wafers, chips, devices to backlights, full-color displays, semiconductor lighting sources and other application products. It is currently in a value depression in the LED sector.
In 2012, the company raised funds through a non-public issuance to implement projects related to the LED industry. Production began in the second half of 2014. Xiangcai Securities believes that corresponding channels should be needed to connect products and markets. Lianchuang Optoelectronics' future performance growth rate will increase. On the one hand, it will come from the rising prosperity of the downstream industry, and on the other hand, it will come from the profits contributed by the gradual commissioning of construction projects.
Lianchuang Optoelectronics holds 33% of the equity of Lianchuang Communications. With the help of the Lianchuang Communications platform, Xiangcai Securities stated that the company has integrated into the state-owned military industry system, which is conducive to resource integration and increased investment returns. Jiangxi Lianchuang Special Microelectronics Co., Ltd., a wholly-owned subsidiary, has the only military-standard field effect tube production line in the country, and its products have become
The function is used in launch vehicles and Chang'e series. And carry out technical transformation, gradually turning to the civilian market.
In terms of LED projects for Lianchuang Optoelectronics infrared monitoring systems, it has entered the security market. Among the fund-raising projects, the system R&D and industrialization project of LED epitaxial material growth, chip manufacturing and device packaging processes for power-type infrared monitoring systems focuses on independent research and development, expanding from small-power technology to high-power. It is currently in trial production. After industrial production, it will achieve import substitution and successfully enter the security market.
Part of the funds raised by Lianchuang Optoelectronics was changed to the "High-brightness ultra-thin LED backlight and supporting light guide plate project". This project will focus on the research and development and production of high-brightness ultra-thin LED backlights for mobile terminals such as high-end smartphones and car displays of 4 inches and above.
Xiangcai Securities estimates that from 2013 to 2015, Lianchuang Optoelectronics will achieve operating income of 1.505, 2.043 and 2.987 billion yuan, and net profits attributable to the parent company of 114, 165 and 226 million yuan. It is expected to achieve earnings per share of 0.26 yuan and 0.26 yuan from 2013 to 2015.
37 and 0.51 yuan, the corresponding price-earnings ratios are 37.8x, 26.6x and 19.3x respectively. Give an overweight rating for the first time.
ANNA