Photo-Electricity profitability industry leading public private placement in high valuations

LED (Lightemittingdiode, light-emitting diode, is the use of the characteristics of semiconductor materials to convert electricity into light energy of solid light-emitting devices), has been a hot market concept in recent years, the most impressive for investors when the three-an photoelectric (600703.　　SH).　　And from the current market situation, led industry, another company in the dry photo photoelectric (300102.SZ), the Thunder is more than three photoelectric. It is understood that the company since the listing in August, the stock market trend is quite ups and downs, once down to 68.80 yuan low, once stood on the high point of 97.35 yuan.　　As of November 12, the company's shares received 89.29 yuan, up nearly 1 time times the IPO price. And in addition to a lot of public offering funds bullish on the company, private placement is to dry photo photoelectric "Love has a single clock."　　Three quarters of data showed that a total of more than 4 private placement in the unit, of which Shi Bo's China Resources Deep state investment-Chanyat 2, but also a rare place in the company's sixth-largest circulating shares of shareholders. "The company is a good company, from the profitability point of view, or even more than three photoelectric more advantages, the company before the low valuation, but after a continuous rise, now it seems that the price is not low."　　"A brokerage researcher who concerns the company said. Four-quarter results optimistic "according to our survey, the company's four-quarter orders are very full, the product is still in short supply, so the expected four-quarter results will be very good."　　Said the researcher. It is understood that the dry photo photoelectric is the domestic four Yuan series of red and yellow LED chip and GaAs (gallium arsenide) photovoltaic chip manufacturing leading enterprises.　　At present, the company's high brightness of four yuan led chips to red, yellow, and its packaging products have been widely used in backlight, Night scene project and many other fields. Although the dry photo photoelectric and three-Ann photoelectric, the Gram micro (600460. SH) belongs to the same industry, but the products produced by three companies are still different.　　Among them, the blue and green light products, the main red-yellow light, and the three photoelectric product chain covering the full color, but still with yellow-green light as the leading product. He Yinhua, a senior researcher at CIC, said in an interview with the first financial news Reporter: "the company produces yellow LED chip products, just and blue, green light staggered, belonging to low-end products, price and technology more obvious advantage."　　"But he also said that the current market for such products to Taiwan enterprises the most advantage, the company is still difficult to compete with foreign manufacturers, some of the quality of products to be further improved."　　According to the company, the company and Taiwan's main red and yellow led chip manufacturers and the mainland led chip manufacturers in comparison to the single furnace chip capacity, companies have basically reached Taiwan's leading led chip manufacturers, and in contrast with the mainland led chip manufacturers in the lead. It is understood that the LED chip is not only used in lamps and lanterns, but also widely used in traffic lights, mobile phones, notebook computer background light source and many other fields. Over the past decade, the global led market size of the average yearComposite growth rate of more than 20%, High-brightness led market growth more rapidly. The market situation of short supply makes the dry photo photoelectricity become the "blue" in the gem. The third quarter report showed that the company in the first three quarters to achieve operating income of 208 million yuan, an increase of 68.06% per cent, achieve net profit of 95 million yuan, an increase of 87.36%.　　In addition, the company expects 2010 annual net profit growth 55%~70%. "The company is bullish, in addition to the market is good, but also because the previous restrictions on the development of the capacity of the bottleneck problem will be resolved."　　"said the brokerage researcher. In fact, the company's high brightness of four yuan red, yellow LED chip products due to capacity constraints, the past can only meet the downstream core customers 50% of the demand.　　This problem will be solved with capacity expansion.　　It is understood that the company's project in Yangzhou is progressing smoothly, there are already 3 MOCVD (metal organic chemical vapor deposition, is currently the main extension of the production of Super Bright LED epitaxy) Epitaxy equipment, is expected to open up four quarters of capacity, fourth equipment has arrived, before the end of the year can be put into use　　Huajian Securities is expected, the latest late 2011, the company in Yangzhou and Xiamen will have 29 MOCVD epitaxial equipment, LED chip capacity will be expanded to 7 times times the end of 2009, solar wafer production capacity will be expanded to 2009 years twice times. Everbright Securities analyst VP in its November 10 report, said the company's capacity bottlenecks are gradually easing, and will gradually bring performance, maintain the company's financial data forecasts.　　Because the company has a high growth rate, it gives its 2011 earnings ratio of 45 times times the corresponding target price of 104.60 yuan. Profitability industry leader also belongs to LED chip manufacturing leading enterprises, dry photo photoelectric and three photoelectric two companies have comparability.　　Reporter learned that from the industrial chain layout, three Ann photoelectric or better, but from the profitability, the photoelectric seems to have advantages. Public data show that, whether the three photoelectric or dry photo photoelectric gross margin of more than 45%, such a profit margin in the manufacturing industry is commendable.　　Among them, the dry photo photoelectric three quarter gross margin rate of up to 62.34%, the same period of three photoelectric gross margin is 45.92%. In addition to gross profit margin, from the judgment of the profitability of another indicator--roe (equity yield), the dry photo of the ROE also significantly higher than the three photoelectric.　　Three-quarter data showed that the three-to-photoelectric Roe is 5.87%, while the dry-photoelectric roe is as high as 23.1%. "This shows that the use of photo-electric assets is significantly higher than the three-photoelectric, more cost-control capacity, is more competitive investment target."　　"Hua Bao securities researcher Chen Liang thinks. VP is expected to maintain nearly 60% gross margin in the next 2~3 quarter, but in the next 2-3 years, it is not easy to maintain such a high gross margin, the company is likely to face the risk of a decline in gross margin, especially in view of the new equipment with the investmentUse, the company will have a greater depreciation cost.　　In addition, from each MOCVD corresponding chip sales revenue, the company in the use of a single stove has a great advantage, far higher than the three photoelectric and the micro-rand. Public private placement in high valuations "take into account the dry photo photoelectric and the three-an optoelectronic LED chip leading enterprises, the industry status similar, and dry photo photoelectric recent performance growth trend is stronger, and profitability better, should enjoy no less than the three photoelectric valuation."　　Chen Liang thought.　　It is understood that the dry photo photoelectric valuation is indeed less than three photoelectric, but due to the recent dry photo photoelectric performance strong and three photoelectric performance is flat, so the situation has been reversed.　　As of November 12, the three photoelectric dynamic P/e ratio of 74.62 times times, while the dry photoelectric dynamic P/E ratio reached 82.77 times times, seems to have enjoyed the overvalued value.　　Three quarters of the data showed that as of September 30, a total of 32 main institutions holding dry photo photoelectric, of which 18, 1 brokerage, trust Company 3, a collection of 7, positions in total 4.16 million shares, accounting for the circulation A shares 17.61%.　　Among them, Huaan Strategic optimization Fund holding 542,700 shares, accounting for 1.84% of the circulation of capital, the company's first large circulation shareholders, and Desheng Advantage Stock Fund holds 250,000 shares, accounting for 0.85% of the circulating capital, the company's fifth-largest circulating stock shareholders. In addition, long-term good-looking emerging industry private equity Shi Bo of China Resources Deep state investment-Chanyat 2 is not willing to "heavily" buy dry photo photoelectric, and ranked the company's sixth largest shareholder.　　The reporter learned that private equity "into" the top ten circulating shareholders of listed companies are rare. After a round of rising, the current risk of intervention in the photo-electricity is not small, such as price correction can be reconsidered. said the brokerage researcher. CFP Drawing/Zhang Yijun