Star technology: Institutions buy after a continuous profit fled

Liu Tian Star Technology (300256.SZ) has been "favored" by institutional funds since its listing on August 19. According to wind data, as of August 26, the company's share price has risen by 41.38%.　　According to Shenzhen's data, from August 19 to August 24, there has been a continuous purchase of the unit, but to August 25 and 26th, some organizations have begun to cash profits and fled. Institutions to buy Shenzhen data show that August 19, star technology on the first day of the IPO rose 19.24%, the transaction amount amounted to 415.77 million yuan, one of the institutions to buy 10.9388 million yuan, accounting for the day turnover of 2.63%; August 22, in the top five of the purchase amount of seats,　　The first 3 are institutions dedicated seats, buy 8.407 million yuan, 6.3838 million yuan and 4.3988 million yuan, the total buy 19.1896 million yuan, the day stock turnover rate of 51.59%. After two consecutive days of buying, star technology shares rose from 21 yuan to 26.81 yuan, up 27.67%. Starting August 23, some agencies are still buying, although some have started to flee in profits. August 23, in the star technology to buy the first five seats is still a special seat, buy up to 3.9519 million yuan, accounting for 1.44% of the day turnover, but the same day the first five seats on the sale amount is also a body seat, sell 6.7124 million yuan.　　Stock turnover rate reached 49.84% on the same day. August 24, in the star technology to buy the first five seats is still a body seat, buy 8.8085 million yuan, accounting for 3.13% of the day turnover, but the sale of the first five seats no body appearance, basically are mainly retail sales department funds. August 25, 26th, star technology to buy the top five seats in the body disappeared, but in the first five of the sale of the number of seats in the organization has a special seat: 25th, the second is to sell the agency seats,　　The sale of the day of the 3.1963 million Yuan, 26th, the fourth sale is the organization-specific seats, the day sold 2.7999 million yuan.　　Strong downstream demand analysts believe that the institutions collectively into the star technology or precisely to its mobile phone and tablet computer industry, and other factors, betting the company's Windows Protection screen products in the future development prospects. At present, the mainstream smartphone and the tablet computer screen generally uses the capacitive touch screen, in the screen outer layer needs to install the glass protection screen. Star technology is mainly engaged in mobile phones, tablets and other products Windows Protection screen research and development, production and sales.　　The company's main products are mobile Windows Protection screen, tablet computer and other product protection screen. According to the prospectus, 2010, star Technology to achieve business income of 304 million yuan, an increase of 118.2% per cent, achieve net profit of 54.18 million yuan, the year-on-year growth of 96.04%. The company's main source of income is relatively concentrated, of which mobile phone window protection screen accounted for 85.4% of the main business income, tablets and other products to protectScreen accounted for 12.6%.　　The company's operating income of nearly 3 years annual compound growth rate of 44.45%. The market is bullish on stars the main reason for the performance is the strong demand for downstream applications of the company's products. "Under the leadership of Apple, Google and other enterprises, touch-screen intelligent terminals have been developed by leaps and bounds, and the speed of development will continue to grow rapidly during the foreseeable period." The market space of Windows Protection screen is directly dependent on the growth space of smart terminals such as mobile phones and tablet computers. "Shire, a senior researcher at CIC, said in an interview with Caijing, the first financial daily, that global handset shipments reached 1.3 billion in 2010, with the proportion of touch-screen handsets increasing and the number of Tablet PCs shipped in 2010 16.4 million. This year, the global touch screen mobile phone shipments will be more than 400 million, Tablet PC shipments will be more than 35 million units. Touch screen Overall market size of nearly 10 billion U.S. dollars this year.　　In the next 3-5 years, touch screen mobile phone shipments will be further expanded in the overall market share will increase further. According to market organization Canalys, IDC estimates, the Global Mobile phone window glass protection screen size will maintain nearly 40% growth in 2011 years, by 2014 will reach 959 million, 2011 Global Tablet PC window screen demand up to 35 million, growth rate of up to 113.41%,　　2014 global market demand will reach 66 million pieces. Main products to dominate the Mobile Phone window protection screen is currently divided into glass protection screen and the Alex Protection screen.　　Among them, the Lectra protective screen because of the surface hardness is not high, scratch resistance, wear resistance, weak, relatively short service life, and so on, with the increasingly popular touch-screen mobile phones and smartphones, its demand gradually decline. Zhongyuan Securities in the report pointed out that the star technology to seize the high growth of smartphone market opportunities, in 2008 began to produce mobile phone glass protection screen, the product sales are jumping growth, 2008-2010-year sales of 51.87 million yuan, 91.35 million yuan and 257 million yuan, and the original Alex Shield is gradually shrinking. Due to strong downstream demand, the company's glass protection screen prices in 2009 after a significant increase in gross profit margin. 2008-2010 year the price of the product is 8 yuan, 14.52 yuan and 14.34 yuan, the corresponding gross profit margin is 2.66%, 39.98% and 36.8% respectively.　　2010, a slight decline in the interest rate of the reasons: first, the unit cost of mobile phone protection from 8.72 to 9.06 yuan, the second is the average price of products from 2009 to 14.52 Yuan to 14.34 yuan. At present, star Technology's main revenue and profit sources are in the mobile phone glass protection screen. 2010 Mobile Glass Protection screen revenue accounted for 84.58%, accounting for 86.69% of the company's profits. "The company's main windows protection screen industry just caught up with the touch screen intelligent terminals of the golden Age." "Shire to reporterssaid that the growth potential of the industry environment, the opportunity to advance to the company's further development provides a good support, mobile internet boom triggered by the smart terminal Blowout period for the star technology such accessories manufacturers provide a huge market space. Shire also pointed out that the domestic manufacturers engaged in window glass protection screen Lans technology, BYD Electronics, Bourne Optics and star technology.　　Star technology belongs to the domestic window glass protective screen industry leading Enterprises, 2010 its Mobile Phone window protection screen sales will be nearly 18 million pieces, the market share reached the global 12.62%.　　Customer focus too much? It is understood that the main application of glass window screen is still the mobile phone market, and internationally renowned mobile phone manufacturers Nokia, Samsung, Apple, Motorola, LG, etc. occupy the global majority of mobile phone market share. Windows Protection screen production enterprises only through the international well-known mobile phone manufacturers certification, become a long-term supplier to survive and development, while the international well-known mobile phone manufacturers will generally choose 3~4 as a long-term partner, therefore, the domestic has now formed a star technology, Bourne Optics, Lans technology,　　BYD Electronics 4 Composition of the industry's first echelon, compared to the second echelon of the main domestic brand mobile phone supply, the first echelon of the order source more stable, higher quality requirements, the demand is greater. "But investors need to be aware that the current star technology customers are mainly focused on Nokia, Motorola, RIM, Sony Ericsson and other major customers, including the Nokia family accounted for 68%."　　But with the growing strength of Apple and the Android camp, Nokia is shrinking in the handset market, which poses a big risk to the future of star technology, Shire said. August 26, star Technology reported 29.69 Yuan, corresponding to the 2011 P/e 36.82 times times. But in the company listed at the beginning of the report, Guotai pointed out that the current industry than the company's 2011 average PE 36 times times, the proposed reasonable inquiry interval for 19.78~23.74 yuan, corresponding to 2011 years of PE for 25~30 times, the listing target price of 21.36~25.64 yuan,　　corresponding to 2011 PE for 27~32.4 times. Schedule Star Technology-related companies ' operating capability comparison Source: Zhongyuan Securities Research Institute, Wind Company Index 2008 2009 2010 Star Technology Accounts receivable turnover 3.77 2.64 3.66 inventory turnover 5.8 4.1 6.23 High-tech accounts receivable　　Turnover rate 4.83 4.52 7.12 Inventory turnover 7.54 7.66 6.65 long surplus Precision Accounts receivable turnover 4.29 4.56 5.47 inventory turnover 3.99 2.88 2.46 Long Letter technology Accounts receivable turnover 3.31 3.17 4.33 Inventory turnover 6.02 5.97 8.4