Led manufacturers have paid bright transcripts in the first half of the year! The two leading crystals, Yiguang have hit a record high, EPS is 3.5 yuan, 3.37 yuan. Foreign-funded Morgan Stanley Securities also awarded the rating of Jingdian, with a target price of 130 yuan; Yiguang's current order visibility is about 1 month, and it is estimated that August revenue will be at a relatively high level with July. The legal person estimates that although the market has doubts about the oversupply of LEDs, the stock price has been sorted out, and the performance in the second half of the year is not bearish. The stock market should be stable.
In the first half of the year, Everlight's net profit before tax was 1.56 billion yuan, and the net profit after tax was 1.406 billion yuan, an annual increase of more than 1 time, EPS 3.37 yuan, compared with 1.73 yuan in the same period last year. Among them, the second quarter after-tax net profit of 865 million yuan, the season increased by nearly 60%, EPS 2.07 yuan, are better than market expectations. Looking forward to the third quarter, despite the impact of the panel factory's adjustment of inventory, it is expected that the overall operating performance of the company will remain at the level of the second quarter, even if the recession will not exceed 10%; as for the fourth quarter, the visibility is still not high, but there is an opportunity. Stimulated by the demand for the Lunar New Year in the mainland, performance has another peak in October and November.
In the second quarter, Jingdian's gross profit margin was 39%, net profit after tax was 1.69 billion yuan, and EPS in single season was 2.2 yuan. The accumulated net profit after tax in the first half of the year was 2.69 billion yuan, and EPS reached 3.5 yuan, which was also better than market expectations.
Recently, the panel industry channel inventory correction has intensified. The Korean panel factory slashed the orders of LED suppliers. Under the pressure of reducing the inventory level, the domestic epitaxial wafer factory had to step up its efforts to switch to other application opportunities such as LED lighting; Combination, turn to high-margin applications, such as large-size panel backlights, lighting, etc., so that its profit performance continues to outperform market expectations, plus the penetration of LED-backlit LCD TVs in the second half of this year, from 10% in the first half - 15%, accelerated to 25%-30%, therefore, it is expected that the LED market atmosphere will be significantly improved in the fourth quarter.
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