Recently, major LED listed companies have successively released semi-annual reports for the first half of 2016. According to the published first-half performance report for 2016, the overall output value of the LED industry has continued to grow. The LED application industry has entered through years of development. Relative maturity. As the level of the existing technology continues to increase, the marginal LED industry that can be brought about by the unit R&D has experienced a long period of fierce market competition, and some inferior enterprises have gradually been eliminated from the market. Cross-border mergers and acquisitions in the industry are frequent. The LED industry is beginning to show a two-level differentiation pattern. Recently, major LED listed companies have successively released semi-annual reports for the first half of 2016. According to the published first-half performance report for 2016, the overall output value of the LED industry has continued to grow. The LED application industry has entered through years of development. Relative maturity. As the level of the existing technology continues to increase, the marginal output that can be brought about by the unit research and development will continue to decline, the marginal cost will be difficult to decline, and the profit margin of the enterprise will be repeatedly compressed. After the baptism of the LED industry in the first half of 2016, major enterprises have also gained and challenged on the way to achieve the set goals. How to find new ways to adjust the development model for the next enterprise road, how to adjust the development model, Xiaobian In particular, Wang Qi, an analyst at Guangdong Gaozhi Emerging Industry Development Research Institute, was invited to conduct detailed analysis and judgment for reference. I. Performance of key listed companies 1. Operating income has grown rapidly. A few companies have reported losses until the end of the day. Most of the companies have published semi-annual financial reports. At present, the performance reports of 23 listed companies with LED as the main business are selected for analysis. The net profit of some enterprises grew at a faster rate year-on-year, and a few companies suffered losses. Among them, there are 7 enterprises with net profit exceeding 100 million: Sanan Optoelectronics (966 million yuan), Sunshine Lighting (218 million yuan), Dongshan Precision (151 million yuan), Lianjian Optoelectronics (150 million yuan), Op Lighting (1.83) 100 million yuan), Hongli Zhihui (138 million yuan), Lianchuang Optoelectronics (110 million yuan), one of which has a negative growth: dry photo photoelectric (-0.06 billion yuan). 2. Profitability has improved According to the financial data released by these 32 key listed companies, in the first half of 2016, the net profit of 32 listed companies reached 4.261 billion yuan, a year-on-year increase of 30.02%; the operating profit rate was 9.70%. , a year-on-year decrease of 0.38 percentage points; the return on net assets was 5.14, an increase of 0.41 percentage points year-on-year. 3. The overall net profit growth rate is faster. The business income increased by more than 50% year-on-year: Lianjian Optoelectronics (52.45%), Jufei Optoelectronics (57.32%), Jingke Electronics (262%), and Dry Photoelectricity (107.14%) ), Wanrun Technology (89.32%), Moso Power (74.88%), Liard (188.33%). The year-on-year growth rate of profits exceeded 100%: Dongshan Precision (182.58%), Qinshang Optoelectronics (119.17%), Jingke Electronics (305%), Huacan Optoelectronics (323.02%), Wanrun Technology (205.50%), Alto Electronics (1667.77%), Hongli Zhihui (112.31%), Liard (118.07%). 4. The P/E ratio is generally high. The P/E ratio is an important indicator to measure the stock quality of a listed company. Generally speaking, 0 means that the company's profit is negative (because the profit is negative, the calculation of the P/E ratio has no meaning, so the general software shows); 0-13: value is underestimated; 14-20: normal level; 21-28: value is overvalued; 28+: reflects a speculative bubble in the stock market. According to the P/E index published on the financial website, LED listed companies generally have a serious bubble phenomenon. From the price-earnings ratio index of the above 32 key listed companies, there is one company with negative P/E ratio: Ganzhao Optoelectronics; none of the enterprises with a price-to-earnings ratio of 0-13; the enterprises with a price-to-earnings ratio of 14-20; the price-to-earnings ratio is 21-28 There are three companies with overvalued values: NVC Lighting (23.683), Sanan Optoelectronics (26.86), and Sunshine Lighting (26.57); the rest of the company's price-earnings ratio is far more than 28, Ocean King's price-earnings ratio is as high as 3057.69, And there is a rising trend. To evaluate the performance of a company, it is not enough to look at the price-to-earnings ratio of the company. At the same time, it is necessary to pay attention to the following three points: First, how does it compare with the speed of improvement of the company's performance; Second, how sustained the improvement of the company's performance; Third, the determination of performance expectations How is sex? In general, companies in the growth industry have higher P/E ratios because investors are optimistic about the future expectations of these companies and are willing to pay higher prices to buy corporate stocks. The P/E ratio of listed companies has always been the stock picking indicator for mid- and long-term investors. According to the stock price index of LED listed companies on September 9, 2016, the LED industry, as a high-tech industry, has good growth and a relatively high P/E ratio. This also reflects the market's optimism about the LED industry, the development of the LED industry still has great potential. However, after the price-earnings ratio is too high, it is always going to come down. The duration cannot be judged. It is difficult to judge how long the high price-earnings ratio can last. For the 32 listed companies, nearly one-third of the companies have a P/E ratio of more than 100, and Ocean King's P/E ratio is even as high as 3057.69, and there is a rising trend. The high price-to-earnings ratio is a dangerous state in the long-term development of a company. Therefore, the phenomenon that the price-earnings ratio of LED listed companies is generally high should attract the attention of enterprises. Second, the status quo and problems faced in the four major areas 1, LED display LED display industry growth rate has slowed significantly, but it has also risen steadily. Driven by the innovation-driven strategy, technology added value is becoming the core competitiveness of products. The high value-added products represented by small pitches are popular, and the transition from the outstanding technology level to the product value and experience is highlighted. In the past six months, industry mergers and acquisitions have become more frequent, and the number of premium acquisition cases has increased significantly. Affected by the country's macroeconomic downturn, the market demand in the industry is cold, and large LED companies are under pressure to increase their scale and profits. The survival and development space of small and medium-sized LED enterprises is further compressed. In addition, the industry is also facing problems such as insufficient concentration, overcapacity, lack of innovation awareness, disorderly competition, prevailing price wars, and repeated resurgence. 2. Chips In 2016, with the favorable policies and the surge in demand for low-capacity memories, the Chinese chip industry entered a period of rapid development, and the performance of all links in the industry chain has exploded. Now that the price of electronic components in LED lights is transparent, prices have returned to rationality, and price wars are no longer meaningful. Recently, Mulinsen, Sanan Optoelectronics, Guoxing Optoelectronics, Cinda Optoelectronics, Amp Optoelectronics and other LED chips and packaging manufacturers have successively sent price increases. The price increase for the chip is based on the adjustment of its own strength and market share. It can also be seen that the price war in the LED industry is coming to an end, the price tends to be rationalized, and the industry reshuffle will be completed in the past two years. At the same time, due to the suppression of the industry through years of price wars, the industry is hoping for higher prices, but the overall situation in 2016 is still not relaxed.
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