China Securities Network announced that from the February revenue data disclosed by Taiwan LED manufacturers, the LED industry is still in a state of low season. Among them, Yuyuan's February revenue increased by 18.75% year-on-year and 5.26% quarter-on-quarter; Dongbei's February revenue increased by 20.21% year-on-year and 7.40% quarter-on-quarter; Yiguang's February revenue increased by 30.63% year-on-year and 10.53% quarter-on-quarter; Ronda's February revenue increased by 38.1% year-on-year and 14.37% quarter-on-quarter.
China Securities Network expects a further recovery in March.
From the public information, the relevant LED manufacturers are optimistic about the prosperity of the month in March, and the capacity utilization rate is further improved. In addition to the continuous climb of LED lighting, since the "May 1" period is a small golden week for TV sales in mainland China, the stocking of LED backlights will also begin.
China Securities Network has long been optimistic about three types of companies: leading manufacturers of chip links, professional backlight packaging manufacturers and lighting manufacturers with brand and channel advantages. In the context of the recovery of the economy, the LED industry also has a cyclical investment opportunity due to the recovery of the industry boom.
China Securities Network expects Sanan Optoelectronics' EPS for 13-15 years to be 0.74/0.95/1.18 yuan. Based on the discounted cash flow model of UBS VCAM, the target price is 33.2 yuan, corresponding to 13/14, when the WACC is assumed to be 8.9%. 44.86/34.8 times PE; forecast EPS of 14-15 years of sunshine illumination is 0.66/0.89 yuan respectively. Based on the discounted cash flow model of UBS VCAM, the target price is 20 yuan, corresponding to 14 when the WACC is assumed to be 13.6%. /15 years 30/22 times PE.
China Securities Network expects a further recovery in March.
From the public information, the relevant LED manufacturers are optimistic about the prosperity of the month in March, and the capacity utilization rate is further improved. In addition to the continuous climb of LED lighting, since the "May 1" period is a small golden week for TV sales in mainland China, the stocking of LED backlights will also begin.
China Securities Network has long been optimistic about three types of companies: leading manufacturers of chip links, professional backlight packaging manufacturers and lighting manufacturers with brand and channel advantages. In the context of the recovery of the economy, the LED industry also has a cyclical investment opportunity due to the recovery of the industry boom.
China Securities Network expects Sanan Optoelectronics' EPS for 13-15 years to be 0.74/0.95/1.18 yuan. Based on the discounted cash flow model of UBS VCAM, the target price is 33.2 yuan, corresponding to 13/14, when the WACC is assumed to be 8.9%. 44.86/34.8 times PE; forecast EPS of 14-15 years of sunshine illumination is 0.66/0.89 yuan respectively. Based on the discounted cash flow model of UBS VCAM, the target price is 20 yuan, corresponding to 14 when the WACC is assumed to be 13.6%. /15 years 30/22 times PE.
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