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The LED business of Zhaochi Co., Ltd. includes LED packaging, LED backlighting and LED lighting. Considering the different proportion of chips in each business, Guojin Securities assumes that the chip packaging business with the highest proportion of revenue is measured, and the 500 million yuan chip can be purchased. Inverted about 1.2 billion yuan in LED package revenue, after deducting the self-use part, it is expected to generate about 1 billion yuan of LED package export revenue; if the chip and backlight business accounted for a lower proportion of revenue, the total revenue that can be shaken will be even more high. It is expected that the LED business of the company will show a rapid development trend this year and next, and become an important profit growth point outside the TV.
Guojin Securities said that the purchase agreement will help Zhaochi to strengthen the synergy effect of the industrial chain and enhance its competitive advantage and profit margin: Sanan Optoelectronics is the leader in the production of domestic LED chips and has strong technical strength. According to the agreement, the company can obtain the latest technical support of Sanan Optoelectronics, the best specifications and the best cost of similar products of the same type, and the company should cooperate with Sanan Optoelectronics to test and improve the new products. Guojin Securities believes that this will help the company to play a synergy role in the industry chain, speed up research and development, improve product quality and control costs, and enhance competitive advantage.
In 2012, the gross profit margin of LED products and accessories of Zhaochi was 12.3%, which was lower than the industry level. The main reason was that the company was still small, and in order to rapidly expand the scale, it made concessions on the profit margin. It is expected that with the expansion of scale and in-depth cooperation with Sanan this year, the gross profit margin of the company's LED business will be significantly improved.
The business of the company has remained stable: the total sales volume of China's TV industry in the first five months was 42.05 million units, up 4.8% year-on-year, of which domestic sales increased by 31% and exports decreased by 14.7%. It is expected that sales in June will be affected by the hike effect of the exit of energy-saving subsidies, which will decline year-on-year. The company does not pursue the excessive expansion of the business income of the whole machine, but emphasizes the guarantee of a certain profit rate. Therefore, it is expected that the company's overall business growth will be relatively stable.
Guojin Securities expects that the revenue of Zhaochi will be 84.0, 109.3 and 13.28 billion yuan in 13-15 years, up 30.1%, 30.1% and 21.5%. Net profit was 7.4, 9.9 and 1.23 billion yuan, up 38.7%, 33.5% and 23.9% year-on-year. EPS is 0.696, 0.929 and 1.151 yuan. Considering the potential of LED business to continue to grow rapidly, maintain an “overweight†rating.
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Zhaochi's LED business will develop rapidly in the next two years
Guojin Securities announced that the amount of this purchase agreement of Zhaochi is as high as 500 million yuan, indicating that the company is positively optimistic about the development prospects of the LED industry and lay out the supply chain in advance.