Yuanfang Optoelectronics: Indirect beneficiaries of the LED lighting market

Key planning

Yuanfang Optoelectronics is currently the only listed company in China with LED photoelectric detection equipment. Its proportion of LED products in its main business income has been increasing, from 47.93% in 2008 to 79.10% in 2012. Gaogong LED Industry Research Institute (GLII) believes that Yuanfang Optoelectronics is expected to further benefit from the rapid development of the LED market, especially the LED lighting market, in the second half of this year.

GLII expects that the annual operating revenue of Yuanfang Optoelectronics will reach 236 million, 284 million and 335 million respectively from 2012 to 2014; the net profit attributable to owners of the parent company will be 106 million, 119 million and 134 million respectively, corresponding to the diluted EPS respectively. 0.89 yuan, 0.99 yuan and 1.12 yuan.


LED packaging listed companies in the first half of the performance and business conditions have the following characteristics:

1) The scale of revenue has generally increased, and the net profit has fallen mostly;
2) The gross profit margin has not changed much, and the net interest rate has declined consistently;
3) The inventory status is different, and the liquidity turnover efficiency drops significantly.

GLII believes that in the second half of 2012, domestic LED packaging listed companies will still face pressure from falling product prices. However, due to the increase in downstream demand, product shipments will continue to increase, and revenue will still maintain a certain degree of growth.

High-tech observation

GLII: 2.2 billion subsidies to promote the butterfly effect caused by LED lighting, spur the development of LED market, promote the decline of LED lamps, break through the bottleneck and enter the family GLII: Analyze the future development trend of China LED fluorescent tubes. Domestic LED lighting enters the bidding season, Guangdong Province bidding project Or start in September


Market review

This week's high-tech LED industry index closed at 1155.03 points, a sharp increase of 8.64%, for three consecutive weeks to keep rising, and as expected in the week of August 18th report hit a high since May this year. This week, the Shanghai and Shenzhen 300 Index rose by 5.09%, and the A-share market rebounded overall. However, the overall performance of the LED industry is even stronger, and it is still a hot spot in the market.

LED key stocks such as Changfang Lighting (17.37%), Hongli Optoelectronics (13.32%) and Ruifeng Optoelectronics (12.20%) were among the top gainers.

High-tech LED portfolio

Qinshang Optoelectronics (002638), Yuanfang Optoelectronics (300306), Lianchuang Optoelectronics (600363).

For more information, please visit: http://?1347327362

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