Sui Jing Optoelectronics: the rise of new forces, reconstruction, competition, gross profit margin, industry leading
Sui Jing Optoelectronics Co., Ltd. is a high-tech enterprise specializing in R&D, production and sales of SMD LED products. It has mastered the industry-leading core technology in optical structure, packaging process, light efficiency and color rendering. Technologies such as bright side white LEDs, ultra-thin side white LEDs, and variable color gamut adjustments are at the leading level in the industry. Based on the 56.02% increase in operating results in 2015, Sui Jing Optoelectronics achieved an ultra-high growth rate of 236.21% in the first quarter of 2016. In addition, in the case of accelerated sales growth, Sui Jing Optoelectronics' gross profit margin is also significantly higher than the industry average, fully reflecting the company's comprehensive competitiveness. In the field of small-size backlight LED devices, the company has a full range of competitive advantages, has successfully cut into the supply chain of domestic well-known brand smartphone manufacturers, and formed a stable cooperative relationship, which still has excess growth potential for a long period of time in the future; In the field of backlight LEDs, the company's backlight strip module products began to exert their strength in 2015, achieving a super-fast growth of 683%. Currently, it has been widely used in some domestic famous brand smart TV products. With the company's advantages in the field of backlight LEDs for many years, Sui Jing Optoelectronics is still working on the small-pitch LED and LED flash market to build a new growth engine for the company. It is estimated that the company's operating income from 2016 to 2017 will be 368 million yuan and 580 million yuan respectively, and the net profit attributable to shareholders of listed companies will be 45 million yuan and 68 million yuan respectively, corresponding to the company's current 69.5 million shares of earnings per share. For the price of 0.65 yuan and 0.98 yuan, the price-earnings ratio of the company's current price of 6.9 yuan / share is 10.62 times and 7.04 times respectively. Taking into account the company's good growth, the company's stock buy rating. 1. One of the most competitive backlight LED companies Established in 2010, Sui Jing Optoelectronics Co., Ltd. is a high-tech enterprise specializing in R&D, production and sales of optoelectronic device products. Through continuous technological innovation, the company has mastered the industry's leading core technologies in optical structure, packaging process, light efficiency and color rendering. The company's self-developed "super bright side white LED" and "ultra-thin side white light" Key technologies such as LED" and "variable color gamut adjustment" are at the leading level in the industry. The company's current products include backlight LED devices and backlight strip modules. Backlight LED devices mainly include 020, 4014, and 2835. Among them, 020 type backlight LED devices directly sell the downstream LED application industry manufacturers, 4014 and 2835 models backlight LEDs. The devices are used for the self-production of backlight strip modules. The backlight strip module produced by the company is mainly based on TV backlight, and can be divided into a side-in backlight strip module and a direct-lit backlight strip module. On the basis of the industry leading edge of backlight LED, Sui Jing Optoelectronics has begun to actively enter the flash and LED small-pitch market, and the new business is expected to develop into a new "engine" to promote the company's continued growth. 2, the performance growth rate far exceeds peers, leading the gross profit margin industry Suijing Optoelectronics realized operating income of 148 million yuan and 214 million yuan from 2014 to 2015, up 44.26% year-on-year; net profit attributable to shareholders of listed companies was 17.43 million yuan and 27.19 million yuan respectively, an increase of 56.02% over the same period last year. . In 2016, the growth of Sui Jing Optoelectronics continued to accelerate. The operating income realized in the first quarter of 2016 and the net profit attributable to the listed company shareholders were 47.958 million yuan and 7.502 million yuan, respectively, a significant increase of 53.33% over the same period of the previous year. And 236.21%. It is worth noting that the ultra-high growth of Sui Jing Optoelectronics is realized in the situation that the growth rate of the smart phone market is declining and the backlight LED market is under great pressure, thus reflecting the company's competitive advantage. The data shows that the domestic LED backlight market in 2015 was 25.9 billion yuan, only 3% more than in 2014. Affected by the slowdown in the growth rate of the industry, compared with the high-growth performance of Sui Jing Optoelectronics, the sales growth of other domestic companies in the backlight LED industry is generally weak. A-share listed company Zhaochi's 2015 LED business revenue was 794 million yuan, a slight increase of 6.54% year-on-year; Ruifeng Optoelectronics' 2015 large-size backlight business revenue was 285 million yuan, down 11.11% year-on-year; Feiguang LED backlight device business achieved revenue of 834 million yuan in 2015, down 2.45% year-on-year; Wanrun Technology's LED light source device business achieved revenue of 397 million yuan, up only 1.5% year-on-year. At the same time that the growth rate of performance is far higher than that of its peers, the gross profit margin of Sui Jing Optoelectronics is also significantly higher than that of similar companies in the same industry. The company's gross profit margin in 2015 was 27.27%, which was significantly higher than 9.29% of Zhaochi, 26.33% of Ruifeng Optoelectronics, 24.91% of Jufei Optoelectronics and 23.25% of Wanrun Technology. 3. The backlight market is accelerating and the new forces are rising to reconstruct the competitive landscape. The backlight LED device refers to an LED (Light Emitting Diode) as the backlight of the liquid crystal display. Compared with the conventional CCFL (Cold Cathode Tube) backlight, the LED has low power consumption, low heat generation, high brightness, long life, etc. Features. Divided into size or application area, it can be divided into small-size backlight LED devices and medium-sized and large-size backlight LED devices. Small-sized backlight LED devices are mainly used for portable electronic products such as smart phones and tablet computers. Medium and large-sized backlight LED devices are mainly used. Used in notebooks, monitors, televisions and other products. Due to the high technical difficulty, the early market of backlight LED devices was basically occupied by Japanese and Korean giants and Taiwanese companies. However, as local enterprises gradually mastered key technologies, domestic enterprises gradually took advantage of industry competition with lower cost advantages. According to relevant statistics, in the field of small and medium-sized backlight LED devices, the trend of localization is obvious. In the large-size backlight market, the potential market space of local enterprises is huge. With the continuous increase of technology R&D investment and market development, it is expected that domestic enterprises will still have a large import substitution space in the field of backlight LED devices. Despite the obvious trend in the market for backlight LED devices in recent years, they are still relatively fragmented. In 2015, the domestic LED backlight market was about 25.9 billion yuan, but the LED backlight device business of leading enterprises like Jufei Optoelectronics only achieved revenue of 834 million yuan, accounting for only 3.22% of the total market share. Block Ferrite Magnet, Square Ferrite Magnet, Ferrite Magnet in Square shape HU NAN YUBANG MAGNETIC MATERIAL CO.,LTD , https://www.ybmagnet.com