Efficiency layout of LED chips exceed expectations!
In order to promote China's LED CHIP manufacturers in the new round of LED chips boom cycle to catch up with international giants, we YGHQ will make financial strategy and led chip industry alliance to cultivate a group of strategic growth LED companies with internal competitiveness.
The MOCVD efficiency further improved the mass production of 20 MOCVD products of the company's first phase project. The monthly production capacity of the chip reached 100,000 pieces (equivalent to 2 inch pieces). Several of the following 10 MOCVD machines have arrived at the factory and entered debugging. It is expected that the first phase of the project will be fully operational in November. After debugging by the company's technical department, the production efficiency of each MOCVD has been improved by about 10, reaching a monthly output of 160,000 to 170,000 pieces, and the production capacity will once again exceed expectations. The second phase of the project is expected to be capped by the end of the year. Equipment can be introduced in April and May next year and will be fully operational in August. The capacity release company plans to expand the company's monthly production to 100,000 units, and plans to expand the upstream patterned sapphire substrate (PSS). At present, the company's production of PSS technology is basically available, and only the STEP process is still lacking. Through self-produced PSS, the company is expected to reduce the cost per piece. 4. Compared with purchasing PSS from other manufacturers, the company has a higher gross profit margin. Trend products further enhance profitability and have been committed to promoting wafer sales, in order to eliminate the selection and classification of downstream manufacturers and improve the efficiency of the industrial chain. And has achieved certain results and obtained stable customers. High-voltage (9V~18V) chips are gradually increasing, accounting for one-third of the total. High-voltage chips seem to have a price advantage of 10 in comparison with ordinary chips. The risk indicates that the project is slow in volume and the business expansion is lower than expected to maintain the recommended rating. We expect the company's 14-16 year net profit to be 1.70/3.04.408 billion yuan. Among them, the net profit of traditional business in 14-16 years is expected to be 1.0/1.1/120 million yuan respectively, and the net profit of LED business is 0.7/1.9/290 million yuan respectively. The EPS is 0.39, 0.68, and 0.92 yuan respectively. The company's 2015 stock price is reasonably valued at 17 yuan (for conservative reasons, it is given 25 times PE valuation in 2015) and maintains the recommended rating.
LABELS: LED CHIP; LED CHIPS; LED LAMP; LED LAMPS; LED PACKAGE; LIGHT EMITTING DIODE.
