Financial investment report: Sanan optoelectronics on what support 60 times earnings

In February 16th, three optical price to new highs, reaching 18.11 yuan, up to 60 times its earnings, analysts believe that the company's main LED project with energy saving and environmental protection of the subject matter, but this concept and the concept of new energy, is in the market speculation.

In January 23rd, three optical is the Shanghai Stock Exchange revoked the "stock of other special treatment", continue to market in two continued when St crazy. Yesterday, its share price rose to 18.11 yuan in late trading limit, hit a new high since the stock market. Since July 8, 2008 since the resumption of trading, just 144 trading days, not only an optoelectronic uncap success, and its stock price from 13.89 yuan has been quietly climbed nearly 23%. In terms of its 5.42 yuan before the suspension calculation, its gains are as high as 70%, called the 2008 model of asset restructuring stocks.

However, the two class market behind the fame, investors questioned, an optoelectronic three future development prospects in the end how? Its performance is able to support the stock price continued to rise?

According to the company's 2008 annual report shows that last year, operating income 213 million yuan, profit of 61 million 975 thousand and 300 yuan, net profit attributable to shareholders of listed companies was 52 million 50 thousand yuan, net profit after non recurring net profit of 48 million 422 thousand and 800 yuan, basic earnings per share of 0.28 yuan, net assets per share of 1.95 yuan. "Since the end of June 2008, three optical really completed the reorganization of assets, so the annual report data does not reflect the true profitability." An electronics industry analyst said.

Industry outlook affected by policy

What is the reason why the stock so loved by the capital? Through the observation of an optoelectronic information disclosure, it is not difficult to find, the company's main LED project with energy saving and environmental protection of the subject matter, but this concept and the concept of new energy, is in the market speculation.

"The promotion and development of LED is heavily dependent on the government's policy support, the promotion of the policy can determine the development prospects of the industry, therefore, the technology in the field of municipal facilities to promote the phenomenon of concentration. Such as the Ministry of finance, the national development and Reform Commission last year jointly issued the "Interim Measures" efficient lighting products to promote financial subsidies to fund management, countries adopt indirect subsidies to promote efficient lighting products, the Ministry of science and technology "ten city lights" LED street lamp demonstration plan has also been proposed and implemented, but only a small part of the city of Xiamen into the street LED, not in the civil field and its market." Orient Securities analyst Liao Xinyu told reporters, from a technical point of view, how to improve the efficiency of the LED industry, how to improve the efficiency of light, heat and reduce the cost of solving the problem. The focus of industrial competition is focused on how to improve the efficiency of the single chip and the useful life of a single chip, people like the price, but the LED bulb is obviously much more expensive than ordinary incandescent."

The reporter also noted that, in addition to the market environment to enhance the constraints of an optoelectronic performance, the company itself has some problems. Statistics show that currently engaged in LED epitaxy, chip R & D and production units have more than and 30, packaging enterprises of about 600, LED applications and supporting enterprises up to more than 1 thousand and 700. In the listed company, Sanan optoelectronics and Silan in the industry chain in the upstream, occupy the industry about 70% profit. According to an optoelectronic 2008 annual report disclosure, the LED gross margin was 41.28%, while Silan in LED on the gross profit margin of up to 43.95%. Because of the company to complete the reorganization of assets in 2008 June, the main business change, its 2007 annual report is not comparable, so its products export business is how much the impact of the external market in 2008, still can make nothing of it. However, the report shows that last year an optoelectronic semi-finished 11 million 120 thousand yuan, 55 million 650 thousand yuan of goods in stock, stock 116 million yuan, accounting for inventories 47.9%. Compared with foreign companies, the company has no advantage in LED production technology, coupled with the impact of the financial crisis, the company's export volume in 2008 or before the listing declined." An industry analyst said.

High short-term debt ratio

According to statistics, Sanan optoelectronics has achieved an annual output of epitaxial wafers 450 thousand, 15 billion chip grain production scale, accounting for more than 58% of the total domestic production capacity, ranking first in the country. But its asset liability ratio rose from 33% at the end of the three quarter of 2008 to about the end of the year, and the amount of money on the account is only $109 million, its short-term liabilities of up to $198 million, long-term liabilities of $100 million. Therefore, some analysts believe that the financial situation is not optimistic about the photoelectric three, 141 million yuan accounts receivable recovery rate will have a significant impact on the financial status of the company. In addition, due to the company's investment funds will be the main cycle of investment from bank loans, although the company is currently the credit amount totaled about 500 million yuan, but under the influence of the financial crisis, from the ability of banks to obtain loans will also continue to produce.

However, the report also revealed the institutional investor recognition of Sanan optoelectronics performance last year. The report shows that, at the end of the fourth quarter of 2008, a total of 4 fund holdings Sanan optoelectronics, holdings of a total of 8 million 990 thousand shares, accounting for the company's A shares in circulation 12.78%. Among them, the agency is the most supportive of Societe Generale fund. Societe Generale global vision holds 3 million 920 thousand shares of the stock, the first of its top 10 tradable shares, accounting for the outstanding shares of the stock of $5.57%. With the top 10 tradable shares as well as Societe Generale trend investment, holding 1 million 90 thousand shares ranked in the top eighth.

Future performance in the civil market

In the last year after the completion of the reorganization, Sanan optoelectronics made a promise to its future performance: if the company in 2009