Sanan Optoelectronics: Benefiting from the further expansion of the LED market

In 2009, Sanan Optoelectronics achieved operating income of 470 million yuan, an increase of 121%; realized operating profit of 149 million yuan, an increase of 140%; net profit of 180 million yuan, an increase of 246%; diluted basic earnings per share of 0.65 yuan. The company's annual distribution plan is to increase 10 shares for every 10 shares.

The orders are full and the gross profit margin is increasing quarter by quarter. In the fourth quarter, the company was basically in full production, with revenue of 127 million yuan, which was basically the same as the previous quarter. The gross profit margin was 46.5%, which was the highest in recent quarters. Therefore, the operating profit in the fourth quarter reached 46.51 million yuan, up 10.3% from the previous month. . The company's orders are full, and the proportion of high value-added chips in the product structure has increased, and the company's revenue and profitability have improved quarter by quarter. Net profit in the fourth quarter fell from the previous quarter, mainly due to the company's financial subsidy of about 50 million yuan in the third quarter, which was included in the non-operating income. Throughout the year, the company's comprehensive gross profit margin was 42.0%, an increase of 0.7 percentage points year-on-year. During the period, the expense ratio management expense ratio and financial expense ratio decreased, down 2 percentage points year-on-year.

Since 2009, LEDs have rapidly expanded their applications in consumer electronics backlights (laptops, mobile phones, LCD TVs), street lamps and lighting due to their energy-saving, diversified design advantages and price declines, resulting in global LED capacity supply. Tight. In 2009, China's LED chip production value was about 2.3 billion yuan, an increase of 25% compared with 2008, LED package production value of 20.4 billion yuan; LED lighting application value of about 60 billion yuan. The company is the largest full-color ultra-high brightness LED chip manufacturer in China and will fully benefit from the further expansion of the LED market.

In the short term, we believe that the company's focus is on the breakthrough of its products in the fields of lighting and backlight. At present, the luminous efficiency of the company's white light has reached 100lm/w. It is expected that the proportion of high-end chips used in the backlight field of lighting, notebooks and LCD TVs will gradually increase in the future. The popularity of LEDs in the field of lighting and backlighting is an important direction for the development of the LED industry in the future. In these areas, the company's chips are expected to achieve import substitution and development space.

It is necessary for us to pay close attention to the Wuhu LED industrialization base that the company intends to invest in. The company currently has 22 MOCVD equipment. In 2010, the Tianjin plant is expected to add 15 new equipment to replenish production capacity in a timely manner. The Wuhu LED Industrialization Base project plans to purchase 200 MOCVD equipment, and the expansion capacity will be much larger than the current company's production capacity. Although the project is currently facing a large funding gap (total investment of 12 billion yuan) and equipment procurement (global MOCVD equipment supply is tight), it is expected that the project will receive greater support from the local government. If the project is implemented smoothly, the company will further expand its advantages in the domestic LED chip field and further narrow the gap with its international counterparts.

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