The hottest crystal photoelectric blue glass IRCF

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Crystal optoelectronics: blue glass ircf+ SLR and SLR OLPF achieved high growth this year

event: the company released its 2011 Annual Report on March 18, with a total operating revenue of 431million yuan, a year-on-year increase of 30.51%; The operating profit was 141million yuan, a year-on-year increase of 32.09%; The net profit attributable to shareholders of the listed company was 122million yuan, a year-on-year increase of 30.23%. Among them, the fourth quarter revenue was RMB 114million, a year-on-year increase of 13.04% and a month on month decrease of 11.37%; The net profit attributable to listed companies was 25.38 million yuan, a year-on-year decrease of 0.44% and a month on month decrease of 30.20%. Eps=1.06 yuan, eps=0.20 yuan in the fourth quarter, in line with our expectations

comments: main financial indicators: the company's revenue in the fourth quarter was 114million yuan, which was in line with our expectations. The gross profit margin was 46.16%, down 1.9 percentage points from the same period last year and 2.4 percentage points from the third quarter, which was basically consistent with our expectations. In the fourth quarter, the company's three expense rate was 19.41%, up 1.8 percentage points year-on-year and 8.6 percentage points month on month. The inventory turnover days were 131 days, an increase of 73 days over the same period last year and 17 days over the third quarter. The increase of inventory turnover days in Q4 is related to the high price inventory of LED substrate (the company has accrued the inventory falling price loss in the annual report)

2011 I now, the rigidity, impact resistance, creep resistance and chemical resistance of modified plastics have been improved by breakthroughs. RCF is the main growth force: as the world's largest manufacturer of infrared cut-off filters (IRCF), the company supplies daliguang and yujingguang, major lens module manufacturers in Taiwan, and the downstream is mainly for first-line brand intelligence. In 2011, the global intelligent growth rate was 50%, and its processing system was excellent. The company's IRCF expanded rapidly, directly benefiting from the high intelligent growth. We estimate that the growth rate of IRCF business of the company in 2011 was 50%-60%

2011 is the year when SLR and single battery are gaining momentum: the company has the first mover advantage in the single battery field. In 2011, its customers expanded smoothly, entered almost all mainstream brands, and obtained an absolutely high supply share. In the field of SLR, the company, as a newcomer, initially entered the niche brand. In 2011, it began to supply a small amount of Canon, and then conquered Nikon (Canon and Nikon are the two giants in the field of SLR). Lay a good foundation for this year's growth

1 quarter Outlook: the company's performance in the first quarter declined significantly. 1) The base number was high in the first quarter of last year. 2) There was a long holiday in the first quarter of this year. And the old employees are lost, and the new employees' productivity is low. 3) In the process of product upgrading, the yield of new models and new specifications fluctuates. 4) Jiangxi plant has just been put into operation and is in the running in period

5) since the second half of last year, the introduction of high-end talents has increased the cost. This is also the main reason for the increase of expense rate in the fourth quarter. We expect a revenue of nearly 90million yuan and a net profit of 15million yuan

profit forecast and investment rating: the company's two main products, IRCF and OLPF, are among the world's leading

blue glass and SLR single battery OLPF are the two growth points this year. In the long run, narrow-band filters, micro projectors and LEDs are the focus of the future. We expect that the first two will open the application space next year, and the LED substrate will improve this year. We are optimistic about the company's product upgrading around core customers and product extension around core technologies, give the company a profit forecast of 1.38, 1.84 and 2.32 yuan per share from 2012 to 2014, and maintain and promote the company's "recommended" rating of the "guidance of the general office of the State Council on promoting the relocation and transformation of hazardous chemical production enterprises in densely populated urban areas"

risk tips: 1) rising pressure of labor cost. 2) Capacity and personnel bottlenecks in the process of demand growth. 3) Downstream demand is less than expected. 4) The yield of new products fluctuates at the initial stage of mass production

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