GLII: LED listed company's investment value ranking in the second half of 2012

[Source: "High- tech LED - Research and Review" May issue] High-tech LED Industry Research Institute (GLII) statistics show that in the first quarter of 2012, China's LED listed companies performed better overall. In the first quarter of 2012, the listed companies with 10 LEDs in the A-share market achieved a total operating income of 1.41 billion yuan, a year-on-year increase of 22.41%; the average gross profit margin was 31.18%, and the average net profit margin was 14.12%. Nearly half of the companies' gross profit margins exceeded 30% in the first quarter, and the net profit margin exceeded 10%.

In this ranking, we examine the relative investment value of LED listed companies based on the five assessment indicators of gross profit margin, net profit, revenue growth, secondary market performance and development potential of each enterprise in the first quarter of this year.

Main company data description:
Enterprise: Select to go public before December 31, 2011, LED accounts for more than 80% of the company's total operating income.
Data: Gross profit margin and net profit margin are selected from the quarterly statements of listed companies in the first quarter of 2012. The secondary market performance is based on the corporate stock price on January 1, 2012 and the corporate stock price on March 31, 2012. For comparison, the revenue capability is based on the comparison of the business revenue of the first quarter of 2011 with the business revenue of the first quarter of 2012.
Time: 2011-2012.
Score: The total score is 100 points, of which the gross profit margin and the net profit margin are both 20 points. The revenue growth and stock price increase are 10 points, and the development potential is 40 points.

LED listed company investment value ranking in the second half of 2012


1. Sanan Optoelectronics
In the first quarter of 2012, Sanan Optoelectronics' revenue growth rate and net profit margin were both full marks, while the first quarter gross profit margin was poor, with a score of 19.1 points.

Sanan Optoelectronics mainly produces all-optical color LED chips, and its products are widely used in indication, lighting, display and so on.

In the first quarter of 2012, Sanan Optoelectronics achieved sales of 510 million yuan, an increase of 85.01% year-on-year; realized gross profit margin of 35.41% and net profit margin of 40.07%.

In the overall sluggish situation of the LED industry, Sanan Optoelectronics achieved rapid sales growth in the first quarter and achieved a net profit margin of over 40%.

2, Hongli Optoelectronics
In the first quarter of 2012, Hongli Optoelectronics performed well overall, with a development potential of 40 points and a gross profit margin of 18.9 points. Hongli Optoelectronics' main business is LED packaging, and its white LED devices and their application products are the company's main products.

In the first quarter, Hongli Optoelectronics achieved sales of 110 million yuan, down 8.06% year-on-year; realized gross profit margin of 32.97% and net profit rate of 11.78%.

Domestic packaging companies generally have a flat performance in the first quarter, and are also directly related to the sluggish downstream demand for LED lighting.

With the recent introduction of a subsidy policy of 2.2 billion yuan to promote the promotion of energy-saving lamps and LED lights, Hongli Optoelectronics, which is mainly based on white-light devices, is expected to produce positive effects in the future.

3, Qinshang Optoelectronics


In the first quarter of 2012, Qinshang Optoelectronics performed outstandingly in the secondary market with a score of 10 points. In the first quarter, the gross profit margin and net profit margin performed well, with scores of 19.5 and 19.1 respectively, while the first quarter revenues were poorer than the previous year. 8.1 points.

The company is one of the largest high-power LED lighting application companies in China, and its products are widely used in outdoor lighting and landscape lighting.

In the first quarter of 2012, Qinshang Optoelectronics achieved sales of 157 million yuan, an increase of 15.66% year-on-year; realized gross profit margin of 35.90%, net profit margin of 13.14%, and the stock price rose by 4.23 percent. In the next few years, domestic high-power LED outdoor lighting products will continue to benefit from government policies. Qinshang Optoelectronics also has certain bargaining power in streetlights and tunnel light products.

4, Guoxing Optoelectronics

In the first quarter of 2012, Guoxing Optoelectronics' revenue growth was poor, with a score of 5.2 points. It was the lowest among the 10 companies. The gross profit margin, net profit margin and stock price increase were all good, with a development potential score of 38.5 points.

Guoxing Optoelectronics is mainly engaged in LED packaging, and also involves upstream chips and downstream applications. In the first quarter of 2012, Guoxing Optoelectronics achieved sales of 183 million yuan, down 25.99% year-on-year; realized gross profit margin of 24.45%, net profit margin of 11.54%, and stock price fell by 1.12%. Guoxing Optoelectronics' sales decreased by a large margin, and its gross profit margin was low, mainly related to the previous product customer structure, the continuous decline in device prices and the sluggish demand in the downstream market.

In the future, with the continuous decline in the overall market price and gross profit margin of the domestic packaging industry, the scale effect of Guoxing Optoelectronics will be clearly reflected. At the same time, the layout of the upstream and downstream is gradually implemented and the production capacity is released, which also has a certain synergy effect on the overall business income growth of Guoxing Optoelectronics in the future.

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