Subject to the shrinking of the profit-making space, the agency lowered the rating of Yiguang Jingdian

After the rapid decline of the LED industry in the second half of 2011, the original industry hopes that it will pick up in 2012, but it is still subject to the pressure of oversupply in the market. The price of products continues to fall, and the gross profit margin and profitability rate cannot be increased. Still weak, Merrill Lynch's latest report also lowered the target price of Everlight to 34.2 yuan, while Jingdian lowered it to 45 yuan, both of which reiterated the "backward market" rating.

Merrill pointed out that the intense competition in the LED market has led to a shrinking profit margin for LED packaging plants. In addition, the control of operating costs and expenses is more difficult. Therefore, it is estimated that the revenue of Everlight this year will remain the same as last year, but the profit will be declining. %, so the target price of Everlight was lowered from the original 42 yuan to 34.2 yuan.

In view of the operation of Everlight's operation, Merrill Lynch pointed out that as the fourth season is the traditional low season of LED, it is estimated that the revenue in this quarter is still about 2~3% lower than the previous quarter's 4.9 billion yuan, and the operating rate will fall to 5.8%. For the full year of 2012 operating performance, revenue is expected to remain at the same level as last year's 18.642 billion yuan, but the average product price decline and operating costs and cost growth will make the annual profit decline of 35%, and this situation will still Continued to 2013.

Although Jingdian's stock price has continued to rise in the near future, Merrill Lynch still gives the "backward market" rating. The main reason is that Jingdian still faces environmental pressure from oversupply of LED chips. Even if the situation may be eased in 2013, the company can The profit margin is still small, so the target price will be lowered from the original 52 yuan to 45 yuan. If the demand for LED lighting market in 2013 shows a significant breakthrough and can successfully win orders for major smart phones or tablet models, Merrill's rating on the company will turn positive.

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