Profit growth of 88.51% Lehman Optical, in line with our expectations: the company released results of Letters, 2010, operating income of 206.1 million yuan, an increase of 102%; net profit of 4,037 million, an increase of 88.51%, according to the total issued share capital after calculated, corresponding to EPS 0.603 million.
Results from the LED outdoor display market growing 20% to 30% of the high-speed growth:
Related stock movements
Golden State Securities 15.66-0.09-0.57% BDO Runda 17.70-0.16-0.90% Lehman 40.93-0.46-1.11% of the domestic photovoltaic process of urbanization, commercial real estate recovery and outdoor LED display media needs a lot of prosperity, also shows enhance the speed of the LED display quality replacement needs; fast-growing companies in the industry and national policy Support, the company's main business of LED packaging and display market continues to expand.
BDO Runda Significantly enhance the performance of the LED display market validation of high growth: results of BDO Runda Letters published in 2010 net profit of 195.97 million yuan, an increase of 300% substantially; growth performance of the company as a subsidiary is an important reason Extension of the LED display, Shenzhen Rui business to grow substantially.
Adjusted profit forecast
11-year EPS of 1.14 yuan, giving "buy" rating: the company expects a net profit of 76.35 million yuan in 2011-2012, 107.99 million yuan, and the corresponding EPS were 1.140 yuan, 1.612 yuan, the current stock price 35 times the corresponding PE in 11 years .
LED industry investment point of view
LED industry, growth, investment in the semiconductor industry bright spot: the economy in the semiconductor industry, the occasion of a return to normal levels, LED industry is the high economic stage, the market volume increased by 35%, and display market growth and accelerate the market penetration is backlight confirmed this high growth, and the future general lighting market will further increase the popularity of LED market space; LED in the current valuation of listed companies and the semiconductor industry, the level of the occasion rather, LED industry has a total investment value.
LED encapsulation and short-term investments more appropriate landscape applications: domestic enterprises have not set foot in the backlighting market, and general lighting market has not yet started on the occasion, investment growth and the display quickly and identified a more realistic landscape Lighting applications; and domestic packaging companies rely on China as the world's largest package-based industrial cluster effect, and the advantages of localization will also be increased procurement opportunities.
