Event: the company held the "Changhong CHiQ Laser Cinema New products Conference" at the end of 2016 and released C5F ultra-short focus full HD artificial intelligence laser cinema TV products, which officially entered the laser TV market as a flagship product. At the press conference, the company invited the company spokesman Deng Chao and the leaders of the China Electronic Chamber of Commerce to price the C5F products at 49997 (including a 100-inch Fresnel optical screen), reflecting the company's emphasis on laser TV products and high-end large screen market strategy. At present, Changhong's official website and JD.com have been put on sale, and other channels are also being gradually opened.
Traditional big brands combined with new laser TV products, the company develops a large screen strategy: Super TV based on LED/ laser projection technology will soon break out in the future. Changhong, as a traditional big brand, combined with the new industry trend of laser TV, will make the company gain an advantage in the big screen battlefield. First of all, with the rapid rise of video business, users' demand for TV screen is getting higher and higher. Laser TV has many competitive advantages such as large screen, high brightness, small size and portability, low relative cost and long service life. Will take the lead in the coming big screen war. Secondly, the maturity of the industrial chain continues to improve, and the production capacity and cost of Changhong laser TV continue to improve, including the gradual maturity of high power and high lumen RGB tricolor laser light source technology, the unification of display technology based on DLP solution, the further maturity of core technology of optical engine design and process processing, lens capacity expansion to meet future production plans, and the rapid decline in costs brought about by mass production of light screen size, etc. Finally, we think that the next two years will be a rapid explosion of popular style products.
The falling costs brought about by supply-side production and the demand-side premium for super-large screens will be docked at a suitable price, thus detonating the market. Sichuan Changhong attaches importance to the development of laser TV products, sets up a laser display technology company, invests a lot of human and financial resources, spares no effort to integrate industrial chain resources, increases production capacity, and is optimistic that the company will occupy an advantage in the industry competition in 2017. get a head start in the big screen war.
Optimize and consolidate the main business and expand the pan-Changhong strategy: the company puts forward the pan-Changhong strategy to further optimize and diversify the company's industrial structure. 1. Black and white electricity business is still the basis of the company's business, accounting for 40% of the total revenue. In the process that the home appliance market has gradually changed from an incremental market to a stock market, the company has enhanced its innovation ability and accelerated the layout of upstream parts; in terms of 2.IT business, it continues to expand major customers and expand distribution areas and products. 3. The Group's assets are injected and diversified operations are carried out.
Improve the management ability and strictly control the exchange risk: the company exports about 12 billion RMB a year, and it also needs to import some materials, all of which are settled in foreign currencies such as US dollars.
In the case of RMB exchange rate fluctuations, the company's foreign operations are prone to exchange losses, resulting in more losses in 2015. As a result, the company has carried out forward foreign exchange transactions of 3.545 billion US dollars to further reduce the company's operating risk and enhance profitability.
Profit forecast and investment rating: the company's EPS from 2016 to 2018 is expected to be 0.15,0.15,0.30 yuan, corresponding to PE29/28/14X. We are optimistic about the company's layout in the laser TV industry and expect to enter a period of rapid development in 2017.
Risk hint: the development of traditional home appliance business is less than expected risk, laser TV business competition leads to gross profit margin decline risk, external guarantee leads to loss risk.