Events:
On August 22, Tianlong Optoelectronics disclosed its semi-annual report in 2013 that the company achieved an operating income of 170 million yuan in the first half of 2013, an increase of 30.84% over the same period last year, and an operating profit of-18.36 million yuan, an increase of 70.53% over the same period last year. The net profit belonging to shareholders of listed companies was-6.39 million yuan, a decrease of 87.86% over the same period last year. Basic earnings per share-0.032 yuan.
Distributed photovoltaic power stations lead the photovoltaic industry to pick up slightly, but the recovery of equipment lags behind. The construction of distributed photovoltaic power generation projects supported by the policy is in full swing, driving the overall warming of the photovoltaic plate, but as the industry expansion cycle lags behind the business cycle, shipments of the company's single crystal growth furnace and polycrystal growth furnace are still depressed in the first half of the year. Dozens of units each, but the product gross profit margin is still a large year-on-year growth, single crystal furnace gross profit margin of 52%. In addition, the performance of the newly acquired company thermal field and crucible company is lower than expected, the sales volume is less, which is a drag on the performance of the parent company, and the overall performance of the company's photovoltaic equipment is mediocre.
The new product has some bright spots. The company's 12-year change fund-raising project "annual production of 150 polysilicon ingot furnaces" is the "project with an annual production capacity of 500000 km resin diamond line", which has achieved mass production in the first half of the year and has part of the income; in addition, the subsidiary Changzhou Tianlong restart the pharmaceutical machinery business, contributing part of the income for the company and bringing opportunities for the pharmaceutical industry.
The focus of the business will be biased towards LED, bringing new growth space for the company. Driven by the downstream demand of the LED industry, the price of sapphire substrate has greatly warmed up, the indicators of the company's sapphire crystal equipment have reached the standard of mass production, and cooperation intentions will be discussed with major customers, which is expected to make a big breakthrough; in addition, the company's MOCVD equipment has achieved a sales and stable operation in 2012, which is expected to become the new darling of domestic equipment. With the development of LED industry, it will bring better expectations for the company.
Give a "wait and see" rating. In view of the fact that the company's photovoltaic business is in the adjustment period, it is seeking transformation; the sapphire furnace, MOCVD and other new businesses in the LED industry have basically completed the technology reserve and are actively carrying out business development. Therefore, the company is at a turning point of performance, we do not evaluate the performance of the company for the time being, and give a "wait-and-see" investment rating.
Risk hint. The overall growth rate of the industry has declined, and the expansion of the new product market has lagged behind.
