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宇顺电子(002289)一季度业绩预告点评:成功扭亏奠定良好开局 2013年将迎“收获期” 维持“增持”评级

申銀萬國 ·  Mar 29, 2013 00:00  · Researches

Released a performance forecast for the first quarter of 2013, and the company successfully reversed losses. The company announced that net profit attributable to shareholders of listed companies is 2 million yuan to 3 million yuan in the first quarter of 2013, a loss of 6.6 million yuan in the same period last year, and a loss of 55.71 million yuan in the fourth quarter. The company has successfully reversed losses in the first quarter of this year, in line with our previous expectations. Laying a solid foundation for reversing losses in the first quarter, the full-year performance is expected to increase significantly. The company turned a loss into a profit in the first quarter. The absolute value of the company's performance in the first quarter is not important, because electronic touch manufacturers have invested heavily in the early stages, and yield, production capacity climbing, and product introduction are the key. Once the yield increase and product introduction are completed, the possibility of a performance explosion is extremely high. This can be seen from OFIL's rise to prominence in 2012. The company successfully reversed losses in the next quarter after a sharp loss last year. The importance of indicating that the company has made a major breakthrough in production capacity and yield improvement, and the certainty of achieving significant growth throughout the year has been confirmed. One year of “investment”, one year of “run-in”, 2013 ushered in a “harvest period”. The company began large-scale investment in production lines in 2011 and saw scale in early 2012, but due to the overall run-in stage, there were large losses throughout the year. The increase in yield and the decline in production capacity are generally unidirectional growth. Once the break-even point is broken, the overall profit will rise several times. The company achieved a major reversal in performance in the first quarter. We have reason to believe that the company will usher in a “harvest period” in 2013, and at the same time, high order certainty will guarantee an explosion in performance. “Foresight” + “strength” will forge the company's future growth. We believe that the company's future growth is due to the dual factors of “foresight” + “strength”: the company was very optimistic about the industry in the early days and invested in the OGS production line ahead of schedule. Currently, it seems that 2013 will be the “OGS New Year”, and the company's “vision” has been confirmed; after more than two years of business adjustments, the company has achieved integration in the touch industry chain, and after successfully increasing yield and rising production capacity, it is already quite competitive in the industry. It will fully enjoy the boom in the industry in the future. Maintain the “Overweight” rating. Benefiting from changes in the downstream consumer electronics demand structure, the OGS program ushered in a good development opportunity. We are optimistic about the growth potential of the company's touch screen products. We expect to achieve earnings per share of -1.70 yuan, 0.81 yuan, and 1.18 yuan in 2012-2014. The current stock price corresponds to 21 times PE in 2013 and 15 times PE in 2014. The company's industrial chain integration advantages are conducive to coordination and integration, efficiency and cost reduction. Preliminary evidence has been confirmed that losses were reversed and rapid growth achieved in 2013. Future growth is worth looking forward to. The company has obvious valuation advantages over Laibao Hi-Tech and Changxin Technology, and continues to maintain its target price of 20.25 yuan

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