Silan in 2010 first quarter operating income of 300 million yuan, an increase of about 149%, net profit attributable to equity holders of 47 million yuan, a record profit the highest single-season records, correspondence EPS0.12 yuan.
The company's 1Q product lines continued to bear more flowering situation, in which integrated circuit business realized revenue of 125 million yuan, up 112.76% year-on-year; discrete device business realized revenue of 102 million yuan, up 195.6% year-on-year; LED business realized revenue of 71.09 million yuan, It increased by 172% year-on-year. Jiangnan Securities believes that the company's product upgrades (LED driver circuit, high-voltage and low-voltage MOS, etc.) and capacity expansion are relatively synchronized with the market in the integrated circuit and device business. Therefore, the semiconductor industry is fully experienced in the off-season effect of the semiconductor industry; In the economic recovery, demand for full-color screen chips is rising and new capacity is released in the early stage, so revenue growth is also reasonable.
Guotai Junan said that the company's private placement project has been reported to the China Securities Regulatory Commission for review, and MOCVD equipment procurement will be initiated in accordance with the progress of the issuance of additional projects. Since the company can increase the chip supply capability through outsourcing epitaxial wafers, the progress of LED equipment procurement will not affect the strong demand from LEDs.
After deducting non-recurring gains and losses, the company's net profit in the single quarter reached more than 30 million. The increase in profitability comes from the high gross profit margin of each product line. Although the current high gross profit margin is partly due to the depreciation of inventory impairment at the end of 2009, the 1Q semiconductor industry's high operating rate and market imbalance between supply and demand have created a good market atmosphere and the company's product structure. Change and high-end positioning are also important factors supporting high gross profit margin. Jiangnan Securities believes that the overall gross profit margin for the year is around 30% and there is a possibility of exceeding expectations.
The situation in which the company's net profit is greatly affected by non-recurring gains and losses has been significantly alleviated in the 1Q report, and assets such as asset impairment losses have performed healthily. In terms of asset structure, the company continued the strategy of deleveraging, and aimed at building cash flow enterprises. The financial expenses decreased by about 27% year-on-year, and the operating cash flow was in good condition. Therefore, Jiangnan Securities believes that the company is on a track of sound development, raising its full-year profit forecast to 135 million yuan, corresponding to EPS 0.30 yuan.
As an IDM-mode IC manufacturer, its long-term development strategy is an important point of growth. For the integrated circuit and discrete device business, a new production line worth about 69 million was introduced in March, with the intention of expanding production capacity and improving process level. To grasp the opportunity of global production capacity transfer of low-end and mid-range products; while the LED business is brewing a private placement project, once it succeeds, it not only solves the doubling of chip production capacity, but also has the opportunity to expand into the downstream packaging field, realizing the LED business to form a large production capacity in China. The goal of strengths and product advantages. Therefore, Jiangnan Securities believes that the company's business will form a two-winged pattern, and the future growth rate is expected to be more than 25%. Among them, LED business is an important source of high growth in the future, which is also an important factor to enhance the company's valuation.
Haitong Securities believes that the future demand of the electronics industry will continue, and excellent companies will continue to benefit, but the overall performance growth is limited. The company's LED business and IC business demand is good, the overall performance of the overall increase is flexible, and get rid of most of the performance depends on non-recurring income, and enters mainly rely on the main generation of the situation, adjust the company's 2010, 2011 earnings per share They are 0.50 yuan and 0.68 yuan respectively, maintaining the "Buy" rating and raising the target price to 20 yuan.
Risk Warning: 1) LED: China's Taiwan New Century Optoelectronics and Silan Micro Market are similarly positioned. This year, it has significantly outperformed other LED chip stocks, which may be related to market positioning. 2) Integrated circuit business: Whether it is possible to start large-scale heavy volume as scheduled in 2011 will require time verification.
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