Recently, major LED listed companies have successively released semi-annual reports for the first half of 2016. According to the published first-half performance report for 2016, the overall output value of the LED industry has continued to grow. The LED application industry has entered through years of development. Relative maturity. Due to the continuous improvement of the existing technology level, the marginal output that the unit research and development can bring will continue to decline, the marginal cost is difficult to decline, and the profit margin of the enterprise is repeatedly compressed.
Performance of key listed companies such as Sanan Optoelectronics and Sunshine Lighting
1. Operating income increased rapidly, and a small number of enterprises lost money.
Until the day before, most of the companies announced their semi-annual financial reports. At present, the performance reports of 32 listed companies with LED as their main business are selected. Most of the companies' net profit grew faster than the previous year, and a few companies suffered losses.
Among them, there are 7 enterprises with net profit exceeding 100 million: Sanan Optoelectronics (966 million yuan), Sunshine Lighting (218 million yuan), Dongshan Precision (151 million yuan), Lianjian Optoelectronics (150 million yuan), Op Lighting (1.83) 100 million yuan), Hongli Zhihui (138 million yuan), Lianchuang Optoelectronics (110 million yuan), one of which has a negative growth: dry photo photoelectric (-0.06 billion yuan).
2. Increased profitability
According to the financial data released by these 32 key listed companies, in the first half of 2016, the net profit of 32 listed companies reached 4.261 billion yuan, a year-on-year increase of 30.02%; the operating profit rate was 9.70%, a year-on-year decrease of 0.38 percentage points; The return on net assets was 5.14, up 0.41 percentage points year-on-year.
3. Overall net profit growth is faster
The company's operating income increased by more than 50% year-on-year: Lianjian Optoelectronics (52.45%), Jufei Optoelectronics (57.32%), Jingke Electronics (262%), Ganzhao Optoelectronics (107.14%), Wanrun Technology (89.32%) , Maoshuo Power (74.88%), Liard (188.33%).
The year-on-year growth rate of profits exceeded 100%: Dongshan Precision (182.58%), Qinshang Optoelectronics (119.17%), Jingke Electronics (305%), Huacan Optoelectronics (323.02%), Wanrun Technology (205.50%), Alto Electronics (1667.77%), Hongli Zhihui (112.31%), Liard (118.07%).
4, the price-earnings ratio index is generally high
P/E ratio is an important indicator to measure the stock quality of a listed company. Generally speaking, “0: the company’s profit is negative (because the profit is negative, the calculation of the P/E ratio has no meaning, so the general software shows “—â€); 0-13 : value is underestimated; 14-20: normal level; 21-28: value is overvalued; 28+: reflects a speculative bubble in the stock market.
According to the published P/E index, LED listed companies generally have a serious bubble phenomenon. From the price-earnings ratio index of the above 32 key listed companies, there is one company with a negative P/E ratio: Ganzhao Optoelectronics; companies with a P/E ratio of 0-13; none of the companies with a P/E ratio of 14-20; P/E ratios of 21-28 There are three companies with overvalued values: NVC Lighting (23.683), Sanan Optoelectronics (26.86), and Sunshine Lighting (26.57); the rest of the company's price-earnings ratio is far more than 28, Ocean King's price-earnings ratio is as high as 3057.69, And there is a rising trend.
To evaluate the performance of a company, it is not enough to look at the price-to-earnings ratio of the company. At the same time, it is also necessary to pay attention to the following three points:
First, how compared with the speed of corporate performance improvement;
Second, how sustained the improvement of corporate performance;
Third, the certainty of performance expectations.
In general, companies in the growth industry have higher P/E ratios because investors are optimistic about the future expectations of these companies and are willing to pay higher prices to buy corporate stocks. The P/E ratio of listed companies has always been the stock picking indicator for medium and long-term investors. Looking at the stock price index of LED listed companies on September 9, 2016, the LED industry as a high-tech industry has good growth and a relatively high P/E ratio. This also reflects the market's optimism about the LED industry, the development of the LED industry still has great potential.
However, after the price-earnings ratio is too high, it is always going to come down. The duration cannot be judged. How long can the high price-earnings ratio last? It is difficult to judge. For the 32 listed companies, nearly one-third of the companies have a P/E ratio of more than 100, and Ocean King's P/E ratio is even as high as 3057.69, and there is a rising trend. The high price-to-earnings ratio is a dangerous state in the long-term development of a company. Therefore, the phenomenon that the price-earnings ratio of LED listed companies is generally high should attract the attention of enterprises.
From the market point of view, lighting products are indispensable as a necessity for life. However, as emerging lighting technologies such as OLEDs are still plagued by technology and cost, incandescent lamps, energy-saving lamps and LED lamps are still the three mainstreams in the current lighting market. However, it must be said that with the implementation of the ban, the incandescent lamps will gradually be eliminated by the market. At the same time, because LEDs have incomparable advantages over energy-saving lamps, the market share of LEDs will gradually increase and become the mainstream of the lighting market.
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