Dovin limited , https://www.dovinmachines.com
LED die factory Jingdian officially entered the company at the end of last year, and for the 100-owned subsidiary, Deutsche Securities issued the latest report that Jingdian will be listed in the fourth quarter of last year will be listed about one to 500 million yuan of one-time inventory Loss impact, it is estimated that Jingdian's loss per share will be expanded to 0.51 yuan in the quarter, but this will be the bottom of the crystal power. After the inventory loss in the previous quarter, it is estimated that the loss will be reduced in the first quarter of this year, and the second quarter It will turn from loss to profit, and the annual earnings per share is expected to stand above 1.5 yuan, so it still maintains a "buy" rating, with a target price of 70 yuan.
Germany said that in the fourth quarter of last year, Crystal Power will add a one-off inventory loss of about 400-500 million yuan due to the merger of Guangzhou-Guangzhou. It is estimated that Jingdian will be affected by this loss. The loss per share will be expanded to 0.51 yuan, and the loss is high. As expected, it lowered its annual earnings per share from 0.08 yuan to -0.51 yuan last year. However, after the inventory losses are fully listed, it is hoped that the combined crystal power will have a new beginning this year.
Deutsche analysis, affected by the industry's traditional off-season and the average unit price decline, it is estimated that the first quarter of this year, the revenue of Crystal Power will still fall by about 9 compared with the fourth quarter of last year. However, after the inventory adjustment, it is estimated that the first quarter of this year will have a gross profit margin. In the first quarter, 4.7 rebounded to 10.6, and the loss per share in the first quarter will be reduced to 0.19 yuan. It is estimated that after the second quarter, Jingdian will turn from loss to profit, and the annual earnings per share is expected to stand back to 1.5 yuan. Above.
In addition, from the perspective of industrial performance, Deutsche is optimistic about the market competitiveness of Jingdian. Deutsche analysis, through the improvement of luminous efficiency and new product design, it is estimated that LED manufacturers will launch LED bulbs with a unit price of 10~15 dollars this year, which will also promote LED lighting to become the main market growth momentum of this year, the market demand for LED lighting components. It will react in advance in the second quarter to the third quarter, and Jingdian will benefit from the rapid development of LED lighting with its huge market scale, advanced technology and partners in the LED industry chain.
March 20, 2023