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Seven Star Electronics: Semiconductor ex
Release date:2010-11-13   Browse the number:1800
First Capital Ren Wenjie
  Event:
    Company on March 30 announced the 2012 annual report: operating revenue of 1.012 billion yuan, down 12.44%; attributable to shareholders of listed companies net profit of 141 million yuan, an increase of 6.19% per EPS0.88 yuan, to all shareholders 10 shares for every 10 shares and cash dividends $ 1.
    Comments:
    High-end electronics sales growth to force, to offset the impact of declining revenue equipment. The company achieved operating income decreased 12.44% over the previous year mainly due to one of the downstream industry is subject to the photovoltaic industry is experiencing winter doldrums due to investment. IC manufacturing equipment products to achieve income 63,138 yuan, representing a decrease of 22.36%; while electronic components products to achieve income 36,697 yuan, an increase of 9.45%, of which the proportion reached 65.85% military, an increase of 8.87%, gross margin representing an increase of 8.06% to 55.91% of the high level. High-precision chip resistors, tantalum capacitors, electrical power type resistors and other electronic components SMDTCXO production and sales of new products increased rapidly, pushing the company's components business growth.
    Semiconductor, TFT-LCD equipment sales began to take shape, the future development worth the wait. Firm commitment 300mm 02 major science and technology diffusion furnace through rigorous testing clients after the first sets of equipment have been delivered to customers, and to reach a number of mainstream semiconductor manufacturers to supply the intention; 300mm mass flow controller also has entered the industrial stage, while the fuel cells, LED and other industries to develop; 65nm ultra-fine cleaning equipment development and industrialization projects and 45-32nmLPCVD equipment industry research and development projects have been completed as planned prototype assembly, is conducting process validation. 2012 year, the company sold to BOE company related products, parts and processing services amounted to 6.09 million yuan, TFT-LCD equipment that the company has begun the formation of sales. The company's future semiconductor equipment sales further increased worth the wait.
    Lithium battery, photovoltaic equipment coming huge market space. In the lithium-ion battery manufacturing equipment, the company has completed the li-ion battery pole piece AGC control rolling machine, coating machine and 1000 pole piece diaphragm thickness, surface automatic detection system, and other new products, new technology research and development work, and to market to achieve sales. In additional fund-raising projects completed last year Boda Electronics Co., Ltd. Beijing flight photovoltaic industry base construction project is expected to put into operation in January 2015. Although the PV industry suffered temporary winter, but in the future as to further reduce the cost of photovoltaic power generation, the development of long-term positive, while the domestic photovoltaic devices will play an important role.
    For the first time give the company "prudent recommended" rating. We are optimistic about the company as a domestic semiconductor equipment and high-end pan-leading manufacturer of electronic components in national policy and funding support, the future is expected to downstream IC, TFT-LCD, photovoltaic industry, the semiconductor industry and other pan-part high-end equipment to achieve import substitution broad space for development.
    We forecast the company fully diluted share capital at the latest after 13 years, 14 years and 15 years, earnings per share were 0.87 yuan, 1.05 yuan and 1.37 yuan, respectively, corresponding to the current price earnings ratio of 43 times, 36 times and 27 times, for the first time give the company stock "prudent recommended" rating.
    Risk Warning: international and domestic economic situation continued to slow down investment in the semiconductor industry downturn led to pan; foreign competition Pan semiconductor equipment research and development risks.
The last: A world-class enterprise Endeavour semic
Next article: Semiconductor: 2013 semiconductor market
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