The hottest touch screen welcomes the blockbuster

2022-08-14
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Touch screen welcome conference this month, A-share 3 company may erupt

the sixth Shenzhen International touch screen exhibition and 2013 global touch Industry Summit Forum hosted by China Communications Industry Association will be held in Shenzhen on the 23rd of this month. The theme of this forum is to integrate innovation and win-win development. This forum is mainly to explain the latest trends in the unique manufacturing and material technology of touch panels. The topics of concern mainly include: the competition and cooperation between in cell/on cell touch technology and monolithic glass touch panel (OGS); The application scope of Apple's patented double-sided ITO film technology will be expanded from 7.85 inches to 9.7 inches. What impact will it bring to the development of new non ITO film technology

it is reported that among the listed companies, CSG a, oufeiguang and Jinlong electromechanical will attend, and the company's representatives will elaborate on the company's business strategy and other issues at the meeting

oufeiguang: 2q13 performance guidance exceeded expectations neutral rating

1q13 performance met expectations 1q13 revenue of 1.2 billion yuan, an increase of 230% year-on-year and a decrease of 18% month on month; The gross profit margin was 19%, a year-on-year decrease of 2 percentage points and a month on month decrease of 1 percentage point; Deduct non net interest rate by 5%, with a year-on-year decrease of 0.5%, unchanged month on month; Deduct non net profit of 60million yuan (corresponding to eps0.14 yuan), an increase of nearly 200% year-on-year; Operating cash flow was 340million yuan, significantly improved year-on-year; The company's profit guideline for 1h13 is 2 500 million yuan, an increase of%

small size touch screen defense, medium and large size touch screen attack, camera module penetration. We predict that the monthly production capacity of small size has reached 9million pieces in the near future, and 2q13 orders are expected to remain in short supply; The touch screen for full fit flat panel has been supplied to Samsung, Lenovo, ASUS and Acer in batches to ensure that the frame has sufficient rigidity. At present, the order is full, and the production capacity of 2q13 is expected to reach 2million pieces/month; NB touch screen has been supplied to Lenovo and Samsung, and metalmesh is expected to be mass produced in 2h13; Camera modules are expected to be supplied to domestic customers in large quantities in 2h13

2q13 performance guidance exceeded expectations, and the fundamentals continued to be strong. The company's 1h13 profit guidance was 2 500 million yuan, yoy+%; Corresponding 2q13 net profit 1 6.5 billion yuan (we expect 130 million yuan). We predict that 2q13's revenue will reach 2.2 billion yuan, and the gross profit margin will drop to 17%:1) the yield of new factories will take time to climb; 2) The proportion of touch screen revenue of full fit pad with low comprehensive gross profit margin increased; 3) Price pressure of small-size products; However, the further release of the scale effect is expected to promote the 2q13 net profit margin to rise from 5% in 13q1 to 6.2%

CSG A: comment on the first quarter report of 2013, cautious overweight rating

in the first quarter of 2013, the company achieved a revenue of 1.457 billion yuan, a year-on-year decrease of 4.35%; The attributable net profit was 108 million yuan, a year-on-year decrease of 11.19%; The corresponding earnings per share was 0.05 yuan, a year-on-year decrease of 16.67%

1. The main business improved significantly in 2013: due to the one-time investment income from the sale of Guangzhou CSG in the first quarter of last year, if this effect is excluded, the company's operating profit in the first quarter increased by 200% year-on-year. The substantial growth of main business mainly comes from the improvement of gross profit margin. The reasons include: 1. Glass prices were at the bottom in the first quarter of last year. After the Spring Festival in the first quarter of this year, dealers replenished inventory, and glass prices rose; 2. Yichang polycrystalline silicon stopped production and technological transformation in the first quarter, which did not make a negative contribution to the comprehensive gross profit margin

2. The bottom of the cycle + growth can be expected. The performance improvement in 2013 is determined: the main business of the company can be simply divided into cyclical business (flat glass + photovoltaic) and growth (engineering glass + fine glass) business. At present, the prices of float glass and polysilicon are at the bottom of the region, and there is limited room to continue to decline; At the same time, the company actively carries out production line transformation of solar calendered glass and polysilicon, and the cost is expected to decline. In terms of engineering glass, the company has been very competitive in the industry. The production capacity of Dongguan, Xianning, Wujiang, Chengdu and other places has been put into operation successively, and the production and sales volume will still maintain a steady growth; In terms of fine glass, the company's layout in the whole industrial chain of touch screen. In order to achieve industrial upgrading and capacity expansion, the company's fine glass will be moved from Shenzhen to Yichang (the relocation will not affect production), and will build a new ultra-thin glass production line in Yichang as a supporting facility. The advantages of public electric drives are indisputable: the noise is very small, and the company's touch screen will mainly cover small-size g+f and medium-size OGS modules, Since this year, there has been a strong demand in the touch screen industry chain, and this business is expected to become a higher than expected point

3. Maintain the cautious increase rating: maintain (2) slightly improve the economic benefits from the viewpoint of our annual report. In the medium term, the company is at the starting point of a new round of growth; In the short term, due to the low upward price elasticity of float glass and polysilicon, the performance elasticity is restricted, but fine glass is expected to become a higher than expected point this year. We expect the company's annual EPS to be 0.37, 0.53 and 0.74 yuan respectively, maintaining a cautious overweight rating

Jinlong electromechanical: the progress of new business is less than expected, and the long-term good prospects will not be changed.

the progress of Tianjin cover glass project is less than expected, and the long-term good prospects will not be changed. The company has established a joint venture subsidiary Tianjin Jinjin optoelectronics Co., Ltd. with South Korea Jinyu Engineering Co., Ltd. the cover glass produced by it is mainly supplied by Samsung and will be the main source of income and profit of the company in the future. We originally expected the Tianjin plant to start trial production in September, but due to the delay in the construction progress of the plant, we expected it to be put into production in December. Samsung has ranked first in the world in terms of both intelligent and overall shipments, and has maintained a high growth rate in the industry, with strong demand for cover glass. The form of cover glass is developing towards 2.5D, and the output value of single cover glass is expected to be increased. After the Tianjin project of the company is completed, it will become the main source of income and profit of the company next year, and the prospect is promising

the business of micro and special motors has declined. The company's micro motors are mainly used for vibration motors. Affected by the economic environment, although the global growth rate of smart engines is high, the overall growth rate slows down, causing the company's sales of micro motors to decline

the increase of various expenses detracts from performance. The company's subsidiaries in Tianjin and Huaibei are still under construction, and new businesses such as touch screen, CCM module and VCM motor have been carried out successively. The sales fee has increased by 61% over the same period of last year, and the management fee has increased by 28% over the same period of last year. The increase of various expenses has dragged down the performance of the company in the first three quarters

profit forecast and risk prompt. Due to the delay of the company's Tianjin cover glass project this year, as well as the more new business carried out this year, and the higher costs, the performance of this year will be under pressure. However, with the gradual increase of various businesses, the company's performance is expected to enter an explosive period next year. We lowered the company's annual performance forecast to eps0.23 yuan, 1.22 yuan must ensure that the gripper has enough travel and 2.07 yuan. Reiterate the buy rating, and the target price of 24 yuan remains unchanged

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