China Merchants Securities announced that the vertical integration of Dehao Runda LED was completed and entered the harvest period. Dehao has formed a full industrial chain layout from extension to terminal applications. In the field of LED lighting, strategic cooperation with NVC, Whirlpool and AEG has effectively opened up the downstream estuary. It is estimated that LED business revenue will exceed that of small household appliances in 13 years, and LEDs will account for nearly 80% in the next year.
As the LED business gross margin is higher than the small household appliance business, the overall profitability will be significantly improved. China Merchants Securities believes that Dehao has entered the end of the high investment period and will gradually gain in the future.
China Merchants Securities said that the Dehao Runda chip business has ushered in a profit turning point. The 12-year chip business is in an investment period, resulting in a loss of nearly 300 million in a single business. In March of this year, the number of operating machines has reached more than 30, and in June it was nearly 50. China Merchants Securities judged that the Q2 chip business has a monthly output value of more than 60 million yuan and crossed the break-even point, no longer dragging down the overall performance.
The recent improvement in industry supply and demand will also significantly increase the profitability of the chip business. In addition, in the field of high-voltage chips and flip-chips that represent the development direction of the industry, Dehao has solid reserves and has entered the mass production stage. China Merchants Securities believes that this reflects the team's insight into the technical route and is conducive to occupying the commanding heights of the industry.
The alliance of NVC, the LED light source business is more flexible. Recently, Dehao Runda acquired a 20% stake in NVC and formed a strategic cooperation. The biggest barriers in the application of LED lighting are brands and channels. China Merchants Securities believes that the greatest significance of this strong alliance for Dehao is to open the LED light source to the sea. LED public lighting and commercial lighting markets have been opened, and with the channel resources of NVC, Dehao is expected to benefit significantly. It is estimated that the shipment to the NVC channel will be about 500 million yuan in 13 years, and it will reach more than 1 billion in 14 years. Subsequent increase in holding NVC is a high probability event.
China Merchants Securities first gave “prudent recommendation-A†and predicted EPS of 0.25/0.42/0.61 in 13-15 years. Although the stock price is not low for this year's performance, it is at a turning point in business, and its fundamental trend is positive. Based on the high growth in the next year, the target price is 12.6 yuan, equivalent to 30 times PE in 14 years.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
As the LED business gross margin is higher than the small household appliance business, the overall profitability will be significantly improved. China Merchants Securities believes that Dehao has entered the end of the high investment period and will gradually gain in the future.
China Merchants Securities said that the Dehao Runda chip business has ushered in a profit turning point. The 12-year chip business is in an investment period, resulting in a loss of nearly 300 million in a single business. In March of this year, the number of operating machines has reached more than 30, and in June it was nearly 50. China Merchants Securities judged that the Q2 chip business has a monthly output value of more than 60 million yuan and crossed the break-even point, no longer dragging down the overall performance.
The recent improvement in industry supply and demand will also significantly increase the profitability of the chip business. In addition, in the field of high-voltage chips and flip-chips that represent the development direction of the industry, Dehao has solid reserves and has entered the mass production stage. China Merchants Securities believes that this reflects the team's insight into the technical route and is conducive to occupying the commanding heights of the industry.
The alliance of NVC, the LED light source business is more flexible. Recently, Dehao Runda acquired a 20% stake in NVC and formed a strategic cooperation. The biggest barriers in the application of LED lighting are brands and channels. China Merchants Securities believes that the greatest significance of this strong alliance for Dehao is to open the LED light source to the sea. LED public lighting and commercial lighting markets have been opened, and with the channel resources of NVC, Dehao is expected to benefit significantly. It is estimated that the shipment to the NVC channel will be about 500 million yuan in 13 years, and it will reach more than 1 billion in 14 years. Subsequent increase in holding NVC is a high probability event.
China Merchants Securities first gave “prudent recommendation-A†and predicted EPS of 0.25/0.42/0.61 in 13-15 years. Although the stock price is not low for this year's performance, it is at a turning point in business, and its fundamental trend is positive. Based on the high growth in the next year, the target price is 12.6 yuan, equivalent to 30 times PE in 14 years.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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