Industry boom continues LED business growth
Core Tip: Sanan 3 quarterly report is in line with expectations, and the performance growth rate has improved significantly. The company's chip business continues to grow and profitability increases. The layout of LED applications, photovoltaic power plants, and power semiconductors opens up more space, and in the future will become an energy-saving industry giant based on semiconductor technology. Maintaining the target price of Sanan 3 quarterly report was in line with expectations, and the growth rate of performance was significantly improved. The company's chip business continues to grow and profitability increases. The layout of LED applications, photovoltaic power plants, and power semiconductors opens up more space, and in the future will become an energy-saving industry giant based on semiconductor technology. Maintain target price of 28 yuan, continue to strongly recommend!
The 3 quarterly report was in line with expectations and the performance growth rate was significantly improved. The Sanan 3 quarterly report achieved a total revenue of 2.63 billion yuan and a net profit of 760 million yuan, up 12 and 14 respectively, and EPS of 0.53 yuan. The growth rate of non-net profit was significantly increased from 33 in the interim report to 60. The slight decrease in single-quarter income in the third quarter was mainly due to the significant decrease in PV revenue. The operating profit and net profit growth rate in the single quarter was as high as 124 and 48.
Chip revenue continued to grow. We judge Sanan's single-quarter chip revenue in the third quarter of 7.5-800 million yuan, an increase of about 10. The chain's growth is mainly dependent on the increase in production capacity and market competitiveness. As part of the Q4 Xiamen new purchase machine is put into production and the industry boom is good, it is expected that the chip revenue will continue to increase by 5-10, and the total amount will be 2.6-28 billion yuan. Next year's production capacity will increase by at least 50. At the same time, the localization of chips will accelerate, and the company's revenue will still have greater flexibility.
Chip profitability continues to improve. In the third quarter, the gross profit margin of the chip increased slightly, reaching 23-25. The main reasons include: 1) the scale effect is constantly appearing; 2) the proportion of medium and large power is increased, avoiding the fierce competition in the low-margin and low-power market; 3) the industry Demand is driven by lighting, and medium power has become the mainstream choice for lighting. Sanan products are more tight. It is expected that the supply and demand of the industry will be stable next year, which is conducive to the continuous improvement of Sanan's profitability.
The progress of street lamps is in line with expectations, and the photovoltaic power station business has a large profit margin. In the third quarter, the street lamp revenue was 1-150 million yuan, and the year-to-date total was 4-450 million, which was in line with expectations. In terms of CPV, due to the continued downturn in the component industry, the company actively entered the power station business and the components were converted to internal supply. The net interest rate of the power station is 7-10, and the domestic installed capacity of 10-15GW in the next few years (cost 8-10 yuan / W) will bring more profit to the company.
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