Judging from the February revenue data that Taiwan's LED manufacturers have disclosed, the LED industry is still in a state of low season. Among them, Yuyuan's February revenue increased by 18.75 year-on-year and 5.26 points month-on-month; Dongbei's February revenue increased by 20.21 year-on-year and 7.40% quarter-on-quarter; Yiguang's February revenue increased by 30.63 year-on-year and 10.53% quarter-on-quarter; The year-on-year growth was 38.1, a decrease of 14.37.
Analysts expect a further recovery in March.
From the public information, the relevant LED manufacturers are optimistic about the prosperity of the month in March, and the capacity utilization rate is further improved. In addition to the continued rise in LED lighting boom, as the May 1 period is a small golden week for TV sales in mainland China, stocking of LED backlights will also begin.
China Securities Network has long been optimistic about three types of companies: leading manufacturers of chip links, professional backlight packaging manufacturers and lighting manufacturers with brand and channel advantages. In the context of the recovery of the economy, the LED industry also has a cyclical investment opportunity due to the recovery of the industry boom.
China Securities Network expects Sanan Optoelectronics' EPS for 13-15 years to be 0.74/0.95/1.18 yuan. Based on the UBS VCAM discounted cash flow model, the target price is 33.2 yuan, corresponding to 13/14 years, when the WACC is assumed to be 8.9. 44.86/34.8 times PE; forecasting sunshine lighting 14-15 years EPS is 0.66/0.89 yuan respectively, based on UBS VCAM discounted cash flow model, under the assumption that WACC is 13.6, the target price is 20 yuan, corresponding to 14/15 30/22 times PE.
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