LED chip efficiency layout exceeds expectations

CDB said that in order to promote China's mainland LED enterprises to catch up with international giants in the new round of LED boom cycle. We will adopt the method of financial plus industry alliance to cultivate a group of strategic growth LED enterprises with international competitiveness, and strive to cultivate 2 ~ Three leading enterprises entering the top ten. In principle, each link of the industrial chain focuses on supporting 2 ~ 3, and epitaxial chips can be relaxed to 4 ~ due to high threshold and large investment ~ 5. Aoyang Shunchang (002245, stock bar) As the top three favorable competitors, there will be a good chance to get support. The efficiency of MOCVD is further improved. 20 MOCVD units in the first phase of the company's project have achieved mass production, with a monthly chip production capacity of 100 thousand pieces (Equivalent to 2-inch tablets) Several of the following 10 MOCVD units have successively arrived at the factory and entered the commissioning. It is expected that the first phase of the project will be fully produced in November. After debugging by the company's technical department, the production efficiency of each MOCVD has been improved by about 10, reaching a monthly output of 16 ~ 170 thousand pieces, the production capacity will once again exceed expectations. The second phase of the project is expected to be capped by the end of the year. Equipment can be introduced in May and August and will be put into production in. The company plans to expand its production capacity to the upstream. The company's monthly production has reached 100 thousand pieces. It plans to expand the upstream patterned sapphire substrate (PSS). At present, the company's PSS technology is basically available, and only the STEP-by-STEP process is still lacking. The company is expected to reduce the cost of a single chip by about 4. 5% through self-produced PSS. Compared with PSS purchased from other manufacturers, self-produced products have higher gross profit margin. Trend products further improve profitability and have been committed to promoting disc sales to save the selection and classification of downstream manufacturers and improve the efficiency of the industrial chain. And has achieved certain results and obtained stable customers. High pressure (9V ~ 18 V)The chip is gradually released, accounting for 1/3. High-voltage chips have a price advantage of 10 compared with ordinary chips. Risk Warning project volume is slow, business expansion is lower than expected to maintain the recommended rating, we expect the company 14-The net profit for 16 years was 1. 70/3. 01/4. RMB 0. 8 billion. Among them, it is estimated that 14-The net profit of traditional business in 16 years was 1. 0/1. 1/1. 0. 2 billion yuan, LED business net profit was 0. 7/1. 9/2. RMB 0. 9 billion. EPS is 0. 39, 0. 68, 0. 92 yuan, the company's 2015 stock price is reasonably valued at 17 yuan ( Due to conservative principles, 25 times PE valuation for 2015 is given), Maintain the recommended rating.