Dongxing Securities announced that “G20-LED member companies†Sunshine Lighting and Sanan Optoelectronics signed the “Investment Cooperation Agreement†in Xiamen, Fujian on September 4, and the two parties jointly invested RMB 30 million to set up Fujian Sunshine in Xiamen, Fujian Province. Sanan Lighting Technology Co., Ltd. Among them, Sunshine Lighting invested 18 million yuan in cash, accounting for 60%; Sanan Optoelectronics invested 12 million yuan in cash, accounting for 40%.
1. Strong cooperation, upstream and downstream resources for optimal configuration
The cooperation between Sunshine Lighting and Sanan Optoelectronics is a classic example of the combination of the industry giants in the mainland LED industry following the acquisition of NVC in December last year. As the largest LED chip manufacturer in the mainland, Sanan Optoelectronics has more than 150 MOCVD units, with an annual output of 10 million LED epitaxial wafers and 176.4 billion LED chips. Sunlight Lighting, as a leading company in downstream lighting applications, has more than 3,000 distributors and distributors, and its sales network covers all parts of the country. Therefore, the cooperation between Sunlight Lighting and Sanan Optoelectronics will give full play to the advantages of both parties in their respective fields and facilitate the optimal allocation of resources.
2. The strategic significance of cooperation is greater than the economic significance
Sunshine Lighting and Sanan Optoelectronics' cash contribution amount only accounts for 2% and 1% of their respective monetary funds, and the scale of investment is relatively small. Therefore, the establishment of the joint venture company can be regarded as a pilot project for the two giants to explore effective cooperation methods. The two parties can test the possible cooperation mode through the joint venture company. At the same time, because there is no direct business relationship, neither party will bear too much operational risk due to the problems arising from the cooperation. Dongxing Securities believes that the joint venture company serves as a platform for both parties to explore an effective operation mode. Its strategic significance is far greater than its economic significance itself.
3, short-term effects are difficult to achieve, expect long-term value to appear
Due to the small scale of the joint venture company registration and the first cooperation between Sunshine Lighting and Sanan Optoelectronics, Dongxing Securities believes that the performance of the joint venture company will not increase rapidly in the short term. In the long run, if the two sides can find a good cooperation model through the joint venture company, the scale of cooperation between the two sides will be further expanded, the business ties will be further strengthened, and the situation of strong alliance will be formally formed. At that time, Sanan Optoelectronics can open the mainland lighting market through the company's sales channels. At the same time, the company can obtain stable chip supply and cost-effective products through Sanan Optoelectronics, thus maintaining a competitive advantage in the highly competitive downstream lighting industry.
in conclusion:
Dongxing Securities said that in the case of the general lighting market, the LED industry will usher in a period of rapid growth. At the same time, due to the government's excessive subsidies to the LED industry in the past few years, the LED industry chain has an overcapacity, a large number of midstream and downstream enterprises, and fierce market competition. Therefore, Sunshine Lighting as the downstream lighting application leader and the upstream chip giant Sanan Optoelectronics cooperation will help the two sides to form an efficient, stable and long-term business model, in order to play their respective advantages in the fierce market competition, fully share the industry's growth dividend.
Dongxing Securities expects Sunshine Lighting to achieve net profit of 275 million yuan, 342 million yuan and 434 million yuan in 2013, 2014 and 2015, respectively, up 31%, 24% and 27%, EPS of 0.43 yuan, 0.53 yuan and 0.67 respectively. Yuan, corresponding P/E is 28 times, 23 times and 18 times, respectively, maintaining a "strongly recommended" rating.
(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.)
1. Strong cooperation, upstream and downstream resources for optimal configuration
The cooperation between Sunshine Lighting and Sanan Optoelectronics is a classic example of the combination of the industry giants in the mainland LED industry following the acquisition of NVC in December last year. As the largest LED chip manufacturer in the mainland, Sanan Optoelectronics has more than 150 MOCVD units, with an annual output of 10 million LED epitaxial wafers and 176.4 billion LED chips. Sunlight Lighting, as a leading company in downstream lighting applications, has more than 3,000 distributors and distributors, and its sales network covers all parts of the country. Therefore, the cooperation between Sunlight Lighting and Sanan Optoelectronics will give full play to the advantages of both parties in their respective fields and facilitate the optimal allocation of resources.
2. The strategic significance of cooperation is greater than the economic significance
Sunshine Lighting and Sanan Optoelectronics' cash contribution amount only accounts for 2% and 1% of their respective monetary funds, and the scale of investment is relatively small. Therefore, the establishment of the joint venture company can be regarded as a pilot project for the two giants to explore effective cooperation methods. The two parties can test the possible cooperation mode through the joint venture company. At the same time, because there is no direct business relationship, neither party will bear too much operational risk due to the problems arising from the cooperation. Dongxing Securities believes that the joint venture company serves as a platform for both parties to explore an effective operation mode. Its strategic significance is far greater than its economic significance itself.
3, short-term effects are difficult to achieve, expect long-term value to appear
Due to the small scale of the joint venture company registration and the first cooperation between Sunshine Lighting and Sanan Optoelectronics, Dongxing Securities believes that the performance of the joint venture company will not increase rapidly in the short term. In the long run, if the two sides can find a good cooperation model through the joint venture company, the scale of cooperation between the two sides will be further expanded, the business ties will be further strengthened, and the situation of strong alliance will be formally formed. At that time, Sanan Optoelectronics can open the mainland lighting market through the company's sales channels. At the same time, the company can obtain stable chip supply and cost-effective products through Sanan Optoelectronics, thus maintaining a competitive advantage in the highly competitive downstream lighting industry.
in conclusion:
Dongxing Securities said that in the case of the general lighting market, the LED industry will usher in a period of rapid growth. At the same time, due to the government's excessive subsidies to the LED industry in the past few years, the LED industry chain has an overcapacity, a large number of midstream and downstream enterprises, and fierce market competition. Therefore, Sunshine Lighting as the downstream lighting application leader and the upstream chip giant Sanan Optoelectronics cooperation will help the two sides to form an efficient, stable and long-term business model, in order to play their respective advantages in the fierce market competition, fully share the industry's growth dividend.
Dongxing Securities expects Sunshine Lighting to achieve net profit of 275 million yuan, 342 million yuan and 434 million yuan in 2013, 2014 and 2015, respectively, up 31%, 24% and 27%, EPS of 0.43 yuan, 0.53 yuan and 0.67 respectively. Yuan, corresponding P/E is 28 times, 23 times and 18 times, respectively, maintaining a "strongly recommended" rating.
(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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