Recently, Citi Securities lowered the LED epitaxial faucet factory crystal and electric evaluation, and looked at NT$24 under the target price. At the same time, Paris Securities expects that Japan and Asia will take the lead in price cut competition, and also cut its revenue in 2009 by 40%, and target price of NT$32.9.
In 2008, the company's capacity expansion capacity was about 40%. In the case of fixed expenses still need to be amortized and capacity utilization rate is not high, the gross profit margin in the first quarter of 2009 will remain at a low level. Citigroup expects that the gross profit margin of Jingdian in the first quarter of 2009 may fall to 8%, while the company's first quarter 2008 gross margin is still 21.4%. In addition, consumer electronics demand is sluggish, and it is expected that at least until mid-2009, Citi expects that the profit of Crystal Power in 2009 will be 97% lower than that of 2008, and may only barely flatten profit and loss. The Citigroup Securities Research Report lowered the rating of the crystal and electricity, from buying to selling, and the new target price was NT$24. Its analysts boldly predicted that in the fourth quarter, in the fourth quarter of the decline in capacity utilization and average shipping prices, Jingdian may have a deficit, and until the second quarter of 2009, there will be no signs of improvement, the road ahead will be very difficult. .
The LED industry has always been able to withstand the downturn of downstream packaging plants, and it is difficult to escape. In the research report, Paris Securities lowered the profit forecast and target price of Everlight in 2009. According to the research report, the global LED demand growth in 2009 dropped from 45% to 31%, while Nichia will take the lead in cutting prices by 30%, rushing to the market of Taiwanese manufacturers in the backlight of mobile phones and notebooks, which will affect Yiguang. The packaging company's revenue and profit in 2009. Paris Securities believes that global notebook shipments will decline by 20% in 2009, small notebooks will grow by 5.2%, mobile phone shipments will decline by 5%, resulting in LED demand growth of only 30% in 2009. In the market growth is not as expected, when competitors cut prices to grab the market, it is expected that the revenue of Yiguang in 2009 may be slightly lower than that in 2008, the gross profit margin will fall from the original 30% to 21.8%, and the earnings per share will be reduced to 1.68 yuan. The Taiwan dollar was down 40% from the original estimate. However, Paris Securities also pointed out that Everlight's financial situation is good, cash is abundant, and it will be able to survive the cold winter.
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