Ganzhao Optoelectronics (300102) is a leading enterprise in the domestic red-yellow LED segment market. According to company statistics, the company's production capacity can only meet the demand of about 50% of the existing top 70 customers. At the same time, with the rapid expansion of LED market demand, LED packaging manufacturers, including the company's major customers, are actively expanding production scale. Red and yellow LED chips have been in serious supply shortage, and only the capacity of the company's top 70 major customers. At the end of 2011, it will increase by nearly 80%. In addition, the photoelectric conversion efficiency of the high-efficiency three-junction gallium arsenide solar cell epitaxial wafer produced by the company in 2009 reached 28.5%, which is at the domestic leading level. The company's comprehensive gross profit margin in 2009 was 58.94%, much higher than domestic counterparts.
Xiangcai Securities pointed out that after the listing of Ganzhao Optoelectronics, it will use ultra-raised funds to increase investment in less than one month, and expand the production capacity of high-brightness red-yellow LED chips by 36 billion. The reason is that the company's products are currently in serious supply shortage (only can meet About 50% of the order demand) will guarantee the company's rapid development in the future. It is predicted that the operating revenue of Ganzhao Optoelectronics will reach 302 million yuan, 667 million yuan and 1.127 billion yuan in 2010-2012, and the net profit will be 140 million yuan, 305 million yuan and 488 million yuan. Based on the latest closing price, the dynamic price-earnings ratio is 66. 30.6, 19 times, giving the company an "overweight" rating.
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