[Text / Liang Yu] On April 1 this year, Lu Xiao Technology (002617.SZ) and the joint venture with Berne Optics set up the news of Berne Laughing Sapphire Company, once again detonated the sapphire concept of the secondary market.
According to the data, Luxiao Technology is mainly engaged in the design, research and development, production and sales of electromagnetic wire products. Since landing in the SME board in 2011, the company's performance has not been much brighter. During 2011 and 2012, Luxiao Technology's net profit showed a continuous downward trend. According to the 2013 annual performance report released by the company, the company's operating conditions last year remained unsatisfactory.
In 2013, the performance report showed that Luxiao Technology achieved operating income of 2.73 billion yuan during the reporting period, a slight increase of 3.98% compared with the same period of the previous year; the operating profit was 43.902 million yuan, a slight decrease compared with the same period of last year. 4.58%; realized total profit of 42.954 million yuan, down 7.50% year-on-year; realized net profit of 38.735 million yuan, up 19.24% compared with the same period of last year.
It is worth noting that the same period last year was the completion of the acquisition of 100% equity of Zhejiang Lutong Mechanical & Electrical Co., Ltd. and adjustment of the retrospective financial data. The financial data before the adjustment was adjusted as follows: operating income was 2.598 billion yuan, operating profit was 49.244 million yuan, total profit was 49.88 million yuan, and net profit was 39.969 million yuan. If this is used as a base to compare with the company's 2013 results, none of its data will rise, with varying degrees of decline.
The investigation found that Berne Optics Co., Ltd. was established in 1986 as a Hong Kong-owned private enterprise. Formerly Fuji Optical Co., Ltd. and Bourne Optics Co., Ltd., by 2010, in order to achieve higher management and production efficiency, formally integrated into Bourne Optics Co., Ltd. So far, the industrial park has a plant area of ​​850,000 square meters. The combination of technology and production capacity has made Bun the largest glass panel manufacturer in the world, with a global market share of over 60%. There are two major production bases in Shenzhen and Huizhou in China. The annual output value of the above two bases can reach 30 billion yuan.
Bourne Optical registered capital of 7.6 billion Hong Kong dollars, belonging to Taiwan, Hong Kong and Macao legal person-owned enterprises, the production of display lenses, crystal glass and other electronic components, the company has long entered the Apple industry chain, is also the largest supplier of original Apple protective glass.
In order to avoid the old road of the original Apple capacitive touch screen supplier TPK can not keep up with Apple's rhythm, Bohn Optics will include the processing of electronic consumer sapphire protective cover into the subsequent business scope.
According to the data, Berne Optics was the first manufacturer of watch lenses. It has experience in the processing of sapphire watch lenses. At present, it mainly produces mobile phone cover glass. In 2013, it entered the OGS touch screen business. Its mobile phone cover glass is 60% for apples. 20% supply to Samsung. In addition, Bourne Optics is a supplier to companies such as Nokia and Lenovo.
The announcement also revealed that Berne Laughter Company will purchase 200 sets of 80 kg sapphire crystal growth furnace equipment from Zhejiang Lutong Electromechanical Co., Ltd., a wholly-owned subsidiary of Luxiao, for the production of sapphire from Bourne, the sapphire crystal furnace. The equipment will be delivered by the end of August 2014, and the stand-alone price will be as high as 1.15 million yuan. It is estimated that the total transaction amount will be around RMB 230 million, accounting for 8.4% of the company's 2013 revenue.
It is not difficult to understand that the investment of Luxiao Technology is entirely based on the newly established Berne Luke, which is a related party in nature. At the same time, Luxiao Technology does not dominate in the newly established company. Lu Xiao Technology promised to put the operating assets of its wholly-owned subsidiary Zhejiang Luxiao Photoelectric Co., Ltd. into the Berne Luxiao Company after the establishment of the Berne Luxiao Company, in order to avoid horizontal competition.
GF Securities analyst Ju Guoxian believes that assuming a 10% net profit of the crystal growth furnace equipment, it will generate 23 million profits. The company's 2013 net profit was 38.73 million yuan, which was more than 50% thicker. “We are cautiously expecting the company's fully diluted earnings per share from 2013 to 2015 to be 0.22/0.34/0.50 yuan/share respectively, and the traditional main business expansion and sapphire business two-wheel drive performance continued to grow.â€
For investment risks, the above analysts believe that the sapphire industry's capacity expansion is large and demand growth is slow, resulting in overcapacity, continued low prices and long-term construction period of the joint venture company Berne.
Bourne Optics' customer resources on smartphones have brought full imagination to the entire capital market. Coupled with the rise of the concept of sapphire today, Luxiao Technology has made a fortune in the secondary market, and its share price has soared. It is also reasonable.
According to the data, Luxiao Technology is mainly engaged in the design, research and development, production and sales of electromagnetic wire products. Since landing in the SME board in 2011, the company's performance has not been much brighter. During 2011 and 2012, Luxiao Technology's net profit showed a continuous downward trend. According to the 2013 annual performance report released by the company, the company's operating conditions last year remained unsatisfactory.
In 2013, the performance report showed that Luxiao Technology achieved operating income of 2.73 billion yuan during the reporting period, a slight increase of 3.98% compared with the same period of the previous year; the operating profit was 43.902 million yuan, a slight decrease compared with the same period of last year. 4.58%; realized total profit of 42.954 million yuan, down 7.50% year-on-year; realized net profit of 38.735 million yuan, up 19.24% compared with the same period of last year.
It is worth noting that the same period last year was the completion of the acquisition of 100% equity of Zhejiang Lutong Mechanical & Electrical Co., Ltd. and adjustment of the retrospective financial data. The financial data before the adjustment was adjusted as follows: operating income was 2.598 billion yuan, operating profit was 49.244 million yuan, total profit was 49.88 million yuan, and net profit was 39.969 million yuan. If this is used as a base to compare with the company's 2013 results, none of its data will rise, with varying degrees of decline.
The investigation found that Berne Optics Co., Ltd. was established in 1986 as a Hong Kong-owned private enterprise. Formerly Fuji Optical Co., Ltd. and Bourne Optics Co., Ltd., by 2010, in order to achieve higher management and production efficiency, formally integrated into Bourne Optics Co., Ltd. So far, the industrial park has a plant area of ​​850,000 square meters. The combination of technology and production capacity has made Bun the largest glass panel manufacturer in the world, with a global market share of over 60%. There are two major production bases in Shenzhen and Huizhou in China. The annual output value of the above two bases can reach 30 billion yuan.
Bourne Optical registered capital of 7.6 billion Hong Kong dollars, belonging to Taiwan, Hong Kong and Macao legal person-owned enterprises, the production of display lenses, crystal glass and other electronic components, the company has long entered the Apple industry chain, is also the largest supplier of original Apple protective glass.
In order to avoid the old road of the original Apple capacitive touch screen supplier TPK can not keep up with Apple's rhythm, Bohn Optics will include the processing of electronic consumer sapphire protective cover into the subsequent business scope.
According to the data, Berne Optics was the first manufacturer of watch lenses. It has experience in the processing of sapphire watch lenses. At present, it mainly produces mobile phone cover glass. In 2013, it entered the OGS touch screen business. Its mobile phone cover glass is 60% for apples. 20% supply to Samsung. In addition, Bourne Optics is a supplier to companies such as Nokia and Lenovo.
The announcement also revealed that Berne Laughter Company will purchase 200 sets of 80 kg sapphire crystal growth furnace equipment from Zhejiang Lutong Electromechanical Co., Ltd., a wholly-owned subsidiary of Luxiao, for the production of sapphire from Bourne, the sapphire crystal furnace. The equipment will be delivered by the end of August 2014, and the stand-alone price will be as high as 1.15 million yuan. It is estimated that the total transaction amount will be around RMB 230 million, accounting for 8.4% of the company's 2013 revenue.
It is not difficult to understand that the investment of Luxiao Technology is entirely based on the newly established Berne Luke, which is a related party in nature. At the same time, Luxiao Technology does not dominate in the newly established company. Lu Xiao Technology promised to put the operating assets of its wholly-owned subsidiary Zhejiang Luxiao Photoelectric Co., Ltd. into the Berne Luxiao Company after the establishment of the Berne Luxiao Company, in order to avoid horizontal competition.
GF Securities analyst Ju Guoxian believes that assuming a 10% net profit of the crystal growth furnace equipment, it will generate 23 million profits. The company's 2013 net profit was 38.73 million yuan, which was more than 50% thicker. “We are cautiously expecting the company's fully diluted earnings per share from 2013 to 2015 to be 0.22/0.34/0.50 yuan/share respectively, and the traditional main business expansion and sapphire business two-wheel drive performance continued to grow.â€
For investment risks, the above analysts believe that the sapphire industry's capacity expansion is large and demand growth is slow, resulting in overcapacity, continued low prices and long-term construction period of the joint venture company Berne.
Bourne Optics' customer resources on smartphones have brought full imagination to the entire capital market. Coupled with the rise of the concept of sapphire today, Luxiao Technology has made a fortune in the secondary market, and its share price has soared. It is also reasonable.
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