Multi-factors affect Yiguang Q4 profit, and Morgan Stanley gives lower shareholding rating


The packaged company Yiguang (2393) increased its profit margin by more than 30% in the third quarter, but due to the product mix, the gross profit margin fell by 2 percentage points from the previous quarter. Some brokers expect that the fourth quarter of Yiguang is expected to continue to increase revenues driven by mass production shipments of large-size backlight products. Morgan Stanley Securities believes that Everlight's fourth-quarter gross profit margin and interest rate will be affected. Currently, Yiguang has lowered its Underweight investment rating and its target price is NT$76.

In the third quarter, Yiguang's consolidated revenue was 3.304 billion yuan, a quarterly increase of 19%. The single-quarter consolidated gross profit margin was 35.56%, a quarterly decline of 2 percentage points, but an increase of 3 percentage points over the same period in 2008. In the third quarter, the consolidated operating income was 610 million yuan, a quarterly increase of 22%, a single quarter net profit after tax of 560 million yuan, a quarterly increase of 36%, and a quarterly earnings per share of 1.55 yuan. In the first three quarters, the combined revenue was 8.039 billion yuan, the average gross profit margin was 34.6%, the operating profit was 1.242 billion yuan, the net profit after tax was 1.196 billion yuan, and the after-tax earnings per share was 3.28 yuan.

Morgan Stanley Securities pointed out that Everbright's gross profit margin declined in the third quarter, but the single-quarter profit still increased compared with the previous quarter, mainly due to the increased contribution from non-operating income. As the overall shipment situation in the fourth quarter may cool down with the weak quarter (the market expects more, the LCD TV LCD TV backlight demand is expected to continue in the fourth quarter), but currently the large and medium-sized panel backlight LED products, only accounted for only The proportion of revenue from Yiguang is less than 10%. Some of the more optimistic legal entities expect that the revenue of the fourth quarter of 2009 will be expected to be driven by the large-size backlight new products, and the single-quarter revenue will continue to increase by 5% from the previous quarter. However, Morgan Stanley Securities estimates that the fourth quarter revenue of Yiguang will start to decline since November, and the best overall fourth quarter revenue should be the same as the third quarter, while the product price in the weak quarter. The pressure may also cause Yiguang's fourth-quarter gross profit margin and interest rate to be suppressed.

In terms of LED street lights, the original market expects that the fourth quarter of the company will be able to obtain new LED lamp orders from mainland China, which can be regarded as an important indicator in the field of LED lighting. However, as there has been no new progress so far, and the timing has entered November, the legal person believes that the possibility of a breakthrough in the LED street light business in China in the fourth quarter of Yiguang has gradually decreased. Morgan Stanley Securities gave Everlight Underweight a lower shareholding investment rating with a target price of $76.

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