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>> Huaxing Photoelectric 6th generation LTPS LCD panel line trial production TCL handsome music optimistic outlook 22th,July,2017
(LTPS) LCD display panel production line began trial production, which marks the domestic color TV giant TCL Group (TCL Group), the world's first production of high-temperature polysilicon technology (LTPS) LCD display panel production line, which marks the domestic color TV giant TCL Group Successfully captured the sixth generation of low-temperature polysilicon technology (LTPS) production of core technology, initially with high-end small-size display production capacity, breaking the foreign enterprises in the high-end small-size display market monopoly position.
It is reported that Huaxing photoelectric investment in the construction of the 6th generation of low-temperature polysilicon technology (LTPS) LCD display panel production line project, is the first use of low-temperature polysilicon technology six generations of lines. Compared with the traditional amorphous silicon liquid crystal display panel, low-temperature polysilicon can greatly improve the electron mobility, the display of faster response, higher brightness, more stable, lighter weight, thinner thickness, longer working life, Less energy consumption. By then, Wuhan Huaxing photoelectric annual production of high-end smart phones and mobile PC display panel of about 88 million, can achieve the output value of over 10 billion.
Investment Express: 6th generation LTPS LCD panel production line lit, means that another high-end LCD panel import substitution process greatly accelerated.
Guotai Junan: TCL Group in the living room and mobile scenes in the excellent hardware base, operational service transformation will become the future growth of the company's core growth point.
CICC: The panel industry is the main source of profit, the first three quarters of 2015 panel industry net profit of 1.79 billion yuan, accounting for 67% of the company's net profit.
Jin Yuan Securities investment adviser Yuan Qiang conducted a further analysis of this.
Economic Voices: Wuhan Huaxing photoelectric annual production of high-end smart phones and mobile PC display panel of about 88 million, can achieve the output value of over 10 billion, of course, this is an ideal state, we also know that the current high-end smart phones and mobile PC Volume are slowing down, this product prospects for TCL we can be so optimistic?
Yuan Qiang: high-end smart phones and PC shipments are indeed slowing, which is almost synchronized with the global economic downturn, but we can hardly say that the current shipments is the peak. The future with the new technology, new products continue to launch, shipments are still likely to continue to grow. The TCL this product is the biggest significance of its success to overcome the sixth generation of low-temperature polysilicon market core technology, initially with high-end small-size production screen production capacity, which can break the monopoly of foreign manufacturers market. At present, China's large number of television, computer and mobile phone display are dependent on imports, so most of the profits are owned by foreign manufacturers. This means that most manufacturers are not making money, and even lose money. And TCL this product has a very high technical content, and it is behind a large number of intellectual property patents to do support. So the development and patent layout for enterprises to provide a solid technical support, more for the future export of enterprise products cleared the obstacles, so I am more optimistic about the prospects of this product.
Economic Voice: We are currently released from the TCL 2015 results notice, the net profit in 2015 fell 17-23% to 24.5-26.5 billion yuan, the main reason for the decline in profitability of the company is LCD panel prices continue to weaken, Like the 32-inch panel prices from the beginning of the year 96 US dollars continued to decline to 55 US dollars at the end of the year, down 43%, panel prices decline can stop it? How do you see?
Yuan Qiang: whether it is the stock market or commodities will be oversold bounce situation, and the current price of the panel has been very close to its cost price, so I think the room to continue to decline is still relatively limited.
Voice of the economy: the current panel profits accounted for nearly 70% of TCL net profit, the panel business did not appear to improve the momentum, the company's performance, whether we have to keep?
Yuan Qiang: Indeed, if the panel prices continue to slump, the company's traditional business may also be difficult to have a good performance, the company may still hope that the performance of the Internet + business.
Economic Voice: TCL Group, the current dynamic price-earnings ratio of 15 times the total market value of 46.9 billion, the valuation level is reasonable? Does the short term have operational value?
Yuan Qiang: household appliances plate a total of 36 listed companies, only seven listed companies than the TCL price-earnings ratio, and smart TV sector has 14 listed companies, TCL's price-earnings ratio after Hisense Electric. Relatively speaking, it is still in a more reasonable level, and its current stock price is more than three, less than four dollars, A shares a total of 2816 stocks, only 45 stocks are below 4 dollars, so I That its stock index level is still relatively reasonable.
Voice of the economy: In addition to traditional business, the TCL is also actively layout of the Internet + business, there are analysts that the company and the music network is expected to take the lead in the first 2016 flowering results, advertising revenue is expected to appear explosive growth, how do you see TCL prospect?
Yuan Qiang: First of all, TCL and music as both in the relevant areas are leading. TCL is the market leader in smart TV, and its hardware base in the living room and mobile scene is very excellent, the transformation of operational services will be the future growth of the company's core growth point. Its cooperation with the music as the fact that in 2015 has been blooming, as of the end of December last year, the company's smart TV activation reached 11.93 million, the average number of active users is 4.8 million, an increase of 112%. Mobile Internet application platform cumulative user is 23.64 million, live is 8.94 million, an increase of 300%. If you can maintain such a high growth in 2016, TCL and music as a result should not be a problem.
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