The 3 report that bring light (21.4, 0, 0.00%) outstanding achievement is pretty good encounter orgnaization of market prise shrink to say short-term wave motion does not change to grow for a long time however gender

The 3 report that bring light express to shrink of near future market prise very grievance, chief is right related its “InvestmentPerson newspaper ” the reporter says: “The blame that actually we come to 3 years recently is regular the scale that increase and decrease takes net profit every year does not exceed 20% , in abroad this one scale is 40%~50% normally. “

“InvestmentPerson declare ” raise of reporter Liu Lou

522

2018-5-21

Investor newspaper

The near future, get the stimulation of a series of things such as Sino-US commerce limitation and resurgence incident, about at developing ” Chinese core ” cry is increasingly rising. Speak of ” Chinese core ” , the raw material SiC that must speak of chip of the mobile phone that make (carborundum) , also beProductionOne of raw material of LED floodlight. In LED domain of China, the 3 report that bring light (600703.SH) in this one special period as industry bibcock natural also equipment suffersThe marketAttention.

The near future, the 3 report that bring light announce one quarterly reports, 2018 profit of company net profit rises greatly first quarter 40.14% , however benefit can not drive share price to rise very much, from November 2017 apogee of share price of the 3 report that bring light calculates 30.05 yuan case, company share price falls close already 4 into.

Was opposite 2018 is a meaning a extraordinary year actually for the 3 report that bring light, land A from 2008The marketSince, this appears on the market the company has been felt in Chinese capital market climb boil hit 10 years, company by originalProductionIron and steel arrives again to equipment of lighting of LED of production of carapace be borrowinged the manufacturing chip nowadays; In experience 2008 calamity and after a series of twist, market prise also from be less than 2 billion yuan at first to grow 87.2 billion yuan of today’s, company market prise expanded 40 times superabundant.

Had taken the 3 report bringing light of a lot of great storms, whether continue to defeat billow to undertake? Be what reason causes company share price after all such abnormality? Future is the investment method of 3 An Guang report what kind of? Taking these issues, ” investor signs up for ” a controller that the reporter read a large number of materials and tried to connect 3 An Guang cable, get the solution of a few problems.

The company still is provided grow quality

Analyse the reason that the share price of 3 An Guang report drops greatly, want above all from the companyFinancialThe circumstance looks.

The newspaper showed 3 An Guang report 2017, the company achieved sales revenue last year 8.394 billion yuan, business profit 3.856 billion yuan, the net profit of partner of vest in parent company 3.164 billion yuan, with go up photograph of year of the corresponding period than, sales revenue grew 33.82% , business profit grows 82.5% , the net profit of partner of vest in parent company grew 46.04% .

On April 26, the 3 report that bring light announce data of one quarterly reports to show, before the company 3 months realize business income 1.945 billion yuan, drop compared to the same period 2.26% , vest in appears on the market the net gain of company shareholder is 968 million yuan, grow 40.14% compared to the same period. ManageActivityThe cash flow net specified number of generation is 944 million yuan, grow 41.76% compared to the same period.

In light of whole, the result of 3 An Guang report is right, no matter be net 2017 gain or net first quarter this year gain,behave exceedingly good, only the battalion first quarter closes appeared appreciably glides, FinancialThe respect still calculates health.

Close to battalion drop be related, the 3 report that bring light also gave out reason: “Compared first quarter 2018 the corresponding period basically was last year the element has a holiday during sufferring the Spring Festival the impact is bigger, spring Festival of the corresponding period was in last year January, the Spring Festival is in this year Feburary, wu is versed in personnel returned countryside tide to cause certain effect to producing a progress. “

Drop to share price, the company is right ” investor signs up for ” the reporter expresses: “Look in the company, share price drops is the effect that suffers market sentiment, white first quarter horse be in entirely drop, drop very big; 2 it is to suffer effect of mood of Sino-US trade war, electron be in drop. The mood company of the market cannot be changed, actually the company still has good growing sex. “

To this, pacific Ocean (2.81, 0.01, analyst of 0.36%) negotiable securities also thinks: “What carry the correspondence that put delay with income is the promotion of gain ability, wool interest rate is achieved first quarter 51.13% , promote 5.3 percent compared to the same period, annulus comparing promotes a percent; Buckle rate of the net after blame to achieve 33.06% , promote 2.3 percent compared to the same period, annulus comparing promotes 0.23 percent, gain ability still is in promote continuously. AlthoughThe priceHad returned to drop passageway, but effect of company support scope and technical research and development, reduce cost effectively, gain ability be far ahead at the person of the same trade. “

It is normal that governmental subsidy is on an industry level

To shrink of market prise of the 3 report that bring light, also have a kind of such afraid presence — is durative with growing sex? This also brought about partial investor to behave the passable 3 report that bring light to appear to gain ability negative sentiment.

Through publishing data, ” investor signs up for ” reporter discovery, inside March 2018, the 3 report that bring light already obtained governmental allowance 3 times, add up to 780 million yuan.

Old since, the 3 report that bring light are accepting many governmental subsidy from beginning to end, this also did not climb the situation that rise to cause an effect considerably to company share price.

Public data shows, arrived 2010 2014, the governmental subsidy of 3 An Guang report occupies net profit to exceed 5 to become for a time, since 2015, although governmental allowance is measured increasing, occupy drop than still be in. Among them, won governmental subsidy 2015 89 million dollar, allowance holds profit proportion for 28% ; Won governmental subsidy 2016 350 million yuan, allowance takes net profit 16% ; Governmental subsidy was 2017 486 million, the proportion that allowance takes net profit is 15.36% .

But this personage of 3 An Guang report is in to ” investor signs up for ” when the reporter explains this problem, some are subdued, he says: “Analyse a company not only see allowance amount, the system capacity that still should join a company will undertake an analysis. The subsidy that receives first quarter is 780 million yuan, having 580 million yuan is plan into give those who delay accrual to amortize, 200 million yuan plan enter current accrual. As strategical burgeoning industry, each local government are right of LED and chip industry give aid to strength is very great, do not have us only only the company won subsidy. The 3 report that bring light regard an industry as bibcock, grant-in-aid forehead and company advocate growth of business Wu profit is compared, allowance is occupied than smaller and smaller. “

To check the view of this controller, ” investor signs up for ” the reporter inquired an electron in Wind yuan rank of condition of company of the LED in industry of parts of an apparatus. Up to distribute news dispatches, this industry shares 23 to appear on the market the company publishs annals data. Data shows, LED industry is only 2017 on profit pop chart, profit of 23 companies total net profit is 6.393 billion yuan. Profit of net profit of before 3 companies is total 4.335 billion yuan, occupy A of 23 LED industry 67.81% of profit of company total net profit. Among them the 3 potential that bring light are resided 2017 LED industry A appear on the market pop chart of profit of company net profit head of a list of names posted up, annual is clean 2017 profit 3.164 billion yuan, rank the first; Mu Linsen (17.97, 0.25, profit of 1.41%)2017 annual net adds up to 669 million yuan, rank the 2nd; China Can photoelectricity (17.27, 0.02, 0.12%) net profit amounts to 502 million yuan, rank the 3rd.

Inquired Mulinsen and China Can photoelectricity before announcement, ” investor signs up for ” reporter discovery, both received governmental subsidy as much. This year on March 30, mu Linsen subsidiary wins subsidy of 127 million yuan of government; On December 29, 2017, company of China Can photoelectron wins governmental subsidy 149 million yuan; Won governmental subsidy on March 30, 2018 sixty-nine million five hundred and ninety-one thousand three hundred yuan. Will calculate with this, the governmental subsidy that place of the 3 report that bring light wins is in normal level really in LED industry.

Chief thinks related 3 An Guang report, “The company basically is engaged in LED chip and compound semiconductor chip, accord with national industry policy to encourage development direction, each local government are very big to industrial support strength. The blame that actually we come to 3 years recently is regular the scale that increase and decrease takes net profit every year does not exceed 20% , saying with its is to depend on governmental subsidy, be inferior to saying is advocate the scope that profit of industry net profit increases is bigger. ” ■