Merrill Lynch issued the latest report from Jingdian, pointing out that due to strong demand for LED TV and LED lighting, Crystal's production capacity in the second quarter of this year reached nearly full water level, but considering that LED TV demand will start to slow down in the third quarter, Therefore, the target price has been reduced from NT$66 to RMB60, maintaining the rating of “not as good as the market performanceâ€.
Merrill Lynch said that due to the simultaneous growth of LED TV and LED lighting demand, the capacity utilization rate of Crystal Power in the second quarter was almost full, so it is estimated that the consolidated revenue of the second quarter of Crystal Power will grow 36% from the previous quarter to NT$57.59. Billion, while gross profit margin will rebound to around 20.2%, it is estimated that after-tax profit will reach 462 million yuan, EPS 0.54 yuan.
Looking forward to the third quarter, Merrill Lynch believes that the capacity utilization rate of the company's Blu-ray and red LED chip products will maintain a high water level in July, but it will be followed by the development of TV backlight shipments in the off-season and lighting penetration. The trend is still unclear. The situation in August-September is still not clear. Therefore, it is estimated that the quarterly growth rate of the combined revenue will be reduced to 4%, reaching NT$6.011 billion, and the gross profit margin will remain at 20%. 586 million yuan.
Merrill Lynch said that due to the simultaneous growth of LED TV and LED lighting demand, the capacity utilization rate of Crystal Power in the second quarter was almost full, so it is estimated that the consolidated revenue of the second quarter of Crystal Power will grow 36% from the previous quarter to NT$57.59. Billion, while gross profit margin will rebound to around 20.2%, it is estimated that after-tax profit will reach 462 million yuan, EPS 0.54 yuan.
Looking forward to the third quarter, Merrill Lynch believes that the capacity utilization rate of the company's Blu-ray and red LED chip products will maintain a high water level in July, but it will be followed by the development of TV backlight shipments in the off-season and lighting penetration. The trend is still unclear. The situation in August-September is still not clear. Therefore, it is estimated that the quarterly growth rate of the combined revenue will be reduced to 4%, reaching NT$6.011 billion, and the gross profit margin will remain at 20%. 586 million yuan.
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