Recently, Wu Shengwu, deputy director of the Department of Electronic Information of the Ministry of Industry and Information Technology, said at the symposium on the work of the national electronic information industry in 2018 that in order to guide the healthy and orderly development of the industry, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly prepared the "Three-year Action Plan for the Development of New Display Industry Beyond Development". "It will be released soon. In the next step, the Ministry of Industry and Information Technology will guide enterprises to accelerate the research and development of mass production technologies such as new backplanes, ultra-high definition and flexible panels, and promote product innovation through technological innovation to achieve product structure adjustment. Accelerate the research and development of AMOLED microdisplay, quantum dots, printed OLED display, MicroLED display and other forward-looking display technologies, strengthen technical reserves, and complete the exploration and layout of new industrial technology routes.
In this regard, market participants generally believe that under the multi-factor resonance, China will usher in a new round of import substitution, especially some high-end technology-intensive industries will become the new main battlefield for import substitution, while the national strategic focus supports the OLED field. Will gradually replace LCD as the mainstream of the new generation of display panels, and drive the OLED industry to accelerate localization. In this context, the OLED industry boom continues to rise, and the OLED display industry is expected to usher in both performance and valuation.
With the strong support of the policy, the profitability of listed companies in the OLED industry has been further released. According to statistics, the Media Market Research Center has found that 12 related listed companies have disclosed the quarterly report for 2018, and the net profit has increased year-on-year during the reporting period. The number of companies reached 8 companies. Among them, two companies, such as Liande Equipment and Skyworth Digital, doubled their net profit in the first quarter of 2018. In addition, there are 38 companies that disclosed the results of a quarterly report, with 29 pre-history companies, accounting for nearly 80% of the total, including Dongshan Precision, Nanda Optoelectronics, Xinlun Technology, Jintuo, Dazu Laser, and Jing Seven companies, such as Measuring Electronics and Shenzhen Kangjia A, expect net profit growth in the first quarter of 2018 to be more than 100%. On the whole, among the companies that have disclosed a quarterly report or performance forecast, nine companies reported a net profit in the first quarter of 2018 or are expected to achieve year-on-year growth, indicating the outstanding performance of the industry's continued growth.
In the secondary market, the OLED sector has been more active since April, with nearly 50% of the stocks outperforming the market (the Shanghai Composite Index fell 3.18% over the same period). Among them, Danbang Technology, Tiantong Shares, Taiji Industry, Powerful New Materials, Zhongying Electronics, Runxin Technology, Maijie Technology, Jintuo and Tin Industry Co., Ltd. all had the highest growth during the period, both exceeding 4%.
In terms of capital flow, the blue-chip stocks with performance support have become the focus of the recent fund allocation. Statistics show that since April, a total of 14 concept stocks in the sector have shown a net inflow of large single funds, of which Tiantong shares (546.791 million yuan), Strong new materials (205.26 million yuan), Nanda Optoelectronics (1955.72 million yuan), Xiangyang Huicheng (954.05 million yuan) and Maijie Technology (245.68 million yuan) and other five quarterly results, the pre-history stocks were sought after by the large single funds. A total of 107 million yuan was absorbed.
It is worth noting that, recently, the attention of the organization to the leading stocks of the performance has also begun to heat up. Statistics show that in the past 30 days, 24 OLED concept stocks have received optimistic ratings such as “Buy” or “Overweight”, among which Dongshan Precision, Xinlun Technology, Jintuo, Liande Equipment, Han’s Laser, Fine The results of 6 quarterly reports, such as measuring electronics, are expected to be doubled by the institutions. The number of rated companies is more than 5, and the market may have a large rising potential, which is worthy of attention.
Xinlun Technology: Declining approval and landing results, speeding up performance growth
Event: The company announced that it has issued shares and paid cash to purchase assets and raised matching funds, which has been approved by the CSRC.
Qianhong Electronics is on the verge of being in the second quarter. The company's performance in the second quarter is expected to achieve substantial growth: due to OPPO, VIVO17 Q4 and 18 years Q1 sales fell slightly year-on-year, the market is worried that this year's Qianhong electronic performance commitment is difficult to meet expectations, this is our view:
1) Apple comprehensively leads the industrial technology upgrade, OV has already launched the layout in advance: Apple's 17-year-old iphoneX's appearance and functional changes have driven the mobile phone industry chain to upgrade to the glass cover and bangs-type comprehensive screen. In response to industrial technology upgrades, OV strategically cleared inventory in Q4 and Q18 in 2017, preparing for the launch of a new model with a full screen and glass cover this year, which is a small year-on-year increase in OV sales in the past two quarters. The main reason for the decline.
2) After the launch of the new model, OV sales are expected to return to the rising channel: In March, OV has launched two high-end models of OPPOR15 and VIVOX21 respectively, which is earlier than the launch of new models in the same period of the previous year. Among them, OPPOR15 has adopted bangs type full screen. + Glass back cover, VIVOX21 uses bangs full screen + screen fingerprint technology, according to market data, these two new models have quickly occupied the top of mobile phone sales.
3) The continuous introduction of new products, the single-machine value of Qianhong in OV is expected to further increase: relying on the close strategic relationship with OV and forward-looking product technology reserves, the technology upgrade has brought a lot of new business opportunities to Qianhong, we expect The value of stand-alone equipment will increase by 30-40% year-on-year. Under the premise of rapid increase in the value of stand-alone machines, it is expected that the operating income of Qianhong Electronics will exceed 1 billion yuan in 18 years.