1H07 performance in line with expectations During the reporting period, the company achieved 146 million yuan of main business income, an increase of 21.4%; net profit of 25.32 million yuan, an increase of 31.34%, corresponding to EPS 0.14 yuan. The above results are in line with expectations.
Energy-saving lamps and car lights are the main drivers of profit growth. The 11 energy-saving lamp automation equipments have all been put into production. The energy-saving lamps revenue has increased by 72%, the weight of total revenue has risen to 26%, and the gross profit margin has stabilized at around 18.9%; HID Lamp revenue increased by 30%, the weight of total revenue rose to 30%%, and gross profit margin continued to remain above 56%. Vertex finance
HID lamps enter the OEM market: the certification of the HID bulbs and ballasts that need to endure the certification and the Geely cars has been basically completed. The company mainly supplies the luxury version of Geely Vision II, supplying HID bulbs and self-produced second-generation ultra-thin ballasts. Geely's vision is 1.8L, and the second-generation market is expected to sell at 80,000-100,000. It will be listed at the end of 2007.
The technical certification process for Shanghai Volkswagen HID bulbs is in progress. We visited Shanghai Volkswagen in the early days and learned that Shelly (the market forum) has been “fixed†(qualified to supply to the OEM) and supply HID bulbs (the relevant ballasts are provided by Shanghai Huake). Life test in Germany (experimental requirements reduced to 3,000 hours, more than 4 months). We expect that according to the progress of the test, in early 2008, Shelley is expected to finally pass the certification. Once passed the Shanghai Volkswagen certification, more accurately, it is the harsh German public certification, the company is no different from getting the "PASS" into other automakers. .
The vehicle certification threshold is very high, generally lasting 2-3 years, but we are optimistic about the company's final certification. At present, there are many competitors in the AM market, but only the Wright in the OEM market has been certified for a year and a half. From the technical strength of the company and the stability of product quality, we believe that the company can finally pass the vehicle certification. Relatively speaking, we value Shanghai Volkswagen's certification.
HID lamp: The competition in the AM market is intensifying, and the gross profit margin is under pressure.
HID lamps have higher gross margins (1H07 56.75%). Excessive gross profit margins have attracted many new competitors. Many manufacturers that originally produced ordinary halogen automobile bulbs have begun to enter. According to the survey, Shelley's HID set lamp is around 1,000 yuan (both independent brands and OEMs, bulbs and ballasts are available, and 1.2 million bulbs are expected to be sold in 2007), but new entrants - Foshan Lighting Forum) HID set lights only in the 500-600 yuan (domestic brand, only produce bulbs, ballast outsourcing, is expected to sell 100,000 bulbs in 2007). Therefore, the company's leading edge in the field of HID lamps will be affected, and the product gross margin will have room to fall, which will force the company to enter the OEM market as soon as possible to maintain the profit forecast and recommend the investment rating to maintain the company's 2007-2009 61.37 million, 8591 The profit forecast of 10,000 yuan and 120 million yuan, corresponding to EPS of 0.33 yuan (57x PE), 0.47 yuan (40x PE) and 0.66 yuan (29x PE), continues to maintain the company's "recommended" investment rating. It should be emphasized that the rapid volume of the company after entering the OEM market may make the performance exceed expectations. However, the long certification process will bring difficulties to the company and investors. More intuitively, "complete vehicle certification" is a process of burning money, many small parts companies die in the process; but we believe that Shelley is a "burning money" company, in his "burning no When it started to pay, it has entered the OEM market and ushered in the explosive growth of its performance.
1
Protection of Rack Mount LiFePO4 Battery for Telecom Towers
â— Over charge/ discharge Protection
â— Over current Protection
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Energy-saving lamps and car lights are the main drivers of profit growth. The 11 energy-saving lamp automation equipments have all been put into production. The energy-saving lamps revenue has increased by 72%, the weight of total revenue has risen to 26%, and the gross profit margin has stabilized at around 18.9%; HID Lamp revenue increased by 30%, the weight of total revenue rose to 30%%, and gross profit margin continued to remain above 56%. Vertex finance
HID lamps enter the OEM market: the certification of the HID bulbs and ballasts that need to endure the certification and the Geely cars has been basically completed. The company mainly supplies the luxury version of Geely Vision II, supplying HID bulbs and self-produced second-generation ultra-thin ballasts. Geely's vision is 1.8L, and the second-generation market is expected to sell at 80,000-100,000. It will be listed at the end of 2007.
The technical certification process for Shanghai Volkswagen HID bulbs is in progress. We visited Shanghai Volkswagen in the early days and learned that Shelly (the market forum) has been “fixed†(qualified to supply to the OEM) and supply HID bulbs (the relevant ballasts are provided by Shanghai Huake). Life test in Germany (experimental requirements reduced to 3,000 hours, more than 4 months). We expect that according to the progress of the test, in early 2008, Shelley is expected to finally pass the certification. Once passed the Shanghai Volkswagen certification, more accurately, it is the harsh German public certification, the company is no different from getting the "PASS" into other automakers. .
The vehicle certification threshold is very high, generally lasting 2-3 years, but we are optimistic about the company's final certification. At present, there are many competitors in the AM market, but only the Wright in the OEM market has been certified for a year and a half. From the technical strength of the company and the stability of product quality, we believe that the company can finally pass the vehicle certification. Relatively speaking, we value Shanghai Volkswagen's certification.
HID lamp: The competition in the AM market is intensifying, and the gross profit margin is under pressure.
HID lamps have higher gross margins (1H07 56.75%). Excessive gross profit margins have attracted many new competitors. Many manufacturers that originally produced ordinary halogen automobile bulbs have begun to enter. According to the survey, Shelley's HID set lamp is around 1,000 yuan (both independent brands and OEMs, bulbs and ballasts are available, and 1.2 million bulbs are expected to be sold in 2007), but new entrants - Foshan Lighting Forum) HID set lights only in the 500-600 yuan (domestic brand, only produce bulbs, ballast outsourcing, is expected to sell 100,000 bulbs in 2007). Therefore, the company's leading edge in the field of HID lamps will be affected, and the product gross margin will have room to fall, which will force the company to enter the OEM market as soon as possible to maintain the profit forecast and recommend the investment rating to maintain the company's 2007-2009 61.37 million, 8591 The profit forecast of 10,000 yuan and 120 million yuan, corresponding to EPS of 0.33 yuan (57x PE), 0.47 yuan (40x PE) and 0.66 yuan (29x PE), continues to maintain the company's "recommended" investment rating. It should be emphasized that the rapid volume of the company after entering the OEM market may make the performance exceed expectations. However, the long certification process will bring difficulties to the company and investors. More intuitively, "complete vehicle certification" is a process of burning money, many small parts companies die in the process; but we believe that Shelley is a "burning money" company, in his "burning no When it started to pay, it has entered the OEM market and ushered in the explosive growth of its performance.
1
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