TCL Group (000100): The panel industry has changed and the Huaxing Optoelectronics remains the king
Semiconductor display: The remainder of the inventory size is king. Large-size panel demand growth rate has not seen a significant tilt, supply continues to release, and oversupply continues.
The industry is about to usher in a new round of reshuffle, backward production capacity will further drive the clear, emerging applications will accelerate penetration.
With the withdrawal of old production capacity and the slowdown of more production capacity after 2020, the oversupply of the industry will slow down. In 2021, the industry may once again enter a new cycle of booming capital seeking.
At that time, the leading addition of Huaxing Optoelectronics will be further enhanced.
New technologies are driven by counter-cycles, and the increasing demand for large-scale products will trigger the boom cycle after the end of the downward cycle.
TCL Group: After the completion of the reorganization of the Huaxing Optoelectronics-based technology industry group company, a new architecture model with Huaxing Optoelectronics as the core, and industrial finance and venture capital as the supplement, was formed.
Huaxing Optoelectronics is currently one of the world’s leading TV panel manufacturers. It also has small-sized panels with LTPS and AMOLED, leading the scale advantage.
Through continuous R & D and perfect technical layout and breakthroughs in various fields, Huaxing Optoelectronics has become a model of high operating efficiency and efficiency in the panel industry.
Expanding categories, repairing internal strength, and gradually expanding the advantages of production capacity, Huaxing Optoelectronics’ operating indicators are at the forefront of the industry.
Breaking through the mystery of Huaxing Optoelectronics, the panel industry is about to usher in the dawn of the panel industry. For the panel industry, the cost advantage and capacity expansion of new competitors disrupt the balance of the industry. The accumulation of late entrants during the expansion period determines the company’s performance at the inflection point of the cycle.Profit elasticity. When the industry is at the bottom of the cycle, the strength of profitability and changes in future expectations determine the bottom of the estimate.
The boom cycle and self-expansion stage of the industry determine the estimated level.
The shift of the industrial chain is accelerating the reshuffle of the panel industry pattern. The domestic panel industry is about to usher in dawn, and leading companies are gradually moving out of the bottom.
Risks suggest that the semiconductor display continues to be sluggish, and downstream demand is not up to expectations; the company ‘s capacity release is not up to expectations, and new technology and new product expansion are not up to expectations.
One of the outstanding panel industry leaders, maintaining the “Buy” rating is expected to the company’s net profit attributable to the parent company in 19-21 37.
07 trillion, the growth rate was 9 respectively.
2% / 9.
8% / 22.
EPS are 0.
Corresponds to 19?
The PE in 21 years is 12/11 / 9X, and the company’s current expectations are lower than comparable companies. According to the results of our 南京龙凤网 absolute and relative estimates, the company’s reasonable variable interval in the coming year is 3.
Maintain “Buy” rating.