The 1H15 company's revenue net profit growth reached 25% and 30%, respectively, reflecting the continued industry boom and the company's scale effect. Looking into the future, Guangdong's state-owned assets will further strengthen the company's actual controllers, which will help it occupy a commanding height in the long-term industry competition. At the same time, chip business loss reduction, small-pitch LED and outdoor surface-mount LED display device expansion projects will continue to promote The company's performance has grown.
We expect the company's 2015-2016 net profit of 190 million yuan, 270 million yuan, YOY increased by 30%, 41%, EPS is 0.40, 0.56 yuan, PE39 and 28 times, taking into account the company's rapid expansion of production capacity and continued prosperity The upward certainty is high, giving “buy†investment advice.
1H15 performance increased rapidly, chip business became: the company 1H15 realized revenue of 900 million yuan, YOY increased by 24.7%, net profit of 83.57 million yuan, YOY increased by 39.9%, deducted the company's net profit increased by 35.4% to 74.04 million yuan, the company The results are in line with expectations. In terms of quarterly, 2Q15 achieved revenue of 520 million yuan, YOY increased by 6.9%, net profit of 49.03 million yuan, and YOY growth of 23.8%. 2Q15 performance was at the upper limit of its quarterly performance growth range. From the perspective of gross profit margin, the company's 1H15 consolidated gross profit margin was 21.4%, down 3 percentage points from the same period of the previous year. Among them, 2Q15's comprehensive gross profit margin was 22.4%, down 0.7 percentage points from the same period of last year, but up 1 percentage point from the previous quarter. Basically reflects the competition status of the packaging industry. In terms of the period expenses, benefiting from the increase in economies of scale and the decrease in financial expenses, the 1H15 company's expense ratio decreased by 2.5 percentage points from the same period of the previous year, partially offsetting the impact of the decline in gross profit margin. In terms of business, chip business has become the driving force for performance growth. 1H15 revenue increased by 1171% and gross profit margin reached 15.3%. After nearly two years of MOCVD capacity, National Star Semiconductor earned 3.56 million yuan, which laid a good foundation for the year. Foundation, considering that the company's chip business suffered a loss of 37.05 million yuan last year, the chip business will reduce the certainty of the company's performance growth. In addition to the chip business, the company's device, component and lighting business revenue growth rate is more than 20%, maintaining Accelerate the growth rate.
3Q15 performance is expected to continue to grow rapidly: the company expects 1-3Q15 net profit of 110 million yuan - 130 million yuan, YOY growth of 10% -30%, maintaining a relatively fast growth rate. Correspondingly, 3Q15 is expected to achieve a net profit of 26.92 million yuan to 47.01 million yuan, and the YoY range is -25% to 31%. We believe that the company's orders are in good condition and the growth rate will be in the upper part of the range.
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