Seven Star Electronics first half of the company’s performance over expected first half of 2010 the company achieved total revenue of 355 million yuan sony vgp-bps8 battery, sony vgp-bps9 battery, up 21.97 percent; to achieve operating profit 60.618 million yuan, up 32.21 percent; realized attributable to shareholders of listed companies net profit of 4438.4 million, an increase of 29.61%. Basic earnings per share were 0.76 yuan. Quarterly analysis of the company 189 million yuan revenue in Q2, compared with first quarter growth of 14.5%, 30.11 million yuan net profit attributable to parent company, growth of 111%.
IC manufacturing equipment business benefited from industry recovery
A bright spot in the first half of solar cell devices integrated circuit manufacturing equipment business, the company achieved revenues of 212 million yuan, in 2009 the business achieved revenues of 307 million yuan. Semiconductor process equipment companies benefit from the recovery of the semiconductor industry, enterprises to increase capital investment this trend. Ended in June this year, the North American dell latitude d630 battery, dell latitude d830 battery semiconductor equipment bookings and billings in December in a row over the Japanese semiconductor equipment book to bill ratio greater than 1 for 13 consecutive months. The localization of the domestic IC manufacturing equipment is also driven the business income of the company, SMIC is currently corporate clients. The company’s solar equipment business is another bright spot, the block line of business is more abundant than the semiconductor device, customers include domestic solar PV manufacturers JA Solar and Suntech. The lithium-ion battery equipment, although it has just started, I believe the future growth of the company’s performance is another driving force.
Electronic components and hybrid integrated circuit stable growth
Company in the first half of electronic components and hybrid integrated circuit business to maintain stable growth, which achieved revenues of 91.12 million yuan of electronic components, hybrid integrated circuit revenue of 48.46 million yuan, the two business customers as the company focuses on military industry, so the more revenue stable, but higher gross margin, in particular electronic component products hp pavilion dv6000 battery, hp pavilion dv9000 battery during the first half gross margin reached 47.45%, compared with 3.32% in 2009 to upgrade, is a stable source of company performance.
Gross margin increased rapidly, a good first half of the company’s three cost control integrated circuit manufacturing equipment and electronic components gross margin faster, respectively 34.36% and 47.45%, to promote the company’s consolidated gross margin increased by 2.78%, we believe that in solar cells open up the field as well as the military industrial customers supply is the main reason for improvement in gross margin. Three good first half of the cost control of the company, sales costs and administrative expense rate of decline in rates, and because the company public to raise funds, the financial cost rate has been effectively controlled.
Company profit forecasts-than-expected performance in the first half, while the inventory, prepayments growth of the company is actively stocking, receipts in advance to increase also reflected the current situation of orders of the economy. Based on this, we increased the company’s profit forecasts, the company expects revenue of 2010-2012 were 752 million, 971 million, 1.283 billion yuan, EPS were 1.34,1.72 and 2.23 yuan. The latest closing price, dynamic price-earnings ratio in 2010 was 44.7 times dell studio xps 1340 battery, dell studio xps 1640 battery, taking into account the companies in the semiconductor integrated circuit devices, solar cell devices with lithium equipment in the field of multi-point distribution, and now in solar cell devices Ye Wu made positive progress, we are optimistic the company’s future in the field of special equipment for core competencies, giving the company “overweight” rating.
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