Benefits from rising demand, crystal LED lighting revenue share or increase by 40%

According to the latest research report of Morgan Stanley Securities, optimistic about the chip factory will be based on LED lighting business, it is estimated that this year and next year's revenue will grow by 21% and 15% respectively, plus high gross profit. The demand for quaternary LEDs has risen and the market competition situation has changed. It is estimated that the profit rate will increase to 9.4% and 13.1% respectively this year and next year.

Morgan Stanley pointed out that the main kinetic energy of Crystal's revenue growth this year and next year comes from the rapid growth of LED bulb demand, the demand for high-resolution display replacement in department stores, and the gradual growth of LED headlight penetration.

As LED lighting grows from 2014 to 2015, Morgan Stanley estimates that Crystal's LED lighting revenue in 2014 and 2015 will grow to 45% and 50%, respectively, while LED backlights will fall to 27 respectively. % and 23%.

For the performance of the profit rate, Morgan Stanley believes that the supply and demand of the industry will be balanced, high-margin ternary LED demand growth, market competition situation changes, etc., it is estimated that the performance of crystal power will also gradually Growth, from 2.4% in 2013 to 9.4% in 2014 and 13.1% in 2015.

Morgan Stanley said that the profit growth performance of Jingdian from 2014 to 2015 will replicate the LED backlight growth trend from 2009 to 2010. In addition to optimistic about the growth of revenue and profitability of Jingdian in the past two years, it is estimated that ROE performance will also In 2013, 0.4% rebounded to 5% in 2014 and 8% in 2015.

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