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Optical crystal: the core advantages of outstanding growth prospects

  Main points

1, the overall performance of the company to maintain stable and rapid growth: growth performance of the company remained stable in recent years, thanks to the growth of precision optical coating products, the future will be based on existing technical advantages and customer benefits, improve the coverage and product lines develop new areas. (1) development strategies: relying on four core technology advantages (precision coating technology, crystal ashtray factory precision optical processing technology, super-hard material processing technologies, semiconductor lithography), the optical image from the existing industry, and actively vote to micro-modules to business on behalf of the microdisplay industry, as well as the sapphire substrate as the representative of the LED lighting industry to expand, while the layout of concentrating solar industry, and ultimately the formation of the four industry structure; (2) development goal: crystal wine stopper china to reach the next 2-3 years, revenues size of 15-20 billion, mainly from the sapphire growth lighting business, and micro-cast module business.

2, precision optical film business, continued rapid growth to the performance of the company has laid a stable foundation: including optical low pass filter and infrared cut filter crystal wine stopper manufacturer , which will be single-lens reflex optical low pass filter with OLPF layout, cell phones with infrared wafer-level optical cut filter to filter, IRCF set up parts and other products to expand. (1) camera market: power is divided into two and one-SLR market, the SLR market to Canon, Nikon and other professional-grade manufacturer, the company has full access to the related industrial chain manufacturers, mainly in entry-level SLR, china crystal gift and craft the future will further expand the application of high-class products; single electricity market to Sony, Samsung, Olympus, etc, the micro-single-industry chain to go in front of the Japanese manufacturers, but the company has a unique advantage, will be fully penetrated the market in . (2) mobile phone market: crystal table clock IR-cut filter to benefit from the rapid development of mobile phone market, on the whole, than expected. The recent trend is toward higher levels of 8-megapixel camera phone, such as next-generation iPhone will use the 800-megapixel camera, while the 800 million pixel level must be blue glass. Currently on the market can provide blue glass products and production companies on a large scale only 3-4 at home, less competition in the market, crystal square ashtray the company is expected to benefit from this trend.

3, the company is built on high gross margins on a sustainable basis: (1), including infrared cut filter, including precision optical film market, industry concentration is high,crystal hanging decoration supply manufacturers is small, and into the more technical barriers large, so the margins are higher. (2) Chinese enterprises in labor costs, lower management costs,crystal hanging ornament and future comparative advantage of Japanese firms will be more prominent. (3) Ophelia light focuses on low-end products, the company will continue to upgrade its technology strength, and high-end Japanese manufacturers already have the ability to compete, high-end product gross margin to be higher.crystal lotus candleholder (4) closely follow the company Sony, Samsung, Nikon and other customers of new products, new customers every year according to the introduction of new filter products, new product allows the company to higher levels of overall gross profit margin to remain high.

4, micro-cast, LED substrate business for the company to open new room for growth: (1) micro-investment business: the company had been LCOS technology as the main path, to a subsidiary of Hangzhou Jing Jing Optoelectronics as a platform for investment in micro-module business . The future will also reserves DLP and LCOS two routes, waiting for further market growth. (2) currently mainly based on the company's super-hard materials processing technology advantages into the LED sapphire substrate business, and expand through the PSS substrate semiconductor lithography business, one next to the upper reaches of the substrate material (crystal growth) in the field expansion, on the other to the downstream process and package the LED chip into the area, or even expand the LED lighting devices and light sources, but we will not enter the LED epitaxial growth, because the barriers to entry are not high, a huge amount of investment, competition.

5, investment advice and views: Intelligent Terminal Company and the SLR with a single IR-cut filter with an optical low pass filter electronic products demand, market share, to accelerate with the company's micro-investment, LED substrate and other new business development to provide a reliable protection and market-based technology, we give the company "recommended" rating, expects EPS for the year 2011-2013 1.19,1.78,2.54 yuan, the current stock price corresponds to the PE, respectively 30,20,14 X.

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