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Chau Ming technology: buy LanPu technology, small spacing market status

Published:2014-10-08 Sources:tencent Views:791

Announcement of cash purchase LanPu technology. LanPu chau Ming announced acquisition of famous LED display company shenzhen science and technology, and LanPu nine shareholders equity transfer agreement, agreed with their own capital of 68 million yuan to buy LanPu 100% stake in the implementation of its control.

LanPu is small spacing and high-end rental screen industry leading. LanPu focus LED display products and services, sales network all over the world, including complete classic case of multiple small spacing between domestic large project and the east Asian games, Asian games display and so on. We think LanPu core competitiveness lies in the small spacing and overseas high-end rental screen market channels of high quality. LanPu earning more than 180 million 2013 (chau Ming display business is 600 million), nearly 120 million, 14 years in the first half of the year at $2.5-300 million (including about 100 million small spacing, high gross profit overseas income of about $20 million), after the merger of chau Ming display screen size has obvious thickening.

Chau Ming small spacing screen will fast volume, market share increased substantially. Benefited from the single and creative screen buoyant market, chau Ming in the first half of the display orders is close to last year income, has launched the industry leading P0.8 products at the same time, high margin small spacing (P3) under the orders of more than 90 million. As the second half of its channels, and at the same time with the aid of LanPu channels to supplement, the two companies is expected to 14 years display total of 9-1.1 billion yuan, increasing market share, and small spacing accounted for about 30%, further improve the level of profit.

Under the synergistic effect profitability significantly increased. Because the factors such as scale effect is not obvious, personnel more, LanPu in July 1 to 14 years just to break even. We judge LanPu incorporated into the continent next year, the two companies will depth in the areas of production, market integration, also is expected to be larger as the cost and cost control, so the acquisition will not only greatly driven chau Ming display business growth, but also help LanPu earnings release.

Maintain "strongly recommended" : chau Ming small spacing, creative panel contour margin outlook, product acquisition LanPu looked good synergistic effect, thickening 500/1000 Wan Lirun conservative forecast for the next year, we predict that the EPS to 0.7 yuan, in 2014 and raised $15 to 16 years in EPS to 1.20/1.78 (assuming that at the end of 14 and table). At the same time considering chau Ming lighting O2O, joint venture with south network company, intelligent lighting and other fields have been well layout, will gradually enter the harvest, and m&a integration strategy at continuous fermentation, small market value has great flexibility, we raised its target price to $42, maintain a strong push! Risk tip: new channel developing risk; Acquisition integration risk.

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