Based on its optimistic expectations for the market prospects of sapphire and filter components, and based on its own technology and experience accumulation in these two fields, Crystal Optoelectronics (002273) has actively launched a financing plan to increase investment in the above two major businesses, alleviate current production capacity bottlenecks, enhance the company's overall profitability, and ensure future development.
The company has recently launched a non-public issuance plan, intending to raise no more than 1.221 billion yuan in non-public issuance (the number of shares issued shall not exceed 75.67 million shares, and the issuance price shall not be less than 1.614 yuan). It plans to invest 386 million yuan in the filter assembly expansion project, 586 million yuan in sapphire crystal growth and deep processing projects, and 250 million yuan to supplement working capital. The supply of filter assemblies is gradually replacing single products, driving the company's high revenue growth: Different from the IRCF single products supplied in the past, the company has begun to supply assembly products with more complex processes; the assemblies are based on the coated IRCF glass, with a plastic bracket installed, and after processing such as gluing and UV curing, the technical content is higher, and the price is 5-10 times that of the single product. Current publicThe supply of the company's "filter assembly components" products exceeds demand. In order to further expand market share and consolidate the company's leading position in the industry, it is urgent to expand production capacity. It is expected that with the gradual launch of new expanded production capacity in the future, the company's assembly business will drive the company's revenue to achieve relatively rapid growth.
Due to the acceleration of the popularity of LED lighting and the expansion of sapphire application areas, the sapphire industry has entered a booming cycle. After years of accumulation, the company has strong technical advantages in this field and has now begun to produce 4-inch products. In the future, it will develop in the direction of high value-added such as large size and high power; through this non-public issuance, the company will implement the "Sapphire Crystal Growth and Deep Processing" project. After the implementation of this project, the company's sapphire industry structure will be further improved. The company's operating income growth rates from 2014 to 2016 are predicted to be 68.81%, 31.44%, and 27.89% respectively, with corresponding EPS of 0.50, 0.71, and 0.89 yuan respectively. The current stock price corresponding to dynamic PE is 35, 25, and 20 times respectively, maintaining the company's "buy" rating.
ANNA