Recently, Yuanfang Optoelectronics announced that the GO-R5000 full-space rapid-distribution photometer developed by the company won the first prize of Zhongzhao Lighting Technology Innovation. The “Zhongzhao Lighting Award†was established by the China Lighting Society. It is the only science and technology award approved by the Ministry of Science and Technology in China, and the highest award in China's lighting industry. The award is affirmation of the technical level and industrial contribution of the Chinese lighting industry.
LED lighting downstream demand picks up
Due to the overheated investment in the LED industry in the early stage, the industry entered a bottleneck period of development last year. However, after entering 2013, benefiting from the related incentive policies and the decline in the average price of LED lighting products, global LED lighting demand began to pick up, and the warming trend gradually strengthened. The company also benefits from being a leading company in LED and optoelectronic testing equipment. Judging from the semi-annual report released by the company, the company's sales performance in the second quarter has been greatly improved in the first quarter, and the performance turning point has been initially established.
New project acquisition stage results
At the beginning of this year, Yuanfang Optoelectronics signed an investment agreement with Xiaoshan Economic Development Zone. It plans to invest in the establishment of a subsidiary, Yuanfang Color Technology Co., Ltd., which is mainly engaged in research and development and production of object color and photoelectric detection equipment. The total investment is expected to reach 300 million yuan. Object color detection and LED online complete testing equipment have a broader market space and complement the company's existing products. The project is the company's technology research and development and industry development for the larger application of photoelectric detection and analysis technology. The establishment of the project will help the company expand its existing business fields and lay a foundation for the company's long-term development.
At present, the project has made some progress. Among them, the object color detecting equipment is carrying out preliminary research and development work, and a prototype has been developed; although the LED lighting production online testing equipment does not have the conditions for mass production, there are already molded products, and trial sales have begun, waiting for downstream manufacturers. Feedback, with a view to further improvement and improvement.
Pakistan's equity incentive plan focuses on the company's medium and long-term development
In the previous period, Yuanfang Optoelectronics announced the announcement of the equity incentive plan, and proposed to grant 250 stock options to 77 incentives, of which 2.25 million were granted for the first time and 250,000 were reserved. Later, it was adjusted to grant 1.97 million copies to 71 incentive targets for the first time. On August 22, 2013, the exercise price of the granted shares was 14 yuan. Judging from the current stock price, the exercise price of the company's equity incentives is not high, and the possibility of exercise is very large.
The equity incentive plan implemented this time will be used as the source of the plan's stock by issuing stocks to the incentive targets. The current stock option incentive plan is valid for 6 years from the date of the first grant of the stock option, of which the option waiting period is 3 years and the exercise period is 3 years. After the first grant of stock options for 36 months from the date of the first authorization of the plan, the incentive object should be exercised in installments within the next 36 months.
Xiangcai Securities expects that the earnings per share of Yuanfang Optoelectronics after 2013-2015 will be: 0.67 yuan, 0.79 yuan and 0.96 yuan, corresponding to the current stock price of PE points: 25 times, 21 times and 17 times. In view of the signs of recovery in the downstream of the company, the performance turning point was initially established, and the company's rating was upgraded to “overweightâ€.
LED lighting downstream demand picks up
Due to the overheated investment in the LED industry in the early stage, the industry entered a bottleneck period of development last year. However, after entering 2013, benefiting from the related incentive policies and the decline in the average price of LED lighting products, global LED lighting demand began to pick up, and the warming trend gradually strengthened. The company also benefits from being a leading company in LED and optoelectronic testing equipment. Judging from the semi-annual report released by the company, the company's sales performance in the second quarter has been greatly improved in the first quarter, and the performance turning point has been initially established.
New project acquisition stage results
At the beginning of this year, Yuanfang Optoelectronics signed an investment agreement with Xiaoshan Economic Development Zone. It plans to invest in the establishment of a subsidiary, Yuanfang Color Technology Co., Ltd., which is mainly engaged in research and development and production of object color and photoelectric detection equipment. The total investment is expected to reach 300 million yuan. Object color detection and LED online complete testing equipment have a broader market space and complement the company's existing products. The project is the company's technology research and development and industry development for the larger application of photoelectric detection and analysis technology. The establishment of the project will help the company expand its existing business fields and lay a foundation for the company's long-term development.
At present, the project has made some progress. Among them, the object color detecting equipment is carrying out preliminary research and development work, and a prototype has been developed; although the LED lighting production online testing equipment does not have the conditions for mass production, there are already molded products, and trial sales have begun, waiting for downstream manufacturers. Feedback, with a view to further improvement and improvement.
Pakistan's equity incentive plan focuses on the company's medium and long-term development
In the previous period, Yuanfang Optoelectronics announced the announcement of the equity incentive plan, and proposed to grant 250 stock options to 77 incentives, of which 2.25 million were granted for the first time and 250,000 were reserved. Later, it was adjusted to grant 1.97 million copies to 71 incentive targets for the first time. On August 22, 2013, the exercise price of the granted shares was 14 yuan. Judging from the current stock price, the exercise price of the company's equity incentives is not high, and the possibility of exercise is very large.
The equity incentive plan implemented this time will be used as the source of the plan's stock by issuing stocks to the incentive targets. The current stock option incentive plan is valid for 6 years from the date of the first grant of the stock option, of which the option waiting period is 3 years and the exercise period is 3 years. After the first grant of stock options for 36 months from the date of the first authorization of the plan, the incentive object should be exercised in installments within the next 36 months.
Xiangcai Securities expects that the earnings per share of Yuanfang Optoelectronics after 2013-2015 will be: 0.67 yuan, 0.79 yuan and 0.96 yuan, corresponding to the current stock price of PE points: 25 times, 21 times and 17 times. In view of the signs of recovery in the downstream of the company, the performance turning point was initially established, and the company's rating was upgraded to “overweightâ€.
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