Benefiting from the substantial expansion of MOCVD capacity, Sanan Optoelectronics' estimated revenue in 2015 will increase by 43 to RMB 7 billion. The momentum may come from the government's demand for LED lighting. The production capacity of Sanan Optoelectronics will increase from 170 MOCBVD machines in 2014 to 270 units in 2015. Due to the higher efficiency of the newer machines, we estimate that its 2 inch wafers will increase by more than 130% in 2015. By the end of 2015, Sanan Optoelectronics' 2-inch wafers capacity will exceed that of the company, making it the world's largest supplier of InGaN wafers (with a market share of 20-25). Finally, although the company's 2015 revenue measurement is rather vague (only indicating a double-digit year-on-year growth), the market generally expects its 2015 revenue to grow 53% to 7.4 billion yuan, mainly due to its large Expansion plan. Estimated net profit after tax in 2015 is expected to increase by 36% to RMB 2 billion. According to market leading standards, profit growth is attractive: under the support of cost reduction measures, management estimates that 2015 gross margin will be Relatively flat. However, depreciation costs are gradually rising, and a substantial expansion may also lead to an accelerated decline in the average selling price of wafers. In view of this, it is more conservative to estimate that Sanan Optoelectronics' gross profit margin in 2015 will be 41.6, lower than the 2014 estimate of 43. 4Q14 financial report: The management did not explain the fourth quarter 2014 financial report, but the market expects the company's revenue in this quarter is expected to increase by 40% (the Center estimates a growth of 5%). If Sanan Optoelectronics' 4Q14 financial report is not as optimistic as the market expects, the stock price may be pulled back in the short term. Initially included in the scope of the study, a Buy rating was given with a target price of RMB 23. It is calculated by averaging 5.0 times 2015 estimated net value per share (revenue return on assets 21) and 30.0 times estimated earnings per share in 2015 (up 36% year-on-year). Although Sanan Optoelectronics' current valuation seems to be on the high side, in fact, its stock price corresponding to the P/B and P/E ratio is located in the mid-cycle average, and the 2015 ROE is expected to reach a seven-year high, earnings per share. It will also grow substantially.
2inch Ratchet Strap
Wide Usage: Moving houses with all your worldly possessions in your truck, taking your motorcycle along with you on a family camping trip, tying down farm machines to help your neighbor work his property,securing cargo pallets and boxes for deliveries.
Different hooks used: The wire double J hooks on these tiedown straps can be inserted into Etrack rings and hooks, recessed D ring pan fittings, bolt-on and welded D-rings,chain anchors,and other cargo anchors.
Premium Materials: heavy duty ratchet straps with aluminum handle are made out of superior, DURABLE polyester webbing that won`t tear or stretch,can withstand UV rays,and won`t fall apart when wet.The workmanship is precise and reliable.
Working Load And Breaking Strength: Premium material to keep 27 feet long and 2 inches wide ratchet straps from breaking and make it have 10,000lb break strength and 3,333lb working capacity.
How to Use: Open the ratchet by pressing the lever on the handle and lifting the handle. Slide the loose strap end through the bar on the handle and fold it over. Insert the double steel J hook end fittings into cargo tie-down anchors. Pull the slack strap all the way through and pump the ratchet to tighten the strap as much as possible.
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