BOC International Securities said that it is optimistic about Ruifeng Optoelectronics' breakthrough in lighting products in the second half of the year. It is expected that LED lighting will become the main source of performance growth in the second half of the year. It is estimated that the net profit attributable to listed companies from 2013 to 2015 will be 73.25 million yuan, 117 million yuan and 172 million yuan respectively. Based on 50x 2013E P/E, the company's target price is raised to 16.94 yuan. Due to higher valuation, the rating is lowered to cautious buying.
Ruifeng Optoelectronics achieved operating income of 294 million yuan in the first half of the year, a year-on-year increase of 67.01%. Operating revenue growth is driven by both backlighting and lighting products. BOC International Securities judged that the company's backlight LED growth may slow down in the second half of the second quarter due to the end of TV energy subsidies.
In the first half of the year, the gross profit margin was 22.04%, a year-on-year decrease of 3.22 percentage points. Mainly due to fierce market competition and falling product prices. As for the single-quarter gross profit margin in the second quarter, the chain was basically flat.
In the first half of the year, the management expense ratio increased by 1.24 percentage points to 10.06%. The company's investment in research and development and wage and welfare growth have increased the management expense ratio. BOCI Securities expects that the company's major customer product research and development will enter the second half of the second half of the year and the operating income will increase, and the expense ratio will decline to a certain extent.
BOCI believes that the main source of Ruifeng Optoelectronics' growth in the second half will be switched to lighting products. The second half of the year is an important period for the company's product structure adjustment. In the next two or three years, the contribution of lighting products in performance growth will continue to increase.
BOC International Securities adjusted the net profit forecast of Ruifeng Optoelectronics to listed companies from 2013 to 2014 from 80.04 million yuan, 117 million yuan and 172 million yuan to 73.25 million yuan, 117 million yuan and 172 million yuan. BOC International Securities raised the target price of Ruifeng Optoelectronics from 14.81 yuan to 16.94 yuan. Since the valuation is already high, the rating is lowered from buy to cautious buy.
Electric dc motors were the first type widely used, since they could be powered from existing direct-current lighting power distribution systems. A electric Dc Motor's speed can be controlled over a wide range, using either a variable supply voltage or by changing the strength of current in its field windings. Small electric dc motor are used in tools, toys, and appliances. The universal motor can operate on direct current but is a lightweight motor used for portable power tools and appliances. Larger electric dc motor are used in propulsion of electric vehicles, elevator and hoists, or in drives for steel rolling mills.
Areas of application: the Electric Dc Motor rotor part of the armature iron core, armature, commutator, such as equipment, electric dc motor is suitable for most electronic products, such as electric screwdriver, laser, smart home, gas valve, etc
Applications:
Method of use: the best stable in horizontal plane, installed on theelectric dc motor output shaft parts, cannot use a hammer to knock, knock prone to press into the electric dc motor drive, may cause damage to internal components, and cannot be used in the case of blocked.
Operating temperature range:
Electric dc motor should be used at a temperature of -10~60℃.
The figures stated in the catalog specifications are based on use at ordinary room temperature catalog specifications re based on use at ordinary room temperature (approximately20~25℃.
If a electric dc motor is used outside the prescribed temperature range,the grease on the gearhead area will become unable to function normally and the motor will become unable to start.Depending on the temperature conditions ,it may be possible to deal with them by changing the grease of the motor's parts.Please feel free to consult with us about this.
Storage temperature range:
Electric dc motor should be stored ta a temperature of -15~65℃.
In case of storage outside this range,the grease on the gearhead area will become unable to function normally and the motor will become unable to start.
Service life:
The longevity of geared motors is greatly affected by the load conditions , the mode of operation,the environment of use ,etc.Therefore,it is necessary to check the conditions under which the product will actually be used .The following conditions will have a negative effect on longevity.Please consult with us should any of them apply.
â—Use with a load that exceeds the rated torque
â—Frequent starting
â—Momentary reversals of turning direction
â—Impact loads
â—Long-term continuous operation
â—Forced turning using the output shaft
â—Use in which the permitted overhang load or the permitted thrust load is exceeded
â—A pulse drive ,e.g.,a short break,counter electromotive force,PWM control
â—Use of a voltage that is nonstandard as regards the rated voltage
â—Use outside the prescribed temperature or relative-humidity range,or in a special environment.
â—Please consult with us about these or any other conditions of use that may apply,so that we can be sure that you select the most appropriate model.
when it come to volume production,we're a major player as well .each month,we rurn out 600000 units,all of which are compliant with the rohs directive.Have any questions or special needed, please contact us, we have the engineer group and best sales department to service to you Looking forward to your inquiry. Welcome to our factory.
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