《LED屏幕芯片市場綜合分析》LED芯片業務領先,業績實現扭虧為盈，藍晶公司是國內LED屏幕芯片市場的龍頭供應商,擁有利亞德、木林森、洲明科技等優質客戶。業界首創推出高清LED屏幕專用芯(xin)(xin)片(pian),中(zhong)(zhong)功率及(ji)(ji)(ji)高(gao)壓(ya)芯(xin)(xin)片(pian)產(chan)品(pin)市(shi)場份額不(bu)斷增長,倒裝芯(xin)(xin)片(pian)已(yi)達(da)國(guo)內**技(ji)術(shu)水(shui)平(ping),背光(guang)芯(xin)(xin)片(pian)成(cheng)功打入主流背光(guang)供應鏈。LED外(wai)延(yan)芯(xin)(xin)片(pian)擴(kuo)(kuo)產(chan)項目2020年(nian)達(da)產(chan)后將(jiang)新增年(nian)產(chan)300萬片(pian)產(chan)能。預計(ji)2016 年(nian)度(du)公(gong)(gong)(gong)(gong)司(si)全年(nian)實(shi)(shi)(shi)現(xian)(xian)歸(gui)母凈利(li)潤在2.63 億(yi)元至(zhi)2.68 億(yi)元之(zhi)間(jian),實(shi)(shi)(shi)現(xian)(xian)業(ye)(ye)(ye)(ye)績(ji)(ji)扭虧為(wei)盈(ying)。并(bing)購藍晶(jing)科技(ji),實(shi)(shi)(shi)現(xian)(xian)產(chan)業(ye)(ye)(ye)(ye)鏈整合。收(shou)購藍寶石(shi)材(cai)料(liao)商(shang)藍晶(jing)科技(ji),打通(tong)上(shang)(shang)游材(cai)料(liao)環節,完善芯(xin)(xin)片(pian)+外(wai)延(yan)片(pian)+材(cai)料(liao)產(chan)業(ye)(ye)(ye)(ye)鏈上(shang)(shang)中(zhong)(zhong)游布(bu)局,協同效(xiao)應將(jiang)逐(zhu)步顯(xian)(xian)現(xian)(xian)。藍晶(jing)科技(ji)公(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)藍寶石(shi)襯底片(pian)業(ye)(ye)(ye)(ye)務(wu)(wu)毛利(li)率高(gao)達(da)45.24%,2016 年(nian)上(shang)(shang)半年(nian)度(du)自并(bing)表日起為(wei)公(gong)(gong)(gong)(gong)司(si)貢獻7033.58萬元的(de)(de)(de)營業(ye)(ye)(ye)(ye)收(shou)入和(he)2390.6萬元的(de)(de)(de)凈利(li)潤,有效(xiao)改(gai)善公(gong)(gong)(gong)(gong)司(si)盈(ying)利(li)水(shui)平(ping)。供求(qiu)關(guan)(guan)系緊(jin)(jin)張,芯(xin)(xin)片(pian)漲價(jia)(jia)潮起。LED照(zhao)明和(he)高(gao)清(qing)顯(xian)(xian)示(shi)千億(yi)市(shi)場規(gui)模,當前(qian)市(shi)場滲(shen)透(tou)率還處(chu)于較低階(jie)段。需求(qiu)側高(gao)清(qing)LED屏幕顯(xian)(xian)示(shi)和(he)LED照(zhao)明滲(shen)透(tou)率持續提(ti)(ti)升,供應側芯(xin)(xin)片(pian)廠商(shang)擴(kuo)(kuo)產(chan)謹慎(shen),全球(qiu)LED芯(xin)(xin)片(pian)產(chan)能緊(jin)(jin)縮造成(cheng)供求(qiu)關(guan)(guan)系緊(jin)(jin)張,導致上(shang)(shang)游芯(xin)(xin)片(pian)廠商(shang)提(ti)(ti)價(jia)(jia)。龍頭臺灣晶(jing)圓(yuan)光(guang)電(dian)和(he)福建(jian)三安光(guang)電(dian)部分產(chan)品(pin)已(yi)實(shi)(shi)(shi)行不(bu)同程(cheng)度(du)的(de)(de)(de)提(ti)(ti)價(jia)(jia),其他芯(xin)(xin)片(pian)廠商(shang)有望跟進(jin)。價(jia)(jia)格提(ti)(ti)升將(jiang)有力(li)增強公(gong)(gong)(gong)(gong)司(si)盈(ying)利(li)能力(li)。盈(ying)利(li)預測與投(tou)資建(jian)議。公(gong)(gong)(gong)(gong)司(si)業(ye)(ye)(ye)(ye)績(ji)(ji)實(shi)(shi)(shi)現(xian)(xian)扭虧為(wei)盈(ying),受益于LED芯(xin)(xin)片(pian)漲價(jia)(jia)風潮盈(ying)利(li)能力(li)增強,通(tong)過(guo)外(wai)延(yan)并(bing)購實(shi)(shi)(shi)現(xian)(xian)LED產(chan)業(ye)(ye)(ye)(ye)鏈整合,多(duo)點(dian)布(bu)局拓寬業(ye)(ye)(ye)(ye)務(wu)(wu)領域。預計(ji)未來(lai)三年(nian)歸(gui)母凈利(li)潤將(jiang)保持63%左右的(de)(de)(de)復合增長率。首次覆蓋,給予“增持”評(ping)級。收(shou)購美國(guo)MEMSIC,布(bu)局傳感器(qi)(qi)(qi)市(shi)場。全球(qiu)MEMS 器(qi)(qi)(qi)件(jian)市(shi)場規(gui)模2018 年(nian)預計(ji)達(da)到(dao)220 億(yi)美元以上(shang)(shang),年(nian)復合增速約13%,中(zhong)(zhong)國(guo)已(yi)成(cheng)為(wei)MEMS 器(qi)(qi)(qi)件(jian)需求(qiu)**的(de)(de)(de)市(shi)場。公(gong)(gong)(gong)(gong)司(si)擬收(shou)購美國(guo)傳感器(qi)(qi)(qi)企業(ye)(ye)(ye)(ye)MEMSIC,加碼消費電(dian)子和(he)汽(qi)車電(dian)子領域。MEMSIC 加速度(du)傳感器(qi)(qi)(qi)和(he)磁傳感器(qi)(qi)(qi)業(ye)(ye)(ye)(ye)務(wu)(wu)規(gui)模位列全球(qiu)前(qian)茅,若收(shou)購完成(cheng)將(jiang)有力(li)增強公(gong)(gong)(gong)(gong)司(si)在傳感器(qi)(qi)(qi)業(ye)(ye)(ye)(ye)界的(de)(de)(de)實(shi)(shi)(shi)力(li),為(wei)公(gong)(gong)(gong)(gong)司(si)提(ti)(ti)供另一業(ye)(ye)(ye)(ye)績(ji)(ji)增長點(dian)。風險提(ti)(ti)示(shi):LED芯(xin)(xin)片(pian)價(jia)(jia)格上(shang)(shang)漲空間(jian)或不(bu)及(ji)(ji)(ji)預期(qi);收(shou)購的(de)(de)(de)藍晶(jing)科技(ji)整合或不(bu)及(ji)(ji)(ji)預期(qi)、業(ye)(ye)(ye)(ye)績(ji)(ji)實(shi)(shi)(shi)現(xian)(xian)或不(bu)及(ji)(ji)(ji)承諾(nuo);擬收(shou)購MEMSIC進(jin)度(du)或不(bu)及(ji)(ji)(ji)預期(qi)。