Mainly engaged in TV Machines, radio and television equipment, communication products, information technology products, household, commercial appliances, Electronic Product manufacturing, Sell And services. Among them, the TV revenue in the main income of 90.79 percent. The company is China’s largest digital television, network terminal equipment providers, is the leading flat panel TV business, retaining its position for four consecutive years in China market sales of flat top, domestic television sales in the first place market share for three consecutive years, is the brand leader in China’s color TV. Today investment “online analysts” display: Company 2010-2012 Consolidated earnings per share were 1.15 yuan predictive value, 1.46 yuan and 1.72 yuan, corresponding to dynamic price-earnings ratio of 17 times, 13 times and 11 times; the current total of 15 analysts track, eight analysts recommend “strong buy”, seven analysts recommend “buy” rating factor of 1.47 integrated.
Hisense Electric announcement, Hisense Group, Hisense Electronic Holding people acting on May 7, 2010 from the holdings of the secondary market for shares of 2,419,308 shares of Hisense Electric, 0.42% of total share capital. Hisense Electronic Holding for the next one month to continue through the system by the Securities and Exchange Shanghai Stock Exchange that hold shares in the proportion of holdings with the holdings of some of this together has been no more than 2% of the total share capital. At the same time, Hisense Group and Hisense Electronic Holding commitment to implementation of the scheme during the period in overweight and not underweight within the statutory time limit of Hisense Electric shares they hold.
Hisense Hisense Electronic Holding Group holds 55.58% stake in Hisense Hisense Electronic Holding with the control group is a relationship between equity concerted action. Hisense Electronics is the holdings of shares in the second shot (the first holdings in September 2008), this overweight, the Hisense Group still holds shares 238,967,810 shares, representing 41.36 percent total share capital of the company; Hisense Electronic hold shares 12,289,637 shares, representing 2.13% total share capital of the company, Hisense Group and parties acting together for the 43.49 percent stake.
No doubt that the secondary market re-release the holdings of major shareholders of the company’s vision for the development of a strong bullish signal, but also reflects the industrial capital of the current value of the company underestimated the basic judgments. Pre-Industrial Securities reiterated a consistent view: gold color TV industry is still the starting point of the development cycle, value investors Mo “forget the trees forest.” From a policy Environment , Industry cycle, value chain, competitive landscape to determine the four latitude, the domestic TV industry boom inflection point occurs, the LED, 3D and other product upgrades driven triple play business models brought about by the change, no doubt will drive future domestic color TV industry enter a new golden period of development. Industrial Securities recommended investors to value the perspective from the industry to grasp the color TV industry, investment opportunities, instead of adhering to bring short-term market sentiment data volatility.
From the industry level, Industrial Securities that the next 5 to 10 years, companies have the challenge of global flat panel television, and even consumer electronics leader potential. Base with the prospect of the industry and the company’s bullish on overseas operations, to maintain the company EPS were 1.35,1.81,2.13 2010-2012 yuan, the company reasonable value of 40 yuan, to maintain the company “strongly recommended” investment rating. On the long-term value investors, the persistence is undoubtedly the growth maximizing share value of the company the only path.
Risk Hint: the decreases in the average price is expected, LED TV sales below expectations.
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