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Increased revenue, copper foil substrate factory, Taihong shares strong

Published:

2022-11-23 16:38

The revenue of Taihong, a flexible copper foil substrate (FCCL) factory, was NT $831 million in April, up 25.3% from March and 15.3% annually. The share price of No. 6 continued to strengthen, rising more than 2.5% to 63.2 yuan.

The accumulated revenue from January to April 2014 was 3.03 billion yuan, an annual increase of 10.3%. In April, the revenue of electronic materials such as TAIHONG FCCL exceeded that of solar backplane, reaching 476 million yuan, and the revenue of solar backplane reached 341 million yuan, both growing compared with March and the same period last year; The total revenue of electronic materials from January to April was 1.503 billion yuan, close to 1.467 billion yuan of solar backplane.

Taiwan Rainbow rose strongly in the last two trading days, and continued to strengthen on the sixth, with an intraday increase of more than 2.5% to 63.2 yuan. In the first quarter, TAIHONG's self consolidated revenue was NT $2.199 billion, with a quarterly decrease of 20.8%, an annual increase of 8.6%, a gross profit margin of 22.2%, a quarterly increase of 0.2%, an annual increase of 3.4%, and an operating profit margin of 11.6%, a quarterly increase of 1.2%, and an annual increase of 2.8%. The net profit after tax was RMB 176 million, and the earnings per share was RMB 0.86.

In the first quarter, the revenue of electronic materials of Taihong was 1.027 billion yuan, a quarter decrease of 25.2%, an annual increase of 4.8%, and the revenue of solar backplane materials was 1.126 billion yuan, a quarter decrease of 19.2%, an annual increase of 15.4%; Taihong pointed out that the solar energy sector performed poorly in March because the mainland market demand was not as expected.

Looking forward to the second quarter, Taihong estimates that the revenue will be 2.25 billion yuan to 2.75 billion yuan, with a quarterly increase of 13.7% and an annual increase of 2.1%. The gross profit margin is estimated to be 20% to 24%, and the operating profit rate is 10% to 14%.

[Related news] FCCL Tailong aims at 10% of the price inside and outside

Taihong (8039), a solar backplane factory and a FCCL manufacturer of soft panel substrate, benefited from the simultaneous upward performance of solar energy and soft panel materials. In April, the revenue of a single month increased by 25.3% compared with the previous month. In addition, in the second half of the year, new smart phone products began to pull goods. The sales of related supply chains led to the rise of revenue and stock prices. The stock price of Taihong, which is one of the related supply chains, has also been encouraged recently. At present, the stock price has stabilized on all the moving averages.

Kaiji Securities Derivative Commodity Department suggested that investors who are optimistic about the future market of Taihong could use the warrant to participate in the market and grasp the leverage profit.

As Apple's new mobile phones will launch large-sized products this year, the peak season effect of most softboard factories in the second half of this year will exceed that of the same period last year. As Taihong accepts orders from all domestic softboard factories in the Apple supply chain, F-Zending, Taijun, Jialianyi, etc. are all major customers of Taihong, and Apple's supply chain accounts for 50% of its FCCL revenue.

In addition, Chengdu is a Chinese customer. Since Chinese customers began to rush the shipment volume after the direction of 4G mobile phones was determined due to mainland subsidies, most of the customers of Taihong's softboard business in the second quarter saw strong revenue, and the expected crop turnover rate is expected to increase to 80%. The legal person is optimistic about the revenue outlook of Taihong in the second quarter.

Kaiji Securities Derivative Commodities Department suggests that investors who are optimistic about Taihong should pay attention to the warrants that are more than two months away from the maturity date and within 10% of the price, such as Kaiji A6 (072531), NY Kaiji (071714) and 1V Yongfeng (071678), which are highly linked with the current shares, so that they can master the market through lever operation.