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Household appliance coating and touch screen cover glass become xiuqiang's transformation direction

the demand fell and competition intensified in 12 years, and the profit fell by 47.7%; It is expected that the profit will rise slowly in 2013. The company's business is focused on home appliances and photovoltaic glass. In the past 12 years, the competition of color crystal glass has intensified, and the sales volume and profits have declined; The downturn in the photovoltaic industry led to the increase in antireflection film volume not offsetting the decline in price, and the total profit fell slightly. The two main products were under pressure at the same time, resulting in 12-year gross profit and net profit falling to 23.3% and 6.5%, and roe4.99% also hit a record low. 12 years may become the bottom of profits in recent years. It is expected that the domestic economy will recover slowly in 13 years, and the company will develop new products. The profit is expected to gradually rise, showing a trend of low before high

the process of transforming photovoltaic glass was blocked, and the profit of antireflection film accounted for 23.6%, lower than 37% in the middle of the year

in the past two years, the company tried to realize the transformation from home appliance glass to photovoltaic glass through antireflection film, but it coincided with the industry downturn caused by the double reverse reaction of the photovoltaic industry. Although the average sales volume of antireflection film increased by 68% to 9.87 million square meters in 12 years, the increase in volume could not offset the decline, and the gross profit margin fell from 20.5% in 11 years to 13.95 at present, making it the lowest profitable product. In the first half of 2012, antireflection film was the leading product of the company, with gross profit accounting for 37%; However, the price fell again in the second half of the year, making the proportion only 23.6%. At present, the photovoltaic industry is difficult to rise significantly in the short term, and the profit of antireflection film will also be limited. Therefore, focusing on the direction of glass deep processing, the company tries to expand to coated glass and electronic glass and seek new growth points

home appliance coating and touch screen cover glass are new investment points for 13 years, which may become the direction of future transformation. The company's original business will provide stable cash flow in the future and will not expand; And will expand coated glass and electronic glass. The 300000 square meters home appliance coating line in the headquarters and 600000 square meters in Dongguan have been put into production in the first quarter of 2013. At the same time, the company will invest 12million yuan to build a 20000 piece/day capacitive touch screen cover glass production line, which will increase to a production capacity of 40000 pieces/day throughout the year. At present, the prosperity of the touch screen industry is high, which also drives the development of the back-end toughening processing industry. If the company's production and market development are smooth when the test pieces are under pressure, coated glass and electronic glass are expected to become the main expansion direction of the company in the next few years

accounts receivable increased significantly, and the debt ratio remained low. Due to the recession of photovoltaic industry, some customers delayed "We hope that the payment of color masterbatch products developed by us will increase the accounts receivable by 41% to 243 million yuan in 12 years, accounting for 30% of the revenue, which is worthy of attention. The operating cash flow is 50 million yuan, and the debt ratio remains at about 20%, which is relatively good.

investment advice: coated glass for household appliances and touch screen electronic glass will become the key to the growth of the company in 13 years, with carbon fiber as the reinforcement. It is expected that the annual EPS will be 0.35, 0.43 and 0.51 yuan respectively, maintaining the" recommendation " Warning of rating risk: the price of home appliances and photovoltaic glass will be reduced again, and the mass production of touch screen glass will be slower than expected. Zhonghua glass () Department