Da Liguang’s stock price broke again on (2) day. Foreign funds sold over 55 shares, dropped 165 yuan and closed at 3,185 yuan. The '3' prefix defending battle was in sight; it could be closed at 357.5 yuan yesterday, up 1.5 yuan. High-end shocks, waiting to challenge the high 372 yuan before.
Da Liguang’s headwinds were unfair, and they were not only revenues. The market value was overtaken by Hong Kong stocks of the same ethnic group, Yuguang Guang. In the apple supply chain of the Taiwanese system, it was originally established by Dali Lima. The subsequent 'traditional concept' has also been met with strong challenges this year.
In addition to JPMorgan Chase, Macquarie, Goldman Sachs, Morgan Stanley Securities, Yuanda Gu Gu, etc., are all cautious about Daliguang. However, the foreign-funded market is unanimously optimistic that the stock price will continue to rise.
Xiao Mo’s summary of the double arrow long and short strategy, the increase in the reasonable price of the metal shell manufacturers can become 470 yuan, optimistic about the benefit of the LCD version of the new iPhone will account for the maximum volume of 3 new aircraft shipments advantage. In addition, Da Liguang speculated that the reasonable stock price for the next 12 months would be cut from 3,200 yuan to 2,800 yuan. The most conservative estimate of the share price of Da Liguang in the foreign capital circle would be 2,560 yuan for Goldman Sachs.
Zhang Heng started from two aspects to analyze the changes in the stock prices of Da Liguang and Cancheng Futures, and concluded that he could gradually narrow the gap between evaluations with Da Liguang.
First of all, whether or not the operational growth momentum is strong determines whether the market is willing to give a higher rating. The market used to believe that the optical lens industry in which D&R is located has an intrinsic value growth advantage, but according to the data from 2014 to 2017, The compound annual growth rate of revenue and operating profit is both 19%. In contrast, Daliguang only has 5% and 15%.
Zhang Heng further researched and determined that until 2019, the compound annual growth rate of revenue, operating profit will be 19%, 15%, and the stock king will grow to zero, only 2%, 1%. Therefore, the market gives Ebi is bound to cross over in the future.
Secondly, at present, the current market value is only 60% of that of DaLiguang. However, it must be noted that the operating profit of last year has already surpassed that of DaLiguang, and this year's revenue will be twice that of DaLiguang, and the net profit will also be exceeded. Pre-tax pre-earnings depreciation pre-earnings (EBITDA) was 28% higher than that of DaLiang last year, and it will be more than 60% higher this year. Profit-taking momentum is barely strong and weak, and it is already clear.