TV demand stagnates, the price of the company is down, and the target price of Everlight and Eddie

[High-tech LED News] Due to the stagnation of TV demand, it is expected that short-term Asian LED stocks will still be difficult. Therefore, Morgan Stanley Securities will reduce the price of Yiguang and Edison from neutral to neutral, and the target price will be reduced by 54% and 69 respectively. % fell to 53.6 yuan, 64.2 yuan, while the crystal power rating is overweight, the target price is reduced by 43% to 70 yuan.

Morgan Stanley Securities said that the market expects LED backlight penetration rate of TV products to reach 35% in the first half of this year, 50-55% in the second half of the year, and the average annual penetration rate is about 40-45%, slightly lower than previously expected. 45-50%.

It is understood that the three target LED prices of Edison (3591), Yiguang (2393) and Jingdian (2448) will be simultaneously adjusted and the financial results will be measured from this year to the next year. Reduced 57%, 49% to 2.59 yuan, 3.83 yuan; Yiguang today, next year's earnings per share forecast down 39%, 47% to 4.41 yuan, 4.32 yuan; Addison's earnings forecast for earnings per share this year and next year Drop 61%, 67% to 3.00 yuan, 3.59 yuan.