Rainbow stock investment value analysis report (Figure) – Rainbow shares, TFT-LCD panel – household appliances industry-hc360 HC Network
Shenzhen
City Information Co., Ltd. China Securities Investment
An investment point
(A) the pioneer of China glass industry
The company issued the proposed capital increase of Shaanxi Rainbow
Electronic
Glass Co., Ltd. (hereinafter referred to as "electronic Glass Company") is the first glass substrate maker, has completed the first domestic production line of glass substrates to produce China's first piece of glass.
(B) the next feast of the smooth glass substrate to enjoy those
China TFT-
LCD
Panel industry investment have increased, the state policy to support the increasing intensity of the background, China glass industry will usher in rapid development period, this development can immerse rainbow feast.
(C) a broad market prospect
Glass substrate business market prospects, present only in mainland China and Taiwan each year the demand for the fifth generation glass substrates of about 2,400 10 000, E-glass company currently has a production line, only to meet the regional demand for glass substrates 2% even raise this issue investment projects are all completed, they can only meet about 19% of the region needs.
(D) to break down foreign
Monopoly
To achieve import substitution
Domestic glass substrate except a small amount of E-glass supply company, the basic dependence on imports, while the current global e-glass addition to the company only four companies have glass substrate production technology, the monopoly of foreign companies under tremendous domestic panel makers cost pressures, and e-glass to the glass substrate production project broke the monopoly of foreign manufacturers to achieve import substitution.
(E) substantially enhance the profitability
Raised funds investment projects are completed, the rainbow of shares from the glass substrate business net profit will reach about 950 million, is expected to reach 1.0 yuan a share, which significantly improved the profitability of the Rainbow shares.
II Introduction
Rainbow Displays Inc. (hereinafter referred to as "shares the Rainbow" or the "Company") by the rainbow color picture tube Factory Electronics Group of Shaanxi, Shaanxi Province, China Industrial and Commercial Bank of China Trust and Investment Company, Shaanxi Province, People's Construction Bank of China Trust and Investment tripartite co-sponsored by the company to raise means to July 29, 1992 set up the corporation. Rainbow shares 30,000 shares of stock to raise its establishment, 1 per share par value per share issue price of 1.5 yuan to raise a total of 45,000 million in cash in full of all the shareholders are to subscribe for shares. Shares approved by the relevant government departments on May 20, 1996 at the Shanghai Stock Exchange.
Since its inception, the rainbow has always been committed to the CPT and the related shares of the business development and growth, and gradually established in the domestic CPT industry leading position. 2007, the Company and Rainbow Electronics Rainbow Group carried out a major reorganization of assets. Through the reorganization, the company further clarify its own core business and industrial location, avoiding the potential between the controlling shareholders, the industry competition, concentration of the actual controller Rainbow Group subsidiary CPT all operating assets, main business scope significantly enhanced scale, complementary advantages of specialization and be fully reflected. At present, the rainbow has become the largest shares of the world's third production base in CPT.
3, TFT-LCD glass substrate industry analysis
(1) TFT-LCD glass substrates used
Glass substrate (GlassSubstrate) is an important component of electronic information materials, part of the
LCD panel
The core components and important material base, the equivalent of color picture tubes in the glass. Glass industry in the LCD panel industry chain to occupy a pivotal position, many properties of liquid crystal displays such as resolution, light transmission, weight, angle and so on and is closely related to the performance of the glass substrate, liquid crystal display of quality and price, are very large extent, depends on the glass substrate.
Glass substrate is divided into front and rear glass substrate glass, front glass substrate for color filter (also known as color film of glass, CFGlass), the rear glass substrates for TFT array glass substrate (ArrayGlass) Therefore, TFT-LCD panel for each block need to use two pieces of glass substrate, shown in Figure 1.
Glass substrates in TFT-LCD panel using the icon
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(2) TFT-LCD glass substrate industry development status
The world's only five companies to mass produce TFT-LCD stable glass substrates, respectively, in the United States Corning (Corning), Japan AGC (AsahiGlassCompany, Asahi Glass), Japan NEG (NipponElectricGlass,
Electric
Glass), Avanstrate Rainbow Electronic Glass Co., Ltd. and Shaanxi. Corning's market share of which 59% or so.
Shaanxi Province in mainland China currently only have the whole rainbow Electronic Glass Co., glass substrate production technology of foreign firms in China, Beijing Construction Project and Shanghai Corning
SVA
– Electronic Glass subprojects, only finishing process, only accounting for series production of the glass substrate 1 / 3, and fused with the most critical subsystem, none of sheet metal forming subsystem construction in China.
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