Fangda Group: Curtain walls develop steadily, photovoltaic and LED boost performance growth

The company's traditional business of curtain walls and subway screen doors has developed steadily
The company's products cover united curtain walls, solar photovoltaic curtain walls, LED color display curtain walls, etc. The company has undertaken many domestic and foreign curtain wall projects such as Shenzhen Bay Sports Center, Wuhan Wanda, New Luanda International Airport in Angola, etc., and has won the honorary title of "Luban Award". At the same time, the company was the first to enter the field of rail transit subway screen doors in my country and the first to successfully develop a screen door system with independent intellectual property rights, filling the gap in the field of subway screen doors in China. It is currently the leading enterprise in my country's subway screen door market. We expect that the company's curtain wall and subway screen door business will develop steadily in the future. Enter the photovoltaic business and boost performance growth. Photovoltaics is development It is a new energy source with huge potential. The company has abundant funds and a high bank credit limit, which can support GW-level projects; at the same time, the company's curtain wall construction personnel have certain advantages in photovoltaic power station EPC, and the company's many production bases can provide some distributed housing resources. We estimate that from 15 to 2017, the company's annual new photovoltaic operating installed capacity and EPC scale will be 100MW, 150MW and 200MW, with a total net profit contribution of 0.59, 110 and 173 million yuan respectively. The LED business has huge room for development The company is the first company in my country to mass-produce epitaxial wafers and chips for semiconductor lighting and has successfully developed my country's first high-power, high-brightness LED chip, changing the situation in which the core technology of high-power, high-brightness LED chips in my country's semiconductor lighting industry is controlled by foreign countries. At present, the country is continuing to introduce policies to promote the development of the LED industry. The company has seized the opportunity to acquire LED upstream and downstream companies to re-enter the LED industry. There is huge room for future development. We estimate that the company's LED business net profits from 2014 to 2016 will be 1.8 million yuan, 21.6 million yuan, and 36 million yuan.