Market Brief

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黃萬里先生 (Man Wong)
交易員

現於輝立証券任職交易員,擅長由上而下,縱觀經濟大勢,再結合技術及基礎分析,研究版塊及個股走勢。 本人認為,要於動盪的市況,持續取得優秀的成績,除了取決於投資策略及工具是否運用得宜,投資者的個人心理質素,是更為關鍵的因素。 歡迎各位來電或WhatsApp,交流港股、期貨、期權及其他衍生工具的投資心得。
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華顯光電 (334.HK)

Wednesday, January 02, 2019 Views853
業績

華顯顯光電於8月下旬公布截至2018年6月底止中期業績,營業額12.64億元人民幣(下同),按年跌15.6%,虧損1190萬元,每股虧損0.58分,不派中期息。
業務放緩,主要由於全球智能手機需求持續疲弱影響,LCD模組產品銷量減少,原材料及人工成本上升,令毛利率下降。
 
 
業務概況

華顯光電是一家以國內為基地,中小尺寸的LCD顯示模組生產商,母公司是華星光電,同屬TCL集團。
公司從事研究研究、製造、分銷供移動終端使用的LCD模組,其惠州及武漢的廠房每年產能達1.3億片。
 
 
評論

上半年,武漢廠房的產能剛剛釋放,偏低的產能也是引致上半年業績欠佳的原因,下半年已有明顯改善。
九月伊始,公司與國內著名手機品牌簽訂供貨協議,單月出貨量達3-4百萬片,九月鎖量同比增長達57%,新客戶為公司的業績打了個穩固的基礎。
下半年,公司調整生產重點,將產能更傾向高階的觸控模組,其定價及毛利皆較傳統的非觸控模組為高,現時觸控模組已佔總銷量的七成。
 
 
投資策略

華顯華電本年的底位是0.44,見於8月20日,即業績公佈前2天。此後,股價大致於0.5-0.6之間上落,本年的成交密集區為0.6-0.7。

現價0.5(12月28日),處於橫區間的底部。預計,股價已跌定,0.44應是底部,進取者可現價買入第一注,作為貨底,保守者可再觀察,若有機會稍穿底部,如0.48,則買入。
 
買入價:0.5
目標價:0.7
止蝕位:0.44
 
 
本人為證監會持牌人士。截至本評論文章發表日止,本人及或其有聯繫者並無持有全部提及之證券的所有相關財務權益。
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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