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LED epitaxial wafers and the company announced on the 30th that they will be merged by way of stock exchange, and will be replaced by a crystal of 3.448 shares. The new crystal will be formed at the end of this year. For the LED epitaxial two forces to join forces, the latest report issued by foreign capital also praised one side, pointing out that the merger case is a win-win situation for Jingdian and Yuanyuan. According to Xiaomo's analysis, Jingdian currently has a monthly capacity of about 900,000 pieces and 2 inches of wafers, but it still needs an additional 350,000 pieces of monthly capacity to meet the current demand for lighting and backlighting. Now eating the round, it is expected to push the monthly capacity of Jingdian to 1.3 million 2 inch wafers. Xiaomo pointed out that both parties can benefit from this merger: First, Jingdian can increase production capacity by 25 and slow down the bidding pressure originally from Yuanyuan. In addition, within 6 to 12 months, it is estimated that the production efficiency and gross profit margin of the round will be raised to the level similar to that of the crystal. Xiaomo also believes that in addition to further expanding the patent barriers between the two parties, Xinjing Electric is expected to win a global market share of 20 and 40 to 40 capacity. Citigroup analyzed that after the integration into the round, the monthly production capacity of Jingdian will reach about 1.2 million pieces, and the number of MOCVD machines will also increase to 450-500 units, which will reduce the unit production cost and help to obtain more. Backlit customers (such as BOE), as well as lighting brand customers in the United States. Citi pointed out that the combination of crystal power and roundness shows that LED lighting and backlight demand is still strong, and even if the rival land factory Sanan continues to expand production, it is expected that the number of MOCVD machines will be 150~ from now in 2015. 160 sets will be increased to 250~260 units, which may cause price pressure on the market. However, Citigroup is optimistic. Through optimization of product mix and synergy, Jingdian can still drive profitable growth, so maintain the crystal Buying reviews, etc., and the target price of 85 yuan (NTD, the same below). Lyon believes that the integration of crystal electricity into the round can further widen the gap between the company and Sanan Optoelectronics, and will increase the EPS forecast for Jingdian next year from 3.98 yuan to 4.03 yuan, and maintain the purchase evaluation of Jingdian. Wait, and the target price of 90 yuan. However, Lyon also reminded that this move may have a negative impact on downstream LED packaging plants, as upstream suppliers tend to be larger and more choices.