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2015

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Q3 demand recovery, crystal power revenue is expected to increase

2015-08-17

Source: China LED Network

In the second quarter of this year, Jingdian's revenue increased by 2% compared with the previous quarter. The industry's losses were lost. Although the ECB evaluation benefits were backflushed, the losses were still after tax. The accumulated EPS for the first half of the year was about 0.63 yuan (NTD, the same below) . It is expected that the kinetic energy of the third quarter will remain limited. The main reason is that the panel will be corrected, the backlight demand will be flat, and the lighting products will fall rapidly. It is estimated that the third quarter revenue may be similar to that of the previous quarter, and the pressure on the industry continues to be large.

Jingdian is a large LED chip manufacturer, which is used in panel backlights, lighting, LED billboards, automotive lighting and other niche applications. At present, the proportion of lighting is about 50%. The factories are located in Hsinchu, Miaoli and Tainan in Taiwan, as well as in Changzhou, Shenzhen and Xiamen in mainland China. At present, the scale of operations has undergone many consolidations. It was merged into the round at the end of last year and has officially joined the operation this year.

Due to the correction of the panel industry boom and the suppression of backlight demand, coupled with the price cuts of brand manufacturers and the rapid decline in price of lighting products, Jingdian’s performance in the first half of this year was not as good as expected, and the revenue in the first quarter only increased by 6% annually. In the second quarter, revenues were nearly 17% lower than the same period of last year, the capacity utilization rate was about 70%, and the gross profit margin fell. Although the ECB evaluation of benefits has been backlash, there is still a small loss after tax.

Looking forward to the second half of the year, it is expected that the July revenue will be better than last month and the August revenue will be better than July. The overall third quarter demand will be slightly warmer than the previous quarter, but considering the LED price trend, the third quarter revenue can be compared. The improvement in the last quarter remains to be seen. It is speculated that the loss pressure of the industry is still there, and the performance after tax may depend on the recognition outside the industry. In order to improve the profitability of the industry, the company is actively updating the product/wafer design, but it is still unclear when the benefits of new products will appear.

In the first quarter of this year, Jingdian's revenue was about 6.646 billion yuan, an annual increase of 6.5%, and the operating profit was 21 million yuan. The benefits of ECB evaluation and the purchase interest of Taiwan Solid State Lighting totaled nearly 1 billion yuan, and the net profit after tax was 700 million yuan. EPS reached 0.74 yuan. The second quarter revenue was about 6.77 billion yuan, the quarter increased by 2%, the annual reduction was nearly 17%, the gross profit margin was about 9.23%, the quarter was reduced by 2.5 percentage points, the operating loss was 322 million yuan, and the extra-industry income was 160 million yuan. The owner's net loss was 122 million yuan, and the loss per share was 0.11 yuan. The accumulated revenue for the first half of the year was approximately 13.415 billion yuan, an annual decrease of 6.6%, and the EPS was approximately 0.63 yuan.

In July this year, the battalion recovered to 2.11 billion yuan, a monthly increase of about 10.07%, and an annual decrease of 24.23%. The accumulated revenue for the previous July was about 15.526 billion yuan, a year-on-year decrease of 9.48%. Estimated to continue to increase in August, the third quarter revenue may fall around 64-6.7 billion yuan, similar to the previous quarter or slightly increase or decrease the single digit range, the industry's loss pressure, the after-tax performance depends on the industry Recognize the status. The legal person speculated that the revenue of Jingdian in 2015 may fall near 25-260 billion yuan, within the annual reduction of 10%, and the EPS is temporarily estimated within 1 yuan.

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