41 LED related enterprises, who will be the winners?

By the end of August, the disclosure of A shares listed companies is coming to an end. Recent LED related enterprises in the middle and lower reaches together to hand over the 2018 semi annual report card. According to incomplete statistics of LEDinside, as of August 31st, a total of 41 LED related enterprises disclosed their performance. LED on behalf of the middle and lower reaches of the San an photoelectric, wood and OPPLE lighting have made brilliant performance list.

In the environment of falling chip prices, San an photoelectric still maintains the leading position of LED chip. In the first half of this year, revenue was 4 billion 173 million yuan, an increase of 2.62% over the same period last year. Net profit attributable to shareholders of listed companies was as high as 1 billion 853 million yuan, an increase of 22.32% over the same period last year. The revenue growth is mainly due to the expansion of production scale and the increase of production and sales volume.

The middle reaches of the packaging plant, Mun Lin Sen, has joined the two quarter revenue of landward vs. revenues in the first half of the year amounted to 6 billion 992 million yuan, making a profit of about 480 million yuan. When the environment was slightly weak, he made a profit of third yuan in the third quarter, which ensured a certain increment. Mu Lin Sen also said that as the price of LED lighting products stabilized, the volume of the company's investment projects gradually released, the scale effect increased gradually, and the price of the upstream chip reduced, thus prompting the unit cost of the products to further decline, and the market competitiveness of the company's products continued to increase, and the market share continued to expand.

In the first half of, the performance of FSL lighting exceeded that of sunshine lighting, FSL and NVC. According to its financial report, in the first half of the year, the company continued to optimize its product structure, expand its business channels, actively layout the Internet of things and intelligent lighting, and promote intelligent manufacturing, so as to achieve steady growth in various businesses. Revenue was 3 billion 528 million yuan, an increase of 17.21% over the same period last year. Net profit attributable to shareholders of listed companies was 358 million yuan, an increase of 38.37% over the same period last year.

In addition, half a year's report shows that about 90% of the company's profits in the first half of the year, and about 68% of the net profit of enterprises have been growing positively. Among them, the net profit growth of five enterprises is more than doubled, and mainly concentrated in the upstream and downstream of LED, including de Hao run Da, Abison, Ming Hui Hui, Hai Wang and Hua Ti technology, the growth rate is 129.68%, 199.07%, 166.56%, 103.42% and 100.57% respectively.

Among them, as the upper reaches of the enterprise De Hao run Da, in the first half of the year gave up relatively good report card. It achieved a profit of 1 billion 862 million yuan, a slight decrease of 3.23% compared with the same period last year, and a net profit of 20 million 106 thousand and 300 yuan attributable to the shareholders of listed companies, an increase of 129.68% over the same period last year. For such a high growth, Dehao run Da said it was mainly due to the combined effects of management costs, financial expenses and asset impairment losses, which fell by 11.18%, 56.01% and 232.87% respectively.

Downstream companies take Abison as an example. The net profit growth of the company in the first half of this year is the largest growth in all enterprises listed in this list. During the reporting period, ABI Sen achieved a revenue of 840 million yuan, an increase of 64% over the same period last year, and realized a net profit of 103 million yuan attributable to shareholders of listed companies, an increase of 199.07% over the same period last year. According to its semi annual report, in the first half of the year, Abison's main business LED display grew rapidly. Meanwhile, the development of small spacing display was swift and violent. The growth of total revenue was mainly due to the increase in sales orders.

It is also worth noting that the demand for lighting projects related to urban development has been increasing, benefiting from the national infrastructure investment and cultural tourism policy. The urban landscape lighting industry has been in the "blowout" outbreak period, and the large-scale events in the city have provided a catalytic agent for the sustainable development of landscape lighting. Good performance, revenue of 653 million yuan, net profit of 178 million yuan, and respectively increased 158.3% and 166.56% over the same period last year.

In the net profit decreasing enterprises, the four companies of Fei Le sound, snow lette, golden lette and poly electric photoelectricity dropped more than 100%, occupying the top four of net profit and falling list respectively. At the same time, the net profit of these four enterprises is in a state of loss, and revenue is also reduced compared with last year.

Since the beginning of this year, the net profit of Fei Le has been in the predicament of losing money. Compared with the same period last year, the decline is even more obvious. In the first half of the year, the company achieved revenue of 1 billion 555 million yuan, down 40.66% compared to the same period last year, and net profit loss attributable to listed shareholders was 411 million yuan, a sharp drop of 463.15% compared to the same period last year. Why?

In the first half of 2018, the company's internal and external environment has undergone major changes. The main subsidiaries of the company are facing difficulties in their growth, such as low income growth, high cost and declining performance. In 2017, the PPP heavy policy document issued by the Ministry of Finance and the development and Reform Commission and other ministries and commissions made a major impact on Beijing Shen An, which focused on the layout of PPP smart city business last year, resulting in a sharp decline in sales revenue and net profit of Beijing Shen An in 2017. Until the first half of 2018, Beijing Shin security business and its business indicators have not improved. Shanghai Ya Ming and Xi Wan Group have poor business performance due to the shrinking of traditional lighting products market and the limitation of traditional channel sales mode.

For the reasons for the decline in net profit, shelet said that the company's operation is facing greater pressure and challenges due to the tightening of domestic liquidity and the sudden change of financing environment. During the reporting period, the financial leverage, financing difficulties, the company's financing costs continued to rise, increased financial costs; affected by the tight operating capital, some of the company's business was affected, business revenue declined significantly, which directly affected the company's first half of the business performance, so that the company's first half year net since the listing. Profits are negative.

According to the golden lette financial report, in the first half of 2018, due to the decline in sales revenue, the decrease in gross profit and the loss of foreign exchange, the company's business performance has declined, achieving a profit of 488 million yuan, a decrease of 13.52% compared to the same period last year. The net profit attributable to shareholders of listed companies was -1004.67 million, representing a decrease of 184.66% over the same period last year. In addition, based on the decline in sales revenue, the decline in gross margins and the large fluctuation in the US dollar exchange rate, Kim lette expects to lose 1-9 months in 2018.

In addition, the decline of poly optical performance was mainly due to the decline in sales prices and the impact of relocation capacity. Similarly, as an upstream chip company, Australia ocean Shunchang has achieved double growth in revenue and net profit in the first half of the year. However, in its semi annual report, it pointed out that chip prices continued to decline this year, so the company expects that the profit contribution of LED business in the third quarter will decline compared with the same period last year. (text: LEDinside Janice)

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