Baihong: niche application driven, Q2 back to temperature, Q3 continued warming

Table LED packaging factory Baihong in June of this year revenues jumped to nearly 10 month high, mainly in lighting, infrared energy niche and so on product shipments growth driven. The overall second quarter revenue quarter by 16.8%, but still nearly 9% years, is due to decrease in business street project this year. Performance will be better than expected in the third quarter of last season, but in the street with shrunk, compared with the same period last year growth may not easily.

The company expected, the second half of the main energy is niche applications, including infrared, lighting and so on, the main applications include control equipment, wearable device, sweeping robot, virtual reality, cabin lighting, automotive lighting, lighting, lighting and so on situation of plant.

The estimation of the second half of this year revenue opportunities over the first half of two digit growth rate, the second half of the revenue ratio may be 45 than 55, because the product combination is better, the second half profit ratio may be 4 to 6.

As for street lighting / Public Works Department in Taiwan at present Chinese market, but because the area of Taiwan street this year already bid less than last year, with many competitors, increase the product price is not ideal, this year in the case of Baihong street lighting power input may be reduced, the overall road lamp business contribution will shrink.

Baihong 2016 revenue of 2 billion 168 million yuan (NT, the same below), the annual increase of approximately 6%, earnings per share 0.9 yuan, a record high of nearly 5 years, 0.8 yuan per share allotment of cash dividend, dividend 7/17. Mainly due to product mix and customer structure adjustment, gross margin rose sharply to 19.48%, since 2008 nearly 9 years of high band.

2017 first quarter revenue of 457 million yuan, an annual reduction of 3% quarter by 11%, but the gross margin of 21.8%, stable water level year by 1 percentage points, to maintain more than 2, plus the cost of improved operating profit increased to 26 million yuan, the annual increase of 25 times, after tax net profit of 28 million yuan, earnings per share 0.15 yuan, the annual increase of nearly 2 times.

Following the 4, May cool camp in June rose to 204 million yuan, to recover the monthly increase of 35.66%, the annual reduction of 11.72%, a record high of nearly 10 months, the overall second quarter revenue 534 million yuan, an annual reduction of 8.99% quarter by 16.83%. The first half of the cumulative total revenue of about 991 million yuan, the annual reduction of 6.17%.

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