Business lighting and professional lighting force, ray flute is expected to operate steadily this year

The two optical lens / semi-finished module factory ray flute optics has focused on the niche application lighting market in recent years, and continued to adjust the product portfolio and development of car light lens products. Although it is not as effective as the demand of the mainland, the revenue performance is flat, but the gross profit rate is still connected with the reduction of depreciation and the cost improvement. After two years of promotion, last year, the gross profit rate station was 43.7%, which set a new high for nearly 5 years. The initial estimate of this year's operation should be roughly stable.

The first quarter of this year was affected by the Lunar New Year holiday, and the single season revenue fell to 290 million yuan (NTD, the same below), the quarterly decrease of 7.67%, but the annual increase of 1.77%. The second quarter is expected to return to temperature after the working days are restored.

Ray flute is a plastic optical lens supplier specializing in optical design, mold manufacturing, plastic molding and other technologies. The main products are used in various industries, medical, exhibition and other professional lighting, as well as commercial lighting, intelligent lighting, outdoor lighting, car lights and so on. Among them, the proportion of two optical lens revenue accounts for about 8, and the proportion of mould and module products is about 2.

Originally, the company was actively developing the car lamp lens products, and the outside world has been very optimistic about the development of new products. The main reason is that the lamp is converted to LED light source and the plastic lens can be used to improve the design of car lights. However, after the adjustment of industrial structure, the optical design requirements of less high light vehicle light lens have been integrated into the lamp factory, and the revenue contribution has yet to be pulled up.

As for the main main applications, including commercial lighting and professional lighting market, the company continues to adjust the product portfolio and customer structure, hoping to balance the revenue scale with the profit space.

The revenue of ray flute in 2017 was about 1 billion 234 million yuan and 7% per year, but the gross interest rate rose to 43.73% and the annual increase of 2 percentage points. The main reason was the depreciation and the cost improvement, the operating interest 177 million yuan, the net profit after tax 145 million yuan, the earnings of 2.79 yuan per share, and the annual increase of 2%, to the new high in the last 4 years.

Source: MoneyDJ

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