Crystal electric Q1 utilization rate is low, product portfolio is better than last season

LED chip maker crystal electric in the fourth quarter of last year although the gross margin and profit industry promotion, but because the industry listed asset impairment and disposal of idle equipment loss, resulting in the loss of small single season. Annual loss per share of about 3.33 yuan (NT, the same below). The first quarter of this year by the industry off-season influence, utilization rate is low, but the product portfolio is better than last season, we should also observe the actual performance. Second quarter after the operation is expected to gradually warming, of which four yuan LED strong growth momentum.

Crystal electricity in 2016 revenue of about 25 billion 539 million yuan, an increase of about 0.11%. Gross profit margin of about 7.5%, operating loss of $1 billion 256 million, plus the loss of the industry, the total annual net loss after tax of about $3 billion 546 million, a loss of $3.33 per share, the loss is greater than in 2015.

Among them, the second half of last year to benefit from the LED grain price four yuan, only steady growth, LED shipping product portfolio is better, enhance the utilization rate, by quarter gross margin rebound following the third quarter gross margin reached 13.69%, the fourth quarter gross margin reached 18%, since the fourth quarter of 2014 nearly 9 season highs, third season operating profit of about 190 million yuan, the fourth quarter operating profit of more than 400 million yuan, the industry profitability continued to improve. However, due to the fourth quarter of the industry to mention the loss of assets and disposal equipment losses, resulting in a single quarter and small losses.

This year 1, February cumulative revenues of about $3 billion 504 million, an annual decrease of 8.4%. Expected March revenue is expected to return to warm. The overall first quarter product portfolio is better than last season (four yuan LED orders Rengjia), but by the industry, the off-season blue LED weak influence, utilization rate and overall revenue and profit performance but also to observe.

Crystal is LED epitaxial / chip manufacturers, products used in panel backlight, lighting, LED billboards, automotive lighting and other niche markets. The factory is located in Taiwan, Hsinchu, Miaoli, Tainan, mainland China, Changzhou, Shenzhen, and other regions.

By the influence of industry adjustment, EPISTAR since the second quarter of 2015 to the second quarter of 2016 consecutive losses, with the expansion of industry slowdown, the market order is stable, the blue LED price stability, coupled with the company to re adjust the capacity allocation, portfolio optimization, enhance the proportion of four yuan LED, the second half of 2016 gross margin and industry profit by quarter improvement.

In 2017, the outside world for the industry this year showed positive views of crystal electric industry, the change is difficult to assess. In addition to this year, the company continued to expand the higher order products such as CSP non packaged chips, Flip chip crystal, but also actively enhance the scale of four yuan LED shipments (this year, the proportion of the look into 3). Another rumored new mobile phone close to the sensor (Proximity sensor) may gradually from the original IR infrared LED, converted to VCSEL (VCSEL), and at the same time with crystal electric infrared LED and VCSEL technology, this year may be heavy.

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