LED display and application of niche products force, Hong Qi Q2 year increase

Table LED packaging factory Acer Qi adjust product business structure, since this year the operating steady improvement. The first quarter gross margin hit a new high of nearly 7 years over the same period, single season earnings per share 0.21 yuan (NT, the same below), up by the turnaround, is nearly 4 years of record. In the display order and niche application product demand support, infrared products and growth, although the April revenue slightly decline, estimated that second quarter revenue is still expected to be better than the same period last year.

In the display, Wang Qi mainly in cooperation with the mainland customers, early to supply LED display package, recently increased module product shipments proportion, the average price rise, revenue growth. The past display LED package products specifications in 1010, 0808, 0808, 0606 recent mainstream products. At the same time, also for the Mini LED application trends, launched Mini 4 RGB LED 4-in-1, the LED package for 1 four in one LED, the initial shipments than revaluation is limited, the subsequent development needs continuous observation.

Although Wang Qi has left the consumer electronics backlight market, but with the rise of a new generation of Mini LED backlight design technology, companies try to Mini LED products into the mobile phone backlight field. As for the products in the last year, Guangzhou's new infrared capacity after adding delivery, steady growth, the proportion of company targets in infrared products increased to 10% this year, the proportion of relative to 40% level display products. Other consumer / niche applications, lighting, and so on. The proportion of total mobile phone backlight will remain around 50%.

The depreciation of capital expenditure, Hong Qi slowed in recent years, with the depreciation of the Hsinchu factory equipment nears its end, driven by gross margin rebound. Estimated this year depreciation amount from last year about about 40000000 yuan, down 10~15%.

In addition, cooperation, Wang Qi and long yuan investment Yangzhou Long Yuan main RFID technology of electronic label products, to be optimistic about the outside world have the opportunity to benefit from the wisdom, no store retail trends, because Wang Qi holds Yangzhou Long Yuan equity ratio of 40%, the real benefit from the degree of concern for the future.

Hong Qi revenue last year of about 3 billion 13 million yuan, the annual increase of 6.24%, gross margin stood at 22%, at least a record high of nearly 10 years, operating profit 293 million yuan, industry profits for the past 7 years, net profit after tax of 227 million yuan, earnings per share 1.12 yuan, for nearly 3 years. The resolution of the board of directors allotted 1 yuan per share cash dividend, the shareholders' meeting is expected to be held in 6/21, will be elected directors and supervisors.

The first quarter of this year, some projects accounted for display single quarter revenue stood 774 million yuan, the annual increase of 12% over the same period, for nearly 3 years, one quarter gross margin of 21.45%, annual growth of more than 1 percentage points, operating profit of 57 million yuan, the annual increase of 72%, net profit after tax of 43 million yuan, earnings per share 0.21 yuan, up from loss turn over the same period, is also the last 4 years High. Although the April revenue dropped to 258 million yuan, month minus 5.7% annual growth of 11.1%, 4 months before the cumulative revenue of 1 billion 56 million yuan, the annual increase of 14.9%. Preliminary estimates of second quarter revenue is still expected to be better than the same period last year.

Source: Money DJ

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