Light season is not light, Li Qing LED light stable delivery, October revenue growth

A few days ago, Li Qing announced the third quarter financial report. The single quarter combined revenue was 1 billion 76 million yuan (NT $, the same below). Although it entered the traditional off-season of the automobile industry, its LED lamp module remained stable and shipped steadily. The third quarter revenue still increased by 4.89% in the quarter and 16.30% in the year. The net profit after tax was 45 million yuan, an annual increase of 5.51%, and the tax per share. After a surplus of 0.66 yuan. The combined revenue in the first 3 quarters was 3 billion 163 million yuan, net profit after tax was 133 million yuan, and the earnings per share were 1.95 yuan.

Li Qing's third quarter auto sales revenue reached 95% in the year to the end of the year, mainly due to the gradual production and delivery of the new LED car module module in the second half of last year, which also led to third quarter revenue and profit growth in the third quarter of last year. And benefited from various new models such as LED taillights, headlights and other orders continue to carry out mass production, enhance the utilization rate of production bases and speed up the replacement of new and old products. The gross profit margin of the third quarter increased from 15.99% in the second quarter to 18.23%.

In the first 3 quarters, the revenue of LED lamp module products was 48%, 39% and 10% of LED taillights, daytime lights, headlights / fog lamps. In recent years, brand car factories, in addition to continuous technological progress towards energy saving, carbon reduction and active safety, have attracted the attention of consumers to purchase cars, and have also added optical design techniques to LED lamp products. The difficulty of the operation and the complexity of the electronic function will drive the price of the single LED lamp to enhance the product profit.

Li Qing's combined revenue in October was 405 million yuan, mainly due to eleven long holidays in mainland China, less working days and slow growth in the new car sales market and other factors, with a reduction of 3.46% in revenue. However, the new orders received since the fourth quarter of last year have been gradually shipped out in the second half of this year, and sales in October are still 11.82% higher than that in September.

In recent years, Liqing has continued to expand its cooperation with major customers including Huayu visual technology, Wei Ruike, Guangzhou Xiaomi, and other major global Tier1 lamps factories. It has jointly developed and designed the close cooperation relationship between LED lamp module and mass production. Therefore, from the current order structure of Liqing, the joint venture brand and its own brand car factory are sold. The performance will be 3:1, plus the company has 1 to 2 years' high order visibility and its industrial supply chain closure from the R & D design, certification to product volume production, and with the adjustment of the main customer's order structure and the continuous rise of demand, Li Qing's penetration is expected to continue to improve.

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