Macro Qi Q3 revenue forecast is flat, Mini LED new products have been sent to be certified.

Taiwan LED packaging plant Hongqi in the first quarter of this year due to the screen entry mat high base period, the second quarter performance was flat. At present, the order visibility is about 1-2 months. Initial estimates of 8 and September revenue may be similar to July. The overall third quarter performance is near last quarter, but may be lower than the same period last year. As for the backlight, the new Mini LED product has been sent to the mobile phone, TV, electric car and vehicle market for the first time, and has yet to be certified by customers.

In addition, Hongqi also launched the COB 4-in-1 four in one LED packaging product for the company's main business LED display / billboard last year. The system used four small and 0606 RGB LED to be packaged in COB, and it began to be supplied to mainland display customers in the second half of 2017. This expansion is responsive. But since this year, the situation of customers pulling goods has been reduced.

In terms of IR infrared products, Hongqi has invested more than 8 of its shareholding ratio to invest in Guangzhou Hongqi electronics and produce IR products, mainly used in electric meters, water meters and other products, and has started to focus on sales since the second quarter of this year. But at present, the monthly revenue is about 10 million yuan (NT $, the same below), which has not yet been damaged. The scale of future revenue needs to be pulled up.

Hongqi returned to 256 million yuan in July this year and increased by 11.2% in the month, but it decreased by 6.9% in the year. The total revenue in the first 7 months was about 1 billion 790 million yuan, increasing by 5.9% annually. Revenue in the first half of this year was about 1 billion 530 million yuan, an annual increase of 8%, gross margin of about 22%, and an annual increase of 3 percentage points. The main reason was that the company adjusted its sales strategy, increased its direct customers, continued depreciation of equipment, and imported new products. The cumulative EPS in the first half of the year was about 0.57 yuan, or 1.1 times a year.

However, due to the higher shipment and performance base period in the third quarter of last year, it is estimated that the third quarter revenue may be close to the previous quarter, lower than the same period last year.

Source: Money DJ

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