Sales of automobile joint venture brands, LED lamp factory Li Qing benefit

LED lamp module manufacturers Liqing although the season high of 1 in February revenue, since the end of the month by month, but the cumulative February revenue reached 809 million yuan (NT, the same below), the annual increase of 14.74%, still maintained double-digit annual growth in revenue over performance; Li Qing this year from the kinetic energy of the joint venture brand sales growth. Drive the company related supply chain customer orders increased, among them, Shanghai Koito accounted for revenue from 3 to more than the increase exceeded 4, Guangzhou Koito and Mao Wei also to maintain growth, Li Qing revenue continued to see growth this year; and in the headlights of the LED orders increased gradually, also look forward this year's earnings momentum.

Li Qing in 2016 revenue growth reflects China, independent brand car factory of the Great Wall motor car sales, driven by the company's annual annual growth of nearly 3, and last year due to the brand structure adjustment Chinese, car city, Li Qing from the Great Wall orders fell, only 14.4% growth in revenue last year. This year, Li Qing from Chinese, order of independent brands still lack momentum, but has seen a joint venture brand sales rebound, strong customer pull goods Shanghai Koito, steady growth before February revenue to maintain annual growth of nearly 15%.

Li Qing said, although Chinese, car city is expected this year sales volume increases slowly, but in the car purchase tax concessions after the end of the joint venture brand sales in February 1, to return to the growth this year, enabling the company to customer growth.

It is understood that the customer Li Qing Shanghai Koito is this year revenue growth momentum, because Shanghai Koito for China mainland large lamp factory, customers are widely distributed, and is the car sales Chinese, several major manufacturers, including Volkswagen, SAIC, SAIC GM Wuling, FAW Volkswagen.,... Is a joint venture brands, with the joint venture brand sales back to temperature, Li Qing indirect benefit.

Shanghai Koito last year accounted for the proportion of revenues had dropped to 3 li Qing Cheng, this year to more than 4; as for the the Great Wall car last year, from 2, 3 to 16%, still maintain 1 into proportion; other customers also include tiweixi investments Damao Wei Ruike, revenue accounted for about 1 into also, customers including joint venture brands; in addition, Guangzhou Koito revenue accounted for 7%, and other light factory shipments to customers like SAIC GM, Dongfeng well-off Nanning Liao Wang lights factory, this year also saw the volume of orders.

Li Qing is confident this year, in a joint venture brand sales, and also enhance the permeability of LED lights, coupled with the company's revenue last year accounted for only 6% of the proportion of LED headlamp products, with new orders to join this year, is expected to increase the proportion of revenue, revenue and profit performance will help.

Li Qing further said that the China energy policy will help LED the headlights of the penetration acceleration, due to low energy LED lights, especially in the short term there is no other alternative, LED headlights in the past because of cost factors, mostly used in high order and high order brand cars, now generally independent brands actively grab. Pay more attention to the car, with a higher proportion of LED, estimated the headlights of the proportion of revenue have the opportunity to reach 1.

Corporate estimates, Li Qing a group of LED lamp is 10 times the price of a set of LED taillights price, unit price and gross margin are good, help the whole camp exercise can better last year.

Legal person and evaluation, Li Qing of last year's fourth quarter revenue reached 1 billion 393 million yuan, one quarter gross margin should be steady in 2 under the single season EPS up to 1.4, 1.5 yuan, 3.8 yuan, about 3.7 annual EPS. However, the legal thought, Li Qing in March revenue can rise, second quarter revenue will enter the off-season, season may reduced, but should maintain annual growth; legal assessment, Li Qing revenue this year have the opportunity to continue to grow 15%, or even 20%, in LED headlamp revenue than to improve, gross margin is expected to hold steady. The EPS should stand 4 yuan, 4.5 yuan on.

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