To switch to the application of niche products, East Bay / Hong announced the performance of the first quarter

Recently, Dongbei photoelectric and Bai Hong announced the first season performance, Dongbei photoelectric turn loss to profit, and Bai Hong because of the off-season effect, street light reduction and other reasons, the first quarter revenue attenuation.

Dongbei photoelectric continuous loss for two years, adjust the customer structure, the backlight application focused on the international front line Dell (DELL) NB customers, lighting to the development of high value-added lamps and lanterns, health, intelligent applications, the first quarter of this year, a smooth turn to profit, a single season after tax surplus of 37 million 290 thousand yuan (NTD, the following), after tax earnings per share of 0.1 Yuan. From 2016, Dongbei began to adjust the customer structure of backlight products, withdraw from the mainland white brand market, turn to the development of TV, NB, mainland mobile phone brand and other customers. In the past few years, the LED factory has repeatedly patented war, the brand factory has paid more and more attention to the patent in the zero component purchase, the cooperation relationship with the customers is more close, the backlight accounts for about 60-65% of the revenue.

As for the lighting products, the mainland price war has not been closed. Last year, the lighting business was sorted out, and the low order lighting orders were cut off, the additional value high lamps, health and intelligent applications were developed, and the Toshiba lighting brand authorization was obtained. Order lamps and lanterns mainly, the proportion of lighting revenue from last year 30-35%, up to this year 40-45%.

The first quarter revenue of the LED packaging plant fell to 403 million yuan in the first quarter of this year, 14% in season and 12% in annual decline, which was mainly affected by the low season of the industry, the Lunar New Year and the high base period of the street light in the same period last year. It is expected that revenue may be less than last year in the light of the reduction of street lights, but because of the aviation lighting and the infrared sensing module of the sweeping robot, the stability of the industrial control application products, and the improvement of the mainland's high glow and loss, the gross profit margin may also improve space and profit.

In recent years, Bai Hong has continuously adjusted its product portfolio, and the overall operation has gradually stabilized. After 0.9 yuan per share in 2016, a new high of 5 years, a cash dividend of 0.8 yuan per share, and a 9% revenue reduction in 2017, the gross profit rate was raised to 23.8%, and EPS came to 1.12 yuan for nearly 7 years.

Looking forward to this year, with the recovery of working days and the delivery of new products in new products, the expected second quarter revenue is expected to increase by two figures in the first quarter, and the first half of the year is expected to remain stable, similar to or slightly increased in the first half of the year. However, because of the larger scale of the road lights in the same period last year, it is presumed that this year's revenue growth is not easy.

Because the company's goal this year is not to sprint revenue, it will be a stable profit, so it is possible to maintain a single production strategy, further optimize the portfolio, to improve the gross interest rate. In addition, the continental high glow fade out of blue light LED and turn to four yuan LED production, which helps to improve the overall profit and loss.

At present, the main products of Bai Hong are LED packaging products and modules, lighting and so on. Among them, the proportion of Lamp LED is about 10%-15%, SMD LED is about 35%, infrared proportion is about 40%-45%, and the proportion of public engineering is about 1. In the case of application, the specific gravity of the airliner (airliner) light strip is about 1, and the proportion of the niche applications including the sweeping robot sensing module, the wearable product and other niche applications has exceeded 6, and the street lamp project has maintained about 1.

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