Guangyu Q3 operating performance flat, Q4 traditional slack season or turn weak
From June this year, after completing the selection of director director and the introduction of rongchuang energy technology, a subsidiary of hon hai group, CSM technology has continued to focus on the application of LED upstream epitaxy/grain manufacturing in the niche, while strengthening the invisible products and putting in the research and development of Mini LED/Micro LED.
However, due to industrial competition and LED price pressure, the third quarter's flat performance, coupled with the traditional slow season, is expected to weaken in the fourth quarter.
At present, red and yellow light/four yuan /IR products account for about 50% of the revenue, most of which are used for automobile lighting, display screen, outdoor landscape lighting, safety monitoring and mobile phone face recognition.
UVA products can be used for curing equipment market, UVC products can be used for sterilization of household appliances, but UVC shipment ratio is still low.
As for Mini LED/Micro LED, although the company has invested in research and development, red light LED is limited by its material properties. To achieve a high technical threshold of Mini LED/Micro LED, coupled with a huge amount of transfer and detection technology, it needs to be improved. At present, the company is making rapid progress with blue light and green light Mini LED/Micro LED, especially with low backlight difficulty of blue light Mini LED, which has been imported into mass production.
Revenue in the first half of this year was about $580 million (nt $, the same below), with an annual decrease of 11.7%, gross margin of about 20% and annual decrease of 7 percentage points. Profit in the industry declined, and net profit after tax was about $17 million, earnings per share of $0.17, also decreased by 37% year on year.
Revenue increased slightly in the third quarter. Revenue came to 103 million yuan in August, up 0.7% in a month, but decreased nearly 7% in a year.
Corporate estimates suggest third-quarter revenue may be similar to the previous quarter, and may weaken in the fourth quarter due to the industry's slack season and LED price drop.
Optical sensor shipments looking good, medium - and long-term operation
LED supply chain to lock in niche market transformation, among which, optical lei is aiming at high technology threshold product line for transformation, and the sensor component market is also a strong layout direction of optic lei. Since September, the stock has reached 5,338, which has pushed up the recent relatively strong performance of optic lei shares.
In the second half of last year, light-sensing components accounted for about 44% of the revenue. Since this year, sensor-receiving and shipment of sensors have been fully loaded. After the capacity expansion of the company, the proportion of sensing products in the revenue has been raised to about 50%.
The main application market is dominated by the vehicle market, such as the indicator light in the car and the truck light. In addition, there are wearable devices such as smart watch and smart bracelet.
The market legal person is optimistic, in the future in the artificial intelligence popularization, each kind of new application continues to increase, the sense demand only increases does not decrease, therefore, the year after tomorrow light lei shipment will continue to benefit, medium - and long-term operation looks to grow.
Adelson adjusted product mix to work, Q3 profit steady
Since this year, aidisen has strengthened the adjustment of product portfolio, not only improving the proportion of lighting module shipment and fading out of the TV backlight business, but also actively developing vehicle lighting and penetrating into the OEM supply chain of European and American auto lamps, so as to improve the overall operating condition mildly.
Of these, although the third quarter revenue may be slightly lower than last month, portfolio optimization is expected to lead to a further increase in gross margin, corporate estimated earnings remain stable.
In the past, aidison mainly supplies high-power LED packaging components, which are used in lighting and backlighting. Its main sales areas are in Asia, Africa and other emerging markets.
Due to the severe impact of industrial competition, recently, we have gradually adjusted the order supply mode and customer structure to improve profitability.
On the one hand, the company optimizes the product profit by participating in customer design and raising the shipping proportion of lighting modules.
On the other hand, we will strengthen our vehicle lighting product line and actively increase the proportion of European and American customers.
At present, the proportion of European and American business in revenue has risen from less than 20% to nearly 30%.
In order to win the business opportunity of LED lighting replacement in emerging markets, we have also strengthened our position in the Middle East, India and Africa.
In terms of automobile lighting, after ending the TV backlight business in 2017, aidison's yangzhou @ optoelectronics company switched to the automobile lighting market, and began to deliver products to European and American OEM lamp supply chain customers in the fourth quarter of 2017. In 2018, the proportion of automobile lighting in the revenue has been increased to 25-30%.
At present, the company is actively expanding its business in mainland China, aiming to challenge over 30% of the proportion of vehicle lighting in 2019.
In the first half of this year, aidisen's revenue was 1.435 billion yuan, with annual growth of 8.2%, gross profit rate of 14.4% and annual growth of 2 percentage points. Compared with the same period of last year, both the industry and after-tax profit in the first half of this year turned into profit, with earnings per share of about 0.14 yuan in the first half of this year.
After a brief return to the archives in July, the revenue in August recovered to 220 million yuan, up 4.8 percent per month and up 20.8 percent annually. The accumulated revenue in the first eight months was about 1.868 billion yuan, up 10.79 percent annually.
Third-quarter revenue is likely to be slightly lower than the previous quarter, but with improved product mix, gross margins could pick up, giving profit a chance to hold steady throughout the quarter.