What Is The Situation Of LED Companies In The Period Of Intensive Performance Disclosure In 2019Q1?

- Apr 03, 2019-

Recently, many LED listed companies, such as Mulinsen, Shellett, Qin Shang, Sanxiong and so on, have announced their first quarter earnings forecast one after another. Affected by the stock market turbulence in 2018, the overall performance of enterprises was not optimistic last year. Has the situation improved this year?


Mulinsen expects net profit to change from 17% to 9% year on year in the first quarter.


On March 28, Mulinsen issued a performance forecast, predicting that net profit attributable to shareholders of Listed Companies in the first quarter of 2019 would be between $138 million and $180 million, compared with the same period last year's profit of $16563.07 million, which is expected to change from - 17% to 9% year on year.


Reasons: The net profit margin attributable to shareholders of listed companies has been adjusted, mainly due to the slight decrease of government subsidies in the company's non-operating income over the same period of last year; in addition, due to the influence of the Spring Festival holidays and seasonality of lighting industry, sales revenue in the first quarter is low, while fixed costs such as labor costs, depreciation costs, R&D costs continue to occur.


Shellett expects net profit to fall 196.20% to 340.49% year-on-year in the first quarter.


On March 29, Shellett issued a performance forecast. The company expects the net profit of shareholders of listed companies to be - 3000 million to - 1200 million from January to March 2019, with a year-on-year change of - 340.49% to - 196.20%. The average net profit growth rate of optoelectronics industry is - 36.80%.


Reasons: Because of the shortage of working capital, part of the company's business is affected, and the decline in business income is more obvious. In addition, the company's large loan scale and high financial costs lead to loss of operating profits.


Maoshuo Power is expected to increase its net profit in the first quarter by 34.87% to 100.00% year-on-year.


On March 29, Maoshuo Power issued a performance forecast. The company expects the net profit of shareholders of listed companies to be - 300 million to 0.0 from January to March 2019, which is 34.87% to 100.00% year-on-year. The average net profit growth rate of the electronics manufacturing industry is - 2.45%.


Reasons: This report period is affected by the Spring Festival holidays, product shipments are reduced, revenue is reduced, fixed costs are larger, resulting in lower profits. Preliminary estimates show that the loss is expected in this period.


Jufei Optoelectronics expects net profit to grow by 40% to 70% year on year in the first quarter.


On March 29, Jufei Optoelectronics issued a performance forecast. The company expects the net profit of the shareholders of listed companies from January to March 2019 to be 51.543.2 million to 62.588.82 million, with a change of 40.00% to 70.00% year on year. The average net profit growth rate of optoelectronics industry is - 34.37%.


Reasons: During the reporting period, the company's overall business performance was good, and its main business maintained steady growth.


Qin Shang Share expects net profit to fall by 72.60% to 96.35% year on year in the first quarter.


On March 29, Qin Shang shares announced that the net profit attributable to shareholders of Listed Companies in the first quarter of 2019 was estimated to be 2 million to 15 million yuan, down 72.60% to 96.35% from the same period last year.


Reasons: (1) During the same period last year, the company accounted for 26.1375 million yuan of investment income, accounting for 47.75% of the net profit of the same period last year, which had a greater impact on the net profit, while the investment income of Beijing Caiyida accounted for by the equity method had a smaller impact on the net profit.


(2) During the period, on the one hand, Longwen in Guangzhou made rectification or closure of non-conforming teaching sites, which led to the increase of Longwen expenses and the decrease of its business income. On the other hand, the fierce competition in the LED market resulted in the decrease of orders for related businesses, which led to the decrease of its business income, gross interest rate and net profit.


DHL expects net profit to fall 2762.5% to 1431.25% in the first quarter from a year earlier.


On March 30, DHL issued its performance forecast for the first quarter of 2019. It is estimated that the company's net profit in January-March 2019 will be between - 8000 million yuan and - 4000 million yuan, compared with 3.047 million yuan in the same period last year, a decrease of 2762.5% to 1431.25% over the same period last year.


Reasons: 1. The first quarter is the off-season of the company's production and sales, coupled with the company's longer Spring Festival holiday, so the overall productivity utilization rate is low and the manufacturing cost of products has increased year-on-year; 2. The market environment of LED in the first quarter continues to be depressed, and the downstream demand and price of industry are in a downward trend, resulting in the decline of the company's sales scale of LED business year-on-year, thus the production has also declined, resulting in the apportionment of fixed costs. In addition, in order to speed up the recovery of operating cash, the company continued to follow the market in the first quarter to reduce the price of some LED chip inventory products, which also affected the profit level in the first quarter to a certain extent.


Lehman shares expect net profit to grow by 1620% to 1650% year-on-year in the first quarter.


On April 1, Lehman issued a performance forecast for the first quarter of 2019. It is estimated that the company's net profit in January-March 2019 will be 19.153 million yuan to 12.2045 million yuan, compared with 69.74 million yuan in the same period last year, an increase of 16.20%-16.50% over the same period last year.


Reasons: Compared with the same period last year, the main reasons for the increase of net profit attributable to shareholders of Listed Companies in this reporting period are: the company strengthened market development, sales orders increased substantially, and realized the expansion of sales scale; increased the sales of self-innovative COB micro-spacing high-definition display products.


Sanxiong Aurora expects net profit to fall 70% to 95% year on year in the first quarter.


Sanxiong Aurora disclosed its earnings forecast on the evening of April 1st, with a profit of 18.2221 million yuan to 10.9326 million yuan in the first quarter of this year, down 70% to 95% from the same period last year.


Reason: During the reporting period, the company's sales revenue declined year on year. The company's income from financial products, which included current profits and losses, was about 3.07 million yuan, which was significantly reduced from 18.5 million yuan in the same period last year. The main reason is that the maturity redemption of the financial products purchased by the company during the reporting period is less than the same period last year, which leads to a significant decrease in the return on investment of the financial products during the reporting period, resulting in a significant reduction in the company's non-recurrent profits and losses during the reporting period. It is estimated that the impact of non-recurring profits and losses on net profit will be about 2.5 million yuan during the reporting period.