Guoxing Optoelectronics: High-end SMD LED core business is strengthened

Guodian Xingguang released semi-annual report on August 12, 2010: In the first half of 2010, the company achieved operating income of 406 million yuan, up 39.89% year-on-year; the gross profit margin of the company's main business in the first half of the year fell slightly from 32.77% to 32.62%.

Sales in the first half of the year maintained rapid growth, and the gross profit margin dropped slightly.

In the first half of 2010, the company achieved operating income of 406 million yuan, of which income reached 177 million in the first quarter, up 25.85% year-on-year, and realized revenue of 229 million in the second quarter, up 53.1% year-on-year, maintaining a sustained and rapid growth. The reason for the continuous increase in operating income is mainly due to the downstream demand for LED products and the expansion of the sales volume of the company's SMD high-end products.

In the second quarter, the overall business gross profit margin of the company increased from 32.49% in the first quarter to 32.77%, an increase of 0.28 percentage points and a year-on-year decrease of 1%. This is mainly due to the slight decline in the gross profit margin of the company's SMD products. Driven by the increase in sales of the company's products, the company achieved a net profit of RMB 0.4 billion in the second quarter, a year-on-year increase of 37.49%.

High-end SMD LED core business will be strengthened

In the booming production and sales situation, the company's main business profit in the first half of 2010 reached 1.32 billion, an increase of 38.22% over the same period of last year. Considering the entry into the traditional peak season in the second half of the year, it is expected that the main profit will continue to grow in the second half of the year, and the gross profit margin will remain relatively stable. .

From the perspective of sales ratio at home and abroad, the main growth is still from the domestic market. In the first half of the year, the operating income reached 3.2 billion, a year-on-year increase of 51.47%. Foreign income reached 0.81 billion yuan, a year-on-year increase of 7.53%.

From the perspective of product structure, SMD LED device profit growth contributed the most to the main profit growth. In the first half of the year, SMD LED device package realized a profit of 79.6 million, an increase of 64.61%, and the main profit of SMD group devices accounted for 81%, while LAMP The LED package ratio dropped to 18%, and the company's SMD package core strengths were further enhanced.

From the perspective of changes in gross profit margin, compared with the fourth quarter of last year, the gross profit margin of SMD LED components and devices decreased slightly. This is the adjustment made by the company to expand the production and sales of such products. Judging from the current market situation, Excluding the company to continue to expand market share and make active price cuts, the gross profit margin of SMD LED and other products will decline slightly in the second half of the year, but the overall sales volume is expected to reach a new high, and operating profit continues to grow.

In the second half of the year, the expense ratio will remain normal.

The company's sales expense ratio increased significantly in the second quarter, reaching 2.59%, which was mainly due to the increase in sales staff's wage expenses and transportation expenses after the expansion of the business area. It is expected to stabilize at 2.5% for the whole year. The financial expense ratio is expected to be reduced due to the company's use of over-raised funds to repay part of the bank's borrowings. The management fee rate is also expected to remain at 8.5%. It is estimated that the overall period expense ratio will remain at around 11.5%.

Raising investment projects to strengthen core business, SMD packaging technology leading domestic

From the current regional distribution of global packaging output value, Japan is still the world's largest packaging region. In recent years, its global market share has remained at around 40%, followed by Taiwan, accounting for about 20%. In 2010, China's mainland packaging accounted for the global share. The ratio will reach 8%. Driven by the increasingly clear trend of the global industry's echelon transfer and the rapid development of the domestic huge LED market, the overall industry support is maturing, and the global market share of the mainland packaging industry is expected to accelerate and enter the period of rapid development of gold. As the leading LED packaging company in China, Guoxing Optoelectronics is also the first listed company to focus on LED packaging. It is expected to seize the opportunity of industry development and achieve rapid development.

Guoxing Optoelectronics was listed on July 16 this year. The funds raised will be used to introduce foreign advanced equipment, optimize production processes, expand the production scale and increase new varieties of thinner and smaller Chip LEDs and PLC C LEDs. The fundraising project is expected to add 2.4 billion Chip LEDs and 480 million PLCC LEDs annually, which will enhance the company's mobile phone backlights, LED indoor and outdoor displays, LCD backlights, automotive lighting, landscape lighting, and indoor lighting. Competitive ability. In addition, the company strengthened its research and development capabilities in the field of high-power LED packaging, and developed a third-generation high-power LED planar array packaging process based on PCB (FR4/BT material) board + heat sink, replacing the original ceramic materials and effectively reducing Cost, in line with the packaging trend of high-power devices.