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After experiencing the previous decline, the LED sector has recently re-emerged. As of September 7, the stock price of the LED sector, Jufei Optoelectronics (300303.SZ), closed at 26.10 yuan, a week-long increase of 7.9.
The company is a leading domestic small-size LED backlight device, and has solid cooperation with local manufacturers such as ZTE, Huawei, Lenovo and TCL. The competitors are mainly Samsung and other enterprises.
In the first half of this year, the company achieved operating income of 209 million yuan, an increase of 27.28; net profit of 45.65 million yuan, an increase of 10.91; net profit after deducting non-recurring gains and losses of 45.42 million, an increase of 20.10; realized earnings per share of 0.57 yuan.
The company achieved a gross profit margin of 34.93 in the first half of the year, down from 37.79 in the first quarter. The decrease in gross profit margin is due to the increase in the proportion of low-margin lighting products and the increase in revenue. On the other hand, because the current industry is in the off-season, downstream customers are more sensitive to price, and the company is actively lowering the scale as the company expands. Backlight product prices.
Everbright Securities (601788, stock bar) analyst Yuan Wei expects the peak season in the second half of the year, customers pay more attention to the delivery date, the gross profit margin will basically stabilize in the third quarter.
It is worth mentioning that in the first half of this year, the company's expense ratio was 7.6, a decrease of 2.4 percentage points year-on-year. According to reports, this was mainly because the interest rate of raised funds caused the financial expense rate to drop by 1.7 percentage points.
This year's mid-year report showed that the backlight LED device brought the company's operating income to 170 million yuan, accounting for 81.81. Most of them are small screen backlights. The company has a leading position in small screen backlights such as smart phones, accounting for 20~30 shares of ZTE, Huawei and Lenovo.
Analysts said that in the first half of this year, domestic smartphone shipments were less than market expectations, but the company's ultra-bright backlight LEDs for smart phones still achieved steady growth due to their price/performance ratio and channel advantages.
In fact, in addition to small-size LED backlights, the company's large-screen backlight project continues to advance. The ultra-bright products used in small size have been infiltrated into the medium and large size due to the thin and light requirements of medium and large size products. The company's large-size LCD TV backlight LED device series has passed the certification of Hisense, Skyworth, Changhong and other companies, and began to supply small quantities.
In addition, in the first half of this year, the company achieved breakthroughs in the LED lighting market, and the revenue of lighting devices reached RMB 31 million, an increase of 180% year-on-year. The operating revenue generated by lighting LED devices accounted for 16.85% of the company's operating revenue, which was higher than the beginning of this year.
Hu Ying, an analyst at Hongyuan Securities (000562), believes that with the further decline in LED lighting prices and the continuation of the state subsidy bidding policy, the lighting business is expected to relay backlighting to become another driving point for the company's performance.
As of September 5, a total of 16 institutions have made predictions on Jufei Optoelectronics' 2012 annual results. On average, the company's net profit for the year was RMB 92 million, an increase of 14.74 over the same period last year.