Who is the "profit king" of the 24 LED enterprises with great mid-term performance?


Recently, the semi annual financial reports of LED industry have been released successively. In order to have an overall understanding of LED market development status and enterprise revenue in the first half of the year, LEDinside has made statistics on the revenue, net profit and gross profit margin of 24 LED listed enterprises for readers' reference.
The overall revenue is red, with 80% of net profit preference
According to the financial data of 24 LED enterprises reported in the statistics of LEDinside, in the first half of 2016, more than 80% of the enterprises achieved growth in net revenue, while more than half of the enterprises in the LED industry showed a decline in gross profit margin.
After careful review, it is found that only 4 of the 24 LED enterprises have experienced a decline in their half year revenue, of which Lex Lighting has declined 0.54%, Dehaorunda has declined 16.89%, Aoyang Shunchang has declined 6.69% and Ocean King has declined 3.01%.

 

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However, it is worth mentioning that the net profit growth rates of Rex and Ocean King reached 381.11% and 110.12% respectively. On the whole, the growth of net profit in LED industry shows that the growth of enterprises and industries is getting better compared with the previous situation of increasing income without increasing profits.
The increase of LED enterprises' revenue is not only related to the recovery of LED itself, but also related to the business extension of enterprises.
From the perspective of the industrial chain, LED chip enterprises expanded their business scope in the first half of the year and began to increase the layout of semiconductor integrated circuit business, among which San'an, Huacan and Aoyang Shunchang were the most eye-catching; Due to the aftershock of the price war, the packaging enterprises were forced to extend the high gross profit market due to the obvious decline in profits. Among them, UV and automotive markets were the most eye-catching, with Hongli and Guoxing the most obvious.
And lighting enterprises also began to gradually layout smart home and O2O fields. Among them, Oupu, together with Huawei, has been the most concerned about the development of smart lighting and Lexus has made the most eye-catching efforts to develop O2O.
In terms of LED display, LYADE performed well in the first half of 2016, with its layout of AR/VR and the purchase of many enterprises. Its market value increased from the lowest of 11.8 billion yuan at the beginning of 2016 to the highest of 26.4 billion yuan. In addition, there are also Alto Electronics and Lehman shares of Transformational Sports.
The gross profit margin is generally maintained at 30%, but it is in a declining state as a whole
From the gross profit margin and growth of 22 LED enterprises except Rex and Opel, the overall gross profit margin of LED enterprises in the first half of the year was concentrated in the range of 20% - 30%, and some special lighting enterprises like Ocean King were significantly higher. Moreover, from the perspective of the overall gross profit rate growth, the gross profit rate of enterprises with more than 50% shows a downward trend, while for the growing enterprises, most of the growth rates are small.

 

In the first half of 2016, in the face of declining gross margins, LED enterprises have expanded into new high margin markets. In the first half of this year, the performance of LED enterprises is particularly focused on high margin areas such as plant lighting, automotive lighting, UV/IR and intelligent lighting.
In order to ensure profits, in addition to expanding the market with higher gross margins. Chip enterprises began to increase their prices, represented by leading enterprises such as Wafer and San'an; For lighting packaging enterprises, what they have done is to expand the scale of production capacity, introduce and implement automation transformation in many types of products and processes, and appropriately promote and copy mature automation schemes to strengthen cost control and improve the overall gross profit margin of the company.
In short, in the first half of 2016, the industry as a whole showed signs of recovery, but the industry reshuffle did not stop, on the contrary, it became more intense, and the polarization of enterprises became more obvious. (Text/LEDinsideSkavy)
Appendix: List of 24 LED listed enterprises' revenue and net profit

 

Note: 1. The chart only includes the interim performance of some LED listed enterprises; 2. The net profit stated in the figure is "the net profit attributable to the shareholders of the listed company"; 3. The revenue of Shilan WeChat and Aoyang Shunchang according to the figures and text is only their LED business revenue, not all business revenue.

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