Yiguang Q1 performance is weak, Q2 is expected to gradually warm down

In the fourth quarter of last year, Taiwan's LED packaging giant Everlight's performance was roughly flat with the support of lighting kinetic energy stabilization and backlighting. Under the influence of the Lunar New Year holiday in the first quarter of this year, the overall performance is still weak, and the single-quarter revenue and profit may be lower than the previous quarter. With the recovery of working days and the traditional off-season, there is an opportunity to gradually recover from the second quarter. Yiguang is a Taiwanese LED packaging manufacturer headquartered in Taipei Woods. The factory is located in Tucheng, Yuanli, Taiwan, and Suzhou, Guangzhou and other places in the mainland. It also vertically integrates upstream LED dies by holding the shares of Jingdian and Taigu. supply. At present, the backlight has a specific gravity of about 25%-30%, an illumination specific gravity of about 20%-25%, an invisible light of about 15%-20%, and other applications of about 30%. Affected by factors such as economic correction, industrial adjustment, and continuous supply of LEDs, Yiguang's revenue declined in 2015, but the company still has a comparative advantage in product mix adjustment, product technology, and internal management. Taiwan's LED industry still maintains a leading position. Although LED prices continued to fall, however, as the Philips stopped low-cost promotions, the lighting market pulled back the momentum, and Yuanchun stocking supported the backlight demand, the fourth quarter results were roughly flat. Looking forward to 2016, the industry believes that the LED price decline trend will remain unchanged, but the LED lighting penetration rate will continue to increase, coupled with the launch of new products and the marking of street lamps, it is expected that the shipments of Yiguang Lighting related products are expected to maintain single digit growth this year. . After the new customers of China, Japan and Korea joined in (the delivery began in the fourth quarter of last year), the overall shipment performance also has a chance to grow slightly. Other products such as car, indoor billboard, mobile phone flash, etc. also have kinetic energy. In the third quarter of 2015, the company's consolidated revenue was RMB 7.071 billion (NTD, the same below), with a 0.2% increase in the quarter and a year-on-year decrease of 17.1%. The combined gross profit margin was 23.4%, the quarter increased by 1.2 percentage points, and the annual decrease was 1 percentage point. The interest rate was 6%, which was the same as the previous quarter, but the annual decrease was 3.6 percentage points. The non-profit income contributed 108 million yuan (including interest income and foreign exchange gains), and the after-tax earnings per share for the single quarter was about 0.96 yuan. Accumulated the first three quarters of revenue of about 21.36 billion yuan, an annual decrease of 4.8%, operating profit of 1.5 billion yuan, annual reduction of about 25%, after-tax net profit of 1.29 billion yuan, annual reduction of 20%, EPS of about 3.01 yuan, an annual reduction of 21%. After October revenue fell to 2.321 billion yuan, monthly loss of 6.85%, annual reduction of 17.29%, November camp recovery rose to 2.539 billion yuan, monthly increase of 9.4%, annual reduction of 7.5%, accumulated revenue of the first 11 months of about 262.4 100 million yuan, an annual reduction of 6.2%. It is estimated that revenue in the fourth quarter may be similar or slightly increased from the previous quarter.

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