Low-cost grab market, a number of LED listed companies profit decline

On July 12, 2013, Lehman Optoelectronics released the performance forecast for the first half of the year. It is estimated that the net profit attributable to shareholders of listed companies will be 140.06 million yuan to 169.02 million yuan, down 20~30 from the 2011.51 million yuan in the same period last year.
Lehman Optoelectronics is not an isolated case. Many companies including Moso Power and Hongli Optoelectronics released the first half of 2013 performance forecast. The forecast shows that although the operating income has increased by a certain margin, the profit still shows a downward trend.
Some analysts believe that the important reason for the increase in revenue is that the LED industry is fiercely competitive. The low-price market will continue to be sustained, and the gross profit of the products will continue to decline, dragging down the profits of the company.
The profit of a number of listed companies fell in the first half of this year, the LED terminal market changed its past year's downturn, showing a booming situation, the stock price of LED-related stocks is even more bullish. However, with the release of the first half of 2013, the reporter found that the profits of many LED companies have not been substantially improved, and the phenomenon of increasing income without increasing profits is quite common.
For the reasons for the change in performance, Lehman Optoelectronics said that in the first half of 2013, the company actively explored a new business profit model. As new business and new fields are still in the early stage of investment, human resources and various expenses are invested. As the new industrial park was completed and put into operation, the operating expenses during the reporting period increased year-on-year, resulting in a decrease in net profit compared with the same period last year.
In 2010, when Lehman Optoelectronics went public, the company's operating income was 206 million yuan, a year-on-year increase of 102.77. The net profit attributable to shareholders of listed companies reached 38.876 million yuan, an increase of 81.94.
Subsequently, the high growth of Lehman Optoelectronics' profit will not continue. In 2011, the company's operating income increased by 27.97, but the net profit attributable to shareholders of listed companies was only 33.109 million yuan, down 15.03; in 2012, this situation did not Improved, although operating income maintained nearly 20% growth, but net profit was 2,264.91 million yuan, down 31.59 year-on-year. As of the first half of 2013, the company still did not go out of the shadow of falling profits.
In fact, in addition to Lehman Optoelectronics, many other LED companies have also experienced a decline in profits in the first half of this year. Hongli Optoelectronics expects its operating income to increase by 20~30 compared with the same period of the previous year, but the net profit attributable to shareholders of listed companies decreased by 25~35; the total operating revenue of Maoshuo Power increased by 10~15, while the profit also has about 10 The decline of ~30.
In addition, the net profits of LED-related companies such as Huacan Optoelectronics, Dongshan Precision, and Aoyang Shunchang have also declined to varying degrees.
The profit-for-market will continue to be found by journalists, with revenue growth and falling profits, which have a lot to do with the decline in the gross profit of the company's products. In 2010, the gross profit margin of Lehman's photoelectric in-line LED devices was as high as 40.65, the gross profit margin of the chip-type LED devices was 28.41, and the gross profit of the display reached 43.06.
In the following years, the gross profit of these products has dropped significantly. By 2012, the gross profit margin of Lehman's in-line LED devices dropped to 14.66, the gross profit of SMD LED devices dropped to 22.75, and the gross profit of the display dropped to 34.85.
In the announcement, Hongli Optoelectronics said that during the reporting period, the LED lighting market demand was strong, effectively releasing the company's production capacity, and operating income increased to a certain extent, but the product sales price decreased year-on-year, causing the gross profit margin to decline.
In this regard, Hongshi Bin, executive director of the Marketing Committee of China Household Appliances Business Association, told reporters that the LED industry is currently overcapacity, with numerous companies and fierce competition. Although terminal sales have improved, companies still have to sacrifice profits in exchange for market share. It is envisioned that this profit-for-market model will continue in the next few years.
Yesterday (July 15, 2013), the reporter contacted Lehman Optoelectronics and Hongli Optoelectronics as an investor. A person from the Lehman Optoelectronics Securities Department said that the company will strengthen management, improve production efficiency, and actively expand the market. The relevant person of Hongli Optoelectronics said that the company will take various measures to save the company's expenses as a whole.
With the launch of Samsung's new series of 9 LED TVs in the 6000/7000/8000 series, Sharp also listed three products of the LE700A, which are mainly LEDs. The Sony ZX1 series is smashed with its 9.9mm ultra-thin. People's eyes. For a time, LED TV has become the most popular topic in the black power industry except for the price increase of LCD panels. Like every new product, these LED TVs are worth a lot of money.
More expensive than ordinary LCD TVs, the price of LED is the most attractive. The most attractive thing is that its ultra-thin body, in addition to Sony ZX1 less than 1 cm, Samsung's new 6000/7000/8000 series this year has the ultimate ultra-thin The figure is the thinnest at 2.99 cm. Compared with ordinary LCD TVs, the size of 7 or 8 cm is eye-catching. However, in addition to Hisense TLM42T08GP, these LED TVs are all quoted at around 13,000 yuan, even the 40-inch Samsung UA40B7000WF is also 16,000. About a thousand dollars.
At present, the domestic mainstream LED LCD TV offer brand model specifications offer Sony KLV-40ZX140 inch 26999 yuan Samsung UA46B7000WF46 inch 17999 yuan Samsung UA46B6000VF46 inch 18500 yuan Samsung UA46B8000VF46 inch 24888 yuan Samsung UA40B6000VF40 inch 14999 yuan Samsung UA40B7000WF40 inch 16499 yuan Samsung UA55B8000VF55 inch 33888 yuan Sharp LCD-65XS1A65 inch 129000 yuan Sharp LCD-52XS1A52 inch 99990 yuan Hisense TLM42T08GP42 inch 9588 yuan Skyworth 55LED0955 inch 16500 yuan from the above quotation table can be seen Samsung is the main force of LED, a total of 6 LED TVs are sold in the market, and 46 inches is the main force of Samsung LED, 40/46 inches is the mainstream specification of the entire LED TV, quoted from 9858 to 24888 yuan. The average LCD TV, 40/42 inch domestic machine offer is concentrated around 6,7 thousand yuan, the new machine is concentrated around 7,000 yuan, TCL's new 42-inch P10 offer is 7640 yuan this year, the joint venture like the Samsung 650 series The 40-inch LA40A650A1F is priced at $8,900. 46-inch full HD LCD domestic quotation is more than 7,8 thousand, if it is foreign capital nearly 10,000 yuan.
Left: Samsung UA40B7000WF body thickness is 2.99cm, the right side is Hitachi ultra-thin UT42-MH08C thickness of 3.5 cm is also the same ultra-thin joint venture product, 3.5 cm thickness of Hitachi UT42-MH08C only needs 8499 yuan; and thickness of 2.99 cm Samsung The lowest price of a 40-inch LED is 14999 yuan, the thickness difference between the two is less than 1 cm, but the price is nearly half. In addition to a TLM42T08GP from Hisense, everything is more than 40% more expensive than ordinary LCD TVs.

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