[Source: "New Industry" June issue] At the time when the crisis of overcapacity has gradually faded, the performance of domestic LED listed companies has also shown a trend of two days.
Guoxing Optoelectronics (002449.SZ), Ruifeng Optoelectronics (300241.SZ), Lehman Optoelectronics (300162.SZ) and Chau Ming Technology (300232.SZ) all entered the cycle of year-on-year growth in revenue and year-on-year decline in net profit. Until the first quarter of this year, it is impossible to get out of this strange circle.
On the contrary, Sanan Optoelectronics (600703.SH), Dehao Runda (0 0 2 0 0 5 . SZ) and Hongli Optoelectronics (300219.SZ) in 2011 have turned against the market.
"New Industry" noticed that the fundamental reason for Sanan Optoelectronics, Dehao Runda and Hongli Optoelectronics's performance against the market was that it successfully expanded the LED downstream application market to the sea, and also became the "overcapacity crisis in the LED industry." Through the winter cotton jacket."
"Now most LED upstream and midstream companies, as well as LED display companies, will develop the LED lighting market as the company's transformation direction." Ruifeng Optoelectronics and Lianjian Optoelectronics (300269.SZ) executives said to "New Industry" This approach will increase the company's revenue scale in the short term, but in the long run, it will easily lead LED companies to deviate from their original main business, and there is a risk of being marginalized by downstream LED application market customers.
Huge order
Despite this, in the context of the fast-growing LED market, the effect of expanding the downstream estuary is quite obvious.
At the end of March, Dehao Runda signed a contract with Thailand's PEA Energy Company and KANTHaWiChit Engineering Co., Ltd. for the sale of LED streetlights for US$8.6 million, and expects to provide LED streetlight products for the Thai Power Authority in the next few years.
Prior to this, Dehao Runda first signed the "Strategic Purchase Agreement" with Beijing Tianxu Hengyuan Energy Saving Company. Tianxu Hengyuan Energy Saving Company intends to purchase 100,000 sets of LED street lighting products with a total amount of approximately 395 million yuan. Subsequently, Dehao Runda signed a contract with Japan's Double Bird and US Wal-Mart to obtain a total of 566 million yuan of LED lighting orders.
As the upstream manufacturer of LED, Dehao Runda, the reason why such a large-scale investment in the downstream LED lighting market, is mainly because Dehao Runda has tasted the sweetness of downstream LED lighting application business in 2011. In 2011, Dehao Runda's revenue was 3.065 billion yuan, a year-on-year increase of 18.12%, and net profit was 392 million yuan, a year-on-year increase of 100.44%. The growth in performance was mainly due to the LED business, especially the growth of LED application business revenue.
The financial report shows that in 2011, Dehao Runda LED business revenue reached 913 million yuan, an increase of 151.6%. Among them, LED lighting application business income of 772 million yuan, an increase of 203%, LED application products business revenue accounted for 85% of total LED revenue. The most important point is that the gross profit margin of LED application products of Dehao Runda was as high as 44.29% last year, an increase of 10.68 percentage points year-on-year. On the contrary, the gross profit margin of Dehao Runda's LED packaging business was only 8.87%, down 11.23% year-on-year; while the upstream LED chip business was still in a loss situation, with only revenue of 14.77 million yuan last year.
Wang Donglei, Chairman of Dehao Runda, said in the financial report that the company's LED application business has grown substantially, mainly due to the increase in local government support for emerging industries and the continued implementation of energy conservation and emission reduction policies. LED application products are especially The demand for street lighting products has maintained a rapid growth.
An industry insider familiar with Dehao Runda pointed out that Dehao Runda's LED chip technology is not high, lacking the recognition of downstream customers, and in the industry, it is basically invisible to other customers to use its LED chips, "So Dehao Run The LED chips produced by Dada can only be used by themselves, and it takes a certain time for the MOCVD equipment to be released."
According to the plan of Dehao Runda, the company will plan 60, 100, and 130 MOCVD stations in Yangzhou, Wuhu and Dalian. In the first quarter of 2011, DHL Runda reported that as of March 31, Wuhu Dehao Runda had received 50 MOCVD equipment, and Yangzhou Dehao Runda had received 30 MOCVD equipments, with 14 MOCVD. The equipment has started mass production and the rest of the equipment is still highly commissioned.
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