Dongbei Optoelectronics, a Taiwanese LED packaging company, was affected by factors such as backlighting into the off-season and customer adjustment at the end of the fourth quarter of last year. Considering that the industry may recognize the exchange backlash, it is estimated that the profit is better than the previous quarter. There is an opportunity to maintain a small profit situation throughout the year.
Looking forward to 2017, due to the impact of the Lunar New Year, the revenue in January this year fell to 516 million yuan (NTD, the same below), monthly reduction of 17.85%, annual reduction of 30.45%. The overall first quarter revenue is estimated to be lower than the previous quarter.
However, the company will not aim to increase revenue this year and will focus on improving profitability. It is expected that a variety of high-end new products will be launched this year, including smart lighting fixtures, new backlights that emphasize low-blue/non-flicker effects, etc. In addition to new customer orders, it is expected to be in place in the second quarter, and the shipment of lighting products will gradually grow. It remains to be seen whether the case of a one-off trip will increase personnel costs and production costs, as well as the results of CREE infringement lawsuits.
Dongbei was originally a large LED packaging manufacturer, mainly for consumer products and backlight applications. In recent years, we have been transforming and actively expanding the development of lighting products. Last year, the proportion of lighting products such as light bulbs, lamps and smart lighting systems totaled about 5% to 60%, and the proportion of backlights was about 40% (half of TV and mobile phone backlights). This year, due to the addition of new customers, the lighting product portfolio was adjusted. The proportion of niche products such as vehicles and infrared rays may double. It is estimated that the proportion of backlights will rise to over 50%, the lighting estimate will drop to 40%, and the proportion of niche products will be estimated to be 5%-10%.
At present, Dongbei Lighting products are mainly supplied to large-scale access customers in the United States, and sold under the Toshiba brand in Europe and Taiwan (the sales of Toshiba brand lighting products in Europe and Taiwan in the fourth quarter of 2015). Among them, the US market is about 70%, Europe is about 20%, and China, Taiwan, Southeast Asia and other Asian regions are about 10%.
Affected by factors such as the mass production of new lighting products, the stabilization of the LED market, and the traditional peak season, Dongbei recovered from the second quarter and continued to increase slightly in the third quarter. However, due to the weakening of backlight demand and the year-end effect, the fourth quarter revenue cooled. In the first quarter, under the influence of the Lunar New Year and the off-season, revenues continued to decline.
Dongbei's third quarter 2016 revenue was approximately 2.166 billion yuan, a quarterly increase of approximately 1.8%, and an annual increase of approximately 34%. The gross profit margin in the single quarter was nearly 22%, which was the highest in recent years. The operating profit was 113 million yuan, which was also the highest in the past six seasons. However, due to the loss of the industry, the net profit after tax in a single season was only 7 million yuan, and the earnings per share was 0.02 yuan.
The accumulated revenue for the first three quarters was about 6.166 billion yuan, an annual increase of 1.18%, and the operating profit was 206 million yuan, an increase of 65%. However, due to the disposal of assets outside the industry in 2015, there were losses outside the company in 2016, so the first three quarters after tax Net profit of 41 million yuan, EPS 0.13 yuan, 78% annual reduction.
In the fourth quarter of last year, revenues were about 1.91 billion yuan, a quarterly decrease of 12.8%, and an annual decrease of 6.8%. Earned a small profit after the initial assessment. The annual revenue was about 8.07 billion yuan (about 1.8 billion yuan) and the annual decrease was 0.19%. In January this year, revenue fell to 516 million yuan, monthly reduction of 17.85%, and annual reduction of 30.45%.
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