Analysis of semi annual report of Listed Companies in LED lighting

Ruifeng optoelectronics:

The company semi annual report released in 2013, in line with market expectations: first half revenue 294 million yuan, attributable to shareholders of listed companies net profit of 26 million 180 thousand yuan, an increase of 67.01% and 31.61% respectively, corresponding to EPS of 0.12 yuan; the Q2 income 173 million yuan, an increase of 70.23%, net profit of 17 million 630 thousand yuan, an increase of 18.20%, the highest single season history a new high.

In large size LED backlight: the first half of 2013, in large size LCD TV backlight market benefited from the size of further amplification, order open-cell model panel industry is increasing the proportion of large size, high pixel density and the popularity of mobile phone tablet computer, led by a LED backlight average increase in the number of. Ruifeng photoelectric 2013 semi annual report shows that in the first half, the company's large-size backlight LED product sales of 135 million yuan, an increase of 112.55%. 2013 New Year's day and Spring Festival holidays, LCD TV sales grew 9.4%. Holiday stocks also dropped to low. Panel plant 1, February capacity utilization is usually low, the panel price and volume down. With 3, April as a new wave of May Day stocking start, panel shipments, TV manufacturers to prepare the climax of the arrival, LED backlight will have the opportunity. As a leading provider of LED backlight, Ruifeng photoelectric thickening performance and therefore a high probability event. Ruifeng photoelectric revealed that the company in the field of TV backlight manufacturers have Changhong, Hisense, Konka, TCL, etc., is currently actively exploring second tier manufacturers.

Small size LED backlight: company data show: the first half of 2013, to better serve customers, expand the company's product type and product applications, the company set up a small size backlight division, small size backlight product sales of 10 million 665 thousand and 500 yuan, total operating income was 3.62%. At present, the company and the domestic manufacturers to cooperate in the production of small backlight device mainly provides domestic two or three line mobile phone foundries. Small size LED backlight in the gross profit margin of 31.36%, relatively large size LED backlight, although the small size backlight company high margin, but not for small size LED backlight wantonly expanding, this is mainly due to concerns about the future development of OLED. Although the benefit from intelligent mobile phone, small backlight device is still in the blue ocean in the domestic competition, but the current OLED devices Samsung has achieved mass production, taking into account the small backlight could later be replaced with OLED, the company's small package backlight expanding it very carefully. But insiders said that the small backlight in recent years will not be replaced by OLED, OLED industry is still in the early stages of industrialization, and OLED technology has yet to be strengthened.

LED lighting: as can be seen from the semi annual report, LED lighting operating income of 137 million yuan, an increase of 49.23%. Lighting has been the company's main business, in 2011 accounted for 51% of the lighting business, in 2012 due to the strong growth of backlight business and the decline in the proportion of lighting business. In 2013, with the further implementation of the national energy subsidies policy, some of the traditional lighting enterprises to increase the promotion of LED lighting, REFOND from NVC, as the Buddha, the sun and other terminal manufacturers orders increased, so that the company maintained a high growth trend. The company's strategy in the field of LED lighting is bound to large customers, so the ability to resist the industry than the industry's stronger fluctuations. Ruifeng photoelectric future will continue to benefit from the growth in demand for LED lighting, especially in the international lighting OEM orders, is expected to promote the rapid development of the company's business scale and profitability.

The first half of 2013 the company raised investment projects of large size LCD backlight LED technology projects "production equipment investment has been fully completed, annual production capacity increased by 756KK, company of large size LCD backlight LED annual capacity of 1400KK," LED lighting product technology projects "production equipment investment has been fully completed. Annual production capacity increased by 1350KK, LED lighting products annual capacity of 2470KK.

It is understood that Shanghai Ruifeng optoelectronics Co., Ltd. will be completed at the end of the year, the estimated size of subsidiary in the LCD backlight LED annual output of 600kk, the annual output of lighting LED products reached 1300kk. Shanghai subsidiary was established in October 18, 2012. Shanghai subsidiary is mainly responsible for the "large and medium size LCD backlight LED technical transformation project", "lighting LED product technical transformation project", "LED packaging technology and industrialization research and development center project". Recently, Ruifeng photoelectric (300241) announced that it will jointly set up a company with TCL and other companies to spend $200 million LED. This means that the company is expected to benefit from the advantages of TCL channel advantage in the LED lighting market and large size LCD backlight market accounted for the opportunity. The new company name as "Huarui photoelectric technology (Huizhou) Co., Ltd., including REFOND TCL group, a wholly owned subsidiary and canyuan photoelectric shares were 25%, 51% Yuxing enterprises and 24%, the main business scope involves LED package, backlight module, lighting module and related product development, manufacturing, sales, etc.. Canyuan photoelectricity is one of Taiwan's largest producers of LED chips, REFOND is LED package of well-known domestic enterprises, while the TV giant TCL has downstream channels and product resources. For REFOND, this cooperation is not only conducive to the upstream resources complementary, more conducive to the company with the TCL in the LCD TV market and LED lighting market rich channel resources, consolidate the company in large size LCD backlight and LED lighting industry status.

Company LED, in, swim three parallel research and development. The upper reaches of the main material structure research and development, such as the cost of the chip, the ratio of fluorescent powder, etc., but does not involve the development of materials; midstream involves UV products