Demand for LED car lights continues, Liqing’s first quarter revenue increased by 16.99% year-on-year

On May 9, LED car lamp factory Liqing announced that its consolidated revenue in the first quarter was 2.049 billion yuan (NT$, the same below), an increase of 16.99% compared with the same period last year. Benefiting from the strong order intake from its major customers of LED car lamp modules and headlight controllers, its first quarter operating revenue The net profit of the company reached 35.52 million yuan, a year-on-year increase of 81.21%. Due to the increase in non-industry interest expenses, income tax, and increase in share capital compared with the same period last year, Liqing's net profit after tax in the first quarter was 30.45 million yuan, and earnings per share were 0.25 yuan, which was the same as the same period last year.

Liqing simultaneously announced that its April revenue reached 809 million yuan, an increase of 14.26% from the previous month and a slight decrease from the same period last year. The cumulative consolidated revenue from January to April reached 2.858 billion yuan, an increase of 11.68% from the same period last year, a record high for the same period.

Liqing said that with the popularity of new energy vehicles and smart vehicles, LED car lights not only outperform traditional car lights in terms of lighting functions, but their personalized design and intelligent control functions also effectively meet market demand, driving order demand from its first-tier car lighting factory customers such as Huayu Vision and Hella, creating stable growth in the shipment performance of Liqing's LED car lighting modules and car lighting controller products. In the first quarter, LED car lighting module sales increased by 5% annually.

Looking to the future, Liqing observes the phenomenon of domestic demand and price competition in the mainland China auto market. Since the mainland China government has announced its intervention, it is expected to ease this year. In addition, the auto sales stimulus policies launched by the mainland China government are expected to further drive the performance of the new car market. In addition, the best-selling BYD Ocean series models have stable shipment momentum of new car lighting controllers, which will help create a gradual growth in sales performance in the mainland China market this year.