The flow of the anatomy of the fly together with the two major packaging factory

The same authorized TOYOTA synthetic white LED patent, also operates a backlight device and lighting device, roughly the same size, not the same as the profitability of poly 2014 earnings competition REFOND optoelectronics and fly, seemingly calm actually undercurrent.

In 2014, REFOND revenue 907 million yuan, an increase of 32.97%, net profit of 23 million 833 thousand and 800 yuan, down 57.89%; Jufei revenue 991 million yuan, an increase of 31.43%, net profit of 178 million 907 thousand and 100 yuan, an increase of 36.64%.

Roughly the amount of body mass, Ruifeng photoelectric net profit is far better than the reason for the poly fly optoelectronics?

(Chart from igushuo)

Lighting device revenue accounted for the soft rib"

From the two points of the respective product revenue and gross margin list can be seen, the problem in the LED lighting device, REFOND this part of the revenue is 542 million yuan, the proportion of total revenue reached 59.80%, and its lighting LED gross margin of only 12.83%. Of course, poly fly optoelectronics is not not dabbled in lighting devices, gross margin is also not good, only 16.13%, but poly fly lighting LED device business of $113 million, only the main business income of 11.43%.

Ruifeng photoelectric 2014 product revenue and gross margin

Poly fly photoelectric 2014 product revenue and gross profit margin table

As a result, the lighting of LED devices accounted for a relatively large profit is relatively difficult to see the net profit is reasonable. REFOND chairman Gong Weibin has publicly said, "lighting market just up, if you think about it now earn a lot of money is wrong, we are now basically is to cultivate the market, is the pursuit of market share at the expense of profits. "

How will the future trend of lighting devices, Jufei dongmi Yin Jinghuang this is optimistic: "LED lighting market penetration rapidly, market orders began to focus on large-scale lighting business, the upstream chip manufacturers supply began to tilt to large customers, after years of fierce market competition, the market environment is not on the side of the core competitiveness of enterprises and has a large number of weak enterprises began to withdraw from the market, the integration trend, with technology and market advantages of the enterprises will benefit from this round of industry consolidation. With the market environment is expected to return to normal, the industry will improve the profitability of outstanding enterprises. "

Even so, however, LED lighting device gross margin will improve when I first hit a big question mark. Sacrifice profit pursuit of market share play, compared with the layout of the lighting market cautious approach, what is the best, not yet known.

In the large-size backlight market battle going on

Backlight LED are the two main market, the original Jufei focus on small size backlight, REFOND focus on large-size backlight, but with the passage of time, the two sides of the LED backlight device business coincidence degree more and more high, especially in large-size backlight device.

Look at a set of data that, in accordance with the Jufei backlight LED revenue 856 million yuan, accounting for about 30% of the revenue of large size backlight, small size backlight accounted for 50% in 2014 up to calculate large size poly fly photoelectric backlight device revenue of about 256 million yuan, while the large size REFOND in backlight LED revenue of 321 million yuan, a difference of about 60000000 the gap is not large.

However, poly fly photoelectric said in 2015 will increase sales of large and medium size backlight products, should be a little attention to Ruifeng photoelectric, the title of the large size of the back of the king of the light is afraid to be poly photoelectric fly away.

The small size of the backlight business, poly fly photoelectric revenue 427 million yuan, Ruifeng photoelectric $7 million 633 thousand and 700, can be said that the distance between the two is not on a level. Although shares of Ruifeng Ling Tao photoelectric, but only temporarily accounted for 15% of the shares, this embarrassing equity means Ling Tao photoelectric financial statements are not incorporated into the REFOND, and Ling Tao photoelectric 2014 revenue of 140 million 600 thousand yuan, net profit of 24 million 980 thousand yuan.

If this data into Ruifeng earnings, how many also add a lot of color. So, the subsequent REFOND will increase to Ling Tao photoelectric equity, at least 51% or more, this is a big question mark, linked to the recent REFOND suspended because of the issue of shares to buy assets, plus Gong Weibin earlier said the "small size backlight Ruifeng do, give Ling Tao to do" be bold speculation, REFOND optoelectronic holding Ling Tao is not impossible.

If this speculation is established, that will be used in the small size of the power of the spirit of the backlight, the follow-up performance is worth looking forward to.

International market competition

It is interesting that, with a combination of photoelectric and has reached a strategic cooperation with TOYOTA to achieve supply chain strategic cooperation, and access to its white patent license, both the date of the announcement of the matter is also a day.

As a result, Ruifeng optoelectronics and poly fly optoelectronics packaging industry is the first to squeeze into the international patent high-speed rail train. In contrast, REFOND in international strategic layout is more active, with the United States in June 9, 2014 Bridgelux jointly launched small and medium power patch "Ruifeng" brand, the announcement on July 21, 2014 and South Korea Seoul agreement to carry out cooperation in Side OEM semiconductor view and EMC products.

2014, the company's revenue in the area outside the mainland of China was 201 million 343 thousand yuan, accounting for the proportion of total revenue of $22.16%, poly fly optoelectronics revenue in the outside is only $19 million 493 thousand and 400, accounting for the proportion of total revenue of $1.97%. Poly fly optoelectronics, said in 2015 will carry out international strategy,