As winter turns to spring, I wonder if the LED industry will usher in a real spring in 2015? However, judging from the performance of many companies in 2014, it seems that the prospects are promising. The editor counted the 2014 annual reports (or performance reports) of 21 listed companies (except Aoyang Shunchang and Silan Micro) that are mainly engaged in LED business and found that 15 companies achieved both revenue and profit increases, accounting for 71.43%. From a revenue perspective, the "Billion Club" has added new members: Leyard, Hongli Optoelectronics, Absen, and Qinshang Optoelectronics "unfortunately withdrew." There are currently 8 members of the "Billion Club" in the LED industry (among the 21 companies included in the statistics). The largest is Sanan Optoelectronics with revenue of 4.579 billion yuan, followed by Dehao Runda and Mulinsen with 4.165 billion yuan and 4.002 billion yuan respectively. From the perspective of net profit, Sanan Optoelectronics also ranked first with a net profit of 1.462 billion yuan, and Mulinsen ranked second with a net profit of 434 million yuan.
Upstream: San'an is firmly in the leading position, Dehuahuacan turns losses into profits
The overall situation is as mentioned above, but what will be the performance of each end of the industry chain? Let’s take a look at the situation upstream first. With revenue of 4.58 billion yuan in 2014, big brother Sanan once again secured its position as the leader in the field of LED chips and even the entire LED industry chain. Its net profit of 146 million yuan also made many chip giants jealous. Dehao Runda's revenue in 2014 was 4.165 billion yuan, which is a big business. Unfortunately, the net profit was only 13.74 million yuan, but it turned a profit at least. Huacan Optoelectronics was also successful in turning losses into profits, with a net profit of 90 million yuan on revenue of 700 million yuan, which is indeed much better than Dehao. Perhaps because the blue and green light production capacity has not yet been launched, Qianzhao Optoelectronics' revenue and net profit have both decreased, which makes it seem a bit lonely compared to the win-win situation of "brothers". Cross-border players Aoyang Shunchang and Shilanwei performed well in LED business revenue in 2014. Aoyang Shunchang's LED business revenue was 240 million yuan, a year-on-year increase of 630%. Silan Micro’s LED chip revenue was 253 million yuan, a year-on-year increase of 44.73%, with a gross profit margin of 23.75%; LED finished product revenue was 139 million yuan, a year-on-year increase of 113.46%, with a gross profit margin of 34.37%.
Midstream: Everyone is happy about Ruifeng, but Wanrun is worried about increasing revenue without increasing profits.
"Packaging leader" Nationstar Optoelectronics' revenue of 1.543 billion yuan in 2014 is still firmly ahead of the original six listed companies with LED packaging as its main business. However, Mulinsen handed over a revenue sheet of 4 billion yuan in its first listing. Who should be given the title of "packaging leader"? Packaging giant Hongli Optoelectronics is having a great time with both internal and external extensions. In 2014, its annual revenue finally entered the "1 billion club". Jufei and Ruifeng are also just shy of reaching this threshold. The smallest Wanrun Technology has been struggling for more than 10 years, and its revenue has barely entered the 500 million yuan threshold.
In terms of net profit, overall, 5 of the 7 listed packaging companies increased both revenue and profits, which is a fairly good performance. Mulinsen is the largest, so it is understandable that it ranks first with a net profit of 435 million yuan. Jufei, the king of small-size backlights, ranked second with a net profit of 179 million yuan. It seems that the profits of small-size backlights are really good. No wonder so many packaging manufacturers covet this market. Nationstar's net profit was 145 million yuan and Hongli's net profit was 90.11 million yuan, both of which were not bad. With a size of more than 900 million, Changfang Optoelectronics’ net profit of RMB 50 million is not too eye-catching compared to Jufei, but it has increased by more than half compared to the net profit of RMB 27.4865 million in 2013. Ruifeng and Wanrun are the only two packaging plants that increased revenue without increasing profits this time. If Ruifeng sacrificed profits in order to seize the lighting device market share, why did Wanrun's net profit decline?
Downstream: display screen PK lighting, the outcome can be determined immediately
In terms of applications, the performance of display manufacturers in 2014 can be described as a "big harvest". Six display manufacturers with LED as their main business have "increased revenue and profits". Liard and Abyssin have stepped into the "1 billion club". Joint construction and Chau Ming are also not far from 1 billion revenue. In terms of net profit, Liade's net profit of 160 million yuan ranked first among display manufacturers, doubling the performance of the previous year, and the net profit of Lianjian Optoelectronics was 134 million yuan, a year-on-year increase of 723.6%. The net profit of Abyssin, Chau Ming, Lehman, and Alto Electronics in 2014 also performed well, with a year-on-year growth rate of more than 30%.
Like display screen manufacturers, the performance of lighting manufacturers in 2014 was also "one-sided." The difference is that display screen manufacturers increased revenue and profits, while lighting manufacturers "neither increased revenue nor profits." Perhaps this description is a bit imprecise, but in terms of revenue growth, only Xuelite and Jiawei Shares have achieved it, but they only increased slightly. In terms of profit growth, although Sherrett's net profit attributable to shareholders of listed companies in 2014 increased by 7% year-on-year, the net profit after deducting non-profit items was only 9.1934 million yuan, a year-on-year decrease of 9.26%. In the real sense, Qinshang Optoelectronics, which has neither increased revenue nor profits, has been experiencing "everything is not going well" recently. Its revenue of 927 million yuan in 2014 has already made it withdraw from the "1 billion club", and its performance of 25.37 million yuan has dropped by 70% year-on-year. Ocean King's just-successful IPO failed to deliver a satisfactory answer. Although its revenue and net profit in 2014 only dropped slightly, it was enough to make investors burst into tears.
ANNA