Zhaochi Shares and Igor announced Q1 results in 2023

Recently, two LED-related companies, Zhaochi and Igor, announced their results for the first quarter of 2023.

Zhaochi Co., Ltd.: Net profit attributable to the parent company increased by 10.82%

In the first quarter of 2023, Zhaochi Co., Ltd. achieved revenue of 3.695 billion yuan; net profit attributable to the parent company was 383 million yuan, a year-on-year increase of 10.82%; net profit after non-attributable to the parent company was 335 million yuan, a year-on-year increase of 16.07%.

Zhaochi Technology has stated that in 2023, it will continue to strengthen the market competitiveness of all links in the LED industry chain, give full play to the synergy advantages of vertical integration of the LED industry chain, and seize Mini/Micro LED opportunities.

Just in March this year, Zhaochi Crystal Display, a subsidiary of Zhaochi Technology, signed a contract with Nanchang, Jiangxi Province for 1,100 COB packaging production lines, completing the plan to expand 1,600 production lines. Zhaochi Technology continues to increase its layout of COB packaging routes and develop the Mini/Micro LED market.

Igor: Revenue increased by 0.49%, net profit fell by 45.55%

In the first quarter of 2023, Igor achieved revenue of 639 million yuan, a year-on-year increase of 0.49%; net profit attributable to the parent company was 19 million yuan, a year-on-year decrease of 45.55%. Igor said that the decline in net profit was mainly due to the year-on-year increase in share-based payment expenses, financial expenses, and income tax expenses in the current period.

Igor's business revolves around the "2+X" strategic layout, based on energy products and lighting products, while actively deploying new application areas such as vehicle power supply, vehicle inductor, communication power supply and energy storage.

In 2022, Igor’s energy product revenue increased by 47.76% year-on-year, while lighting products achieved revenue of 851 million yuan, a year-on-year decrease of 3.82%.

In addition, in September last year, Igor's 1.25 billion fixed-increase capital raising was approved by the China Securities Regulatory Commission, and was invested in projects such as intelligent manufacturing construction of medium-voltage DC power supply systems, accelerating the layout of new businesses such as energy storage.