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Among the 20 LED listed companies, there were 7 net profit declines in the first three quarters, namely Huacan Optoelectronics (300323), Dehao Runda (002005), Lehman Optoelectronics (300162), Nanda Optoelectronics (300346), Hongli Photoelectric (300219), dry photoelectric (300102) and Qinshang Optoelectronics (002638). Among them, Huacan Optoelectronics' net profit in the first three quarters decreased the most, down 76%. In the third quarter, Huacan Optoelectronics had a net profit loss of 4.09 million yuan. An important reason is that the company's expanded production capacity has led to an increase in sales. However, due to the decrease in the unit price of the chip, the operating income has decreased by 21% and the operating cost has increased by 20%.
Huacan Optoelectronics even said in the third quarterly report that the new LED chip industry in the past few years has recently come to the end of the large-scale investment capacity release, but the new round of equipment investment boom is still starting again and rising, market price Irrational competition may continue, so the company is at risk of falling profitability due to continued product price declines.
In the same LED chip industry, Dehao Runda's net profit for the first three quarters of this year was 50.26 million yuan, a decrease of 56.45% over the same period of the previous year. The reasons for the decline in the company's net profit include a reduction in government subsidies and a substantial increase in financial expenses.
Lehman Optoelectronics, which is mainly engaged in LED packaging, was basically flat in the first three quarters of this year, but its net profit decreased by 39.11% year-on-year. The company increased its investment in the development of new business areas, human resources and new product research and development, resulting in a significant increase in the company's period expenses.
As an emerging industry, the LED industry has made remarkable progress in technology, rapid product upgrading, and the gradual decline in production costs and product prices. This is a general rule in the semiconductor component industry. However, the fierce and disorderly competition in the entire LED industry has clearly weakened the profitability of the company. Hongli Optoelectronics, which focuses on the packaging and product application of the LED lighting market, has a comprehensive gross profit margin of 9% decline in the first three quarters due to the effective release of production capacity, which also led to the company's revenue growth of 24.39%. Net profit decreased by 18.61% year-on-year.
Overall, the LED market has improved, and several companies have indicated an increase in sales of LED lighting products in the first three quarters of this year. Among the 14 listed companies whose net profit increased in the first three quarters, the largest increase in net profit was Silan (600460) and Weiwei (300317), which were 405% and 228% respectively.
Silan's net profit for the first three quarters was 78.29 million yuan, but the investment income contributed a lot to the company's performance. During the period, the company's investment income increased by 5.41 times compared with the same period of the previous year, and the absolute amount increased by 45.356 million yuan, which was due to the increase in net profit of the joint venture Youwang Electronics Co., Ltd. and the increase in investment income from the sale of available-for-sale financial assets. At the same time, the company's LED products gross margin decreased by 3.85 percentage points compared with the same period of last year, the reduction has narrowed compared with the first half of this year. With the further improvement of the production capacity of Silan Mingxin LED chips, the gross profit margin of the company's LED products is further improved.
In the first three quarters of the company, the net profit increased significantly. In addition to the increase in net income, the increase in sales revenue was also related to the lower net profit base in the same period last year. In the first three quarters of last year, the company's net profit was only 3.42 million yuan.
Industry leader Sanan Optoelectronics (600703) achieved operating income of 2.632 billion yuan in the first three quarters of this year, up 11.86% year-on-year; net profit was 760 million yuan, up 14% year-on-year, net profit after deduction was 645 million yuan, up 59.95% year-on-year The earnings per share was 0.53 yuan, fully enjoying the rebound in the industry's prosperity. The company's third-quarter single-quarter revenue was 957 million yuan, down 2.48% year-on-year; net profit was 298 million yuan, up 48.42% year-on-year; net profit after deduction was 243 million yuan, up 139.17% year-on-year.
In the third quarter, Sanan Optoelectronics' gross profit margin was 34.86%, which was the same as that of the previous quarter and increased by 16.1 percentage points from the same period of the previous year. However, due to the decline in street lighting revenues with high gross profit margins in the third quarter of more than 50 million yuan, this means that the chip gross margin has risen steadily. The quality of the company's financial statements is constantly improving, and the dependence on subsidies and street lights is declining.
For the future trend of the LED industry, the industry is more optimistic. "In the fourth quarter of this year, the overall output value of the LED industry will increase by about 20%, and the annual output value of LED indoor lighting will increase by 110% compared with last year." Dr. Zhang Xiaofei of the High-tech LED Industry Research Institute said, "The growth rate of LED indoor lighting output will be next year." It will gradually slow down and is expected to remain at around 60%, mainly due to the increasing base of the indoor lighting market.
According to statistics of high-tech LEDs, the overall development of the LED industry has been better than expected since the beginning of this year. From the perspective of corporate profitability, 79.3% of enterprises reported that the second-quarter profitability was flat or better than the previous quarter; 84.6% of the companies reported that the sales volume of products in the second quarter was flat or better than that of the previous quarter, while 82.9% of the companies expected sales in the third and fourth quarters to be better than the same period last year.
However, although the LED industry is promising in the coming years, the disharmony in the development of the industry is still worthy of vigilance. Lack of industry standards, disorderly competition, abuse of price wars, etc. have been plaguing the development of this industry. It can be expected that in the rapid growth of the LED industry in the next few years, the pace of industrial integration will accelerate, and most SMEs will be eliminated by fierce market competition in the next two years. The weak meat is the general trend.
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20 LED companies' net profit increased by 6% in the first three quarters. The industry is optimistic about Q4 output value.
The third quarterly report of the LED sector was disclosed as scheduled. According to statistics, 20 listed companies in the Shenwan LED industry achieved a total operating income of 14.195 billion yuan in the first three quarters of this year, up 20% from the 11.81 billion yuan in the first three quarters of last year; achieving a net profit attributable to shareholders of the parent company. 100 million yuan, an increase of 6% compared with 1.59 billion yuan in the first three quarters of last year. Overall, the listed companies in the LED sector listed in the first three quarters of this year's net profit growth level is lower than the revenue growth level, industry price wars, period costs and government subsidies are reduced, which is an important reason for LED companies to increase revenues.