Energy-saving subsidies step into the end of the LED industry into a deformed development


As the first round of energy-saving subsidy policy in the mainland came to an end, and the LED backlight penetration rate approached saturation, the chip production capacity was oversupply. The LED industry reported thin and fat in the last quarter, and the top five wafer fabs all paid out the loss report, and the packaging factory performed generally. Outperformed the wafer factory, Everlight earned a new high in the first quarter of the season, with the first three quarters profiting and earnings per share.
LED chips are still in the stage of oversupply, ASP continues to fall, and crystal power is expected to see a balance between supply and demand in the second quarter of next year. The third season coincides with the end of the mainland energy conservation subsidy policy, impacting the performance of the wafer factory last quarter. Chip factories such as Electric Power, Yuyuan, Dingyuan, Huashang, and New Century all suffered losses.
Energy-saving subsidies are close to the end of the development of the LED industry. From the perspective of gross profit margin, the gross loss rate of Huayuan and Huashang reached 20.68 and 60.35, and the loss in the single quarter was 435 million yuan (NTD, the same below), and the net loss per share after tax was 0.91. Yuan, the accumulated loss of 901 million yuan in the first three quarters, net loss per share of 1.89 yuan; Huashang due to the rectification period, resulting in a loss of 76.33 million yuan in the previous quarter, the accumulated loss of 316 million yuan in the first three quarters, net after tax per share Loss of 1.17 yuan.
In the last quarter, Jingdian received more than 300 million yuan of financial liabilities to evaluate losses, resulting in a loss of earnings from profit to profit. In the first three quarters, only a small profit of $14 million was earned. The net profit per share was 0.02 yuan after tax, which was in the first three quarters. The only profitable chip factory, with a gross margin of 16.09, also advanced all wafer fabs.
LED packaging factory performance is mostly better than the wafer factory, in which billion light profit last quarter reached 497 million yuan, the profit rate increased by 29.4, the annual growth rate was as high as 102, in addition to the slow increase of LED lighting penetration rate, Yiguang began to recognize the revenue of the street lamp and the revenue of the German lighting factory WOFI, which caused the revenue to rise on a large scale. The main reason is that in the first three quarters of this year, Yiguang has achieved a profit of 1.103 billion yuan. Far more than last year's full-year profit, the net profit per share after tax is 2.63 yuan, which is also the highest in the industry.

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