Yesterday (February 27), as the first listed company in Shenzhen LED industry, Lehman Optoelectronics (300162, SZ) released the 2013 performance report, the company achieved a total operating income of 351 million yuan last year, an increase of 10.91%, net The profit was 17.737 million yuan, down 23.27% year-on-year. This is the third year since Lehman Optoelectronics entered the A-share market in 2010.
As for the reason for the decline in net profit, the company said that the increase in expenses during the reporting period and the loss of Lehman Media, a wholly-owned subsidiary, caused a drop in profits.
Li Mantel, chairman of Lehman Optoelectronics, said in an interview with the "Daily Economic News" yesterday that it is expected to have good performance in 2014.
Net profit continues to decline
In addition to the decline in net profit indicators, the performance report shows that in 2013 Lehman Opto's operating profit fell by 46.35%, total profit fell by 14.10%.
The company explained that during the reporting period, the company increased its investment in new markets and new product research and development, and the labor cost continued to rise. Lehman Media, a wholly-owned subsidiary of the company, was in the investment period, with a large investment in the previous period. 6 million yuan.
The company also said that as the fundraising project was fully completed last year, the production and operation costs increased significantly. In addition, the sales return is not as expected, and the provision for impairment of assets such as bad debts is increased accordingly.
The reporter found that if 2010 is the midpoint when Lehman Optoelectronics was listed, the net profit before and after listing will be connected in a straight line and it will be inverted "V".
The reporter consulted the Lehman Optoelectronics calendar year announcement and got such a set of data: In 2007, the company's net profit was 16.8617 million yuan, and by 2009 the net profit soared to 21,417,900 yuan. In the year of listing in 2010, the net profit reached 38.876 million yuan. Then it began to decline. In 2011, Lehman Optoelectronics' net profit fell to 33.109 million yuan, and in 2012 it was 22.6491 million yuan. By 2013, the net profit was only 17.3777 million yuan.
The sharp decline in gross profit is one of the direct reasons for the continued decline in Lehman's net profit. Among them, the product with the largest decline in gross profit margin is the in-line LED device, which fell from 40.65% in 2010 to 14.71% in the first half of last year. The slow growth of sales of major products has also laid a hidden worry for Lehman Optoelectronics.
At the time of its launch in 2010, Lehman Opto's packaging business (inline devices, chip devices) accounted for more than 60% of sales, but by 2011, the revenue growth of these two products is not obvious. In 2012, revenues of the two products fell by 30.82% and 4.05% respectively. In this year, the company's display business revenue exceeded the packaging business.
The alleged capacity expansion is too slow
Zheng Liyao, deputy director of the High-tech LED Industry Research Institute, said in an interview with the "Daily Economic News" that the capacity expansion of Lehman Optoelectronics' main business is too slow, which is the main reason for the company's performance in recent years. Due to the small production capacity and the lack of scale, the company faces fierce competition.
Zheng Liyao said that in LED devices, Lehman Optoelectronics' positioning is a high-end route, but now international brands, such as Philips, Osram and other giants, product prices are fast. At the same time, other packaging companies in the domestic market have also enriched the middle and high-end products.
In the field of display screens, market share is also gradually concentrated in large enterprises, because the product returns slowly, the account period is long, and large enterprises have more advantages.
A person in the LED industry who asked not to be named said that the packaging industry is in the middle of the industry chain. At present, the price of LED products has dropped sharply. The packaging companies have been squeezed by the industrial chain and their profits are declining. Lehman Opto's plates are really small, with a small amount of money, and the impact on their profits will be obvious.
The person analyzed that, in fact, Lehman Optoelectronics is still in the investment stage. In the past few years, it sponsored the Super League, and then made the lamps. Now there is also a large investment in e-commerce, and these investments have not yet reached the harvest period.
The reporter found that from the perspective of sales scale, the volume of Lehman Optoelectronics is indeed faster than other companies' performance according to performance. Lehman Optoelectronics' revenue in 2013 was 350 million yuan, and its peer company Hongli Optoelectronics was 740 million yuan. Photoelectricity reached 1.14 billion yuan.
Li Mantie told reporters that the reasons for the phased decline in Lehman Optoelectronics' performance have been explained in the company's performance report. At present, Lehman Optoelectronics is carrying out the strategic layout of multiple business units, and the input and output are still not satisfactory. It is expected that there will be good performance in 2014.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
As for the reason for the decline in net profit, the company said that the increase in expenses during the reporting period and the loss of Lehman Media, a wholly-owned subsidiary, caused a drop in profits.
Li Mantel, chairman of Lehman Optoelectronics, said in an interview with the "Daily Economic News" yesterday that it is expected to have good performance in 2014.
Net profit continues to decline
In addition to the decline in net profit indicators, the performance report shows that in 2013 Lehman Opto's operating profit fell by 46.35%, total profit fell by 14.10%.
The company explained that during the reporting period, the company increased its investment in new markets and new product research and development, and the labor cost continued to rise. Lehman Media, a wholly-owned subsidiary of the company, was in the investment period, with a large investment in the previous period. 6 million yuan.
The company also said that as the fundraising project was fully completed last year, the production and operation costs increased significantly. In addition, the sales return is not as expected, and the provision for impairment of assets such as bad debts is increased accordingly.
The reporter found that if 2010 is the midpoint when Lehman Optoelectronics was listed, the net profit before and after listing will be connected in a straight line and it will be inverted "V".
The reporter consulted the Lehman Optoelectronics calendar year announcement and got such a set of data: In 2007, the company's net profit was 16.8617 million yuan, and by 2009 the net profit soared to 21,417,900 yuan. In the year of listing in 2010, the net profit reached 38.876 million yuan. Then it began to decline. In 2011, Lehman Optoelectronics' net profit fell to 33.109 million yuan, and in 2012 it was 22.6491 million yuan. By 2013, the net profit was only 17.3777 million yuan.
The sharp decline in gross profit is one of the direct reasons for the continued decline in Lehman's net profit. Among them, the product with the largest decline in gross profit margin is the in-line LED device, which fell from 40.65% in 2010 to 14.71% in the first half of last year. The slow growth of sales of major products has also laid a hidden worry for Lehman Optoelectronics.
At the time of its launch in 2010, Lehman Opto's packaging business (inline devices, chip devices) accounted for more than 60% of sales, but by 2011, the revenue growth of these two products is not obvious. In 2012, revenues of the two products fell by 30.82% and 4.05% respectively. In this year, the company's display business revenue exceeded the packaging business.
The alleged capacity expansion is too slow
Zheng Liyao, deputy director of the High-tech LED Industry Research Institute, said in an interview with the "Daily Economic News" that the capacity expansion of Lehman Optoelectronics' main business is too slow, which is the main reason for the company's performance in recent years. Due to the small production capacity and the lack of scale, the company faces fierce competition.
Zheng Liyao said that in LED devices, Lehman Optoelectronics' positioning is a high-end route, but now international brands, such as Philips, Osram and other giants, product prices are fast. At the same time, other packaging companies in the domestic market have also enriched the middle and high-end products.
In the field of display screens, market share is also gradually concentrated in large enterprises, because the product returns slowly, the account period is long, and large enterprises have more advantages.
A person in the LED industry who asked not to be named said that the packaging industry is in the middle of the industry chain. At present, the price of LED products has dropped sharply. The packaging companies have been squeezed by the industrial chain and their profits are declining. Lehman Opto's plates are really small, with a small amount of money, and the impact on their profits will be obvious.
The person analyzed that, in fact, Lehman Optoelectronics is still in the investment stage. In the past few years, it sponsored the Super League, and then made the lamps. Now there is also a large investment in e-commerce, and these investments have not yet reached the harvest period.
The reporter found that from the perspective of sales scale, the volume of Lehman Optoelectronics is indeed faster than other companies' performance according to performance. Lehman Optoelectronics' revenue in 2013 was 350 million yuan, and its peer company Hongli Optoelectronics was 740 million yuan. Photoelectricity reached 1.14 billion yuan.
Li Mantie told reporters that the reasons for the phased decline in Lehman Optoelectronics' performance have been explained in the company's performance report. At present, Lehman Optoelectronics is carrying out the strategic layout of multiple business units, and the input and output are still not satisfactory. It is expected that there will be good performance in 2014.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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