Taiwan's LED industry's thin and fat packaging factory outperformed the upstream wafer factory

This year, Taiwan's LED industry is difficult. However, under the rebound of LED lighting components shipments, Yiguang has grown profitably in the last quarter. The net profit per share after tax is 0.96 yuan (NTD, the same below), and accumulated in the first three quarters of this year. After the stock tax, the net profit is 3.01 yuan, which is a substantial profit for the rare LED industry. This year, Taiwan's LED industry is still thin and fat, and the packaging factory outperforms the upstream wafer factory.

Yiguang announced its third-quarter earnings report. The profit-making trend was stronger than that in the second quarter. The net profit after tax in the single quarter reached 410 million yuan, up 30% from the previous quarter and 42% year-on-year. The net profit per share after tax was 0.96 yuan. The combined gross profit margin reached 23.39%, which was also better than the 22.25% in the second quarter. The accumulated profit of the first three quarters of this year reached 1.285 billion yuan, a 20% decline from the same period of last year, and the net profit per share after tax was 3.01 yuan. It is the profit-making king of the LED industry, and it is also one of the few LED factories that have substantial profits.

Foreign brokers believe that Everlight's exchange earnings of 108 million yuan in the previous quarter made the net profit after tax per share in line with expectations. It is estimated that Yiguang's operating performance is expected to be flat this quarter, and the annual earnings per share forecast may not be corrected. 4 yuan, slightly lower than the estimate at the beginning of this year.

In May of this year, North American brand manufacturers began to compete for price wars, and the price of LED lighting was impacted. In order to meet the trend, the supply chain responded to the new version and shocked the operating performance of the previous quarter. The major Taiwan LED manufacturers announced the third quarter earnings report, single season. The operating performance is different. The LED packaging factory generally enjoys a small profit. The wafer factory has a low utilization rate, which affects the crystal loss rate of the crystal electricity to 5.18%, and the deficit is thus widened.

In the previous quarter, Jingdian's gross profit margin and profitability ratio both experienced deficits, with a gross loss rate of 5.18% and a loss rate of 20.15%. Both of them expanded compared with the second quarter. The net loss after tax in the single quarter was 1.035 billion yuan. Loss of 0.96 yuan; cumulative net loss after tax for the first three quarters of this year was 359 million yuan, and net loss per share after tax was 0.33 yuan.

The foreign investment circle believes that the loss rate of the third quarter of Jingdian was higher than expected, mainly due to the price drop, low utilization rate, and the pressure to destroy the inventory after the merger, while the recovery in the fourth quarter is still weak, expected crystal Electricity this quarter, the quarter-to-quarter revenue was reduced by 7%, and it has a conservative view on Taiwan's LED industry block.

As for the packaging factory, it barely managed to keep profit. Dongbei’s net profit after tax in the last quarter was 61.37 million yuan, a slight decline from the 64 million yuan in the second quarter, and also a decrease from the 283 million yuan in the same period last year. After the share tax, the net profit was 0.2 yuan. The accumulated profit of Dongbei in the first three quarters of this year reached 189 million yuan, and the net profit after tax per share was 0.6 yuan.