Text / High-tech LED Industry Research Institute (GLII)
According to the statistics of the High-tech LED Industry Research Institute, in the first half of 2011, China's LED listed companies performed well, and the overall performance was far superior to Taiwan's peer listed companies. In the first half of 2011, LED related sales of 11 major LED listed companies in China totaled 3.3 billion yuan, a year-on-year increase of 38.68%.
In the case that the overall demand for LCD TVs is sluggish, the demand for backlights is weak, and the lighting market has not yet fully started, the overall performance of major domestic LED listed companies is good but still not as expected, and the progress of many companies' production is delayed. Even though the industry boom began to pick up in the fourth quarter, product prices continued to move downwards. In the second half of 2011, the revenue and profitability of listed companies will face a more severe test.
China's LED listed companies' competitiveness ranking in the first half of 2011
Data range description:
Time range: first half of 2011
Enterprise scope: The output value of LED related products of all listed companies, the first half of the output value of less than 100 million yuan does not participate in the ranking
Indicator description:
Basis for evaluation of scale growth indicators: LED sales scale, sales scale growth rate Profitability index evaluation basis: net profit attributable to shareholders of listed companies, net profit growth, gross profit margin, net interest rate, weighted average net after deducting non-recurring gains and losses Evaluation basis of asset return rate and earnings per share development potential indicators: new investment amount, planned scale, actual investment situation, product line industry development speed, technology development level evaluation, corporate strategy, enterprise marketing capability scale growth index, profitability indicator During the first half of 2011, the span of development potential indicators spanned from the past three years to the next three years.
Scoring description: Calculated according to the enterprise evaluation model established by the High-tech LED Industry Research Institute
NO.1 Sanan Optoelectronics
Sanan Optoelectronics has a comprehensive score of 91, ranking first. The main reason is that the company ranks first in terms of scale and development potential. At the same time, under the government's subsidies, the financial data also showed good profitability. It is expected that government subsidies will still have a major impact on earnings performance in the next 1-2 years. In the first half of 2011, Sanan Optoelectronics achieved operating income of 719 million yuan, a year-on-year increase of 97.38%, operating profit of 189 million yuan, an increase of 55.89%, and basic earnings per share of 0.32 yuan. The main reason for the increase in revenue was that Sanan received a huge government subsidy of 593 million yuan during the reporting period. After deducting non-recurring gains and losses, Sanan achieved a net profit of 156 million yuan in the first half of the year, a year-on-year increase of 57.26%. Affected by the decline in the price of blue-green optical chips and the significant increase in the company's depreciation expenses, Sanan's comprehensive gross profit margin in the first half of the year fell 10.2% year-on-year. In the second half of the year, with the completion of MOCVD commissioning in Wuhu area, Sanan's production capacity will enter the stage of centralized release, creating conditions for further growth of its main business income. Finally, thanks to the large capital reserves and inputs far above the peers, its long-term development potential is worth looking forward to.
NO.2 Dry Photoelectric
Dry photo photoelectric competitiveness scored 87 points, ranking second. Dry photos have better profitability, but are subject to the current stage of dry lighting, so the overall performance in the first half of the year ranked second. The main business of Ganzhao Optoelectronics is high-brightness quaternary red, yellow LED epitaxial wafers and chips, three-junction GaAs solar cell epitaxial wafers and chips. In the first half of 2011, Ganzhao achieved sales income of 182 million yuan, a year-on-year increase of 40.27%, net profit of 87.87 million yuan, an increase of 45.68%, basic earnings per share of 0.3 yuan, operating conditions in line with expectations. The increase in revenue was mainly attributable to the expansion of the production capacity of the red and yellow LED chips of Zhanzhao, and the downstream demand was strong. In addition, the entire market has less new capacity for red and yellow light, and the product price is relatively stable. In the second half of the year, Yangzhou base equipment will be put into production gradually, and the dry lighting capacity will enter the stage of accelerated release, which will provide guarantee for the growth of dry lighting performance. However, the field of dry-light solar cells is still in the early stage of development. From the current situation, its development potential score is not outstanding.
NO.3 Hongli Photoelectric
Hongli Optoelectronics has a comprehensive score of 84 points and ranks third. Hongli is in a period of rapid development at this stage. Although the scale is still small, the good development potential is the most important reason for its ranking. Hongli Optoelectronics is principally engaged in the R&D, production and sales of LED devices and their application products. In the first half of 2011, Hongli achieved operating income of 273 million yuan, a year-on-year increase of 36.73%, net profit of 37.18 million yuan, an increase of 26.10%, and a corresponding diluted earnings per share of 0.30 yuan. The revenue and profit growth of Hongli is mainly due to the good demand in the LED lighting market, and the growth rate of net profit is lower than the growth rate of total profit. The main reason is that Hongli will calculate and pay the enterprise income tax rate according to 25% before obtaining high-tech enterprises. Lee once again passed the high-tech enterprise audit, the annual income tax rate will be reduced to 15%. As a leading manufacturer of white LEDs, Hongli has already been involved in LED lighting applications and will benefit from the rapid development of the LED lighting industry in the future.
According to the statistics of the High-tech LED Industry Research Institute, in the first half of 2011, China's LED listed companies performed well, and the overall performance was far superior to Taiwan's peer listed companies. In the first half of 2011, LED related sales of 11 major LED listed companies in China totaled 3.3 billion yuan, a year-on-year increase of 38.68%.
In the case that the overall demand for LCD TVs is sluggish, the demand for backlights is weak, and the lighting market has not yet fully started, the overall performance of major domestic LED listed companies is good but still not as expected, and the progress of many companies' production is delayed. Even though the industry boom began to pick up in the fourth quarter, product prices continued to move downwards. In the second half of 2011, the revenue and profitability of listed companies will face a more severe test.
China's LED listed companies' competitiveness ranking in the first half of 2011
Data range description:
Time range: first half of 2011
Enterprise scope: The output value of LED related products of all listed companies, the first half of the output value of less than 100 million yuan does not participate in the ranking
Indicator description:
Basis for evaluation of scale growth indicators: LED sales scale, sales scale growth rate Profitability index evaluation basis: net profit attributable to shareholders of listed companies, net profit growth, gross profit margin, net interest rate, weighted average net after deducting non-recurring gains and losses Evaluation basis of asset return rate and earnings per share development potential indicators: new investment amount, planned scale, actual investment situation, product line industry development speed, technology development level evaluation, corporate strategy, enterprise marketing capability scale growth index, profitability indicator During the first half of 2011, the span of development potential indicators spanned from the past three years to the next three years.
Scoring description: Calculated according to the enterprise evaluation model established by the High-tech LED Industry Research Institute
NO.1 Sanan Optoelectronics
Sanan Optoelectronics has a comprehensive score of 91, ranking first. The main reason is that the company ranks first in terms of scale and development potential. At the same time, under the government's subsidies, the financial data also showed good profitability. It is expected that government subsidies will still have a major impact on earnings performance in the next 1-2 years. In the first half of 2011, Sanan Optoelectronics achieved operating income of 719 million yuan, a year-on-year increase of 97.38%, operating profit of 189 million yuan, an increase of 55.89%, and basic earnings per share of 0.32 yuan. The main reason for the increase in revenue was that Sanan received a huge government subsidy of 593 million yuan during the reporting period. After deducting non-recurring gains and losses, Sanan achieved a net profit of 156 million yuan in the first half of the year, a year-on-year increase of 57.26%. Affected by the decline in the price of blue-green optical chips and the significant increase in the company's depreciation expenses, Sanan's comprehensive gross profit margin in the first half of the year fell 10.2% year-on-year. In the second half of the year, with the completion of MOCVD commissioning in Wuhu area, Sanan's production capacity will enter the stage of centralized release, creating conditions for further growth of its main business income. Finally, thanks to the large capital reserves and inputs far above the peers, its long-term development potential is worth looking forward to.
NO.2 Dry Photoelectric
Dry photo photoelectric competitiveness scored 87 points, ranking second. Dry photos have better profitability, but are subject to the current stage of dry lighting, so the overall performance in the first half of the year ranked second. The main business of Ganzhao Optoelectronics is high-brightness quaternary red, yellow LED epitaxial wafers and chips, three-junction GaAs solar cell epitaxial wafers and chips. In the first half of 2011, Ganzhao achieved sales income of 182 million yuan, a year-on-year increase of 40.27%, net profit of 87.87 million yuan, an increase of 45.68%, basic earnings per share of 0.3 yuan, operating conditions in line with expectations. The increase in revenue was mainly attributable to the expansion of the production capacity of the red and yellow LED chips of Zhanzhao, and the downstream demand was strong. In addition, the entire market has less new capacity for red and yellow light, and the product price is relatively stable. In the second half of the year, Yangzhou base equipment will be put into production gradually, and the dry lighting capacity will enter the stage of accelerated release, which will provide guarantee for the growth of dry lighting performance. However, the field of dry-light solar cells is still in the early stage of development. From the current situation, its development potential score is not outstanding.
NO.3 Hongli Photoelectric
Hongli Optoelectronics has a comprehensive score of 84 points and ranks third. Hongli is in a period of rapid development at this stage. Although the scale is still small, the good development potential is the most important reason for its ranking. Hongli Optoelectronics is principally engaged in the R&D, production and sales of LED devices and their application products. In the first half of 2011, Hongli achieved operating income of 273 million yuan, a year-on-year increase of 36.73%, net profit of 37.18 million yuan, an increase of 26.10%, and a corresponding diluted earnings per share of 0.30 yuan. The revenue and profit growth of Hongli is mainly due to the good demand in the LED lighting market, and the growth rate of net profit is lower than the growth rate of total profit. The main reason is that Hongli will calculate and pay the enterprise income tax rate according to 25% before obtaining high-tech enterprises. Lee once again passed the high-tech enterprise audit, the annual income tax rate will be reduced to 15%. As a leading manufacturer of white LEDs, Hongli has already been involved in LED lighting applications and will benefit from the rapid development of the LED lighting industry in the future.
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