Ruifeng Optoelectronics Research Report: Deterministic performance, strong transformation, turning point

Although TV sales continued to decline in the first half of the year, which affected the large and medium-sized backlights, Ruifeng Optoelectronics, a large-size backlight giant in China, did not seem to be affected.

Ruifeng Optoelectronics achieved revenue of 460 million yuan in the first half of 2015, a year-on-year increase of 13%; net profit of returning home was 21.66 million yuan, up 3% year-on-year; net profit of non-home return was 18.09 million yuan, up 9% year-on-year.

The lighting LED market continued to expand, and the company actively expanded cooperation with well-known domestic and foreign companies, achieving a rapid growth of 18%. By developing new mid-size and large-size backlight LED customers, revenues maintained a small increase of 4%. Gross profit margin decreased by 2% year-on-year during the reporting period, mainly due to fierce competition in the LED lighting market and the decline in the price of lighting LED products.

Automotive application LED performance is outstanding, development can be expected

In the first half of 2015, the company's automotive application LED business realized revenue of 4.84 million yuan, a year-on-year increase of 165%, and a gross profit margin of 52%.

With the increase in the proportion of automotive LED business, the company's profitability will be further improved. At the same time, the company is actively looking for investment targets in the field of LED lights, and it is expected to accelerate the completion of automotive electronics "LED source - LED automotive module - LED car through extension of mergers and acquisitions" The industrial chain layout of the lamp.

Backlight and lighting LED business grows steadily, and locks up large customers

At present, medium and large-size backlight LED and LED lighting products are still the company's main products, maintaining steady growth. Although the TV backlight LED market has matured, the company has maintained in-depth cooperation with heavyweight customers such as Konka and Changhong. In June this year, it raised the matching funds to TCL, with a lock-up period of three years. Therefore, the company’s original backlight business has The basic resources for stable growth.

In the field of LED lighting products, downstream demand continues to increase, and the company's shareholding in June this year, China Unicom Weiyi officially cut into the smart home industry chain, and has already launched intelligent lighting products.

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