Hangzhou Silan Microelectronics Semiconductor "morale" high LED product profitability
The release date：2014-09-13 10:40 source：http://www.amlifecn.com Click on the：
OFweek semiconductor lighting network Shilan micro recently released annual report in 2014, the first half revenue was 871000000 yuan, a year-on-year growth of 16.64%, attributable to shareholders of the listing Corporation's net profit of 61550000 yuan, a year-on-year growth of 65.80%. The EPS=0.05 element. Among them, the 2 quarter revenue 493000000 yuan, a year-on-year growth of 11.46%, growth of 30.32% qoq. Attributable to shareholders of the listing Corporation's net profit of 40820000 yuan, a year-on-year growth of 27.86%, growth of 96.96% qoq. The EPS=0.03 element. The second half of 2014 is expected to achieve operating income 1129000000 yuan, is expected full year 2014 operating income 2000000000 yuan (more than 22% growth in 2013).
Comment.
Main financial index: 2 quarter revenue 493000000 yuan, a year-on-year growth of 11.46%, growth of 30.32% qoq. Mainly due to the main business continued to maintain a stable and growing trend, further enhance the business performance. Gross margin of 28.05%, up slightly. Rate of 22.69% the cost of three, annulus comparing decline 2.2 points or so, mainly is the decline in the rate of cost of sales and administrative expenses rate. Inventory turnover is 150 days, the chain fell 29 days, rise compared to the same period 16 days l LED drive IC business growth: integrated circuits to achieve revenue 300000000 Yuan, representing a 13.09% increase over the same period last year. The company integrated circuit business back up channel, is the company's long-term to adhere to the IDM (integrated design and manufacturing) mode, insist on the differences, the strategy of brand development results. The first half of 2014, mainly from LED lighting integrated circuit operating income growth of the driving circuit of rapid growth in the shipment. In the future, along with the IPM (intelligent power module), the amount of new products on the MEMS sensor, the company integrated circuit sales will continue to maintain growth.
Vigorously develop the power of finished products, remarkable results: to achieve revenue 229000000 yuan discrete device chip, compared with the same period last year decreased by 9.29%, the power device products achieved sales of 150000000 yuan, representing a 26.04% increase over the same period last year. The main reason for discrete device chip operating income over the same period last year decline is: company to vigorously develop the power device product business, a corresponding reduction in the discrete device chip sales. In the future, with the amount of IGBT and other new products, the company power device finished revenues will further enhance. The first half of 2014, the company's subsidiary, Silan integrated company in the cost control, quality improvement, further progress to improve the delivery of safe production, etc., chip output reached 860000 pieces, an increase of 19.44% over the same period last year; the company's subsidiary, Chengdu Silan company silicon epitaxial workshop has been put into trial production, achieve operating income 9980000 yuan, this has created favorable conditions for promoting the "Chengdu. The first phase project of". At present, the company has embarked on the packaging business power module and power devices of the finished product in chengdu.
The LED chip and the product profitability: LED chip and finished products to achieve revenue 120000000 yuan respectively, 60000000 yuan, respectively, compared with the same period last year grew 68.03% and 145.56%, the LED chip and the product gross margin respectively compared to the same period last year increased by 29.83 percentage points and 15.31 percentage points, a subsidiary company and Shilanmingxin music card companies have been achieved profitability. The first half of 2014, with the release of production capacity, the competitive advantage of Companies in high-end color pixel Meika Music device market consolidation, and further enhance the brand image. The first half of 2014, Shilanmingxin companies have started the expansion of production plants, the future will further enhance the LED chip production capacity.
Integrated circuit to restore good growth, LED track, new R & D bright: LED drive circuit and IGBT as the representative to the power device products and intelligent power module products is the main point of growth. LED chip and package have crossed the breakeven point, this year will reflect the higher elasticity, Meika Music drive chip sales of high-end brand future. MEMS R & D results, three axis acceleration sensor and the three axis magnetic sensor has been pushed to the market, three axis gyro and the air pressure sensor will be rolled out in succession, in mobile intelligent terminal and wearable products layout lead.
Profit forecasts and investment advice: we maintain company 2014-2016 year profit forecast to 0.16 yuan, 0.25 yuan and 0.34 yuan, to maintain "overweight" investment rating.
Risk tip: macro economic situation caused by the overall economic downturn risk electronic industry; new product markets, lower than expected, the risk of failure to timely introduction of new customers and supply system; industry competition caused by the risk of product price and product gross margin decline.
Comment.
Main financial index: 2 quarter revenue 493000000 yuan, a year-on-year growth of 11.46%, growth of 30.32% qoq. Mainly due to the main business continued to maintain a stable and growing trend, further enhance the business performance. Gross margin of 28.05%, up slightly. Rate of 22.69% the cost of three, annulus comparing decline 2.2 points or so, mainly is the decline in the rate of cost of sales and administrative expenses rate. Inventory turnover is 150 days, the chain fell 29 days, rise compared to the same period 16 days l LED drive IC business growth: integrated circuits to achieve revenue 300000000 Yuan, representing a 13.09% increase over the same period last year. The company integrated circuit business back up channel, is the company's long-term to adhere to the IDM (integrated design and manufacturing) mode, insist on the differences, the strategy of brand development results. The first half of 2014, mainly from LED lighting integrated circuit operating income growth of the driving circuit of rapid growth in the shipment. In the future, along with the IPM (intelligent power module), the amount of new products on the MEMS sensor, the company integrated circuit sales will continue to maintain growth.
Vigorously develop the power of finished products, remarkable results: to achieve revenue 229000000 yuan discrete device chip, compared with the same period last year decreased by 9.29%, the power device products achieved sales of 150000000 yuan, representing a 26.04% increase over the same period last year. The main reason for discrete device chip operating income over the same period last year decline is: company to vigorously develop the power device product business, a corresponding reduction in the discrete device chip sales. In the future, with the amount of IGBT and other new products, the company power device finished revenues will further enhance. The first half of 2014, the company's subsidiary, Silan integrated company in the cost control, quality improvement, further progress to improve the delivery of safe production, etc., chip output reached 860000 pieces, an increase of 19.44% over the same period last year; the company's subsidiary, Chengdu Silan company silicon epitaxial workshop has been put into trial production, achieve operating income 9980000 yuan, this has created favorable conditions for promoting the "Chengdu. The first phase project of". At present, the company has embarked on the packaging business power module and power devices of the finished product in chengdu.
The LED chip and the product profitability: LED chip and finished products to achieve revenue 120000000 yuan respectively, 60000000 yuan, respectively, compared with the same period last year grew 68.03% and 145.56%, the LED chip and the product gross margin respectively compared to the same period last year increased by 29.83 percentage points and 15.31 percentage points, a subsidiary company and Shilanmingxin music card companies have been achieved profitability. The first half of 2014, with the release of production capacity, the competitive advantage of Companies in high-end color pixel Meika Music device market consolidation, and further enhance the brand image. The first half of 2014, Shilanmingxin companies have started the expansion of production plants, the future will further enhance the LED chip production capacity.
Integrated circuit to restore good growth, LED track, new R & D bright: LED drive circuit and IGBT as the representative to the power device products and intelligent power module products is the main point of growth. LED chip and package have crossed the breakeven point, this year will reflect the higher elasticity, Meika Music drive chip sales of high-end brand future. MEMS R & D results, three axis acceleration sensor and the three axis magnetic sensor has been pushed to the market, three axis gyro and the air pressure sensor will be rolled out in succession, in mobile intelligent terminal and wearable products layout lead.
Profit forecasts and investment advice: we maintain company 2014-2016 year profit forecast to 0.16 yuan, 0.25 yuan and 0.34 yuan, to maintain "overweight" investment rating.
Risk tip: macro economic situation caused by the overall economic downturn risk electronic industry; new product markets, lower than expected, the risk of failure to timely introduction of new customers and supply system; industry competition caused by the risk of product price and product gross margin decline.
