[Source: "High-tech LED - Research and Review" October issue GLII]
â— In the first three quarters of 2012, Ruifeng Optoelectronics' large-size backlight LED business revenue was 166 million yuan. For the first time, the lighting LED business became the company's main source of income. The revenue of medium and large-size backlight LED business accounted for 12.81% of the total revenue in 2009. Increased to 48.90% in the first three quarters of 2012, the compound annual growth rate reached 115.89%, the LED TV penetration rate increased significantly, the large customer demand growth and seasonal factors were the main factors.
â— In 2011, the proportion of the largest proportion of lighting LED packaging business in revenue declined, but it still maintained steady growth. In the first three quarters of 2012, the company's lighting LED packaging business revenue was 143 million yuan, and the compound annual growth rate since 2009 reached 23.23%. Compared with other listed LED packaging companies in China, the development is relatively stable.
â— Ruifeng Optoelectronics Co., Ltd. Konka Group's purchase volume in 2012 has increased significantly. This year, Ruifeng Optoelectronics will purchase about 40% of the annual LED demand. It is estimated that the annual purchase will exceed 90 million yuan.
â— The High-Tech Industrial Research Institute (GLII) expects that the revenue of large-size backlight LED business in Ruifeng Optoelectronics will continue to maintain the third-quarter level or even a small increase in the fourth quarter. The company's annual large-size backlight LED business revenue is 2.2- Between 240 million. Ruifeng Optoelectronics will have a revenue of 2-220 million yuan in lighting LED packaging this year, with a year-on-year growth rate of more than 30%.
â— GLII believes that although the large-size backlight LED business in Ruifeng Optoelectronics has continued to grow rapidly in the past three years, the downstream LED TV market penetration rate has exceeded 60%. In the future, the growth of backlight LED business will face bottlenecks, and the growth rate will decline; The penetration rate of LED general lighting market is still less than 7%. In the future, the company's lighting LED packaging business space is broader and more sustainable.
The net profit growth in the first three quarters has been significantly reversed
Ruifeng Optoelectronics' net profit growth in the first three quarters of this year has been significantly reversed (Figure 1). Net profit in the first quarter decreased by 50.91% year-on-year. Net profit in the first half of the year was basically flat year-on-year. Net profit in the first three quarters increased by 30.47% year-on-year. The main reasons for achieving such a large reversal are as follows:
â— The medium and large size backlight LED business continued to expand;
â— The lighting LED packaging business is developing steadily.
Figure 1 Ruifeng Optoelectronics 2012 Q1-Q3 net profit changes
Figure 2 Quarterly revenue of Ruifeng Optoelectronics 2010-2012Q3
Figure 3 2009-2012Q3 Ruifeng Optoelectronics operating income and year-on-year growth rate
â— In the first three quarters of 2012, Ruifeng Optoelectronics' large-size backlight LED business revenue was 166 million yuan. For the first time, the lighting LED business became the company's main source of income. The revenue of medium and large-size backlight LED business accounted for 12.81% of the total revenue in 2009. Increased to 48.90% in the first three quarters of 2012, the compound annual growth rate reached 115.89%, the LED TV penetration rate increased significantly, the large customer demand growth and seasonal factors were the main factors.
â— In 2011, the proportion of the largest proportion of lighting LED packaging business in revenue declined, but it still maintained steady growth. In the first three quarters of 2012, the company's lighting LED packaging business revenue was 143 million yuan, and the compound annual growth rate since 2009 reached 23.23%. Compared with other listed LED packaging companies in China, the development is relatively stable.
â— Ruifeng Optoelectronics Co., Ltd. Konka Group's purchase volume in 2012 has increased significantly. This year, Ruifeng Optoelectronics will purchase about 40% of the annual LED demand. It is estimated that the annual purchase will exceed 90 million yuan.
â— The High-Tech Industrial Research Institute (GLII) expects that the revenue of large-size backlight LED business in Ruifeng Optoelectronics will continue to maintain the third-quarter level or even a small increase in the fourth quarter. The company's annual large-size backlight LED business revenue is 2.2- Between 240 million. Ruifeng Optoelectronics will have a revenue of 2-220 million yuan in lighting LED packaging this year, with a year-on-year growth rate of more than 30%.
â— GLII believes that although the large-size backlight LED business in Ruifeng Optoelectronics has continued to grow rapidly in the past three years, the downstream LED TV market penetration rate has exceeded 60%. In the future, the growth of backlight LED business will face bottlenecks, and the growth rate will decline; The penetration rate of LED general lighting market is still less than 7%. In the future, the company's lighting LED packaging business space is broader and more sustainable.
The net profit growth in the first three quarters has been significantly reversed
Ruifeng Optoelectronics' net profit growth in the first three quarters of this year has been significantly reversed (Figure 1). Net profit in the first quarter decreased by 50.91% year-on-year. Net profit in the first half of the year was basically flat year-on-year. Net profit in the first three quarters increased by 30.47% year-on-year. The main reasons for achieving such a large reversal are as follows:
â— The medium and large size backlight LED business continued to expand;
â— The lighting LED packaging business is developing steadily.
Figure 1 Ruifeng Optoelectronics 2012 Q1-Q3 net profit changes
Figure 2 Quarterly revenue of Ruifeng Optoelectronics 2010-2012Q3
Figure 3 2009-2012Q3 Ruifeng Optoelectronics operating income and year-on-year growth rate
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