Benefiting from the demand for blue LED / quaternary red LED, crystal power Q2 will meet the peak season

LED chip makers have recently benefited from the blue-light LED market, and the four-element red LED shipments continue to grow. In the fourth quarter of last year, the revenue decreased by 4%, but the annual growth rate reached 7%. Although the revenue will be cooled due to the impact of the Lunar New Year holiday, it is expected to gradually pick up after March, and the second season will have the opportunity to enter the peak season.

Looking forward to 2017, the outside world is optimistic about the operation of Jingdian this year. The main reason is that mainland manufacturers have increased the price of some specifications of blue LED die, which will help the blue LED market temporarily stabilize. At the same time, the company continues to expand its high-end product business, including CSP unpackaged chips, Flip chip flip-chip products, etc., which are also beneficial to the product structure.

At present, Jingdian is not only the world's top three blue LED chip suppliers, but also the largest quaternary red LED chip supplier. Recently, the quaternary LED demand is heating up, which improves the utilization rate, optimizes the product mix, and improves the gross profit margin. Should have positive benefits. As the company gradually expands its quaternary LED production capacity, the legal person estimates that the revenue of Quaternary LED has reached more than 20% last year, and this year has the opportunity to climb to 30%.

Jingdian is a LED epitaxial/chip manufacturer, which is used in panel backlights, lighting, LED signage, automotive lighting and other niche markets. The factories are located in Hsinchu, Miaoli and Tainan, Taiwan, and in Changzhou, Shenzhen and Xiamen in mainland China.

Affected by industrial adjustment, Jingdian continued to lose money from the second quarter of 2015 to the second quarter of 2016. With the expansion of the industry's expansion, the market order stabilized, coupled with the company's capacity adjustment, product mix optimization, quaternary LED The proportion increased, and the gross profit margin in the third quarter of 2016 turned positive to more than 13%, turning profitable and profitable, and the fourth quarter still supported. It is expected that the overall operating performance in 2017 is expected to further improve.

In the third quarter of 2016, Jingdian's revenue for the third quarter of 2016 was NT$6.59 billion (NTT, the same below), with a quarterly increase of 0.5% and an annual increase of approximately 6.7%. The gross profit margin was reversed to 13.69%, and the operating profit was 190 million yuan.

In the fourth quarter, revenues reached 6.33 billion yuan, a quarterly decrease of 4% and an annual increase of 7%. The annual revenue was about 25.539 billion yuan, an increase of 0.11%.


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