"LED + car networking" wings fly together, Hongli Zhihui performance returns to growth mode

On April 25, Hongli Zhihui released its 2016 annual report. During the reporting period, the company achieved operating income of 2.258 billion yuan, an increase of 41.81% over the same period of the previous year. However, due to accounting treatment and asset impairment, the company achieved operating profit of 125 million yuan, down 32.07% over the same period of the previous year; realized total profit of 161 million yuan, down 18.34% over the same period of the previous year; net profit of 138 million yuan, Compared with the same period of the previous year, it decreased by 16.59%, and the net profit attributable to owners of the parent company was 138 million yuan, a decrease of 9.21% over the same period of the previous year.

During the reporting period, the company's main business continued to grow steadily. The company's operating income and operating costs both increased significantly. The decrease in net profit attributable to ordinary shareholders of listed companies was mainly due to the company's impairment of goodwill and investment Xinda emerging. Assets - Shenzhen Mesida M&A Restructuring Fund special asset management plan impairment and subsidiary company Jiangxi Hongli initial loss due to production.

On the same day, Hongli Zhihui also released the first quarter report for 2017. The company achieved operating income of 692 million yuan, an increase of 57.14% over the same period of the previous year; realized operating profit of 62.764 million yuan, down 18.89% over the same period of the previous year; 95,563,100 yuan, an increase of 19.47% over the same period of the previous year; net profit of 79.853 million yuan, an increase of 22.91% over the same period of the previous year, net profit attributable to owners of the parent company of 797.607 million yuan, an increase of 22.77% over the same period of the previous year.

From January to March 2017, the demand for LED lighting continued to improve, and the company's operating performance maintained steady growth; the capacity of the SMD fund-raising expansion project under the responsibility of the subsidiary Jiangxi Hongli Photoelectric Co., Ltd. was not fully released, which had a certain impact on operating profit; In addition, the government subsidies received by the company during the reporting period increased compared with the same period of the previous year.

The volume and price have risen, and the main theme of LED main business has not changed.

In 2016, the performance of Hongli Zhihui LED products mainly came from the contribution of LED packaging products. The sales revenue was 1.611 billion yuan, accounting for 71.34% of the total operating revenue, which was 38.89% higher than the same period of the previous year. It is 88.45% and the product comprehensive yield is 98.56%.

Among them, LED general lighting products, LED automotive lighting products, LED bracket products contributed 188 million yuan, 175 million yuan, 172 million yuan in the report period, respectively, accounting for 8.34%, 7.73%, 7.61 of total operating income. %.

After the production of Hongli Zhihui Nanchang Plant will significantly increase the company's production capacity, the total monthly production capacity will reach 3000 KK. Since 2016, the supply and demand situation of the LED industry has improved. In December 2016, Hongli Zhihui also raised the price of its products by 5%-15%.

In addition, Hongli Zhihui actively deploys new segments of LEDs, such as infrared LEDs, UV LEDs, and automotive LED products. While the overseas LED automotive lighting business maintained steady growth, the company's wholly-owned subsidiary, Fo Da Signal, established a domestic LED lighting module/module automation production line in 2016, which will gradually enter the domestic LED application market.

Both soft and hard are applied, and the car network layout is in its infancy.

Hongli Zhihui actively builds the dual main business format of “LED+ Internet of Vehicles”. The hardware of the vehicle networking industry currently invests in Dina Technology, Hongchuang Power, Hezhong Automobile, etc. The software services are fully acquired by the company. Will be approved.

In 2016, the company's performance was mainly derived from the contribution of LED products. The performance of the Internet of Vehicles has not been reflected in the overall business performance of the company. The company intends to purchase 100% equity of Speedy Network for a price of RMB 900 million. The company is committed to Internet marketing and automotive Internet service business. It promises that the net profit after tax will not be attributed to shareholders of the parent company in 2016, 2017 and 2018 respectively. Less than 63 million yuan, 76 million yuan, 96.5 million yuan.

In the future, the company still has the expectation of continuing mergers and acquisitions in the direction of the Internet of Vehicles.


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