LED heat sink substrate shipments poorly, Q3 revenue decreased by 2.2%

The third quarter earnings report was released. The single-season revenue was 284 million yuan (NTD, the same below), and the quarter was down 2.2%, but the single-quarter gross profit margin was as high as 40.49%, the operating net profit was 67 million yuan, and the quarterly growth rate was 39.58%. The net profit for a single season is 52 million yuan and the EPS is 0.6 yuan.

Guangsheng accumulated revenue of 827 million yuan in the first three quarters, an annual growth rate of 5.62%, a gross profit margin of 35.79%, an increase of 1.05% compared with 34.74% in the same period of last year, a pre-tax surplus of 160 million yuan, an annual increase of 33.33%, and a net profit after tax of 131 million. Yuan, EPS 1.51 yuan, better than the 1.06 yuan in the same period last year.

Guanghao said that although the environment was not good this year, the company's new product, the film high-frequency inductor, continued to expand and was fully loaded. In July, the production capacity was increased from 120 million yuan per month to 140 million pieces. After / month, the expansion effect appeared, and the gross profit margin was also driven.

From the perspective of capacity utilization in the third quarter, the traditional thin film and thick film chip resistors have maintained a capacity of 240 million and 2 billion units per month this year, because the market demand is not very strong, so the capacity utilization The rate is only about 70%, and the fourth season is also expected to be equivalent.

The LED heat sink substrate has not grown much this year. Optical analysis The current order for this product is mainly from solar power plants, but because the demand is not strong, the utilization rate of the product line is only about 30%. At present, the monthly production capacity of optical LED substrates is 120,000 pieces, and the actual monthly shipments are about 30,000 to 40,000 pieces.

According to the statistics of the company, in the first three quarters of this year, the company's operating proportion has changed under the growth of high-frequency inductors. The main products of film and thick-film chip resistors account for 60%-65% of the revenue, but the LED heat-dissipating substrate is 15 % slipped to 10%.

Looking forward to the fourth quarter, the company expects that the demand for thin film and thick film chip resistors will be stable in a single season. As for the LED heat sink substrate, the performance in the fourth quarter will be stable compared with the third quarter.