The backlight LED device industry is an important upstream industry for terminal electronic products such as smart phones, tablet PCs, notebook computers, monitors, televisions, etc. Due to the wide range of applications, the market for backlight LED devices is huge. In 2015, only the domestic market scale was close to 26 billion. yuan. Such a large market has attracted many listed companies including Jufei Optoelectronics, Ruifeng Optoelectronics, Wanrun Technology, and Zhaochi.
However, what is unexpected is that in recent years, the most vigorous development in the field of backlight LED devices is not the above-mentioned famous A-share listed companies, but a company called "Sui Jing Optoelectronics" of the New Third Board, from the public Comparative analysis of financial data, "Sui Jing Optoelectronics" can definitely be called a "black horse" in the field of backlight LED devices.
Suijing Optoelectronics realized revenues of 148 million yuan and 214 million yuan from 2014 to 2015, up 44.26% year-on-year; net profit attributable to listed company shareholders was 17.43 million yuan and 27.19 million yuan, up 56.02% year-on-year. . In 2016, the growth of Sui Jing Optoelectronics continued to accelerate. The operating income realized in the first quarter of 2016 and the net profit attributable to the listed company shareholders were 47.958 million yuan and 7.502 million yuan, respectively, a significant increase of 53.33% over the same period of the previous year. And 236.21%.
Affected by the slowdown in the growth of the industry (only 3% in 2015), compared with the high-growth performance of Suijing Optoelectronics, the sales growth of other domestic companies in the backlight LED industry is generally weak. A-share listed company (002429) Zhaochi's 2015 LED business revenue was 794 million yuan, a slight increase of 6.54% year-on-year; Ruifeng Optoelectronics (300241) 2015 large and medium-sized backlight business revenue was 285 million yuan, year-on-year The decline of 11.11%; Jufei Optoelectronics (300303) LED backlight device business achieved revenue of 834 million yuan in 2015, down 2.45% year-on-year; Wanrun Technology (002654) LED light source device business achieved revenue of 397 million yuan, only year-on-year growth 1.5%.
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Figure 1: Sui Jing Optoelectronics sales growth in 2015 far exceeds peers
Source: related company financial report
At the same time that the growth rate of performance is far higher than that of its peers, the gross profit margin of Sui Jing Optoelectronics is also significantly higher than that of similar companies in the same industry. The company's gross profit margin in 2015 was 27.27%, which was significantly higher than 9.29% of Zhaochi, 26.33% of Ruifeng Optoelectronics, 24.91% of Jufei Optoelectronics and 23.25% of Wanrun Technology.
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Figure 2: Sui Jing photoelectric backlight LED 2015 gross margin is higher than peers
Source: related company financial report
Some analysts believe that it is no coincidence that Suijing Optoelectronics can achieve high-speed growth against the overall slowdown of the industry growth rate. The company's extraordinary growth is mainly based on its continuous investment in technology research and development, product quality and rapid response service capabilities. Above the competitive advantage.
For example, in terms of technological innovation, Suijing Optoelectronics' annual R&D expenditures accounted for more than 4.3% of revenue, and formed a series of technological breakthroughs. It has mastered ultra-bright side-emitting white LEDs and ultra-thin side-emitting white LEDs. Key technologies such as variable gamut adjustment.
Among them, “super bright side white LED†and “ultra thin side white LED†are suitable for high-end ultra-thin mobile phones and tablets, which better meet the demand for ultra-high brightness of smart mobile terminal products; in terms of service, Sui Jing Optoelectronics has established a fast-responding service model for the “fast-changing†characteristics of the terminal consumer electronics industry. It implements JIT (just-in-time production) delivery and VMI inventory (supplier management inventory) on the client side, forming a non-customized product. Delivery within 1-3 days, the delivery time of custom products within 7 days (the delivery time of other companies is usually 1-2 weeks), in the customer service customer service, the company has achieved 4 hours in Shenzhen area Arrived at the customer's site, the customer arrived at the customer's site within 8 hours in Guangdong Province, and the provincial external situation arrived at the customer site within 24 hours and handled the problem.
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