Accumulated August revenue growth of nearly 10% LED power lighting module proposed Q3 shipment

Accumulated August revenue increased by 9.64% to 221 million yuan (NTD, the same below), second only to June this year, setting a record for the second-month revenue record. Looking forward to the third quarter, the accumulation pointed out that due to the large number of economic and environmental variables, there is currently no particularly strong growth momentum. It is estimated that it is difficult to achieve a quarterly increase of 15%-20% like the previous year's revenue, which is a big opportunity with the second quarter.

Although the accumulation has been motivated by factors such as the London Olympics and other large-scale events and LED price slips, the demand for LED outdoor billboards will rise this year. In the second quarter, the accumulation increased by 31.48% to 666 million yuan, a record high in single-season revenue; gross profit margin was 35.97%, and profit margin was 15.82%, while net profit after tax increased by 52.93% to 107 million yuan, creating a single season. High record, the second quarter EPS is 2.14 yuan. However, due to the fact that the base period of the second quarter has been raised, it is difficult to accumulate in the third season, but there is still a chance to fight a new high. The high point of revenue in the second half of the year is estimated to fall in September and October.

The current product portfolio is still dominated by LED driver ICs for display screens, accounting for more than 90% of the total revenue. Accumulation means that the global market share of LED display driver IC is about 70%. To have explosive growth, it is necessary to look at LED lighting related applications. The accumulated LED lighting power module was originally expected to be mass-produced in the third quarter of this year, so it is still in the Design-in stage, and it is estimated that it will have a significant contribution to revenue from next year.

However, the accumulation also emphasizes that the unit price of the LED lighting power module is more than 10 times that of a single IC, and the average ASP is about 5-6 dollars. Therefore, once the volume is increased, the operation of the company will become an important pillar. However, the current LED lighting power module in the mainland is already a red sea, so the accumulation indicates that the progress of the LED lighting power module will not advance. This year, the LED display driver IC will occupy the market, and it will still be the main operational support for accumulation.

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