At the same time as the profit growth slowed down, Guoxing Optoelectronics (002449) three quarterly reports showed that the inventory of up to 240 million yuan triggered market attention.
Some investors are worried that the increase in inventory goods or the fall in inventory prices will bring about the pressure of inventory depreciation. However, there are also opinions that the company adopts the principle of “selling production by sales†and believes that the current inventory level matches the customer order.
As of the end of the third quarter, the book balance of Guoxing Optoelectronics' inventory increased by 129 million yuan compared with the beginning of the year, with a growth rate of 111.62%. Among them, raw materials increased by 180.95%, and inventories increased by 120.42%. In this regard, Guoxing Optoelectronics said that the increase in raw materials is mainly due to the tight supply of upstream chips. The company has increased the inventory chips to ensure the production of materials. The increase in inventory products is mainly because customers require the same batch of TOP LED photoelectric parameters to be inconsistent, forming a short-term The TOP LEDs of different gears have accumulated, and at present, the major customers' home appliance companies have increased their purchases in the third quarter of the production season, which has also increased the company's inventory level.
While thinking that Guoxing's optical inventory growth rate is “too fastâ€, an analyst of Xiangcai Securities still said that there is no need to worry too much about inventory pressure, because the company arranges production plans according to the principle of “selling by sales†and increases inventory. For the above specific reasons, inventory pressure should be small.
Despite this, due to the continued expansion of chip companies and changes in the overall demand for LED chips and packaged devices, some investors have expressed concern about the company's high inventory.
Zheng Liyao, deputy director of the High-tech LED Industry Research Institute, told reporters that after a wave of gains in the first half of the year, the current price of LED chips and packaging products is relatively stable, and supply and demand are basically balanced. However, there are a lot of MOCVD equipment installed in the chip factory. It is expected that the supply and demand pattern of the chip may change after the release of capacity in the second quarter of next year.
More importantly, a month ago, LED TV leader Samsung Electronics downgraded LED TV shipments, changing the industry's expectations for the overall demand for LED chips. It is understood that Samsung Electronics was very optimistic about LED TV sales at the beginning of this year. It has publicly stated that its annual sales volume is expected to increase four-fold year-on-year to 10 million units. To this end, Samsung Electronics almost bought out the supply of LED device manufacturers, and signed a large single, which caused the panic of global LED chips out of stock, and caused the price of chips to rise. At that time, other TV manufacturers Skyworth, Hisense, etc. also deployed in the upstream of LED chips.
However, in the past six months, the sales of LED TVs have fallen far short of expectations. Samsung Electronics has lowered the shipment of 1 million LED TVs in mid-September. The industry is worried that this move may cause the LED chip market to rapidly change from oversupply to oversupply. Taiwanese packaging manufacturers such as optoelectronics may be affected in terms of inventory and shipments.
In this regard, the above-mentioned Xiangcai Securities analysts said that the main customers of Guoxing Optoelectronics are domestic household electrical appliance enterprises, such as Gree, Midea, etc. The packaged products are mainly used in display screens, etc., and the demand in the LED TV field is different, so it is not necessary. Worried about inventory pressure. However, some analysts pointed out that because the current downstream demand for LED chips is the LCD TV backlight, Samsung Electronics's every move often has the meaning of a wind vane. The demand changes in this field will affect the overall demand changes of LED chips, which may be Product price trends have an impact.
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