Recently, Chau Ming Technology released the third quarter report for 2016. 1) The company achieved operating income of RMB 536,668,700 in the third quarter, a year-on-year increase of 60.18%. The net profit attributable to shareholders of listed companies was RMB 62,985,700, a year-on-year increase of 63.73%. The net attributable to shareholders of listed companies was net of non-recurring gains and losses. The profit was 61.834 million yuan, a year-on-year increase of 61.09%; 2) the company achieved operating income of 1.208 billion yuan in the first three quarters, an increase of 25.96% year-on-year, and realized a net profit attributable to shareholders of listed companies of 127.154 million yuan, an increase of 34.52% over the same period. The net profit of shareholders of listed companies after deducting non-recurring gains and losses was RMB 12,366,760, a year-on-year increase of 36.20%.
The first three quarters of results were in line with market expectations, and LED display and lighting business orders increased significantly in Q3.
1. The results of the first three quarters were in line with market expectations.
(1) The company previously released the first three quarters of 2016. The net profit attributable to shareholders of listed companies from January to September 2016 was RMB 125 million to RMB 135 million, a year-on-year increase of 30.84% ​​to 41.31%. The first three quarters of results fell below the forecast mean range.
(2) The consolidated gross profit margin for the first three quarters was 31.17%, down 2.30 percentage points year-on-year.
(3) During the first three quarters, the expense ratio was 16.51%, a year-on-year decrease of 0.51 percentage points. The sales expense ratio/management expense ratio/financial expense ratio was 10.11%/7.03%/-0.63%, respectively, an increase of 0.25 percentage points year-on-year, a decrease of 1.34 percentage points, an increase of 0.58 percentage points.
2. The third quarter results achieved rapid growth.
The company's Q3 single-quarter revenue and net profit increased by 60.18% and 63.73%, respectively, up 33.17% and 38.87% from the previous quarter. The revenue increased significantly from the previous month, and the performance increased rapidly.
Reasons for Q3's significant year-on-year growth:
(1) Benefiting from the high-spacing LED high-energy phase and the improvement of the supply chain system, the third quarter showed a significant increase in the first half of the year compared with the lighting business sales orders;
(2) Q3 single-quarter sales gross profit margin and sales net profit margin were 30.79% and 11.79%, respectively, down 0.54/2.01 percentage points year-on-year. The reason was that the rapid increase in business orders led to a slight decline in product prices.
Benefiting from substantial progress in new capacity production and supply chain system, the company's performance will continue to grow rapidly. Daya Bay Phase I plant will be officially put into operation, and the production capacity of high-end LED display and LED lighting products will be greatly expanded. The follow-up company will automate and update the production line. . The supply chain system achieved substantial breakthroughs in the company's active communication and collaboration with suppliers. Business orders continued to grow. The sharp increase in revenue in the third quarter indicates that the small-pitch LED industry is still in a high-growth state, and capacity expansion will drive high growth.
LED display product line continues to promote serialization and standardization, and new products are continuously released. The company launched the industry's first intelligent small-pitch LED display UHQ series, which can meet the needs of indoor professional display control field. For the outdoor high-end display and high stability requirements, the company launched a full range of URM indoor and outdoor fixed LED display products. The continuous introduction of new products and technological innovation will enhance the market competitiveness of the company's products and continuously expand the application fields of LED displays.
Benefiting from the infrastructure construction of the central and western cities, the lighting business has continuously expanded the new order subsidiary Guangdong Zhouming to win the bid for the LED tunnel light project of Guizhou Expressway (a total of 12,670 baht and related supporting facilities), the LED street lamp renovation project of Jiuquan City, and Zouping District street lamp renovation project, Shenzhen People's South Road, smart street lamp facility renovation project. The follow-up company will actively explore the feasible solutions of smart street lamps and complete the first project in the field of smart street lamps (Shaolin Temple LED street light project). With the trend of urban road lighting renewal in the Midwest, the company will continue to benefit from its excellent products and comprehensive service capabilities.
Small-pitch LED products successfully established multiple benchmark applications, and the influence of Zhouming brand continued to expand. During the reporting period, the company successfully completed the Shanghai GE Digital Innovation Square project, the 2016 “Luneng Weifang Cup†International Youth Football Invitational P10 Stadium Screen Project, Xiamen University The Jiannan Grand Auditorium Project, etc., helped China Putian to unveil the 2016 China International Information and Communication Exhibition. During the 2016 Brazil Olympic Games, the Rio CidadeDasArtes Art Gallery and the Brazilian Olympic venues used UpadIII products, and the Brazilian Olympic Village and the Brazilian Olympic Visa Pavilion applied UTV2.5 products. We believe that the continued development of the industry benchmark will strengthen the company's brand influence and continue to promote the company's LED display products with rapid growth.
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