LED car light module factory Li Qing Q2 into the off-season, optimistic about the September camp sports

In the second quarter of the LED lighting module manufacturer, the company entered the off-season of the automobile industry, and the terminal inventory increased, and the customer entered the adjustment stage. The revenue in April fell to less than 300 million yuan (NTD, the same below), near The lowest in 8 months, but still 33% annual increase, Li Qing said that there will be May 1 holiday interference in May, and the monthly revenue will continue to drop. In particular, a single customer project in the same period last year has a higher base period, and the annual reduction rate will be The decline, the overall second quarter will be slightly lower in the first quarter, but still have the opportunity to maintain growth compared to the same period last year.

Li Qing has a market share of 20% in the mainland China market. Last year, the largest customer was Great Wall Motor, which accounted for 36% of the revenue, followed by Shanghai Xiaoxuan 18% and Da Mao Wei Rui Ke 9%; terminal brands, China The top ten automakers in mainland China are listed in Li Qing's supply list, including SAIC Volkswagen, SAIC-GM, SAIC Wuling, FAW-Volkswagen, Changan Automobile, Dongfeng Nissan, Great Wall, Changan Ford, and Geely Automobile.

Last year, the Great Wall SUV car sold, driving Liqing's revenue jumped in the second half of the year, but this year, Great Wall Motor's kinetic energy is slower. In April, the car sales volume decreased by 8%, and the accumulated sales volume in the first four months increased by only 4%. The April revenue was also slower.

Li Qing said that the revenue of Great Wall Motor Co., Ltd. has continued to grow since this year, but the momentum is indeed slow, and the revenue share has also dropped to 30%. The company has shifted its focus to first-tier customers (Tier 1). ), reducing the impact of a single brand on the company's operations, so Shanghai Xiaoyu's revenue share increased significantly, reaching more than 30%, followed by the end of the terminal car market adjustment adjustment, the company's operations are expected to follow the overall market rebound.

Li Qing also bluntly said that May was disturbed by the May 1 holiday and had a low season effect, which will cause the monthly revenue to fall again. In particular, due to the single customer project orders in the same period last year, the base month revenue will be raised, which will make this year. May revenue showed an annual decrease and a monthly decrease, but the overall second quarter revenue still has a slightly better chance of the same period last year.

Li Qing is more optimistic about September. It is estimated that the industry will enter the peak season and the camp sports can be expected.

Liqing's revenue in the first quarter was 1.022 billion yuan, an annual increase of 50%, and the gross profit margin was 21.14%, an increase of 4.1 percentage points per year. Although the exchange rate was disturbed in the single season, the EPS reached 1.25 yuan, double the same period of the previous year. It is estimated that the second quarter of Liqing's off-season performance is weaker than expected. In the second quarter, the revenue estimate will drop to 8.5-8.7 billion yuan, and the season will be reduced by nearly 15%. However, compared with the same period of last year, it still maintains a slight growth; Appreciation interference, single-quarter profit still interfere, single-season EPS will be 0.7, 0.8 yuan, equivalent to the same period last year.

The legal person also estimated that the mainland China auto market performance was not as strong as expected this year. Liqing's big customer Great Wall Motor's revenue momentum was also slower. Therefore, the revised revenue forecast for Liqing this year will be reduced from 50% to 3~4%. The annual revenue estimate is estimated at 4 to 5 billion yuan. If the gross profit margin can be stabilized, the EPS can stand at 4.5 yuan and challenge 5 yuan.