LED business pulling margin last year net profit increase doubled in size in ETI
Yesterday evening, BDO (002005, shares )PC remote(002005.SZ ) released results in 2011, attributable to shareholders of listed companies net profit of about390000000 yuan, relatively on year increase 100.44%; to achieve operating income 3060000000 yuan, than going up year rise 18.12%. Among them, LED business income is 910000000 yuan,2120000000 yuan of small household electrical appliance industry.
Notably, BDO2011operating profit of146000000 yuan, and the total profit of452000000 yuan. Among them, about 300000000Yuan of profit for its subsidiary company, Yangzhou Wuhu BDO BDO photoelectric government" science and technology three" subsidies, as well as BDO Wuhu access to high-tech enterprise certification to pay income tax rate, less than27.63%.
The report shows,2011 operating profit rate of business driven mainly by LED, LED business with its38.4% operating margin pull business rates for 15.96% small home appliances business, make its overall business rate rose to 22.7% in 2011.
Southwest Securities (600369shares it, Li Hui ) analyst think, with most of the LED of different enterprises, BDO business covers LED epitaxial film, LED chip, LED module, LED lighting products, LED display series the whole industry chain. Vertical integration of the advantages of making the BDO can greatly reduce the cost, Yunzhi Essence and control of the upstream materials price fluctuation risk.
Industry analysts believe that, due to the lighting business oriented LED application business to lower the threshold, a large number of Chinese enterprises began to enter this market, but the competition in many small and medium-sized LED enterprises choose to close out. Thus challenged the industry, the enterprise of this industry uneven, some good and some bad, excess capacity. But the BDO chairman Wang Donglei on the" First Financial Daily" said, LED industry a large number of small and medium-sized closed the real reason they engage only package ( assembly ) and other simple operations, and to master the core technology, need to invest more of the upstream manufacturers are extremely strong, therefore excessive dependence on the upstream manufacturers of low corporate profits, office furnituredifficult to continue.