Li Bingjie, chairman of Jingdian, pointed out that the second quarter of this year may not be worse than the first quarter, but the worst case is the bottom of this year. Because the blue LED is weak now, the demand for quaternary LED is strong and the capacity is full. It is estimated that the kinetic energy of the four yuan will last until the third quarter. At that time, there will be backlight and lighting inventory replenishment demand. In the fourth quarter, there will be Mini LED mobile phone application. New products will be shipped in volume, and will be warmer in the second half of the year.
At present, Jingdian also intends to divide the group into three business groups according to the nature of its business, namely ES Corporation, ES Semiconductor, and ES Technology, which are responsible for LED/LD business (Blu-ray, Quaternary, VCSEL) and Foundry business (OED/Vcsel). , PED/GaN/Si), component/module business (CSP, Mini LED/Micro LED, Sensor, Solar Cell).
Zhou Mingjun, general manager of Jingdian, further explained that the transformation of this business is for the future growth. In the past, the company will realize the infinite possibilities of LEDs. In the future, it will focus on the infinite possibilities of the three-five semiconductors and focus on the three-five groups. Technology, developed with the company's core capabilities, quickly responds to the needs of end customers.
For example, the newly established Foundry business, the original crystal power has a large homemade capacity, can be vertically integrated supply from EPI to Chip according to customer needs, or separately. Because the scale of the business is not very big at first, if another company is set up to do it, it will highlight its value. As for whether the customer is willing to place an order and place an order and then worry about the outflow of technology, it depends on whether the past store records of Jingdian can win the trust of customers.
In terms of components and modules, Jingdian will focus on the Wafer-class package. Currently, there is CSP business. In the future, the development of Micro LED, the traditional packaging technology will not be useful, because the LED spacing is too small, traditional materials can not cope. In addition, the integration of functional chip modules, such as the industrial and automotive Sensor modules, requires the combination of LEDs of different wavelengths.
At present, the VCSEL products of Jingdian are mainly based on the supply of data center. The company continues to change the machine and expand the capacity of VCSEL. It is estimated that more machines will be put into mass production of VCSEL this year, which will increase the VCSEL production capacity by 25%. Considering the initial yield, quality, and learning curve of mass production, it is expected that the contribution will be more obvious next year.
For the outside world, VCSEL and Mini LED will account for the proportion of revenue of Crystal Power this year. Li Bingjie emphasized that including CSP and Mini LED, integrated chip modules, etc., there should be an influential percentage this year ( The market estimate may be around 10%).
On the Mini LED alone, Jingdian is more optimistic about the ongoing projects. According to the order that crystal power is now more confident, the Mini LED may eat 3 to 40% of the capacity of the crystal.
Jingdian's revenue last year was 25.271 billion yuan (NTD, the same below), gross profit margin was 21.7%, annual growth was 14%, business profit was 2.307 billion yuan, the industry turned profit, industry foreign exchange loss was more than 400 million yuan, net profit after tax 1.65 billion yuan, earnings per share of 1.55 yuan, the best in the past three years, ending the loss situation for two years. The board of directors resolved to distribute a cash dividend of 0.8 yuan per share, which is the first time in the past three years to resume the payment of dividends.
In the first quarter of this year, due to factors such as increased industrial supply, customer inventory adjustment, LED price decline, and Lunar New Year, the single-quarter revenue fell to 5.148 billion yuan, a 13% decrease in the quarter and a 10% annual decrease, setting a new low in the past 20 seasons. In the first quarter, the gross profit margin fell to 17.2%, the annual decrease was 2.5 percentage points, the operating profit was 127 million yuan, and the annual decrease was 69%. However, due to the recognition of huge exchange losses in the same period last year, there was income tax back in the first quarter of this year, resulting in the first quarter of this year. After-tax net profit of 400 million yuan, earnings per share of 0.37 yuan, year-on-year loss to profit, also the best in the same period in the past three years.
Although the revenue in April fell to 1.665 billion yuan, the monthly reduction of 6.23%, the annual reduction of 23.9%, the first four months of revenue of 6.8 billion yuan, down 14%, but the company believes that the second quarter of this year will not necessarily be the first The worst situation in a season is the bottom of this year. The main reason is that the demand for quaternary LED is strong and the capacity is full, which provides support for the whole season, and the kinetic energy of the ternary is expected to continue into the third quarter. At that time, there will be backlight and lighting inventory demand, and the fourth quarter will have Mini LED mobile phone. The application of new mass production shipments is estimated to be better in the second half than in the first half.
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