GLII: Benefiting from the development of smart phone market, Jufei Optoelectronics' main business continues to grow

Research points

聚 Jufei Optoelectronics specializes in backlight LED packaging business, which accounts for more than 86% of the company's revenue. Among them, small-size backlight LED operating revenue accounts for about 80% of total revenue, and medium-sized and large-sized backlight LED revenue accounts for about 8%. From 2009 to the third quarter of 2012, the company's backlight LED business achieved a compound annual growth rate of 27.06%.

 At present, the company's main super bright series of small-size backlight LED device terminal customers are mainly domestic low-end smart phone manufacturers, such as ZTE, Huawei, Lenovo, Yulong, Coolpad, etc., accounting for 20~30% of customer usage, the company Products in the domestic smart phone field have certain advantages compared with competitors in South Korea and Taiwan.

 High-tech LED Industry Research Institute (GLII) expects that the company's most important performance growth in the next 1-2 years will still come from the small-size backlight LED business. The rapid development of the downstream mainstream application smartphone market will continue to provide growth for this business. power.


 In the first three quarters, the sales of medium-sized backlight products of the company grew rapidly, achieving sales income of 28.114 million yuan, an increase of 485.88% over the same period of the previous year of 4,798,700 yuan, and sales revenue accounting for 8.12%. This part of the product is mainly used in displays and car terminals, and some small-size super bright series products are also used in medium-sized and high-end products such as tablet computers.

值得注意 It is worth noting that although the company has made breakthroughs in large-size backlight LEDs, the progress will still be slow. The main reason is that LED TV manufacturers have relatively stricter quality requirements for products and will not be new in the short term. Large-size backlight LED device suppliers make large-scale purchases.

 The company seeks rational development in lighting LEDs, focusing on brand customers. It does not seek rapid expansion, large-scale participation in market competition, and more emphasis on improving product quality. The company’s investment projects are also put into production. Prepare for the development of the lighting field.

risk warning

终端 The downward trend in the price of end products is obvious, and the risk of further decline in gross profit margin of products  The risk of performance being too dependent on small-size backlight LEDs




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