Business Times Yuan Haoting 2022.11.25
In the third quarter, panel makers suffered losses of more than 10 billion yuan, and the outlook for the follow-up market is not optimistic. Peng Shuanglang, chairman of AUO, pointed out that wars, epidemics, and inflation are all killers of economic development, and they have never appeared at the same time. This downturn in the panel business cycle is the most serious one in the past ten years. The previous cycles were all caused by the supply side. Everyone expanded production, resulting in oversupply. This time, the consumer market saw a cliff-like recession and the demand side came. A recession will take a long time to adjust.
Regarding the outlook for the follow-up market conditions, Innolux General Manager Yang Zhuxiang said that there are too many external uncontrollable factors, such as the Russian-Ukrainian war, dynamic clearing, dollar trends, energy policies, etc. will affect the economy and consumption, but none of them can be controlled by enterprises of. In the fourth quarter, panel prices rebounded and rose. How long will this wave of price increases last? He bluntly said that there is no answer, and the price change still depends on whether the demand recovers.
Yuantai electronic paper is in high demand and its performance supplements
Yuantai (8069) will hit a record high in revenue and profit in 2022. The cumulative revenue in the first three quarters of 2022 will be about 21.517 billion yuan, with an annual growth rate of 67%. The gross profit rate will reach 52.46%, with an annual growth rate of 7.96 percentage points. 100 million yuan, an annual increase of 113.4%, and an earnings per share of about 7.08 yuan.
Although the annual growth rate of e-book readers was slightly lower than the previous expectation due to the sluggish demand in the consumer market, the increase in the installation rate of electronic shelf labels and strong demand growth drove the annual operation to a peak. Under the trend of net-zero carbon emissions, the demand for electronic paper is looking forward to. In recent years, Yuantai has aggressively expanded production. The old factory in Hsinchu invested in four new production lines, which will be mass-produced in 2022. The last production line will be in the first quarter of 2023. put into production. In addition, Yuantai plans to open two new material production lines in Hsinchu factory in 2024, and also plans to expand new factories in Taoyuan Guanyin and Yangzhou, China.
BenQ's Medical Business Great Leap Forward
Bright Base Materials (8215)’s consolidated revenue in the first three quarters of 2022 was 11.922 billion yuan, a decrease of 3.9% compared to the same period last year. With the injection of profits from the disposal of the Ruifang plant and the Suzhou plant, the after-tax net profit was about 1.088 billion yuan, with an annual growth of 5.35 billion %, the earnings per share was 3.39 yuan, and the profit surpassed that of last year.
Regarding the follow-up polarizer market situation, Bright Base has a conservative outlook, with a utilization rate of about 65% in the fourth quarter, and this situation is expected to continue in the second to third quarters. And the price of polarizer is still going down.
However, the operation of the medical industry continued to grow. In the first three quarters, the performance of medical products increased by 30% to 40%. Consumer products continued to grow, and the turnover will reach a new high.
Mingjima continues to develop into medical materials, and recently announced the acquisition of Weipu Industrial. The two companies have synergistic effects in technology, operation, and market. In 2023, they will be recognized as consolidated revenue, which will also increase the proportion of polarizer revenue from 80. % dropped to 65%, and the proportion of medical services increased to 30%.
Jingda welcomes unblocked business opportunities
The operating performance of the special-purpose display factory Jingda (4995) has been soaring. In the first three quarters of 2022, the consolidated revenue will be about 1.039 billion yuan, with an annual growth rate of 22.81%. Benefited from the decline in panel and IC prices, the gross profit margin has returned to more than 30%, the after-tax net profit is about 165 million yuan, an increase of 180% compared with the same period last year, and the earnings per share is about 3.93 yuan, which is the highest in the same period of the past.
Jingda is optimistic that in the post-epidemic era, countries will gradually unblock, everyone will go outdoors, game machines will be refurbished, and display boards will be replaced one after another at airports and stations. The demand is quite buoyant. The company has also expanded display emerging applications, and launched an outdoor screen that can be seen in the sun. In addition to displaying charging-related information, it can also play advertisements and will be shipped to the US market. In the future, electric vehicles will have larger display screens and more applications, and Jingda is also working on in-vehicle display applications.