Hongli Optoelectronics has a low concentration in the LED packaging and application industry, and the market is highly competitive. In addition, the company has completed the layout in major areas of the industry, and the LED-related business development is near the limit. Therefore, the expansion of the company has become the company's next market opportunity. main method.
The profitability has improved significantly and the company's performance has increased significantly. Benefiting from the good demand of the global LED lighting market and the synergy brought by mergers and acquisitions, the company's revenue growth in the first quarter of 2015 exceeded 60%, setting a new high in a single quarter in the past year. With the rapid growth of revenue, the company's profitability is also steadily increasing. The comprehensive gross profit margin in the first quarter reached 28.78%, an increase of 3.51 percentage points over the same period of the previous year, setting a new high since the third quarter of 2012.
In terms of expenses, the company demonstrated good cost control capability. The expense ratio during the first quarter of 2015 was 14.87%, a decrease of 0.3 percentage points from the same period of the previous year and remained basically stable. As a result, in the context of a significant increase in operating income and gross margin while the expense ratio declined slightly, the company's first-quarter results achieved substantial growth, and its growth rate reached a new high since 2013.
The company's LED-related business is welcoming the harvest. We believe that 2015 will be the year of explosion of LED lighting applications in China.
First of all, in terms of indoor lighting, the “ban†policy of various governments made the incandescent lamp for lighting officially withdrawn from the market in 2014. At the same time, the price of global LED bulbs continued to drop. The price of LEDs replacing 40W in China has dropped below US$5, which is the global average. The price of 48%, and China's physical channel LED penetration rate has been close to 60%, so under the role of multiple positive factors, China's LED indoor lighting will enter a period of rapid growth.
Secondly, in terms of LED street lights, it is expected that the scale of China's LED street lamp market will reach 23 billion yuan in 2015, a year-on-year increase of 56%, so companies with high-quality street lamp products and EMC experience will benefit.
Finally, in terms of LED lights, it is estimated that the market size of China's LED lights in 2015 is about 2.6 billion yuan, a year-on-year increase of 24%. Since the right to speak in the automotive market is in the hands of OEMs, LEDs have entered the supply chain of OEMs. Enterprises will get better development opportunities.
Since its listing, the company has been deeply cultivating in the LED industry. In addition to white light packaging for lighting, it has actively explored LED indoor lighting, LED lights, LED street lights and EMC field. Therefore, the perfect industry layout will help the company fully benefit from the LED lighting application burst. With the rapid growth, the company's LED business is welcoming the harvest.
The extension of development welcomes the next wave of technology. The company's LED packaging and application industry is low in concentration and fierce market competition. In addition, the company has completed the layout in major areas of the industry, and the LED-related business development is near the limit. Therefore, the expansion of the company has become the main way for the company to find the next market opportunity. .
According to the company's strategic plan, in 2015, the company will likely enter the emerging fields such as the Internet of Vehicles and Industry 4.0, and jointly develop future hotspots through cooperation with partners in technology and operation, and cultivate them into new growth points of the company. .
We believe that the company's forward-looking layout of emerging industries demonstrates the management's excellent strategic vision. At the same time, the company's good historical M&A records show that the company's management has rich M&A experience and the ability to explore quality targets, so we are optimistic about the company's emerging technology. Attempts, and believe that the company's management can continue the excellent performance in the new business, laying a solid foundation for the company's long-term development.
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