Refond and Jufei Profit in 2013 as LED Market Flourishes

News Source: 
China Securities Journal

Refond Optoelectronics net profit reached RMB 56.6 million, YoY growth of 20.78 percent

Refond Optoelectronics (Refond) has recently released their financial results for fiscal 2013, showing gross revenue of RMB 682 million, YoY growth of 36.37 percent. Operating profit rose 4.59 percent to RMB 55 million. The company saw an increase of 21.31 percent for income before tax which reached RMB 65.7 million. Net profit also had growth, increasing to RMB 56.6 million, YoY growth of 20.78 percent. Stock prices are marked at RMB 0.262 per share, YoY drop of 40.18 percent. ROE reached 9.89 percent, a slight YoY increase of 0.95 percent.

The Chinese government showed continued policy support for the LED industry in 2013, said Refond. LED lighting welcomed opportunities for rapid development as incandescent bulbs were phased out and prices dropped for LED lighting products. Traditional lighting manufacturers have increased expansion to their LED lighting businesses, leading to rapidly increasing market shares. Trying to stabilize a foundation in the LED LCD TV market, Refond has expanded development of their LED lighting field and has received sales and net profit growth.

The company received 25.79 million subsidies from the government in 2013, and out of these 11.40 million affected the company's profit and loss that quarter (actual figure needs to be confirmed by accountants).

LED market is rebounding, Jufei Optoelectronics net income increased 40 percent from last year

Jufei’s financial report for fiscal 2013 showed the company’s gross revenue increased 52.19 percent to RMB 753 million. Operating profit and income before tax was RMB 143 million and RMB 152 million respectively, YoY growth of 35.33 percent and 42.24 percent. Net profit for market listed shareholders was RMB 130 million, growth of 43.06 percent.

The company’s business showed great development, with rapid growth in the company’s traditionally strong small sized backlight products as well as medium and large sized backlight and lighting. This ensures the company will see rapid growth for their overall performance.

As the LED industry rebounds in 2013, Jufei is taking advantage of opportunities made available by rising smartphone market share, growth in sales of panel computers, increased purchase of domestically made products by LCD TV module manufacturers, and the peaking LED lighting market. Production efficiency continues to rise through technology innovation and lean management causing revenue and net profit to grow.

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