Seoul Semi’s Net Profit Grew 95% in 3Q; Sales of KRW340.3 B ($288M)

News Source: 
  • In the third quarter, record sales of KRW 340.3 billion, net income increased by 54% QoQ, and cumulative growth rate of 145% achieved
  • Sales guidance of 310 ~ 330 billion won presented for the fourth quarter, and annual sales · expected to grow by 13% to exceed 1.3 trillion won
ANSAN, South Korea – Seoul Semiconductor Co., Ltd. (“Seoul”) (KOSDAQ 046890), a leading global compound semiconductor provider, recorded sales (consolidated) of KRW 340.3 billion, operating profit of KRW 24 billion, and net profit of KRW 28.4 billion in the third quarter of 2021, which grew 2.7%, -5.6% and 95.2%, respectively, compared to last year. This is a record that broke the best quarterly sales obtained in the second quarter. The cumulative net profit in the third quarter was 72.2 billion won, up 145% year-on-year.
Despite production setbacks in downstream industries due to a shortage of semiconductor parts and rising LCD panel prices, the Seoul Semiconductor Display Division has started to mass-produce Mini LEDs-which take center stage of next-generation technology-and started supplying them to global TV companies.
In the general lighting sector, Seoul Semiconductor’s first lineup is SunLike, a light source that is most similar to sunlight, effective in preventing myopia and optimized for the human body’s 24-hour circadian rhythm, followed by High Power, which has broadened business opportunities through M&As with some competitors, and then horticultural LEDs comes next. As such, Seoul Semiconductor has been actively responding to various markets and continuing its growth.
In particular, looking at the auto parts market, the package-free WICOP technology product, which is a revolutionary leap in LED technology, has been applied to the headlamps of automobiles including electric vehicles. Despite the decrease in global production in the automobile industry, this technology was applied to 7 million cars, which is close to 10% of global automobile shipments (79 million units) in 2021, driving significant sales growth.
Sales guidance for the fourth quarter was presented from KRW 310 billion to KRW 330 billion, 6% increase from the same level of the previous year, considering the recent shortage of IT parts and low-demand season. This guidance predicts that 2021 annual sales will grow by 13%-14% compared to the previous year to reach from KRW 1.297.5 trillion to KRW 1.31 trillion, raising expectations for a leap forward next year.

TrendForce 2020-2021 Global Automotive LED Product Trend and Regional Market Analysis
Release Date:
1. PDF- 30 June 2020 (14 Pages Updated on 30 June 2021)
2. EXCEL- 30 June 2021 and 31 December 2021
Language: Traditional Chinese / English

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