Fucai Investment Control, a joint venture of Jingdian and Lunda, announced its January 2021 revenue of 2.314 billion yuan (NTD, the same below), which is a slight increase from Jingdian and Lunda’s total revenue of 2.297 billion yuan in December last year. 0.7%, keeping the basic market steady, and showing that the industry is not weak in the off-season. MiniLED products are expected to be sold in large quantities in the second quarter, adding to the momentum of subsequent operational growth.
Jingdian and Longda have already been delisted, and Fucai went public on January 6 this year; from the perspective of December last year’s revenue, Jingdian’s revenue was 1.468 billion yuan and set a record for 20 months. Longda’s monthly revenue 828 million yuan, the combined Jingdian and Lunda revenue in December last year was about 2.297 billion yuan. Fortune’s January revenue was 2.314 billion yuan, a slight increase of about 0.7% from the total revenue of the two companies last month.
Fortune’s single-month revenue scale is about the combined revenue of Jingdian and Longda; if calculated by 2020 revenue, Jingdian’s annual revenue is about 14.63 billion yuan, a year-on-year decrease of 8.3%; Longda’s annual revenue is 91.71 Billion yuan, an annual increase of 1.28%. The combined revenue of the two companies is about 23.801 billion yuan; this year, along with the shipment of MiniLED products, the performance momentum will increase.
LED has experienced last year’s low tide, and recent market conditions have shown signs of improvement. In addition, the epidemic has hit Europe and the United States severely, and the LED supply chain has moved to Asia. Epistar currently has full capacity for quaternary LEDs, and the blue light utilization rate has also climbed to more than 80%. The production line will not stop during the New Year. Overtime is the first time since 2009. Jingdian previously stated that MiniLEDs will be sold in large quantities this year, and the company’s operations are expected to grow substantially over last year.
Li Bingjie, chairman of Fortune Investment Controls, previously stated that last year there were less than 1 million MiniLED related devices worldwide. If the forecast target of more than 10 million units can be achieved this year, the proportion of Fortune MiniLEDs will have a chance to exceed 30%; this January, The product has begun to enter mass production, and the second quarter is expected to increase in volume.
In terms of operations, Jingdian, due to the merger of a number of companies and Dongbei’s financial crisis and bad debts, immediately listed 3.96 billion yuan in asset losses, which eroded Jingdian’s after-tax earnings (EPS) of 3.7 yuan last year. Jingdian emphasized Asset impairment has no significant impact on Fortune’s financial report. The legal person expects that Jingdian will eliminate bad debts, and the MiniLED volume in the second quarter will start to increase, Fucai will have the opportunity to challenge the listing to make a profit, or officially turn into profit in the second quarter.