Lehman Optoelectronics 2010 revenue net profit floating red cash flow tightening

[High-tech LED News] On the evening of March 29, Gaogong LED reporter learned from the website of the China Securities Regulatory Commission that Lehman Optoelectronics officially announced its 2010 annual report.

The report shows that in 2010, the company's operating performance maintained rapid growth, achieving a main business income of 205,162,600 yuan (about 206 million yuan), an increase of 102.77% over the previous year; the main business profit of 42.895 million yuan, an increase of 88.88% over the previous year; The net profit was RMB 39,896,800, an increase of 81.94% from the previous year's RMB 21,149,900.

General decline in product gross margin gross profit rate of the bottom SMD

According to the report, in 2010, the gross profit margin of the company's main products, except for in-line LED devices, increased compared with the same period of last year. The gross profit margins of the other three business products all declined. The gross profit margin of the chip-type LED devices was lower than last year. Close to 10 percentage points.

At present, the company's lighting products revenue is still only 0.9% of the main revenue.

Product or service
Operating income Operating cost Gross profit margin (%) Operating income increased or decreased compared with the same period of last year ( % ) Operating costs increased or decreased compared with the same period of last year ( % ) Gross profit margin increased or decreased compared with the same period of last year ( % )
In-line LED device 6,600.22 3,917.36 40.65% 68.65% 53.78% 5.74%
SMD LED device 7,838.04 5,611.51 28.41% 408.54% 488.01% -9.68
Display 5,835.07 3,322.44 43.06% 27.15% 28.47% -0.58%
Lighting Products 186.48 123.13 33.97% -- -- --

Increase in liabilities and cash flow decline, profit growth, risk

As of the end of 2010, the company's total liabilities were about 117 million yuan, accounting for 53% of total assets, and total liabilities increased by 266.38% compared with last year. The net cash flow from operating activities was 21,262,700 yuan, down 24.14% from last year. The net cash flow from operating activities per share fell for two consecutive years.

At the same time, the report shows that the company's accounts receivable in 2010 was 36.257 million yuan, an increase of 122.45% over the previous year, plus other receivables of 5.87 million yuan, a total receivable of about 42.127 million yuan, accounting for the annual revenue. 20%.

Whether a company has sufficient cash inflows is crucial, not only in its ability to pay dividends, to repay debt, but also in the future survival and development of the company. The Gaogong LED reporter saw from the previous company's prospectus that there are several risks mentioned in the financial risk column, including the risk of bad debts of accounts receivable and the risk of inventory falling or slow-moving.

In 2010, the company's accounts receivable grew faster than the growth rate of the same period. Excessive accounts receivable are not conducive to the improvement of operational efficiency, and may also cause losses to the company due to bad debts. At the same time, if the company can not strengthen production planning management and inventory management, and digest inventories in time, there may be inventory depreciation and inventory depletion in the future, which will have a negative impact on the company's production and operation.

Inventories increased by 178.37% over the same period last year

In 2010, the company's inventory amount reached 583.772 million yuan, accounting for 28.32% of the annual revenue, an increase of 160.86% over the same period last year. The inventory value of finished products was 38.866 million yuan, accounting for 66.58% of the total inventory, an increase of 170.82% over the same period of last year.

The above table is taken from Lehman Optoelectronics Annual Report 2010

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