How did lighting companies perform in 2021? Check out these latest performance reports

Mingwei Electronics' revenue and net profit both grew significantly

The performance express released by Ming Microelectronics on the evening of January 21 shows that the company achieved revenue of 1.251 billion yuan in 2021, a year-on-year increase of 138.21%; net profit attributable to owners of the parent company reached 648 million yuan, a year-on-year increase of 492.87%. This was mainly due to strong market demand during the reporting period, with both product volume and price rising, leading to significant growth in both revenue and net profit.

Mingwei Microelectronics' main products include LED display driver chips, LED lighting driver chips, power management chips, etc. The company's downstream sectors mainly cover displays, smart landscapes, lighting, home appliances, and other fields. Among them, LED display drivers are the company's main products, accounting for approximately 70% of the company's total revenue in 2020.

对于2021年业绩变动，明微电子表示，公司所处集成电路行业上游晶圆封装产能紧缺，下游需求旺盛。面对产能危机和市场机遇，公司积极调整销售策略，不断优化产品结构与客户结构，优先保证新产品和高毛利产品的交付。

At the same time, by prepaying production capacity deposits and continuously increasing its own packaging and testing production capacity, the company's supply capability has gradually strengthened. In 2021, sales of all product lines grew significantly, and profitability continued to improve.

Regarding future planning and layout, Ming Microelectronics stated that the company will closely focus on new terminal product application areas such as Mini, Mini backlight, and Micro, as well as new market consumption demands. Guided by R&D in these areas, we will improve product design and optimize performance to continuously launch next-generation products with stronger market competitiveness. Building on our high-quality LED driver ICs, we are expanding into smart home and consumer electronics sectors, fully leveraging our existing technical reserves and patent accumulation advantages. In future electronic devices, display drivers are an indispensable component; technology can be extended to applications in communications, automotive, industrial appliances, and white goods.

Apart from Ming Microelectronics, many companies have disclosed their 2021 performance forecasts. Among them, the global chip shortage in 2021 brought a harvest of results to China's domestic chip industry.

Silan Micro's annual report forecast shows growth exceeding 21 times

Silan Microelectronics expects net profit attributable to shareholders of the listed company in 2021 to increase by RMB 1.45 billion to 1.46 billion, a year-on-year (YoY) increase of 2145% to 2165%.

Regarding the reasons for the forecast increase in performance, Silan Microelectronics stated that its products have continued to achieve breakthroughs in high-barrier markets such as white goods, communications, industrial applications, photovoltaics, and new energy vehicles; revenue from power management chips, MEMS sensors, IPM (Intelligent Power Modules), MOSFETs, IGBTs, SBDs, TVS diodes, FRDs, and LED products has grown significantly, the product structure has continued to optimize, the comprehensive gross margin of products has improved markedly, and operating profit has increased substantially.

Additionally, the wafer manufacturing process of Silan Microelectronics has attracted significant attention. The wholly-owned subsidiary Silan Jixin's 8-inch production line has basically maintained full capacity and achieved profitability for the entire year; the LED chip production line of the controlling subsidiary Silan Mingxin has also achieved profitability for the entire year.

The growth in net profit also includes gains from investments. In 2021, the company's other non-current financial assets appreciated significantly; for example, its equity investment in Anlu Technology went public on the STAR Market, leading to an adjustment of the company's share of net assets to their fair value at period-end, which increased net profit by 534 million yuan. Additionally, VisionChip Technology introduced external investors in 2021, resulting in a similar fair-value adjustment of the company's share of net assets and increasing net profit by 52.29 million yuan.

AMEC expects net profit to increase by 93.01% to 109.26% in 2021

AMEC expects revenue of 3.108 billion yuan in 2021, a year-on-year increase of 36.73%; net profit attributable to owners of the parent company is expected to be between 950 million and 1.03 billion yuan for the same period, a year-on-year increase of 93.01% to 109.26%.

Regarding the main reasons for performance growth, AMEC explained that it mainly benefited from the development of the semiconductor equipment market and the competitive advantages of its products. In 2021, etching equipment revenue reached 2.004 billion yuan, representing an increase of approximately 55.44% compared to 2020, with a gross margin of 44.4%. Due to downstream market conditions and the fact that revenue from newly signed large-scale Mini-LED MOCVD equipment orders has not yet been recognized, MOCVD equipment revenue in 2021 was 503 million yuan, showing a year-over-year growth of approximately 1.5%. However, the gross margin for MOCVD equipment reached 33.1%, a significant improvement from 18.7% in 2020.

In addition, the company's newly signed orders in 2021 amounted to 4.13 billion yuan, an increase of approximately 1.96 billion yuan compared to 2020, representing a Year-on-year (YoY) increase of about 0.5%.

Due to the implementation of the equity incentive plan, AMEC incurred share-based payment expenses of 213 million yuan in 2021, an increase of approximately 89 million yuan compared to 124 million yuan in 2020 (classified as recurring profit or loss).

In the field of MOCVD equipment applications, Mini-LED as an emerging technology is receiving increasing attention. Since 2020, Mini-LED has achieved successful applications in the television sector; in the fields of monitors, laptops, and tablets, Mini-LED products continue to emerge and begin mass shipments. To this end, AMEC's Prismo UniMax MOCVD equipment helps customers achieve excellent wavelength uniformity, device stability and reliability, and yield rates during the Mini-LED production process. This new model has received widespread recognition from frontline customers.

Hongli Zhihui's net profit for 2021 is forecast to increase by 172.65%~215.76%

According to Hongli Zhuihui's 2021 performance pre-increase announcement, the company expects to achieve a net profit of 253 million to 293 million yuan, with net profit increasing by 172.65% to 215.76% year-on-year.

Reasons for changes in performance: The main reasons for the change in the company's performance in 2021 compared to the same period last year are:

1. During the reporting period, LED market demand recovered; the company fully seized industry development opportunities, actively expanded the market, and sales scale grew significantly compared to the same period last year.

2. During the reporting period, the company adhered to the development strategy of "focusing on core businesses and integrating for efficiency improvement." In September 2021, it sold an 80% equity stake in its wholly-owned subsidiary Dongguan Jincai Hardware Co., Ltd. (renamed Guangdong Jincai Technology Co., Ltd. in October 2021), hereinafter referred to as "Jincai Technology." Following the sale of the aforementioned equity, this entity is no longer included in the company's consolidated financial statements.

3. The impact of non-recurring gains and losses on the company's net profit for this reporting period is estimated to be approximately 53 million yuan. The items of non-recurring gains and losses mainly include gains and losses from the disposal of non-current assets, such as the disposal of 80% equity in the subsidiary Jincai Technology, and various government subsidies received.

It is reported that the production capacity expansion layout by Hongli Zhihui in 2020 was effectively released in 2021, with significant growth in LED semiconductor Packaging. According to the semi-annual report, the company's Mini LED Phase I project has been successfully put into production and provides mass production for mainstream domestic manufacturers. The construction work for the Mini LED Phase II project has been fully launched. The total construction area of the Phase II project is nearly 178,400 square meters. After full production capacity is reached, the expected annual output value will reach 4 billion RMB, directly enhancing the company's profitability and market competitiveness.

Sanxiong Polar expects net profit to decline by 85%~90% in 2021

Sanxiong Aurora expects net profit attributable to shareholders of the listed company for 2021 to be between 23.4691 million and 35.2036 million yuan, a year-on-year (YoY) decline of 85%~90%.

The main reason for the change in performance is that, under the guidance of the new strategy, the company's sales revenue increased year-on-year during the reporting period. Factors such as a significant increase in the price of some raw materials during the reporting period led to a decline in gross profit margin; due to a decrease in government subsidies included in the company's current profit and loss and a significant year-on-year drop in investment income, the company's non-recurring profit and loss decreased significantly year-on-year.

三雄极光还提到，公司与恒大集团及其成员企业存在业务往来，恒大集团及其成员企业向公司采购照明灯具等产品，业务结算主要通过现金、商业承兑汇票等形式结算。因恒大集团及其成员企业资金周转困难，出现了商业承兑汇票逾期尚未兑付的情况。截至2021年12月31日，公司对恒大集团及其成员企业应收款项累计金额约为2.09亿元，其中应收账款余额为9251.42万元(含已逾期尚未兑付商业承兑汇票转入应收账款金额7454.6万元)，其他应收款余额为5000万元，未到期商业承兑汇票金额为6695.83万元。

Although the company has been actively negotiating with Evergrande Group and its member enterprises to seek a solution, based on the current actual situation, the company's management has analyzed and assessed the recoverability of accounts receivable from Evergrande Group and its member enterprises. It is considered that there are obvious signs of impairment, and it is proposed to provision for bad debts at a rate of 80% for all receivables, resulting in an increase in credit impairment losses for the current period of approximately 142 million yuan compared to the same period last year.

In addition, the non-recurring gains and losses of the company during the reporting period are expected to affect net profit by approximately 12.7 million yuan, a decrease of about 41.19 million yuan compared to the same period last year (53.89 million yuan). Under the combined impact of the above factors, the company's net profit and net profit after deducting non-recurring gains and losses for 2021 decreased significantly compared to the same period last year.

Aike Shares expects net profit to decline by 53.36%~68.57% in 2021

Aike Shares expects the net profit attributable to shareholders of the listed company in 2021 to be between 31 million and 46 million yuan, a year-on-year (YoY) decrease of 53.36%~68.57%; the net profit attributable to shareholders of the listed company for the fiscal year 2021 decreased by 54.37%~67.55% compared to the same period last year, mainly due to an increase in period expenses.

Aike Shares stated that during the reporting period, the company further increased R&D and marketing investments in two new business segments: smart road lighting and smart decorative lighting. The number of employees increased significantly, leading to a rise in wage and salary costs. Currently, the above products have not achieved the expected R&D progress or sales scale, and in the short term, they have not generated sufficient revenue to cover the related investments.

Egor 2021 Net Profit Pre-Increase of 221%-308%

Igor is expected to achieve a profit of 165 million to 210 million yuan in 2021, representing a year-on-year increase of 220.80% to 308.29%.

Igor stated that the company completed the sale in February 2021 of the land use rights located at No. A3, Guicheng Science and Technology Park, Jianping Road, Nanhai District, Foshan City, Guangdong Province, along with the above-ground buildings and structures on the land, as well as 95% equity in its wholly-owned subsidiary Foshan Igor Industrial Development Co., Ltd. The transaction's impact on the consolidated net profit for the fiscal year 2021 was approximately CNY 104 million, and the gain from disposing of these assets is classified as non-recurring profit or loss.

During the reporting period, market demand in the photovoltaic industry was strong. The company seized the development opportunities of the photovoltaic industry, and new energy products achieved rapid growth; additionally, lighting products also achieved relatively stable growth, resulting in significant overall revenue growth for the company.

Inventronics 2021 Net Profit Forecast Increase of 5% - 25%

Inventronics expects the net profit attributable to shareholders of the listed company for 2021 to be between 170 million and 202 million yuan, a year-on-year increase of 5% - 25%.

Regarding the reasons for performance growth, Invt stated that the company is market and customer-oriented, leverages its global layout advantages to continuously expand domestic and international markets, while strengthening operational management and actively responding to the impact of rising prices of major raw materials; therefore, revenue grew compared to the same period last year.

In 2021, Invt launched a restricted stock incentive plan, further enhancing team cohesion and motivation. The share-based payment amortization expense for this reporting period increased by approximately RMB 12 million compared to the same period last year, affecting the Year-on-year (YoY) growth rate of Net profit for 2021.

In addition, Inventronics stated that the fair value of the investment projects had a certain impact on the company's net profit, and the amount of non-recurring gains and losses affecting the company's net profit was approximately RMB 22.4 million, mainly consisting of fair value changes in gains and losses and government subsidies received by the company.