Sanan Optoelectronics (600703) 21st annual report data shows that the company received a government subsidy of 438 million yuan, contributing nearly 50% of the performance. However, with the strong support of the government, the company's performance has gradually declined. The gross profit margin of its main products LED chips decreased by 14% year-on-year, while the gross profit margin of new business concentrating solar energy was -4.3%.
Sanan Optoelectronics released its 2012 financial report on March 21. The company achieved operating income of 3.363 billion yuan, a year-on-year increase of 92.48%; net profit attributable to the parent company was 810 million yuan, down 13.47% year-on-year; 549 million yuan, an increase of 18.94%.
The decline in profitability of the main business and the negative gross profit of the new business led to a significant deviation of the company's net profit. The financial report showed that the company's annual LED application products realized revenue of 2.584 billion yuan, a surge of 345.35% year-on-year, but the gross profit margin dropped significantly by 14.36 percentage points. 25.31%. At the same time, the company's fast-distributing new product, concentrated solar energy, is still losing money, with a gross margin of -4.34%.
For Sanan Optoelectronics, the profit growth rate is obviously slower than the revenue growth. According to industry insiders, due to the overcapacity of the LED industry, the price of LED chips and products has fallen sharply, resulting in a sharp decline in overall gross profit margin compared to last year. At the same time, the company's concentrated solar energy business is still losing money. , dragging down performance growth.
It is worth noting that nearly 50% of the company's slowdown in growth has come from government subsidies. According to financial report data, Sanan Optoelectronics' 2012 non-operating income was 506 million yuan, of which government subsidies were 438 million yuan, accounting for 48% of total pre-tax profits. Statistics show that the company has received a total of 1.579 billion yuan of government subsidies in the past three years, accounting for 73% of the total net profit.
Sanan Optoelectronics released its 2012 financial report on March 21. The company achieved operating income of 3.363 billion yuan, a year-on-year increase of 92.48%; net profit attributable to the parent company was 810 million yuan, down 13.47% year-on-year; 549 million yuan, an increase of 18.94%.
The decline in profitability of the main business and the negative gross profit of the new business led to a significant deviation of the company's net profit. The financial report showed that the company's annual LED application products realized revenue of 2.584 billion yuan, a surge of 345.35% year-on-year, but the gross profit margin dropped significantly by 14.36 percentage points. 25.31%. At the same time, the company's fast-distributing new product, concentrated solar energy, is still losing money, with a gross margin of -4.34%.
For Sanan Optoelectronics, the profit growth rate is obviously slower than the revenue growth. According to industry insiders, due to the overcapacity of the LED industry, the price of LED chips and products has fallen sharply, resulting in a sharp decline in overall gross profit margin compared to last year. At the same time, the company's concentrated solar energy business is still losing money. , dragging down performance growth.
It is worth noting that nearly 50% of the company's slowdown in growth has come from government subsidies. According to financial report data, Sanan Optoelectronics' 2012 non-operating income was 506 million yuan, of which government subsidies were 438 million yuan, accounting for 48% of total pre-tax profits. Statistics show that the company has received a total of 1.579 billion yuan of government subsidies in the past three years, accounting for 73% of the total net profit.
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