Sunlight: Energy-saving lamps continue to decline, LEDs account for more than half
The results of the third quarterly report were slightly lower than our and market expectations. The cash flow of the company achieved a total operating income of 2.41 billion yuan in the first three quarters, an increase of 1.27% over the same period of last year. The net profit attributable to shareholders of listed companies was 214 million yuan, an increase of 18.6%. The stock's return was 0.22 yuan, slightly lower than our and market expectations. In the first three quarters, the net cash flow from operations was 500 million yuan, a five-fold increase over the same period last year.
Energy-saving lamps continued to decline, and main revenue in the first quarter decreased by 3.2% year-on-year.
In the third quarter, the company's revenue was 890 million yuan, a decrease of 3.2% year-on-year. The growth rate was down from the first half (+4.1%). The main reason was that the decline in energy-saving lamps was still relatively obvious, and the growth rate of LED lighting revenue slowed down. Due to the rapid decline in the price of LED lighting products and the acceleration of energy-saving lamps, we expect the company's energy-saving lamp revenue to decline by 25%-30% in the third quarter, but basically the same as in the second quarter. We estimate that the company's LED lighting revenue in the third quarter increased by more than 40% year-on-year, lower than 60% in the first half of the year, but still maintained a high growth, with single-quarter revenue accounting for the first 50%. The company has successfully developed other customers besides Philips, including distributors and retailers in Germany, the United States, Russia and other countries. We expect LED lighting revenue to grow rapidly.
The gross profit margin rate increased simultaneously, and the net profit margin stabilized. The company's gross profit margin was 23.0% in the third quarter, which was basically the same as the first half of the year, up 3.5pct year-on-year, mainly due to the increase in the proportion of LED lighting with high gross profit margin. At the same time, due to the high cost of LED lighting models, the company's sales expense ratio in the third quarter increased by 0.9pct to 4.7%, and the administrative expense ratio increased by 2.2pct to 8.2%. In the third quarter, the company's net sales margin was 8.g%, up 0.1 percentage point year-on-year. In the first three quarters, the company implemented subsidies for energy-saving lamps. We expect that about 80 million yuan of subsidies will still be received.
Energy-saving lamps continued to decline, and main revenue in the first quarter decreased by 3.2% year-on-year.
In the third quarter, the company's revenue was 890 million yuan, a decrease of 3.2% year-on-year. The growth rate was down from the first half (+4.1%). The main reason was that the decline in energy-saving lamps was still relatively obvious, and the growth rate of LED lighting revenue slowed down. Due to the rapid decline in the price of LED lighting products and the acceleration of energy-saving lamps, we expect the company's energy-saving lamp revenue to decline by 25%-30% in the third quarter, but basically the same as in the second quarter. We estimate that the company's LED lighting revenue in the third quarter increased by more than 40% year-on-year, lower than 60% in the first half of the year, but still maintained a high growth, with single-quarter revenue accounting for the first 50%. The company has successfully developed other customers besides Philips, including distributors and retailers in Germany, the United States, Russia and other countries. We expect LED lighting revenue to grow rapidly.
The gross profit margin rate increased simultaneously, and the net profit margin stabilized. The company's gross profit margin was 23.0% in the third quarter, which was basically the same as the first half of the year, up 3.5pct year-on-year, mainly due to the increase in the proportion of LED lighting with high gross profit margin. At the same time, due to the high cost of LED lighting models, the company's sales expense ratio in the third quarter increased by 0.9pct to 4.7%, and the administrative expense ratio increased by 2.2pct to 8.2%. In the third quarter, the company's net sales margin was 8.g%, up 0.1 percentage point year-on-year. In the first three quarters, the company implemented subsidies for energy-saving lamps. We expect that about 80 million yuan of subsidies will still be received.
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