LED car lamp shipments are booming, and Liqing's revenue will increase by 30% in 2021

The board of directors of Liqing Technology announced on the 23rd the annual operating results and dividend policy for 2021. Last year, Liqing’s revenue reached 5.66 billion yuan (NTD, the same below), an annual increase of 30%, and a net profit after tax of 96 million yuan, an annual increase of about 7 The after-tax earnings per share (EPS) was 1.03 yuan, an increase of 0.87 yuan compared with 2020, and a cash dividend of 0.62 yuan was proposed, with a distribution rate of 60%.

Liqing's 2021 annual LED lamp module product revenue accounted for 49% of tail lamps, 21% of day lamps, and 25% of head lamps. The design of LED tail lamps tends to be more complicated and diversified, which drives the average unit price of tail lamps to increase. The revenue of LED headlights has also grown significantly.
Li Qing said that last year, despite the delay in the shipment of chips due to lack of materials, the cost of transportation and raw materials for some orders increased, and the idle capacity of the Guanyin factory suffered losses, but it still benefited from the increase in the strength of LED lamp modules for major customers. 2021 The gross profit margin for the year remained stable at 16%, and the profit margin reached 1.62% under the continuous control of expenses.

Looking forward to 2022, Liqing maintains a cautiously optimistic view, observing the strong momentum of orders from major customers at present. On the other hand, in response to long-term and stable orders for headlight controllers in the United States, it has converted its Guanyin factory from lease to purchase and expanded production capacity. , It is expected that the volume will begin to increase in July this year. As the shortage of materials has the opportunity to gradually ease, it will make a concerted effort to increase the overall operating scale of Liqing.