Jiuzhou Optoelectronics (830995) recently released its 2016 annual report, showing 2016 operating income of 347 million yuan, an increase of 3.62% over the same period of last year; net profit attributable to listed company shareholders was -54,863,500 yuan, compared with the same period last year. Reduced by 1631.80%.
Last year, the company just turned a profit. In 2015, the company achieved operating income of 336 million yuan, a year-on-year decrease of 22.12%; net profit of 3.5816 million yuan.
As of 2016, Jiuzhou Optoelectronics' assets totaled 845 million yuan, an increase of 1.35% from the end of the previous year; the asset-liability ratio was 75.02%, an increase of 6.95 percentage points from the end of the previous year of 68.07%. The net cash flow from operating activities was RMB 40,826,600 in the current period, compared with RMB 77,131,100 in the same period last year.
During the reporting period, the gross profit margin of Jiuzhou Optoelectronics in 2016 decreased from 25.10% in the same period last year to 21.81%. The main reasons are:
First, the domestic LED market is fiercely competitive. The profit margin of the company's lighting business has dropped significantly. The gross profit margin of the “engineering & products†hybrid business in the reporting period decreased from 37.60% in the previous period to 33.92%. The gross profit margin of the pure product sales business was 23.74% of the previous period fell to 20.64%;
Second, during the reporting period, the overall revenue scale of the packaging and display business dropped sharply by 11.50%, and the average cost was amortized. The gross profit margin decreased from 0.00% in the previous period to -10.26%, which lowered the overall gross profit margin of the company.
During the reporting period, in 2016, Jiuzhou Optoelectronics' non-operating income decreased by RMB 6,453,900 from the previous period, representing a year-on-year decrease of 46.27%. The main reason was that the government subsidies confirmed in the current period decreased by RMB 5,301,100 over the previous period, a sharp drop of 55.34% year-on-year.
In addition to the loss of performance, Jiuzhou Optoelectronics' product quality has also encountered problems.
Recently, the Shenzhen Municipal Market Supervision Administration issued the "Notice on the Quality Supervision and Inspection Results of Lighting Products, Lighting Sources, Lighting Products and Control Devices (including LED Lighting Fixtures, LED Drive Power Sources) in 2016", Shenzhen Jiuzhou Optoelectronics Technology Co., Ltd. There are two products in the company that are unqualified.
The two unqualified products are: LED downlight (indoor lighting) with the trademark "Grep" in December 2015 and "JZDL-3A4009-W" and the specification model "JZCS-3A2001- S" LED ceiling spotlights, external wiring is unqualified.
According to the notice, the wire diameter of the external wiring does not meet the requirements, which will result in insufficient mechanical strength of the wire and breakage, which will affect the normal operation of the lamp.
As the in-cabin lighting supplier of the domestic large-scale passenger aircraft C919, Jiuzhou Optoelectronics has become one of the few bright spots.
On November 2, 2015, the first aircraft of the C919 large passenger aircraft was installed at the Pudong base of the newly built assembly center of China Commercial Aircraft Corporation. Jiuzhou Optoelectronics carried out careful simulation and design according to the requirements of the cabin illumination of the C919 large passenger aircraft, becoming the only domestic supplier of C919 cabin interior lighting.
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