In recent months, several LED-listed companies have released their 2017 annual performance reports, signaling a recovery in overall profitability. Among them, one leading company stood out with impressive results—revenue reached nearly 1.1 billion yuan, and net profit surged to 211 million yuan, representing a year-on-year increase of up to 335%. This remarkable growth has drawn significant attention from investors.
On International Consumer Rights Day (March 15), the headquarters of Xiamen Dry Photo Group opened its doors for the first time to institutional analysts and investors. Over 40 participants attended the event, engaging in detailed discussions and receiving live online and offline coverage. The event was well-organized, showcasing the company’s transparency and commitment to communication.
Visitors were given a tour of the office building and production facilities before moving on to an in-depth investor meeting. Key executives, including Chairman Jin Zhangyu, General Manager Cai Haifang, Secretary General Liu Wenhui, Deputy General Manager Liu Zhao, CFO Peng Xinghua, President Ke Zhijie of Future Display Research Institute, and Marketing Director Huo Dongming, participated in the exchange. They shared insights into the company's current operations and future strategies while answering questions from both on-site and online attendees.
The event kicked off with a live video of Chairman Jin Zhangyu, who presented the company’s story by writing and narrating his own script, showing his personal involvement and passion for the business.
General Manager Cai Haifang then delivered a detailed presentation on the company’s 2017 performance. He highlighted the rapid growth of the chip business, which drove the company’s financial success. According to the annual report, net profit reached 210 million yuan, a 335% increase compared to the previous year. The chip and epitaxial film segment generated 1.095 billion yuan in revenue, a 33.35% rise, accounting for 96.88% of total sales—an increase of 25.45 percentage points.
Marketing Director Huo Dongming followed with an analysis of industry trends. He noted that international manufacturers are reducing production capacity, while domestic factories are expanding, increasing China’s global share in chip manufacturing. Zhongwei’s micro-MOCVD equipment is now being delivered to domestic chip makers, marking the start of core equipment localization. Looking ahead, he emphasized the need for chip manufacturers to focus on operational efficiency and product performance improvements to counter potential price declines.
The management team also discussed two key themes: “Blue and Green Business Unit Growth: From -5% to 33.77%†and “New Technology and New Direction: MINI and MICRO-LED Development Trends.†After the session, investors remained engaged, asking detailed questions about the company’s past, present, and future.
Several key points were highlighted during the discussion:
1. In 2017, the yield rate for blue and green light epitaxial films reached 33.77%, while red and yellow light was at 42.27%.
2. The 730 million yuan investment in Yangzhou Dry Photo’s flip chip production line was fully launched.
3. With the expansion of the Nanchang base, the monthly production capacity will reach 1.6 million units, with the first phase at 800,000 units.
4. A dedicated Future Display Research Institute was established, focusing on MiniLED displays, backlighting, and MicroLED technology, with sample layouts already completed.
5. MiniLED applications for TVs or mobile phone backlights are expected by year-end, though volume may start next year. However, the company is more optimistic about large-scale applications in the automotive market.
6. It is anticipated that the adoption of MiniLED and MicroLED will double the demand for GaN, reaching 20 million units per month.
Chairman Jin Zhangyu concluded the meeting with a forward-looking summary. He emphasized that as the industry scales up, competition among LED chip companies will ultimately be driven by operational efficiency. The company plans to implement a comprehensive "expansion strategy," enhancing operational capabilities, optimizing costs, and strengthening its competitive edge. Additionally, the company is committed to upgrading the LED industry, investing heavily in MiniLED and MicroLED technologies to secure a leading position in the future display landscape. The company is also optimistic about the future of VCSEL technology, with its independently developed VCSEL chips already meeting standards and making significant progress in industrialization.
From the perspective of investors, the strong 2017 performance of Dry Photo reflects the spirit of “dedication and professionalism.†In its early days, Dry Photo focused on red and yellow LEDs, achieving dominance in the field and establishing itself as a leader in the LED industry. When it comes to red and yellow lights, Dry Photo is the first name that comes to mind. This time, the company chose not to cut back on non-chip and epitaxial film businesses but instead adjusted its strategy to focus on deep-rooted, sustainable growth—a timely and wise decision.
Of course, challenges and opportunities coexist for Dry Photo in the future. The integration of high-end red and yellow light applications, infrared technology, and emerging innovations require careful strategic planning. If these efforts succeed, Dry Photo could become the absolute leader in GaAs-based red, yellow, and infrared light technologies—unquestionably the top player in the market.
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