Entering the 4 billion yuan revenue mark, the listed company has a global market share of small-pitch LEDs exceeding 50%.

On March 27, Liard (300296) released its 2016 annual report. The company's operating income reached 4.376 billion yuan, and its net profit reached 669 million yuan. It completed the company's revenue of 4 billion yuan and the profit target of 570 million yuan.

The net profit in 2016 doubled again, creating an impressive performance in the company's three-year net profit for the third consecutive year in 2014-2016. In 2016, the company's overseas operating income reached 1.8 billion yuan, accounting for 41.32% of revenue, laying the foundation for the company to expand overseas business and financing.

Overseas revenues are mainly contributed by PLANAR in the United States. In 2016, the gross profit margin of Pingda in the United States reached 28.39%, an increase of 2.46 percentage points from 25.93% in 2015. The increase in gross profit margin was mainly due to the gradual replacement of LCD large-screen products by LED small-pitch products. Wall, as the speed of substitution accelerates, the gross profit margin and net profit margin will increase.

With the upgrade of the company's strategy in 2016, the main business was re-divided, from the original display system, LED small-pitch TV, intelligent lighting, cultural media, to intelligent display, landscape lighting, cultural tourism.

Intelligent display business, mainly based on a variety of display products as the core to form intelligent display solutions for a variety of industries, display products including LED small-pitch TV, LED display, LED rental display, LED creative display, LCD large screen wall, etc. .

Landscape lighting business, design landscape lighting program, on-site implementation, operation and maintenance for customers, LED lighting products OEM or external mining required in the program. The lighting market dominated by commercial real estate developers is relatively mature, but the demand for urban landscape lighting led by the city government has increased greatly in 2015. It is expected that the market will erupt in 2017-2019. The company's business segment is the first in the country. .

The cultural tourism business refers to the solution that reflects the cultural content of the city and enhances the cultural experience based on technologies and products such as sound and optoelectronics. The hardware products in the scheme come from the combination of internal and external mining, and the company provides planning and implementation. Integrated services; the market is currently in the early stages of development and has a very large market space.

The VR business that the company is cultivating currently has the world's leading optical motion capture technology, and has invested in VR from product to content, in preparation for the VR market. In February 2017, NP company was merged and the company's main business will increase the “VR experience”.

In the domestic business of intelligent display, landscape lighting, cultural tourism and other business sectors, maintaining strong profitability, in 2016, the domestic comprehensive gross profit margin remained above 40%.

Through investment and mergers and acquisitions, the company has a total of five lighting companies, which have laid out the national landscape lighting market and become the largest lighting enterprise group in China.

In 2016, the Liard Group lighting business group landscape lighting business signed an order of 1.138 billion yuan, the annual operating income of 967 million yuan, net profit of 249 million yuan; due to the merger of the three companies in 2016 are consolidated results in the second half, so merged Operating income of 867 million yuan, incorporated into a net profit of 238 million yuan, has an absolute advantage in the national landscape lighting industry.

As of the announcement of this report, the new orders for landscape lighting of the Liard Group in 2017 were 510 million yuan, an increase of 422% over the same period last year.

In 2016, the operating revenue of the intelligent display business segment and the night travel economic segment doubled, which is a guarantee for the company's rapid growth.

The intelligent display includes the revenue of all display products in China and abroad. In 2016, the revenue growth rate was faster. One was the incorporation of Pingda in the United States, and the other was that the small-pitch TV entered the outbreak period;

The night travel economy is mainly landscape lighting design and engineering income. The revenue growth rate is relatively fast in 2015-2016. Due to the adjustment of industry customer structure, the industry has entered a period of rapid growth, and three lighting companies were merged in the second half of 2016;

Cultural tourism is only the income of Lifeng Culture under the Liard Group. The revenue will increase by 42.73%. Cultural tourism will be the next high-growth business segment.

According to the announcement, in 2016, the small-diameter TV newly signed a single 18.2 billion yuan, the company maintained a global market share of more than 50%.

In 2016, small-pitch TV confirmed revenue of 1.256 billion yuan, an increase of 55% over the same period last year. Since the small-pitch TV market entered the market in 2012, the company has signed a total of 4.18 billion yuan, an increase of 54% over the same period last year.

On the same day, Liard also disclosed the first quarter 2017 results forecast. The company expects the net profit attributable to shareholders of listed companies from January to March 2017 to be 164 million to 180 million, a year-on-year change of 100.00% to 120.00%.


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