Xingyu Shares, Debang Lighting, and Haoersai announced first half results

Recently, LED lighting companies such as Xingyu Lighting, Debang Lighting, and Haoersai announced their first-half performance. Driven by the demand of the automotive market, Debang Lighting and Xingyu Co., Ltd. received multiple automotive business orders and achieved net profit growth; Haoersai undertook and completed multiple lighting projects and strengthened the management of accounts receivable, resulting in year-on-year revenue growth.

Xingyu Shares: Achieved mass production of 22 car lighting business projects

Xingyu Shares achieved operating income of 5.717 billion yuan in the first half of 2024, a year-on-year increase of 29.20%; the net profit attributable to shareholders of listed companies was 594 million yuan, a year-on-year increase of 27.34%; the net profit after excluding non-recurring gains and losses was 5.58 yuan, a year-on-year increase of 35.65%.

Xingyu Co., Ltd. focuses on the design, development, manufacturing and sales of automotive lights. The company's products include automotive headlights, front grille lights, daytime running lights, rear combination lights, ambient lights, indoor lights, fog lights and automotive electronics-related products.

Xingyu Co., Ltd. stated that the development of China's new car market has a significant impact on the company. During the reporting period, the company's revenue and net profit growth were mainly driven by the growth in production and sales of related models for the company's customers. During the reporting period, Xingyu Co., Ltd. undertook new product research and development projects for a total of 38 vehicle models and achieved mass production of 22 vehicle models.

In addition, in order to meet customer needs and cope with the increase in the number of automotive lighting projects and product orders, Xingyu Co., Ltd. also continued to improve its technology, management and production capabilities during the reporting period.

Among them, in terms of new technologies, Xingyu Technology continues to upgrade its technology in the field of intelligent vision systems and has developed DLP projection smart headlamps based on DMD technology; HD lighting and projection smart headlamps based on Micro LED technology; pixel displays based on Micro/Mini LED technology interactive lights; intelligent digital grilles/digital bumpers based on innovative materials and light source technologies; lighting controllers HCM/RCM/LCU and sensing car light self-closed loop systems, etc.

Debon Lighting: 900 million new vehicle-mounted fixed-point projects added in the first half of the year

Debon Lighting achieved operating income of 2.143 billion yuan in the first half of 2024, a year-on-year decrease of 12.70%; it achieved a net profit attributable to shareholders of listed companies of 178 million yuan, a year-on-year increase of 8.05%.

Debang Lighting is a high-tech enterprise integrating R&D, production, sales and service. The company's main business includes three categories: general lighting products, commercial lighting products and vehicle-mounted products, which are widely used in civil and commercial fields.

During the reporting period, Debang Lighting’s performance growth was mainly due to effective cost control and product structure optimization. In the field of civil lighting, the company maintains market competitiveness through large-scale operations and high-efficiency management. The commercial lighting business has achieved product upgrades and market expansion by meeting customers' customized, intelligent and professional needs.

In terms of vehicle business, Debang Lighting focuses on the field of "vehicle lighting + vehicle controller". In the first half of the year, new projects were targeted at nearly RMB 900 million, bringing new growth points to the company.

It is reported that Debang Lighting has formed two main business segments: general lighting and vehicle-mounted lighting since 2021. Among them, the vehicle-mounted business includes vehicle lighting and vehicle controllers. From 2021 to 2023, Debang Lighting's automotive business achieved revenue of 281 million yuan, 434 million yuan, and 624 million yuan respectively, and its performance continued to grow.

Currently, Debon Lighting’s automotive business customers include Panasonic, Huayu Vision, Wanxiang, Magneti Marelli, Hella, Sanli, Yanfeng Plastic Omnium, Valeo, Elios, Lingwei Vision, etc. Many well-known parts, involving terminal brands including Porsche, Audi, Volkswagen, Nissan, Daihatsu, Toyota, GAC, Ideal, Leapmotor, Changan, Geely, NIO, Chery, etc. Looking forward to the future, Debon Lighting will continue to promote the development strategy of "expanding civil lighting, strengthening commercial lighting, and developing specialized vehicle-mounted business".

It is worth noting that the domestic automotive market demand drove the growth of the automotive lighting business of many LED companies in the first half of the year. In addition to Debang Lighting and Xingyu Co., Ltd. realizing multiple automotive business projects in the first half of the year, Edison also recently stated that the increase in demand from the automotive market in mainland China has driven the company's performance growth. It is reported that LED automotive components currently account for 42% of Edison's total revenue. In the first half of the year, Edison achieved revenue of NT$1.2 billion (approximately RMB 266 million), a year-on-year increase of 30.3%, and net profit after tax of NT$72.37 million (approximately RMB 16.06 million), a year-on-year increase of 181.2%.

Haoersai: Revenue in the first half of the year was 296 million yuan, a year-on-year increase of 26.30%

In the first half of 2024, Haoersai achieved operating income of approximately 296 million yuan, a year-on-year increase of 26.30%. The net profit attributable to shareholders of the listed company was approximately 7.69 million yuan, a year-on-year decrease of 33.97%.

Horse said that the change in performance was mainly due to the company's strengthening of accounts receivable management during the reporting period and the recovery of project payments through various methods. However, the share price of Xinlian Integration invested by Halse fell in the first half of the year, and the fair value change suffered a large loss, resulting in a decline in net profit.

Haoersai is mainly engaged in lighting engineering business. In recent years, the company has actively explored new development areas and formed a new development strategy of "three intelligences and one network" and "two-wheel drive" of Haonenghui New Energy, led by the overall strategic layout of "Smart+".

During the reporting period, in the field of lighting engineering, Halsey completed and undertook a number of key lighting projects, including: "Dalian by Sea" smart cultural tourism night tour project, Huafeng Group R&D headquarters project flood lighting project, United Imaging Smart Medical Park new project flood lighting professional subcontracting project, Anta Shanghai headquarters project flood lighting project, Dishui Lake transportation hub renovation project, etc.