Dehao Runda (002005) recently announced its 2010 annual report. In 2010, the company achieved operating income of RMB 2,592.9 million, an annual increase of 35.04%; realized operating profit of 5.33 million yuan, down 92.78%; net profit attributable to shareholders of listed companies 19,572 Ten thousand yuan, an annual increase of 202.91%. The company's weighted average return on net assets reached 19.32%, an increase of 9.10%; basic earnings per share was 0.56 yuan, an increase of 180%.
Main business profit slowdown gross margin fell sharply
In 2010, the LED business realized operating income of RMB 363.55 million, a sharp increase of 111.83% over the same period of the previous year. The comprehensive gross profit margin reached 29.58%, down 9.19 percentage points from the previous year. The main reason for the decline was the more intense competition in the LED industry. Decreased and increased overall operating costs.
Some fundraising projects have not yet achieved substantial revenue
Dehao Runda specifically pointed out that its LED project is still in the construction period, the investment is huge and the production capacity has not been released. In the report period, it has not brought large operating income to the company. However, due to the large amount of government financial subsidies received by the company's LED project during the reporting period, the overall operating performance of the company has increased significantly compared with the previous year.
Financial expenses have risen sharply from 2009
The company's financial expenses in 2010 increased significantly by 40.61 million yuan over the previous year, an increase of 179%. Mainly due to the huge investment in LED business, and the recovery of small household appliances business, the company's capital demand is huge, the company increased the amount of bank financing and the central bank raised interest rates twice to increase the benchmark interest rate of loans by 0.5 percentage points. Expenditure reached 33.8 million yuan, an increase of 107.61% over the previous year. Moreover, in 2010, the renminbi gradually appreciated, and the annual appreciation rate reached 3%, making the exchange loss last year reached 26.43 million yuan, an increase of 13.384.98% over the previous year.
LED raw material prices may continue to rise and future risks increase
Due to the continuous quantitative easing policy of the Federal Reserve, the US dollar continued to depreciate, and the global inflation risk appeared. The price of major raw materials of the company's main raw materials increased significantly, which brought about a large adverse impact on the company's production and operation. It is expected that the prices of major raw materials will continue to rise in 2011, which will put tremendous pressure on the company's production and operation in 2011.
Main business profit slowdown gross margin fell sharply
| Sub-industry or sub-product | Operating income | Operating cost | Operating profit margin (%) | Operating income increased or decreased from the previous year (%) | Operating costs increased or decreased from the previous year (%) | Operating profit margin increased or decreased from the previous year (%) |
| LED industry | 36,355.27 | 25,599.92 | 29.58% | 111.83% | 143.59% | -9.19% |
| LED package | 10,842.66 | 8,663.00 | 20.10% | 42.55% | 70.18% | -12.97% |
| LED application | 25,512.61 | 16,936.92 | 33.61% | 166.96% | 212.55% | -9.69% |
In 2010, the LED business realized operating income of RMB 363.55 million, a sharp increase of 111.83% over the same period of the previous year. The comprehensive gross profit margin reached 29.58%, down 9.19 percentage points from the previous year. The main reason for the decline was the more intense competition in the LED industry. Decreased and increased overall operating costs.
Some fundraising projects have not yet achieved substantial revenue
| company name | Total assets | Net assets | Operating income | Net profit |
| Dalian Dehao Optoelectronics Technology Co., Ltd. | 25,484.43 | 19,800.56 | 0 | -169.34 |
| Sancha (Wuhu) Semiconductor Co., Ltd. | 662.28 | 651.76 | 0 | -14.17 |
Dehao Runda specifically pointed out that its LED project is still in the construction period, the investment is huge and the production capacity has not been released. In the report period, it has not brought large operating income to the company. However, due to the large amount of government financial subsidies received by the company's LED project during the reporting period, the overall operating performance of the company has increased significantly compared with the previous year.
Financial expenses have risen sharply from 2009
The company's financial expenses in 2010 increased significantly by 40.61 million yuan over the previous year, an increase of 179%. Mainly due to the huge investment in LED business, and the recovery of small household appliances business, the company's capital demand is huge, the company increased the amount of bank financing and the central bank raised interest rates twice to increase the benchmark interest rate of loans by 0.5 percentage points. Expenditure reached 33.8 million yuan, an increase of 107.61% over the previous year. Moreover, in 2010, the renminbi gradually appreciated, and the annual appreciation rate reached 3%, making the exchange loss last year reached 26.43 million yuan, an increase of 13.384.98% over the previous year.
LED raw material prices may continue to rise and future risks increase
Due to the continuous quantitative easing policy of the Federal Reserve, the US dollar continued to depreciate, and the global inflation risk appeared. The price of major raw materials of the company's main raw materials increased significantly, which brought about a large adverse impact on the company's production and operation. It is expected that the prices of major raw materials will continue to rise in 2011, which will put tremendous pressure on the company's production and operation in 2011.
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