Leyard H1 increases revenue but not profit

 Leyard released a semi-annual report saying that in the first half of 2022, the company's operating income was 3.701 billion yuan, a year-on-year increase of 2.80%; the net profit attributable to the parent was 268 million yuan, a year-on-year decrease of 6.02%, non-net profit was deducted. 240 million yuan, a year-on-year decrease of 7.96%.

In terms of products, the revenue of the smart display segment accounted for 85.80%. Although the domestic business with a relatively high proportion was affected by the epidemic, it still increased by 16% year-on-year, and the gross profit margin increased compared with the same period of the previous year. The cultural tourism night tour was greatly affected by the domestic epidemic in the first half of the year, and the revenue fell sharply. The gross profit margin increased by 9.26 percentage points compared with the same period of the previous year due to project settlement.

The operating income of the virtual reality segment increased by 13.63% over the same period of the previous year, and the gross profit margin increased steadily. Since the middle of 2021, FPGA, image sensor, and voltage regulation module of NP's OptiTrack products are mainly sourced from AMD Xilinx, Texas Instruments, ON Semiconductor, and other companies, which have been out of stock for a long time, and the spot price is extremely high Due to the industry situation, the product delivery time of NP Company is prolonged, which affects the recognition of operating income. Since August this year, the above-mentioned shortage of raw materials began to ease.

In the first half of the year, the company made good progress in technology research and development, product improvement, and group management.

Since the company released the world's first "Micro LED display product" (pitch 0.4mm, 0.6mm, 0.7mm, 0.9mm) in 2020, the market promotion and capacity expansion of Micro LED display are progressing as planned. In the first half of the year, due to the domestic epidemic, both Micro LED orders and the operating rate of the Wuxi factory was affected. After July, orders accelerated; as of the date of this report, the new Micro LED display orders this year were 150 million yuan.

Leyard said that the company's Micro LED products have made great progress after more than a year of R&D investment and process improvement. Mass transfer yield improvement: Lijing adopts laser mass transfer technology, and the mass transfer yield has increased from 98.9% at the time of production to 99.995%; the new process is mature: After the Micro LED process is improved, the New package single lamp mass production, Expand the pitch of Micro LED display products to 1.8mm; the cost of Micro LED Nin1 products (with pitches of 0.4mm, 0.6mm, 0.7mm, 0.9mm) has made good progress due to yield improvement, economies of scale, process improvements, etc. The price of chips has been reduced, and the price of products has been greatly reduced compared to when it was launched in 2020, and the market space has been further opened.

In addition, Leyard and Saphlux Semiconductor Technology Co., Ltd. (hereinafter referred to as "Saphlux") (with a 12.37% stake) jointly completed the development and testing of display screens prepared using NPQD® R1 Micro LED chips. According to Saphlux, The product has been officially introduced into mass production. This is the industry's first display using quantum dot Micro LED chips. This major technological breakthrough will speed up the commercialization of Micro LED display technology in an all-around way.

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