TCL Group (000100) released its 2013 results forecast on January 14. The company expects net profit attributable to shareholders of listed companies to be 1.9 billion to 2.2 billion yuan, compared with 796 million yuan in the previous year, an increase of 139% to 176%. Among them, Huaxing Optoelectronics is an important source of TCL profit growth.
According to statistics, in 2013, Huaxing Optoelectronics received a total of 668 million yuan in debt-free and subsidy income from the Shenzhen Municipal Government, accounting for about 30% of TCL Group's estimated net profit. However, an insider of TCL told reporters that "In addition to government subsidies, Huaxing Optoelectronics has also made a lot of money."
After reviewing TCL’s financial report for the past three years, the reporter found that it was no exaggeration to call Huaxing Optoelectronics the “golden king†of TCL.
In June 2013, Huaxing Optoelectronics received an exempted entrusted loan of 5.101 billion yuan from the Shenzhen Municipal Government. According to the Accounting Standards for Business Enterprises, this income was recognized as deferred income, which was included in the 2013 revenue of approximately 380 million yuan. In December of the same year, the Shenzhen Municipal Government issued a government subsidy of 600 million yuan to Huaxing Optoelectronics, of which about 406 million yuan was included in the current profit and loss, and the rest was included in deferred income (not included in the current period).
Therefore, according to the known data, in 2013, TCL’s debt-free and subsidy income from Huaxing Optoelectronics from the Shenzhen Municipal Government totaled approximately 668 million yuan.
TCL Group holds 85% Huaxing Optoelectronics Co., Ltd., which accounts for 30% of TCL Group's estimated net profit.
The total investment of Huaxing Optoelectronics Project is 24.5 billion yuan, which was officially put into operation in August 2011. In December of the same year, TCL's main product sales data announcement showed that the monthly output of Huaxing Optoelectronic Panel was 18,600. After December 2012, the monthly production capacity of Huaxing Optoelectronics has basically remained above 120,000. In the first two quarters of 2013, Huaxing Optoelectronics' revenue was 6.818 billion yuan, which reached 10.614 billion yuan in the first three quarters. Among the four major business segments of TCL, Huaxing Optoelectronics' revenue is second only to TCL Multimedia.
According to the product sales data released by TCL on January 8, in 2013, Huaxing Optoelectronics sold 1.396 million pieces in the whole year. Therefore, its annual revenue is expected to be approximately 14.7 billion yuan. In addition, due to the sluggish demand in the color TV market in the second half of 2013, sales of TCL, Skyworth [microblogging] and other manufacturers have declined to varying degrees. Yesterday, TCL Multimedia stated in the profit warning that the company “may have a loss†in 2013.
TCL Communication's net profit for the first three quarters of 2013 was 181 million yuan, and the full-year results are not expected to change much. The contribution of KONE Electronics, Home Appliances and Real Estate to the company's net profit is not significant.
Accordingly, most of TCL Group's net profit in 2013 will be contributed by Huaxing Optoelectronics.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
According to statistics, in 2013, Huaxing Optoelectronics received a total of 668 million yuan in debt-free and subsidy income from the Shenzhen Municipal Government, accounting for about 30% of TCL Group's estimated net profit. However, an insider of TCL told reporters that "In addition to government subsidies, Huaxing Optoelectronics has also made a lot of money."
After reviewing TCL’s financial report for the past three years, the reporter found that it was no exaggeration to call Huaxing Optoelectronics the “golden king†of TCL.
In June 2013, Huaxing Optoelectronics received an exempted entrusted loan of 5.101 billion yuan from the Shenzhen Municipal Government. According to the Accounting Standards for Business Enterprises, this income was recognized as deferred income, which was included in the 2013 revenue of approximately 380 million yuan. In December of the same year, the Shenzhen Municipal Government issued a government subsidy of 600 million yuan to Huaxing Optoelectronics, of which about 406 million yuan was included in the current profit and loss, and the rest was included in deferred income (not included in the current period).
Therefore, according to the known data, in 2013, TCL’s debt-free and subsidy income from Huaxing Optoelectronics from the Shenzhen Municipal Government totaled approximately 668 million yuan.
TCL Group holds 85% Huaxing Optoelectronics Co., Ltd., which accounts for 30% of TCL Group's estimated net profit.
The total investment of Huaxing Optoelectronics Project is 24.5 billion yuan, which was officially put into operation in August 2011. In December of the same year, TCL's main product sales data announcement showed that the monthly output of Huaxing Optoelectronic Panel was 18,600. After December 2012, the monthly production capacity of Huaxing Optoelectronics has basically remained above 120,000. In the first two quarters of 2013, Huaxing Optoelectronics' revenue was 6.818 billion yuan, which reached 10.614 billion yuan in the first three quarters. Among the four major business segments of TCL, Huaxing Optoelectronics' revenue is second only to TCL Multimedia.
According to the product sales data released by TCL on January 8, in 2013, Huaxing Optoelectronics sold 1.396 million pieces in the whole year. Therefore, its annual revenue is expected to be approximately 14.7 billion yuan. In addition, due to the sluggish demand in the color TV market in the second half of 2013, sales of TCL, Skyworth [microblogging] and other manufacturers have declined to varying degrees. Yesterday, TCL Multimedia stated in the profit warning that the company “may have a loss†in 2013.
TCL Communication's net profit for the first three quarters of 2013 was 181 million yuan, and the full-year results are not expected to change much. The contribution of KONE Electronics, Home Appliances and Real Estate to the company's net profit is not significant.
Accordingly, most of TCL Group's net profit in 2013 will be contributed by Huaxing Optoelectronics.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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