LED company Dehao Runda announced its semi-annual report yesterday. The reporter found that thanks to the government subsidy income, its net profit has increased by 20% against the market in the case of declining revenue. In fact, in addition to Dehao Runda, Sanan Optoelectronics and other LED listed companies also receive huge subsidies every year. Industry insiders pointed out that eating subsidies has become the biggest reason for some companies to make money.
Dehao Runda's performance is up and down
According to the disclosure, the total operating income of Dehao Runda decreased by 1.01% in the first half of the year, while the net profit increased by 21.5%. The company's net profit remained high after operating losses. The company's explanation was mainly due to the overall impact of the overall gross profit margin, the increase in subsidy income and the increase in operating expenses during the reporting period. The reporter found that the company's non-operating income in the first half of the year was as high as 150 million yuan, which was the main reason for its net profit growth.
The reporter learned from Dehao Runda's 2011 semi-annual report that the financial subsidies received by the company were higher than the net profit: the net profit was 271 million yuan, and the financial subsidy was as high as 298 million yuan. Due to the reduction in subsidies, it is expected that net profit in the first three quarters of this year may fall by 60%. Obviously, the performance of the company has almost completely followed the increase and decrease of financial subsidies, and the dependence on subsidies is quite high.
Industry suffers financial subsidy dependence
In fact, among the many LED companies, companies like Dehao Runda that are dependent on financial subsidies are not uncommon. In recent years, in order to promote the development of LED as an emerging industry, the national policy has given great financial support to enterprises.
Among them, Sanan Optoelectronics and Dehao Runda can be described as the LED companies with the most financial subsidies. The data shows that the net profit growth rate of the two companies in 2011 exceeded 100%, of which government subsidies contributed 90% to Sanan Optoelectronics' net profit and Dehao Runda was 79%.
This year's financial subsidies continue to transfuse the LED industry. Sanan Optoelectronics reported that the Anxi County Finance Bureau allocated 100 million yuan of “technical three†financial subsidy funds to the Sanan Optoelectronics Sapphire Substrate Project in March this year, and continued to subsidize 12.15 million yuan in August. For Dehao Runda, the subsidy amount in March alone has reached 100 million yuan. In June, it received a financial subsidy of RMB 48.4 million.
An industry expert who did not want to be named told reporters: "Financial subsidies are like opium, and it is difficult to quit when it is addictive; once it is broken, many listed companies will expose their physical weakness. The financial subsidy policies introduced in various places should be domestic LEDs in recent years. The industry’s enthusiasm bears a large part of the responsibility."
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