Text / Senior Engineer LED Industry Research Institute senior analyst Ye Xiaoli
Recently, Silan Micro (600460) released the semi-annual report for 2011. The data shows that the company achieved operating income of RMB 762.84 million in the first half of the year, up 8.88% year-on-year; realized operating profit of RMB 90.24 million, down 32.42% year-on-year; realized total profit of RMB 95.43 million. The year-on-year decline was 30.70%; the net profit attributable to shareholders of listed companies was 85.246 million yuan, down 28.66% year-on-year; basic earnings per share was 0.20 yuan, down 33.33% over the same period of the previous year.
Main business net profit + gross profit "diving"
According to the financial report, in the first half of the year, the sales of the company's three main business integrated circuits, discrete device chips and LED device chips increased by 7.62%, 16.91% and 1.92% respectively over the same period of last year. Although the company's operating income has increased, but due to increased production investment and R&D expenditure, and the new capacity has not been effectively released, the company's net profit has declined compared with the same period last year.
In addition, the comprehensive gross profit margin of the company's products fell to 30.64%, down 4.11% year-on-year. Mainly due to the relatively high gross profit margin of LED device chips with relatively high gross profit margin. The main reason for the decline in the gross profit margin of LED device chips is that the increase in the proportion of outsourced epitaxial wafers has led to a significant increase in material costs, and the price of products has decreased compared with the same period last year. 
Data from: Silan Micro 2011 Annual Report
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