On the evening of April 26th, Science and Technology Innovation Board listed company Guangfeng Technology (688007) (688007 SH) disclosed its financial results for the first quarter of 2024. According to the financial report, the company achieved operating income in the first quarter.Casinomegaways.45 billion yuan; the return net profit was 44.5433 million yuan, a sharp increase of 226.21% over the same period last year; deducting the non-return net profit to achieve a turnaround from loss to profit, the overall gross profit margin was 33.24%, and the performance of key financial indicators was sound, which made a good start for the company in 2024.
Specifically, Guangfeng Technology in the first quarterCasinomegawaysThe basic disk business (cinema business) has contributed to the continued improvement of the company's profit indicators. The box office of the Spring Festival in 2024 reached a new high, driving the revenue of Guangfeng Technology Cinema business to grow by 21% in the first quarter compared with the same period last year. In addition, the company's growth disk business burst into new vitality, and the vehicle business revenue achieved a breakthrough from 0 to 1, becoming the key growth pole of the company in the future.
In the first quarter, the company's vehicle optical business achieved business revenue of 48.0268 million yuan, while in 2023 the business income was still 0 yuan. Since obtaining the IATF16949 automotive industry quality management system certification in 2022, Guangfeng Technology has continued to increase the layout and cultivation of on-board optical business, and now it has finally entered the contribution period.
The vehicle business began to grow in volume.
Throughout the Guangfeng Technology first quarter results, investors, the market's attention is nothing more than the company's automotive optical business ushered in a breakthrough in operating revenue. In December 2023, the question M9, which is provided by Guangfeng Technology, was officially released, which is also the first giant projection screen in the smart car industry. In March this year, the M9 entered the stage of intensive mass production and delivery, driving the vehicle optical business of Guangfeng Technology to achieve an operating income of 48.0268 million yuan in the first quarter.
It is reported that Guangfeng Technology provides a car-mounted giant screen viewing scheme for the M9, including projection modules, lifting screens and other supporting components. With the smooth landing and delivery of M9, the company's car gauge-level projection screen has been fully verified by the market.
In January, a record of investor interaction released by Guangfeng Technology showed that the company had obtained six high-quality fixed points since the first disclosure of the fixed-point announcement in September 2022. With the exception of the M9, the other five fixed-point models have not yet been released. Guangfeng Technology also said that in 2024, the company will not only further expand the new fixed point, but also the company's early introduction of new customer designated project demand will be gradually released. At the same time, the company will also deeply develop existing customer projects and contribute incremental orders, which will continue to play a positive role in the company's business performance.
Now, Guangfeng Technology's vehicle business has entered a period of accelerated development. With the mass production and delivery of designated models, the vehicle optical business will provide a stronger driving force for the company's revenue and profit growth.
At the ongoing 2024 Beijing International Auto Show, Guangfeng Technology participated in the exhibition and unveiled the world's first ALL-in-ONE all-around laser headlights, which integrates high-light ADB headlights, variable color temperature headlights, high-beam laser lights, ground information display, drive-in cinema and other functions to meet lighting, display, safety and entertainment needs. In addition, Guangfeng Technology's new generation of vehicle projection screen 2.0,3.0 continuous research and development, with double brightness and resolution, can achieve AI interaction and other advantages.
"We should seize the opportunity of changing from a small track to a big market to continue to expand our strategic advantages and achievements in the field of vehicle optics. With the help of the historic opportunity of the rapid rise of new energy vehicles in China, we will actively seize the blue ocean market such as on-board optics and intelligent cockpits, and work with domestic and foreign head car companies to create a new driving experience for consumers. run the 'Shenzhen acceleration' on the on-board optics track. " Li Yi, founder, chairman and CEO of Guangfeng Technology, said in the company's 2023 annual report to shareholders.
Cinema business revenue has increased significantly
For the net profit of Guangfeng Technology increased significantly in the first quarter, Guangfeng Science and Technology explained that Guangfeng Technology has an investment layout for the upstream industrial chain. In late March this year, Hubei Gobijia Optoelectronics Technology Co., Ltd., a shareholding company, was successfully listed on the Beijing Stock Exchange, and some trading financial assets generated investment income and fair value changes in profit and loss, which had a positive impact on the company's return net profit. In addition, the company's internal cost reduction and efficiency results in the first quarter highlighted, the cost of each period has been reduced.
Cinema core device business has always been the "basic disk" business of Guangfeng Technology. Since 2023, the domestic film market has continued to recover, and the box office of the Spring Festival in 2024 has reached a new high. The demand for high-quality film-driven cinema continues to release, and the development of the film market is full of potential, which has led to the continued development of the company's cinema core components business revenue. In the first quarter of this year, the core devices business of Guangfeng Technology Cinema achieved an operating income of 153 million yuan, an increase of 21% over the same period last year, with a good growth momentum.
In recent years, audiences not only need higher and higher quality of film content, but also gradually improve their pursuit of viewing experience, hoping to enjoy comfortable seats, excellent sound effects and quality cinema service. Aware of the audience's demand for a high-quality cinema experience, the company launched a new generation of active projection technology, VLED LED Cinema projection solution. It is reported that the VLED LED Cinema projection solution helps cinemas expand high-end operational scenes, while breaking through the traditional viewing mode and exploring a variety of cinema application scenarios. For example, in the off-season, Cinema can use VLED LED Cinema for scenes such as conferences, children's drama performances, talk shows, etc., to improve the efficiency of cinema use and create more additional revenue.
In the first quarter of this year, the company continued to strengthen the research and development and promotion of VLED LED Cinema projection solutions to further expand the space for cinema business development and enhance the resilience of business sustainable development. Up to now, Guangfeng Technology has successfully installed 8 sets of VLED LED Cinema projection solutions in domestic cinemas, opening up new profit growth points for the company in the cinema market.
In mid-April this year, Sino-Thai Securities issued a research report that Guangfeng Technology B-end cinema business returned to a stable "cash cow" position. At the same time, C-end profits are expected to improve significantly in 2024. On the other hand, the growth of the new curve of vehicle business continues to accelerate, and the management trend of Guangfeng technology continues to improve in 2024. (Wen / Chen Feilin / tr. by Phil Newell)