Guangfeng Technology releases performance report: operating profit will increase by 159% in 2023

On the evening of February 23, Guangfeng Technology (688007.SH), one of the first companies listed on the Science and Technology Innovation Board, released its 2023 performance report. According to the report, the company's annual operating income reached 2.217 billion yuan, operating profit was 34.679 million yuan, a year-on-year increase of 159.06%; total profit increased by 46.38% year-on-year; net profit attributable to the parent company reached 102 million yuan; the overall gross profit margin reached 36.23%.

Revenue, profit and total profit achieved significant growth, which was mainly attributed to the continued optimization of the revenue structure and the reduction of period expenses. This situation reflects to a certain extent the initial results achieved by Guangfeng Technology in business transformation. As customer demand for automotive optical products gradually increases, the company's business is moving towards a broader development direction. In the future, Guangfeng Technology will continue to work hard to improve product quality and technological innovation capabilities to meet the growing market demand and further consolidate its competitive position in the industry.

The announcement shows that during the reporting period, the company maintained its development strategic focus of "core technology and core device application scenarios", unswervingly increased investment in R&D and innovation, focused on growing businesses such as automotive optics, and consolidated the core of the theater The development results of basic businesses such as devices have continued to strengthen and improve fundamentals.

Specifically, during the reporting period, Guangfeng Technology’s automotive optics business obtained multiple high-quality pre-installation appointments, and in December 2023, the first designated model, the Wenjie M9, was officially launched. The Wenjie M9 is equipped with the industry's first car-grade giant screen projection solution provided by the company, which can bring users a clear, detailed and eye-protecting picture experience. At the same time, thanks to the innovative X-shaped connection structure and unique motor locking method, the vibration resistance of the vehicle projection has been reached to the extreme, and the picture effect can still be maintained stable even at high speeds. Currently, Wenjie M9 has entered the mass production and delivery stage and is expected to have a positive impact on the company's operating performance during the project life cycle. According to official news, the Wenjie M9 has exceeded 40,000 units and is continuing to sell well. Up to now, Guangfeng Technology's three major product lines focusing on the automotive business have obtained 6 high-quality front-end equipment designations. In addition to the Wenjie M9 released in December 2023, the other 5 unreleased models will also be designated for the company's future operations. It has a positive impact on performance and also accumulates profound industry experience for the company to expand more high-quality fixed points.

Huaan Securities believes that Guangfeng Technology’s first vehicle-mounted product has been launched, and laser technology barriers are high. ALPD semiconductor laser light source technology is currently the only laser display and lighting technology that meets the requirements of vehicle regulations. The company has currently won 6 designated projects, and its customers are core automobile companies such as BYD, Huawei, and Huayu. The launch of the Wenjie M9 series in December means that Guangfeng's automotive products have entered the actual vehicle stage. Under the leadership of its leading customers, the company has continued to expand at a fixed point, and the automotive business is expected to become the company's second growth curve.

In terms of cinema business, the domestic film market is showing a steady upward trend, promoting the high-quality development of Guangfeng Technology’s cinema core device business. During the reporting period, the company's theater screening service business achieved operating income of 369 million yuan, a year-on-year increase of 37.24%. Relying on its leading laser light source technology advantages and profound industry accumulation, the company continues to increase the installation volume of ALPD laser light source projection solutions. As of December 31, 2023, the domestic installation volume of ALPD laser light source projection solutions has exceeded 29,500 units. At the same time, the subsidiary China Film Optoelectronics Co., Ltd. launched a new generation of active projection technology VLED LED Cinema projection solution. So far, 8 LED screens have been successfully installed in domestic cinemas, opening up new profit growth points for the company in the cinema market.

In addition, facing the impact of short-term fluctuations in the consumer electronics market, Guangfeng Technology C-side proactively optimizes and adjusts its business and personnel structure, and fully integrates internal resources with the home core device business. The professional display business has developed steadily and maintained its leading position in the industry. At the beginning of 2024, Guangfeng Technology actively participated in overseas exhibitions, with core components and complete machines appearing at CES 2024 and ISE 2024 European audio-visual exhibitions, actively communicating and interacting with overseas customers, and expanding overseas markets.

Li Yi, the founder, chairman and CEO of Guangfeng Technology, said in a recent interview with the media that the company will actively work together with global partners in the future to promote industrial innovation to new heights and contribute to the industrial ecology. Energy and creativity. At the same time, we will strengthen the protection of intellectual property rights, increase the speed of transformation of scientific and technological achievements, and support the company's high-quality development with new productivity.

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