Sanan Optoelectronics Q1 Net Profit 228 Million, Three Subsidiaries Plan Capacity Expansion

Sanan Optoelectronics disclosed its Q1 report on the evening of April 21. In Q1 2014, the company achieved operating revenue of 823 million yuan, a year-on-year increase of 30.7%; net profit attributable to shareholders of the listed company was 228 million yuan, a year-on-year increase of 42.49%; earnings per share was 0.15 yuan.

The company's operating revenue increased by 30.7% compared with the same period last year, mainly due to the further release of production capacity of various LED subsidiaries, resulting in a substantial increase in production and sales; non-operating income increased by 130% compared with the same period last year, mainly due to an increase in government subsidies related to income received during the period.

Currently, LED demand is very strong, and the company's production capacity is severely insufficient. After research by the company's board of directors, it was decided that the company's three wholly-owned subsidiaries - Anhui Sanan Optoelectronics Co., Ltd., Tianjin Sanan Optoelectronics Co., Ltd., and Xiamen Sanan Optoelectronics Technology Co., Ltd. - would expand production with self-raised funds within a total investment of 500 million. The specific new equipment situation and related matters will be determined based on the overall arrangements of Anhui Sanan Optoelectronics Co., Ltd., Tianjin Sanan Optoelectronics Co., Ltd., and Xiamen Sanan Optoelectronics Technology Co., Ltd.