On January 5, Liard (300296) announced its performance forecast for the full year of 2017. The company expects net profit attributable to shareholders of listed companies to range between 1.104 billion and 1.237 billion yuan, representing a year-on-year growth of 65% to 85%. This outperforms the average net profit growth rate of the optical optoelectronics industry, which stood at 113.73% during the same period.
The company based its forecast on several key factors. In 2017, the business saw strong internal growth, with significant synergy across different sectors. Main business orders and operating income continued to rise rapidly. The company secured new orders totaling 10.2 billion yuan in 2017, surpassing the initial target of 8.75 billion yuan by 17%. Among these, small-pitch TV orders reached about 2.75 billion yuan, up 51% compared to the same period in the previous year.
However, the company also noted that the depreciation of the euro against the Chinese yuan could lead to higher exchange losses from overseas loans taken by NATURALPOINT, which may negatively impact net profit.
Liard emphasized its efforts in improving cash flow. It is estimated that the operating cash flow for 2017 will be around 700 million yuan, more than 50 times higher than the same period last year. This indicates a significant improvement in the company's core financial indicators.
Founded in 2012, Liard adopted a "four-wheel drive" strategy centered on LED applications from 2013 to 2015. In 2016-2018, the company upgraded its strategy to "Cultural Technology + Finance," focusing on building "Happy Cities" through government partnerships. After achieving three consecutive years of profit doubling in 2016, the company continued to expand its "Happy City" initiatives in 2017.
In 2017, Liard maintained a high-speed and healthy development trajectory, reflected in several key areas:
**Rapid Growth of the “Happy City†Business Segment**
During the reporting period, the night travel economy grew by over 100%, aligning with the company’s expectations. The gross profit margin increased by 4.97 percentage points compared to the previous year. Smart display and cultural tourism revenue both grew by more than 20%, with cultural tourism gross margins rising by 5.93 percentage points. VR experience solutions maintained a high gross profit margin of nearly 80%.
**LED Small-Pitch TV Growth Meets Expectations**
By October 20, new contracts for small-pitch TVs reached 2.11 billion yuan, a 54% increase from the same period in 2016. From January to September 2017, revenue amounted to 1.309 billion yuan, up 59% year-over-year. The gross margin remained at 38.38%, maintaining a global market leadership position.
The domestic and overseas revenue distribution was similar to the previous year, but overseas growth was faster, indicating increasing penetration in international markets. In the U.S., Pingda signed a 1.26 billion yuan contract in 2017, with 320 million yuan allocated to small-pitch TVs, accounting for 25.4%. By September 2017, Pingda achieved 1.269 billion yuan in revenue and 140 million yuan in net profit, showing strong growth in the U.S. market.
**Night Travel Economy Maintains Momentum**
Revenue from the night travel economy surged by 133% year-over-year, reaching 1.146 billion yuan. The gross margin hit 41.13%, up 4.97 percentage points from the previous year. Demand showed stronger regional characteristics.
**Cultural Tourism Gains Momentum**
New contracts in the cultural tourism sector reached 710 million yuan by October 20, up 84% from the same period in 2016. Revenue during the reporting period rose by 21%, with a gross margin of 45.38%, up 5.93 percentage points. The company is preparing for explosive growth in 2018 after years of marketing efforts and is seeking quality partners to enhance content offerings.
**VR Experience Continues Strong Performance**
From February to September 2017, NP Company, the main subsidiary handling VR business under Ryder Group, generated 164 million yuan in revenue and 50.61 million yuan in net profit, with a 44.54% increase in net profit year-over-year. The gross margin remained at 78%. By October 20, 2017, new contracts totaled 200 million yuan, and the company expected to achieve 80 million yuan in net profit for 2017.
Liaison continues to leverage its technological advantages to introduce new VR solutions, integrating them into cultural tourism projects. This strategic approach is driving innovation and long-term value creation.
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