On January 5, Liard (300296) released its performance forecast for the full year of 2017. The company projected that its net profit attributable to shareholders would range between 1.104 billion and 1.237 billion yuan, representing a year-on-year growth of 65% to 85%. This outperforms the average growth rate of the optical optoelectronics industry, which stood at 113.73%.
The company attributed this strong performance to several key factors. In 2017, it focused on internal business growth, with significant synergy across different sectors. Its core business orders and revenue continued to grow rapidly. Notably, the new orders secured in 2017 reached 10.2 billion yuan, exceeding the annual target of 8.75 billion by 17%. Among these, small-pitch TV orders amounted to approximately 2.75 billion yuan, marking a 51% increase compared to the same period in the previous year.
However, the company also noted that the appreciation of the euro against the RMB could lead to higher exchange losses from overseas loans taken by NATURALPOINT, which may negatively impact net profit.
Liard placed a strong emphasis on improving cash flow. It estimated that the operating cash flow for 2017 would reach about 700 million yuan, a more than 50-fold increase compared to the same period in 2016. This reflects an overall improvement in the company's financial health.
Since its listing in 2012, Liard has evolved its strategic direction. From 2013 to 2015, the company pursued a "four-wheel drive" strategy centered around LED applications. In 2016-2018, it upgraded its approach to "Cultural Technology + Finance," focusing on building a "Happy City" in collaboration with local governments. Following 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, driven by several key areas:
**Rapid Growth in "Happy City" Business**
During the reporting period, the night travel economy grew at a rate exceeding 100%, aligning with the company’s expectations. The gross margin increased by 4.97 percentage points compared to the same period last year. Smart display and cultural tourism revenues both grew by over 20%, with cultural tourism gross margins rising by 5.93 percentage points. Meanwhile, VR experiences continued to maintain a high gross margin of nearly 80%.
**LED Small-Pitch TV Performance Meets Expectations**
By October 20, new contracts for small-pitch TVs reached 2.11 billion yuan, a 54% increase year-over-year. Revenue for the first nine months of 2017 totaled 1.309 billion yuan, up 59% compared to the same period in 2016. The gross margin for small-pitch TVs remained at 38.38%, maintaining a strong global market position.
Revenue from small-pitch TVs in the U.S. reached 1.309 billion yuan during the reporting period, with a roughly equal split between domestic and international markets. However, overseas growth was faster, indicating improved penetration in foreign markets.
**Night Travel Economy Remains Strong**
The night travel economy saw a 133% increase in revenue compared to the same period last year, with expected orders reaching 2.5 to 3 billion yuan in 2017. Revenue from this segment reached 1.146 billion yuan, a 134% increase year-over-year, with a gross margin of 41.13%, up 4.97 percentage points from the previous year.
**Cultural Tourism Gains Momentum**
New contracts in the cultural tourism sector reached 710 million yuan by October 20, up 84% year-over-year. Revenue during the reporting period was 313 million yuan, a 21% increase from the previous year, with a gross margin of 45.38%, up 5.93 percentage points.
**VR Experience Segment Performs Well**
From February to September 2017, NP Company, the main entity for the Ryder Group’s VR business, generated 164 million yuan in revenue and 50.61 million yuan in net profit, with a net profit growth of 44.54% year-over-year. The gross margin remained at 78%. By October 20, new VR contracts totaled 200 million yuan, with an expected net profit of 80 million yuan for 2017.
Liard continues to leverage its technological advantages and expand into new VR solutions, integrating them into cultural tourism projects. These efforts are expected to further strengthen its market position and drive long-term growth.
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