Voger Optoelectronics' Q1 net profit was 10.91 million yuan, and it plans to acquire 31% of Huichen Electronics' equity for 26.97 million yuan

According to Jiwei.com, on April 19, Vog Optoelectronics disclosed its first quarter report of 2021, achieving operating income of 189 million yuan, a year-on-year increase of 79.29%; net profit attributable to shareholders of the listed company was 10.9051 million yuan, compared with negative 6.2565 million yuan in the same period last year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 10.0676 million yuan, compared with negative 7.2260 million yuan in the same period last year; net cash outflow from operating activities was 92.2128 million yuan, compared with a net inflow of 68.1899 million yuan in the same period last year; basic earnings per share was 0.1153 yuan.

According to it, the increase in revenue was mainly due to the increase in orders in the reporting period; the net cash flow generated from operating activities decreased by 235.23% year-on-year, mainly due to the increase in cash paid for the purchase of goods in the reporting period.

At the same time, it also announced that it intends to acquire 31% of Huichen Electronics' equity with a cash of RMB 26.97 million. Before this acquisition, the target company was a joint venture company in which the company held a 20% stake. After the completion of this acquisition, the company will hold a total of 51% of the target company's equity, and the target company will become a holding subsidiary of the company.

It is reported that Huichen Electronics is a national high-tech enterprise integrating the research and development, design, production and sales of LED backlight products. Its main products are various types of LED backlights, which are mainly used in consumer electronic products such as smart wearables and tablets, as well as in the fields of automotive, industrial control, and medical equipment. It has a fully automatic light guide plate injection molding production workshop, a mold design and manufacturing workshop, and is equipped with advanced optical mold making equipment and professional and technical personnel. In addition to conventional backlight assembly, it has independent light guide plate injection molding workshops and mold workshops, with automatic placement machines and automatic film laminating lines, and has introduced industry-leading automation, semi-automatic production equipment and optical testing instruments. It has established cooperative relations with many well-known companies in the industry, such as BOE Varitronix and Truly.

Voger Optoelectronics said that this acquisition will help expand the company's business scale and product categories, extend the company's industrial chain, give full play to the synergy effect, and further enhance the company's competitiveness and profitability. It will provide strong support for the company's cooperative research and development process in the field of Mini LED backlight products and help promote the company's product transformation.