[D&O GREEN TECHNOLOGIES BHD：为了保持领先地位，Dominant将继续将其资源用于开发创新产品，包括Smart RGB LED，以满足不断变化的客户需求]

4Q19 vs 4Q18:
尽管全球汽车销量放缓，但该集团这季度的收入year-on-year增长7.0％至1.505亿令吉，其中汽车LED销售额增长7.8％至1.465亿令吉。在疲软的市场中，客户渗透率的提高为业绩提供了支撑。

毛利率为29.7％，year-on-year稳定，导致毛利增加7.0％至4,470万令吉。营业活动的税前利润（未计其他收入/（支出）和财务费用）从2130万令吉增长8.3％至2310万令吉，这得益于收入增加和研发费用减少，部分被行政和分销费用增加所抵消。

由于Dominant内部实验室功能的重大升级，外包产品可靠性测试减少，因此研发费用降低。其他总体亏损310万令吉，比去年同期减少60万令吉，这主要是由于外汇收益增加和ESOS支出减少。

YTD19 vs YTD18：
由于新业务的商业化带来的LED需求增加，汽车收入增长5.0％至4.903亿令吉。集团的整体营业额以2.8％的缓慢增速增长至5.043亿令吉。毛利增长2.2％至1.420亿令吉，这得益于收入增加。由于更高的毛利润和更低的研发费用，经营活动的收益（不包括其他收入/（费用）和财务费用），增长了5.8％，至6290万令吉。税前盈利下跌9.7％，至4710万令吉。

在考虑营运资金的变化之前，这集团的营运产生了正的现金流1.006亿令吉（2018年：8950万令吉）。

4Q19 vs 3Q19:
本季度的收入从上一季度的1.257亿令吉增长19.7％至1.505亿令吉，其中汽车LED销售额增长21.0％。由于客户增加订单以满足较高的年末和农历新年需求，因此最后一个季度是季节性最强劲的季度。

毛利增长28.3％至4,470万令吉，得益于收入增加和利润率扩大。毛利率从上一季度的27.7％上升至本季度的29.7％，这主要是由于销量增加和更好的成本管理所致。扣除其他收入/支出和财务成本前的营业利润增长38.4％至2310万令吉（19年第3季度：1670万令吉）。除了较高的毛利润外，研发，分配和管理费用的增幅也下降到19.1％。税前盈利增长61.9％至1,900万令吉，原因是经营收益增加，而其他支出减少。

前景：
从长远来看，它们对汽车LED行业的前景是乐观的。尽管预计今年全球汽车销量将持续疲软（预计2020年将下降0.3％，而2019年萎缩4.4％），但随着追求更好安全性的新车设计，美学的吸引力和舒适性；LED的使用会增加，汽车LED的需求有望强劲增长。

为了保持领先地位，Dominant将继续将其资源用于开发创新产品，包括Smart RGB LED，以满足不断变化的客户需求。尽管市场仍然充满挑战，但他们认为Dominant拥有全系列的内部和外部汽车照明解决方案以及适用于新应用的Smart RGB LED，可以充分利用未来的增长机会。新工厂的装修如期完成。正在将办公室迁至新大楼，并将于2020年第一季度末之前完成。
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预计公司每年的增长率必须> 14％

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James Ng
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[D&O GREEN TECHNOLOGIES BHD: To stay ahead, Dominant will continue to focus its resources in developing innovative products, including Smart RGB LED to meet changing customer demands and requirements]

4Q19 vs 4Q18:
The Group reported a 7.0% year-on-year growth in revenue for the current quarter to RM150.5 million, led by a 7.8% growth in Automotive LED sales to RM146.5 million, despite slower global car sales volume. The performance was underpinned by increasing customer penetration amidst a weak market.

Gross profit margin at 29.7% was stable year-on-year, resulting in a 7.0% increase in gross profit to RM44.7 million. Pre-tax profit from operating activities before other income/(expenses) and finance costs rose 8.3% from RM21.3 million to RM23.1 million on the back of higher revenue and lower R&D expenses, partially offset by higher administrative and distribution expenses.

R&D expenses came in lower on fewer outsourced product reliability testing following a major upgrade of Dominant’s in-house laboratory capabilities. Overall other loss of RM3.1 million was RM0.6 million lower than the same quarter last year mainly due to higher forex gain and lower ESOS expense.

YTD19 vs YTD18:
The Automotive revenue grew 5.0% to RM490.3 million on increased LED demand from the commercialisation of new business wins. Overall Group turnover rose at a slower pace of 2.8% to RM504.3 million. Gross profit grew 2.2% to RM142.0 million, underpinned by higher revenue. Results from operating activities before other income/(expense) and finance cost increased 5.8% to RM62.9 million on higher gross profit and lower R&D expenses. Pre-tax profit came in 9.7% lower at RM47.1 million.

The Group generated a positive RM100.6 million cash flow from its operations (2018:RM89.5 million) before taking account of the changes in working capital.

4Q19 vs 3Q19:
Revenue in the current quarter increased 19.7% to RM150.5 million from RM125.7 million in the preceding quarter on a 21.0% increase in sales of automotive LED. The final quarter is seasonally the strongest quarter as customers increase orders to fulfil higher year end and Chinese New Year demands.

Gross profit rose 28.3% to RM44.7 million on the back of higher revenue and margin expansion. Gross profit margin edged up from 27.7% in the preceding quarter to 29.7% in the current quarter mainly due to higher sales volume and better cost management. Operating profit before other income/expense and finance cost increased 38.4% to RM23.1 million (3Q19: RM16.7 million). In addition to higher gross profit, the results were bolstered by a slower rate of increase of 19.1% in R&D, distribution and administrative expenses. Pre-tax profit expanded 61.9% to RM19.0 million on higher earnings from operations and lower other expense.

Prospects:
Longer term, they are positive of the outlook of the automotive LED industry. Despite continued weakness expected in global car sales volume this year (projected to decline 0.3% in 2020 after a 4.4% contraction in 2019), automotive LED demand is expected to grow robustly on increasing LED volume intensity in new car designs in pursuit of better safety features, aesthetic appeal and comfort.

To stay ahead, Dominant will continue to focus its resources in developing innovative products, including Smart RGB LED to meet changing customer demands and requirements. While the market remains challenging, they believe Dominant with its full range of interior and exterior automotive lighting solutions couple with Smart RGB LED for new application is well positioned to capitalise on future growth opportunities. Renovation of the new factory was completed on schedule. Office relocation to the new building is underway and will be completed before the end of 1Q2020.
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the forecasted growth of a company must > 14% per year

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This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng