Qijing’s revenue hit a high in 2021, and the global market share of automotive display driver IC in the fourth quarter ranked first

2022-05-26 0 By

Fantastic View Optronics announces consolidated financial statements for the fourth quarter of 2021 and for the full year and forecast for the first quarter of 2022.In the fourth quarter of 2021, Fantastic View’s revenue reached a high financial record, with gross margin and earnings per ADS surpassing the statement board’s forecast, both hitting record single-quarter highs.Full-year 2021 revenue, gross margin and earnings per ADS also hit record highs.Q4 2021 revenue was $451.9 million, up 7.4% from the prior quarter and 63.9% from the same period in 2020.Gross margin in the fourth quarter was 51.8 percent, up 0.1 percentage points from the previous quarter and up 20.6 percentage points from 31.2 percent in the same quarter of 2020.Net income after tax, before annual employee restricted compensation, was $148.4 million, up 6.8 percent from the previous quarter and 333.8 percent from the same period in 2020.Earnings per ADS in the fourth quarter were 84.9 cents.Cumulative full-year revenue in 2021 was $1,547.1 million, up 74.4% from 2020, and annual gross margin was 48.5%, up 23.6 percentage points from 2020.Net profit after tax for 2021 was $463.6 million, up 785.8% from 2020, before annual employee restricted compensation.Earnings per ADS for the full year of 2021 was 265.1 cents.The company said it achieved a record profit in 2021 thanks to the overall economic boost, efforts to ensure stable production capacity, and optimization of product portfolio integration and strategic customer relationships.The expected continued shortage of industrial foundry capacity in 2022, the continuing impact of COVID-19 on global consumption, port congestion, the impact of global inflationary pressures, and concerns over geopolitical conflicts have limited exposure for some consumer electronics products.However, Fantastic View forecast strong growth in some of its high-margin products, particularly its automotive and ultra-low-power AI image sensing businesses, which outperformed other product lines, and remained optimistic about 2022.In the first quarter of 2022, Vehicle product revenue, including traditional drive IC, TDDI, Timing Controller (Tcon) IC and OLED drive IC, is estimated to account for more than 25% of the total revenue, and vehicle drive IC has become the single largest revenue source of Fantastic View.As automotive products contribute more revenue, it will provide Fantastic View with a better product portfolio in terms of profitability and exposure to the business.At the same time, Qijing ultra low power AI picture sensing business, leading customers in the industry mainstream application products began mass production, and will develop a variety of applications with more and wider customer base in the future, ultra low power AI picture sensing business is a new product with high gross margin, continuous introduction to make the business grow strongly.Based on the above factors, The company estimates that in the first quarter of 2022, total revenue will decrease by 5%-9% compared to the previous quarter, and increase by 33%-39% compared to the same period of 2021. Gross margin will be 46%-48%, with a profit of 67-73 cents per ADS before deducting annual employee restricted compensation.(First photo source: Jingjing Optronics)