ANSAN, South Korea--(BUSINESS WIRE)--Seoul Semiconductor Co., Ltd. (KOSDAQ 046890), a market leader in LED (light emitting diode) design and manufacturing, today announced consolidated third-quarter revenues of KrW 305 billion.
The rise in consolidated revenue was a result of strong sales of its differentiated technologies Acrich MJT, Wicop, UCD and filament LED. Within the lighting division, more than one-third of its customers have already shifted to adopt Acrich MJT, which is expected to account for over 50 % of sales in general lighting next year. Filament LEDs are rapidly becoming popular in the decorative lighting market, where they are replacing conventional LEDs.
Sales grew in the Display segment due to strong adoption of Acrich, enabling optimal local dimming in premium UHD TVs (Ultra-High Definition Televisions), and UCD that brings exceptional color rendering to displays.
The package-free LED Wicop, featuring greatly enhanced brightness and enabling slim displays, already accounts for double-digit overall sales. The application of Wicop has gone beyond automotive daytime running lights (DRLs) and is now being used in automotive headlamps. In addition to rising sales of its differentiated products, the over 30 %+ year-over-year rise in automotive lighting sales in the third quarter proved highly profitable for the company.
The company’s third quarter operating profit of KrW 30.6 billion marks a remarkable growth of 27 % quarter-over-quarter and 54 % year-over-year despite a continued decline of the average selling price (ASP). Sales of high-end products due to their differentiated technologies and the company’s continued cost and process innovations have greatly contributed to improving bottom line figures. Seoul expects its new factory in Vietnam and the implementation of smart factory systems to further strengthen cost innovations for the future.
The company forecasts revenue guidance of KrW 270 to 290 billion for the fourth quarter. This figure is relatively high considering the exceptional third quarter results and the fact that the fourth quarter is typically off-season for LED manufacturers.
The company’s Chief Financial Officer Sangbum Kim stated that SunLike, a new LED technology which produces light closely matches the spectrum of natural sunlight which was launched at a press conference in Frankfurt, Germany in June, has been very well received with great interest from customers around the world.
The company’s previously launched LED drivers, which integrate invertors into chips, will continue to advance future sales and profit growth.
Kim also stated that the company plans to keep its focus on protecting its customers by continuing to develop differentiated technology and secure intellectual property.
About Seoul Semiconductor:
Seoul Semiconductor develops and commercializes light emitting diodes (LEDs) for automotive, general illumination, specialty lighting, and backlighting markets. As the fourth-largest LED manufacturer globally, Seoul Semiconductor holds more than 12,000 patents, offers a wide range of technologies, and mass produces innovative LED products such as SunLike – delivering the world’s best light quality in a next-generation LED enabling human-centric lighting optimized for circadian rhythms; Wicop – a simpler structured package-free LED which provides market leading color uniformity, cost savings at the fixture level with high lumen density and allows design flexibility; NanoDriver Series – World’s Smallest 24W DC LED Drivers; Acrich, the world's first high-voltage AC-driven LED technology developed in 2005, includes all AC LED-related technologies from chip to module and circuit fabrication, as well as multi-junction technology (MJT); and nPola, a new LED product based on GaN-substrate technology that achieves over ten times the output of conventional LEDs. UCD constitutes a high color gamut display which delivers over 90 % NTSC.
For more information about Seoul Semiconductor, please visit http://www.seoulsemicon.com
Wicop and Acrich are trademarks of Seoul Semiconductor Co., Ltd.
Investor information and additional product details are available on the company website, www.seoulsemiconductor.com
This press release material contains forward-looking statements which reflect Seoul Semiconductor’s current views with respect to future events and financial performance, which are subject to certain risks and uncertainties which could cause actual results to differ materially from those anticipated. Although Seoul Semiconductor believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. Seoul Semiconductor undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All financial figures are consolidated unless stated otherwise.