Seoul Economic Daily EnglishCodex · 实盘不做把握 5/10
北京时间·🕒 发布 13:11:43时区推断·⟳ 抓取 13:59:48·⚡ 决策 07-24 14:01:50 +2m02s·95.2 天前
LX Semicon 二季度营业利润同比增长115%并小幅超预期
LX Semicon（108320.KS）二季度营业利润220.06亿韩元，高于现代汽车证券190亿韩元预测，单季利润率同比改善。
📄 原文Seoul Economic Daily English↗ 原文
LX Semicon Q2 Operating Profit Hits 22 Billion Won, Beating Estimates
LX Semicon posted second-quarter earnings that exceeded market expectations this year. LX Semicon (108320) said in a re…
不做 LX Semicon（108320.KS）
二季度业绩虽超预期但幅度有限，且上半年利润仍同比下滑39.1%；财报属可预期披露并已在韩国盘中传播数小时，剩余追多 edge 不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Edaily报道LX Semicon公告二季度收入4011.53亿韩元、营业利润220.06亿韩元，同比增115.1%。
- 韩联社财经转载并补充现代汽车证券预测为收入3840亿韩元、营业利润190亿韩元，确认实际值小幅超预期。
- 英文财经稿在盘中继续扩散同一份二季度初步业绩，已不是最早传播节点。市场反应:信号到达时韩国市场仍在盘中，但距韩文首发已约4小时。
关键理由
- LX Semicon（108320.KS）二季度营业利润220.06亿韩元，高于现代汽车证券190亿韩元预测，单季利润率同比改善。
- 但收入仅同比增长6.0%，上半年累计收入同比下降7.6%、营业利润同比下降39.1%，本次更像低基数下的阶段性修复而非全年趋势反转。
- 公司2025年收入约1.639万亿韩元，本季度营收4011.53亿韩元约为2025全年收入的24.5%，但超预期利润额约30亿韩元，相对全年利润基数和约6100亿韩元市值的短线弹性有限。
主要风险
- 财报日披露属于可预期事件，且韩国市场收到信号时已盘中交易近4小时，剩余可交易 edge 容易被盘中消化。
- 公司收入高度依赖显示驱动IC、智能手机和面板客户库存周期，半年度利润仍明显下滑削弱追多胜率。
原文全文
展开原文 · 2,083 字
LX Semicon posted second-quarter earnings that exceeded market expectations this year.
LX Semicon (108320) said in a regulatory filing on the 24th that its second-quarter consolidated operating profit was preliminarily tallied at 22.006 billion won. This represents a 115.1% increase from 10.229 billion won in the same period last year. Compared with the previous quarter's 20.6 billion won in the first quarter, it rose 6.9%.
Second-quarter revenue was 401.153 billion won, up 6.0% from 378.6 billion won in the same period last year. It increased 3.2% from 388.8 billion won in the previous quarter. The operating margin was 5.5%, up 2.8 percentage points from 2.7% a year earlier, showing improved profitability.
The results exceeded market forecasts. Hyundai Motor Securities had projected LX Semicon's second-quarter revenue at 384 billion won and operating profit at 19 billion won. The actual results surpassed both figures.
By application, mobile accounted for the largest share of revenue at 39%. It was followed by TV at 28%, information technology (IT) at 27%, and others at 6%. Compared with the previous quarter, the TV revenue share rose from 27% to 28%, and IT increased from 25% to 27%. The mobile share fell 3 percentage points from 42% to 39%.
By product, large display driver ICs (Large DDI) accounted for 45% of total revenue. Small DDI made up 39%, and other products 16%. The Large DDI share was unchanged from 45% in the previous quarter but was 5 percentage points lower than 50% a year earlier. The Small DDI share fell 3 percentage points from 42% in the previous quarter, while the share of other products rose from 13% to 16%.
First-half cumulative results showed a decline from a year earlier. Cumulative first-half revenue was 789.923 billion won, down 7.6% year-on-year. Cumulative operating profit was 42.6 billion won, down 39.1%.
LX Semicon relies on DDIs for TVs, IT, and mobile devices for most of its revenue. Its business structure makes earnings sensitive to smartphone and display panel shipments, as well as customers' inventory adjustments.
LX Semicon (108320) said in a regulatory filing on the 24th that its second-quarter consolidated operating profit was preliminarily tallied at 22.006 billion won. This represents a 115.1% increase from 10.229 billion won in the same period last year. Compared with the previous quarter's 20.6 billion won in the first quarter, it rose 6.9%.
Second-quarter revenue was 401.153 billion won, up 6.0% from 378.6 billion won in the same period last year. It increased 3.2% from 388.8 billion won in the previous quarter. The operating margin was 5.5%, up 2.8 percentage points from 2.7% a year earlier, showing improved profitability.
The results exceeded market forecasts. Hyundai Motor Securities had projected LX Semicon's second-quarter revenue at 384 billion won and operating profit at 19 billion won. The actual results surpassed both figures.
By application, mobile accounted for the largest share of revenue at 39%. It was followed by TV at 28%, information technology (IT) at 27%, and others at 6%. Compared with the previous quarter, the TV revenue share rose from 27% to 28%, and IT increased from 25% to 27%. The mobile share fell 3 percentage points from 42% to 39%.
By product, large display driver ICs (Large DDI) accounted for 45% of total revenue. Small DDI made up 39%, and other products 16%. The Large DDI share was unchanged from 45% in the previous quarter but was 5 percentage points lower than 50% a year earlier. The Small DDI share fell 3 percentage points from 42% in the previous quarter, while the share of other products rose from 13% to 16%.
First-half cumulative results showed a decline from a year earlier. Cumulative first-half revenue was 789.923 billion won, down 7.6% year-on-year. Cumulative operating profit was 42.6 billion won, down 39.1%.
LX Semicon relies on DDIs for TVs, IT, and mobile devices for most of its revenue. Its business structure makes earnings sensitive to smartphone and display panel shipments, as well as customers' inventory adjustments.
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