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Fourth quarter net profit doubled year-on-year
Hisense Electric's single quarter revenue in the fourth quarter of 2010 increased by 10.5% year-on-year to 5.922 billion yuan, but the gross profit margin increased significantly to 20.8%, and the net interest rate hit a new high of 6.4%. Mainly due to the continued rise in the proportion of LED TVs in the fourth quarter.
According to statistics, in the fourth quarter of 2010, Hisense LED TVs accounted for about 50% of the company's total sales, accounting for about 60% of sales; LEDs in the third quarter were about 30% and 40% respectively. 
The company's gross profit margin for the year was 17.34%, a slight decrease from last year's 19.03%. We believe that the reason for the slight decline in the company's gross profit margin for the whole year is mainly due to the following aspects: First, the clear inventory of the color TV industry has caused the gross profit margin to decline significantly in the first half of the year; secondly, the competition in the industry has intensified, and foreign brands have hit the price promotion. Third, rising raw material prices and labor costs are also a small part of the decline in gross margin. 
In the second half of the year, the company's gross profit margin rebounded significantly. The gross profit margin in the fourth quarter rebounded sharply from 13.56% in the second quarter to 20.80%, which was significantly higher than 16.38% in the same period last year.
Changjiang Securities believes that the company's gross profit margin in the fourth quarter has rebounded sharply year-on-year. The main reasons are: First, LCD panels account for about 40% of the cost of LCD TVs. In the second half of the year, LCD panel prices have been greatly loosened, which has significantly reduced cost pressure. Second, the company's product structure continued to optimize, high-margin products continued to launch; third, industry competition was slightly eased, foreign brands' price reduction space continued to compress.
LED-backlit LCD TV has become the company's main product
Since 2005, the company has developed key technologies for LED backlight components and has received support from the National 863 Program. At present, the company has obtained more than 50 technical patents in LED backlight technology, of which 3 are foreign patents.
At present, the company's LED-backlit LCD TV sales accounted for more than 50% of sales, sales accounted for about 60% (including 3D LED-backlit LCD TV), the LED-backlit LCD TV market will undoubtedly drive the company's main business and performance Improvement. 
In addition, following the LED-backlit LCD TV, 3D TV and smart TV have gradually become hot spots in the market. Based on the leading technology level and the early layout of the market, the company is expected to enjoy the rapid growth brought by 3D TV and smart TV in the future.
First quarter 2011 results increased by more than 50%
Considering the high sales of LED TVs before the Spring Festival and the sales of Hisense LED TVs in January increased to more than 70%, the first quarter results may exceed expectations. If the share continues to increase and the average price decline is less than the panel decline, Taiwan's gross margin increase can also be expected. 
Hisense Electric's net profit of 830 million innovation high profit exceeded expectations
[High-tech LED News] Hisense Electric's 2010 financial report shows that in 2010, the company's operating income was 21.3 billion yuan, a year-on-year increase of 16%; the net profit attributable to the parent company was 830 million yuan, a year-on-year increase of 68%.