At third quarter revenue of 5288.93 LED plate Enterprises million, up 6.08% qoq , an increase of 20.62% . The third quarter net profit of 617.52 LED plate Enterprises million, slightly down -2.25 % MoM , surged 38.36 percent year on year . LED plate three quarters of net assets was 2.00% , a slight decrease of 6% from the previous quarter , but rose sharply compared with the same period of last year by 27% . LED enterprises in the off-season revenue , net income and ROE have considerable growth year on year , shows the current in the backlight market gradually stabilized in the case , to promote the industry to pick up the general lighting market gradually opens. We believe that the outbreak of the general lighting market power from two sides : First, to further reduce the cost of LED light source , the second is policy support entered a substantive stage .Sales gross margin and expense ratio remained stable and have improved posture.LED third quarter net profit margin was 11.67% corporate sector , a decline of 1.1 percentage points , an increase of 1.43 percentage points. From the gross margin perspective, third- quarter gross margin was 26.12% , the chain fell slightly 1.81 percent , up 2.08 percentage points ; expense ratio from the perspective of costs during the third quarter was 18.19% , an increase of 0.52 percentage points , an increase of 1.6 percentage points. Gross margin and expense ratio remained stable and the situation has improved , driven margin also stopped the downward trend in the past began to rise.Perspective of industry chain : upstream and downstream of the corporate performance difference is bigger, more consistent performance midstream packaging companies.We believe that firms in the upstream LED industry caused by differences in the size of the competitiveness of the different upstream large differences in corporate performance ; downstream part of the number of enterprises are many and complex , so the performance of different downstream enterprises ; midstream sectors enterprises with certain scale and showed a more consistent technical barriers to the good . Specifically: revenue growth - differentiation upstream , midstream to the good, the downstream volume increased significantly ; net profit growth - significant differentiation downstream , midstream is not short off ; ROE and growth - the upper and middle enterprises are different, the downstream enterprises are relatively low.LED plate Enterprises third quarter growth rate of fixed assets dropped further to 29.92% , but the chain growth has stabilized over the past two years, industry overcapacity, leading companies to dramatically reduce investment , fixed assets MoM recent growth has stabilized to a certain extent Description business confidence has been restored. Construction in progress year on year growth 5.27% , 14.00% qoq growth , the growth rate began to rise in the construction business for the future development of the industry is optimistic about the strong support. Gradual stabilization in the growth rate of fixed assets , construction in progress, the growth rate rose in the case , we believe that the future of the industry continues to improve .
