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Xingyu Lighting profit misses consensus by 38.2% in Q4

Changzhou Xingyu Automotive Lighting Systems Co. Ltd. said its normalized net income for the fourth quarter came to 25 fen per share, compared with the S&P Capital IQ consensus estimate of 41 fen per share.

EPS fell 8.9% year over year from 28 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 60.8 million yuan, a decline of 8.9% from 66.7 million yuan in the prior-year period.

The normalized profit margin fell to 7.4% from 10.4% in the year-earlier period.

Total revenue grew 18.3% on an annual basis to 760.2 million yuan from 642.4 million yuan, and total operating expenses grew 22.7% from the prior-year period to 673.8 million yuan from 549.1 million yuan.

Reported net income decreased from the prior-year period to 92.2 million yuan, or 38 fen per share, from 95.2 million yuan, or 40 fen per share.

For the year, the company's normalized net income totaled 84 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.26 yuan.

EPS rose from 81 fen in the prior year.

Normalized net income was 200.5 million yuan, an increase from 194.3 million yuan in the prior year.

Full-year total revenue increased 22.4% year over year to 2.47 billion yuan from 2.02 billion yuan, and total operating expenses increased 24.6% on an annual basis to 2.19 billion yuan from 1.76 billion yuan.

The company said reported net income increased 7.6% on an annual basis to 293.5 million yuan, or 1.22 yuan per share, in the full year, from 272.7 million yuan, or 1.14 yuan per share.

As of March 14, US$1 was equivalent to 6.50 yuan.