利亞德(300296.SZ)：2019年淨利預降32.78%-48.60%
格隆匯1月15日丨利亞德(300296.SZ)披露2019年度業績預告，公司預計2019年1-12月歸屬於上市公司股東的淨利潤為6.5億元-8.5億元，同比下降48.60%-32.78%。
2019年是公司調整業務戰略佈局(深耕顯示、穩健增長)的第一年，隨着戰略佈局調整完成，將陸續顯現效果。
1、公司多年來投入研發的Mini/Micro LED可批量生產，並在2019年底與台灣晶元光電股份有限公司下屬公司設立合資公司，建設Mini LED和Micro LED顯示項目基地，共同推動Mini LED和Micro LED顯示技術在研發、生產和應用領域的發展；
2、2019年度，公司主要依賴內生業務，營業收入仍持續增長，預計增長15%左右，達到90億元左右，尤其是智能顯示業務仍保持較好增長勢頭，增長約30%，預計2020年智能顯示將保持較高的增速；截至2019年12月31日，公司已簽訂單及中標訂單近115億元；
3、公司繼續高度重視並加大收款力度，預計2019年度經營性現金淨流量可實現約10億元，公司資金狀況良好；
4、2019年度非經常性損益約500萬元，較去年同期6200萬元下降較多，主要原因為：根據股權轉讓協議，本年計提多家照明企業對賭期間的超額獎勵約6000萬元；
5、公司於2016-2017年併購中天照明、普瑞照明、西安萬科、君澤照明等公司開展夜遊經濟業務，但由於該業務受到2018年政府去槓桿，及2019年12月中央“不忘初心、牢記使命”主題教育領導小組印發《關於整治“景觀亮化工程”過度化等“政績工程”、“面子工程”問題的通知》的影響，未來夜遊經濟板塊業績存在不確定性；同時2015年收購的勵豐文化，2019年亦受到政府政策影響，業績低於預期，出現商譽減值風險；根據上述情況，預計收購公司資產組可回收金額低於賬面價值，商譽減值2.5-3.5億元；由於涉及的資產組較多，公司將在年報中詳細披露減值測試方法、測試過程和原因。敬請投資者關注。
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