HC Semitek reported exponential revenue growth during 2014 fiscal year, reported Chinese-media Sina.

The company’s consolidated revenue reached RMB 706 million, a 123.3% growth Year-on-Year (YoY) compared to 2013. Having reported a net loss of RMB 8.62 million (US $1.39 million) for 2013, net profits have skyrocketed 1,155% to RMB 90.91 million last year, said HC Semitek.

Based on the company press release, HC Semitek’s LED chip sales jumped 133.81% in 2014. The company also expanded LED chip production capacity by 184.92% in 2014. Escalating production capacity in 2014 can be attributed to the completion of phase three of HC Semitek’s production expansion project, and Suzhou subsidiary initiating operations from phase one of its blue and green light production expansion project. LED chip inventory levels were also up 390.26% last year, as the company’s production expansion plans resulted in more product models and larger production capacity.

Lighting applications have driven up LED chip market demands last year, and the company has maintained steady growth rates, said HC Semitek. Price drops have also stabilized last year. The company has significantly boosted its production capacity after its Suzhou subsidiary initiated operations at some of its facilities from phase one of the production expansion plan. Following large scale exports of company products, HC Semitek’s revenues and profitability have surged in 2014 compared to the year before.