In early trading today, LED concept stocks were eye-catching, Huacan Optoelectronics took the lead in daily limit, and Zhouming Technology, Liard, Jufei Optoelectronics and other stocks rose.
As LED downstream applications continue to expand and market penetration rates increase, emerging markets such as high value-added lighting, small-pitch displays, and automotive LEDs will bring incremental space to the industry.
Some institutions expect that LED price hikes are expected to heat up in the future due to factors such as slower expansion of midstream packaging plants and increased demand for downstream applications.
According to the statistics of the China Electricity Council, from January to November last year, China's power generation was 537.11 billion kWh, a year-on-year increase of 4.2%. The total electricity consumption of the whole society was 537.47 billion kWh, a year-on-year increase of 5%. Lighting electricity accounts for about 14% of the total electricity consumption of the whole society. With the continuous improvement of the market penetration rate of LED lighting products, the annual electricity consumption will reach 100 billion degrees.
In recent years, incandescent lamps have been rapidly eliminated, and LEDs have become the mainstream light source for lighting.
According to the data of the High-tech Research Institute LED Research Institute (GGII), the global LED industry market scale reached 699.6 billion yuan in 2016. Among them, general lighting is the main driving force for the growth of the LED industry. In 2016, the global LED lighting penetration rate was 36%.
In addition, the scale of display applications has maintained a steady growth trend, especially with the continuous maturity of small-pitch LED display technology, LED display applications will gradually move from outdoor large-size display to indoor applications. The rapid expansion of the application field has further increased the proportion of LED displays in the entire downstream application industry chain.
According to the data of the High-tech Research Institute LED Research Institute (GGII), the overall scale of China's LED lighting market reached 457.6 billion yuan in 2016, an increase of 15.35% year-on-year, accounting for 65.4% of the world. The future proportion will continue to rise; 2017 will begin to enter low-speed growth. Cycle, enter the ranks of traditional industries; it is expected that in 2016-2017, the market will continue to show the trend of LED chip and lamp bead products prices, while the price of end products such as lighting continues to decline.
Among them, LED chips continued to rise in price, while the upstream chip market further increased in 2016, and the top five chip companies accounted for 75% of revenue. Some chip manufacturers are withdrawing.
In terms of packaging, several large packaging companies continued to expand production in 2016, and the market share increased further. SMEs were forced to withdraw from the market. At the same time, the price of LED packaging devices rose steadily. It is expected that there will be room for growth in 2017;
In the application market, the market growth rate has slowed sharply, and the gross profit margin of the company has further declined. The market share of large enterprises in lighting and display applications has further expanded, and small enterprises have basically retreated in the segmentation field. Meanwhile, in 2016, domestic LED lighting The penetration rate has further improved, and the traditional lighting enterprises have basically been converted into LED enterprises; the LED filament lamp market is hot, and it has become a new profit growth point for lighting manufacturers.
With the adjustment strategy of foreign LED companies last year, shutting down the product line, overcapacity has been alleviated, and local LED companies have expanded their coverage and technical strength through overseas mergers and acquisitions.
After experiencing industry consolidation and production capacity clearance, the LED industry will continue to increase its supply and demand, and the price increase will continue. The industry pattern is expected to gradually improve.
Huacan Optoelectronics: Outreach M&A Helps Growth
The relationship between supply and demand is tense, and the price of chips rises. LED lighting and small spacing show the size of the 100 billion market, and the current market penetration is still at a lower stage. Demand side small-pitch display and LED lighting penetration rate continued to increase, supply-side chip manufacturers expanded production cautiously, global LED chip capacity tightening caused tight supply and demand, leading to upstream chip makers to raise prices.
The LED chip business is leading, and its performance has turned into a profit. The company is a leading supplier of LED display chip market in China, and has high-quality customers such as Liard, Mulinsen and Zhouming.
The industry's first dedicated chip for small-pitch display, the market share of medium-power and high-voltage chip products continues to grow, flip-chip has reached the domestic first-class technology level, and the backlight chip has successfully entered the mainstream backlight supply chain.
The LED epitaxial chip expansion project will add an annual production capacity of 3 million units after reaching production in 2020. It is estimated that in 2016, the company's net profit for the whole year will be between 263 million yuan and 268 million yuan, and the company will turn losses into profits.
Merger and acquisition of Blue Crystal Technology to achieve industrial chain integration. The acquisition of sapphire material supplier Lanjing Technology will open up the upstream material link and improve the layout of the midstream of the chip + epitaxial wafer + material industry chain. The synergy effect will gradually emerge.
The gross profit margin of the sapphire substrate business of Lanjing Technology Co., Ltd. is as high as 45.24%. In the first half of 2016, the company contributed 70.335 million yuan of operating income and net profit of 23.907 million yuan from the consolidated date, effectively improving the company's profitability.
Acquired the US MEMSIC and laid out the sensor market. The global MEMS device market is expected to reach more than US$22 billion in 2018, with a compound annual growth rate of approximately 13%. China has become the market with the largest demand for MEMS devices. The company plans to acquire the US sensor company MEMSIC, plus the field of consumer electronics and automotive electronics.
The MEMSIC accelerometer and magnetic sensor business ranks among the best in the world. If the acquisition is completed, it will strengthen the company's strength in the sensor industry and provide another growth point for the company.
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