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LED packaging companies are expanding production industry is expected to bottom out
It is observed that the LED industry boom in 2016 has rebounded year-on-year, and the continuous decline in prices has led to a further increase in LED penetration. In addition, due to the promotion of emerging markets such as India and Southeast Asia, the LED market demand has increased significantly year-on-year. In recent years, many large factories have signed strategic cooperation agreements, and the signs of holding groups are becoming more and more obvious. Therefore, the market share of large factories will not be observed. In 2016, the LED industry boom has rebounded year-on-year, and the continuous decline in prices has led to LED penetration. The rate has further increased. In addition, due to the promotion of emerging markets such as India and Southeast Asia, the demand for LED market has increased significantly year-on-year. In recent years, many large factories have signed strategic cooperation agreements, and the signs of holding groups are becoming more and more obvious. Therefore, the market share of large factories will continue to increase, which is also the main driving force for the expansion of large factories. The market share increased, and the signs of large factory expansion were obvious. Observed the recent announcement of the manufacturers. On October 10, Guoxing Optoelectronics announced that it plans to invest no more than RMB 400 million to expand the LED packaging project. Since November 2015, Guoxing Optoelectronics has announced three expansion plans for LED packaging. The previous two projects of RMB 400 million and RMB 240 million have been released. In the past year, new products have been released, including Guoxing Optoelectronics, Tiandian Optoelectronics, and Mulinsen. In the next year, these manufacturers will continue to expand production, but this is not the same as the previous years of collective expansion. The producers of the products are mainly large enterprises, and the expansion of small and medium-sized enterprises is less. Market competition is still fierce, and manufacturers' profitability is low. Although large manufacturers have expanded their production, the LED market is still fiercely competitive, and the profitability of packaging manufacturers is still low. According to LEDinside statistics, the average gross profit margin of major Chinese manufacturers in 2Q16 was 24.5%, down 1% year-on-year. In some areas, the gross profit margin is too low. For example, in the field of lighting LEDs, Ruifeng Optoelectronics' 1H16 gross margin is only 10.9%, and Jufei Optoelectronics' 1H16 gross margin is only 9.4%. However, entering 3Q16, due to the increase in chip prices, some packaging manufacturers have also adjusted the price, and the gross profit margin is expected to improve. The price slowdown is slowing down, and the profitability of manufacturers is expected to improve. In May 2016, Jingdian took the lead in price increase for some chips, but at the time Chinese manufacturers did not follow, but the price has stabilized. In September, Chinese chip makers, including Sanan, Tongfang and Zhongke, have raised prices for small-size chips. The demand for small-pitch display screens is strong, which makes the demand for small-size display chips rise sharply. In addition, in the field of lighting, the demand for small-sized lighting chips has increased due to the pursuit of high-efficiency of lamps by downstream manufacturers. Due to the sharp decline in the price of small-size chips in 2015, many chip manufacturers have gradually reduced the capacity of small-sized chips. As a result, small-size chips are in short supply in a short period of time, and prices have risen. Due to the rise in chip prices, device prices have also begun to rise, especially in the display field, such as Mulinsen, Ampang and Cinda Optoelectronics, while also announced price increases. Compared with 2015, the price of LED packaging in 2016 has stabilized. Shuffle, the industry is expected to bottom out Since 2014, fierce market competition has led to a decline in the profitability of manufacturers, many small and medium-sized packaging companies have been forced to withdraw, and the emergence of mergers and acquisitions has also led to the growing size of large factories. In the past, Mulinsen was the largest company. However, the scale of Guoxing Optoelectronics and Hongli Optoelectronics has gradually increased. This year, it is expected to exceed the revenue of RMB 2 billion. The scale of other second-tier manufacturers has gradually increased. This round of expansion is mainly led by large enterprises, including large companies such as Mulinsen, Guoxing, Hongli, and Cinda. The scale of production capacity continues to expand, and the industry reshuffle will accelerate. The author believes that the LED industry will gradually enter the bottoming out stage, the market share of large manufacturers will continue to expand, bargaining power will be improved, and profitability will gradually improve.