Title: Through the interpretation results of LED industry, the development situation of the middle and lower reaches
Views: 683 Date: 2016-05-06

Through the main LED 2015 annual reports of listed companies and 2015 domestic one quarterly earnings, feel most is, as a new generation of lighting technology, LED has been established in the mainstream status of the lighting industry. At the same time, the LED lighting industry, the popularity, the integration of the two big melody "manager", causes the LED performance of listed companies began to appear differentiation.


LED chip: the increase of concentration of industry


In the field of upstream LED chips, three Ann photoelectric, HuaCan photoelectric, bdo, continues to expand market share, industry concentration degree enhances unceasingly. Due to improve production efficiency and increased competition, domestic LED chip prices plunged in 2015, which made many small LED chip plant into a "zombie" companies, the performance of the three leading enterprise also showed a trend of differentiation.


Three Ann photoelectric as the nation's largest LED chip factory, 2015 revenue and profit growth, its operating income of 4.86 billion yuan, up 6% from a year earlier. Net profit of 1.69 billion yuan, up 15.9% from a year earlier. In the first quarter of this year, three Ann photoelectric continues the growth, operating income of 1.18 billion yuan, up 27.2%; Net profit of 460 million yuan, up 29% from a year earlier.


Achieve this performance, three photoelectric said Ann, in 2015, the main equipment of MOCVD epitaxy chip increase basic by leading enterprises, poor management of small enterprises, minority precipitation well become a big enterprise m&a object, improve industrial concentration in. Three Ann photoelectric offering investment project in xiamen planning purchase MOCVD100 sets, 53 sets by 2016 at the end of the first quarter has been in place; Another company offering investment project in xiamen planning capacity is 30000 integrated circuit (6 inches) business, is now in place the quantity of 4000 or so, the capacity gradually released, excess capacity will gradually completed according to the planning in procurement and production.


In contrast, bdo embellish, HuaCan photoelectric photoelectric performance on three Ann. Bdo, 2015 operating income of 4.5 billion yuan, up 8.5%; Net profit of 19.86 million yuan, up 42.4%; But in the first quarter of this year is expected to loss 70 million yuan - 90 million yuan. And HuaCan photoelectric 2015 operating income of 960 million yuan, up 35.3% from a year earlier, but the loss of 95.96 million yuan. In the first quarter of 2016, revenue grew 40% to 240 million yuan, still losses of 13.9 million yuan.


Bdo embellish is small home appliance, LED chip double main business, including LED business income in 2015 of 2015 yuan, up 3.42% from a year earlier, the gross margin of 17.23%, down 8.72% year-on-year. Bdo, explained that with leishi lighting integration gradually thorough, so the LED sales growth slightly, but in 2015 the LED industry is still in the state of oversupply, the price of the LED chip, packaging, lighting and other drop is larger, the gross margin decline.


In February 2016, bdo, restart the new non-public stock plan, proposed the financing used to expand the production scale of flip chip LED chip; At the same time, bdo, plans to fund an acquisition of foreign enterprises and national industry lighting assets, was submitted in January 2016, non-binding offer letter, the current negotiations work is still in progress.


HuaCan photoelectric, according to the LED chip production rose 65.5% in 2015, sales rose 71.6%, result in revenue growth of 35.3%; But competition, product prices, partially offset scale, also causes damage to the stock price, plus the RMB against the U.S. dollar exchange rate volatility has brought the book much of the dollar loans, lead to losses.


LED encapsulation: the subdivided market penetration


In middle section, LED encapsulation of listed companies, earnings are divided.


Hon optoelec 2015 operating income of 1.59 billion yuan, up 56.5%; Net profit of 150 million yuan, up 67.4%; Is expected in the first quarter of 2016 net profit rose 110% to 140%. Although LED package prices are also falling, hon optoelec expand the scale of the LED packaging production, and increase the intensity of market development, encourage effective release capacity, stable growth performance. Hon optoelec future will be located in jiangxi nanchang LED production base, further enhance the competitive advantage. Cut the car LED lighting a market segment, also help Yu Hongli photoelectric enhance the level of profit. In 2015, hon optoelec will also expand to car networking industry, the future to create the double main business LED + car networking architecture.


Ruifeng photoelectric growth last year, also benefit from penetrating the market segment, through its acquisition of ling tao photoelectric, extend from large size LED encapsulation to small size LED encapsulation. Switzerland abundant photoelectric business income is 920 million yuan in 2015, increased 1.55% year-on-year; Net profit of about 33.2 million yuan, up 39%; In the first quarter net profit is expected to be up 81% - 105%. Ruifeng, said photoelectric LED lighting permeability is improved, but the competition is increasingly fierce, frequent industry bankruptcy, merger, acquisition and reorganization, the expansion has LED packaging companies to speed up, cause excess production capacity, domestic packaging enterprise product prices almost halved last year.


Wooden Tomlinson listed last year, while sales scale expands rapidly, and actively expand lighting products to the downstream areas, but in 2015 due to falling prices is too big, and revenues, profits double down. Wood Tomlinson 2015 operating income of 2015 yuan, fell 3% year-on-year; Net profit of 260 million yuan, down 41% year-on-year. In the first quarter of 2016 operating income of 820 million yuan, up 9.2% from a year earlier, but still net profit fell 45.3% year-on-year to 50.46 million yuan.


LED lighting: the competitive landscape changes


In the downstream, corporate earnings in the LED lighting appear differentiation, competitive landscape have changed. The scale of revenues and profits of sunshine lighting, has exceeded the foshan lighting and leishi lighting. Overseas acquisitions in the past year, don't laugh too early "happy ten thousand" airplay acoustics, LED lighting income scale suddenly blunt come up, too.


Sun lighting in 2015 operating income of 4.26 billion yuan, up 31% from a year earlier, the net profit of 370 million yuan, up 29%; In the first quarter of 2016 revenue was 1.02 billion yuan, up 12%, net profit of 100 million yuan, up 4.2% from a year earlier. Take advantage of LED lighting fast popularization to sun lighting LED lighting products last year revenue growth by more than 90%, accounted for 73% of income; At the same time, the business is divided into Europe and Oceania, the americas, Asia and Africa, China's four big regional independent accounting and operations.


For industry situation, and the sun lighting believes that the international lighting of philips, osram, GE, Toshiba gradually split off or sell lighting business, Chinese enterprises began to participate in international merger and acquisition of lighting companies, such as guang sheng group, the transferee osram holds a 13.47% stake of foshan lighting, fila sound equity stakes in starwood group, 80% in ten thousand, giving China lighting brands to enter the international market opportunities.


The king has been called "China light" foshan lighting, 2015 operating income of 2.88 billion yuan, down 6.3% year-on-year, the net profit of 53.41 million yuan, down 79.9% year-on-year. In the first quarter of 2016 revenue was 900 million yuan, up 18.9%, net profit of 100 million yuan, up 8.34% from a year earlier.

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