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In 2012, China's LED epitaxial wafer industry, like the global economy, is in the midst of difficulties, and better market expectations have not appeared; after 2013, MOCVD purchases have slowed down, and the output of each plant has been adjusted according to orders. While the Chinese manufacturers are improving their technology, they also frequently seize the market at low prices. The first echelon of Chinese manufacturers is stable, and the follow-up echelon is shuffled.
(1) The first echelon manufacturer 1. Sanan Optoelectronics Sanan Optoelectronics is China's largest LED epitaxial wafer manufacturer, and has ignited the climax of "direct equipment replacement." With the support of local governments, the expansion speed is very fast. At present, the number of MOCVD purchases in Xiamen, Tianjin and Wuhu has reached 144. However, while the scale is growing, the benefits are not optimistic.
In the first half of 2012, Sanan Optoelectronics achieved operating income of 1.37 billion yuan, a year-on-year increase of 90.53, net profit of 466 million yuan, an increase of only 1.55 year-on-year. The high-growth operating income was only a nearly flat net profit. However, if Sanan Optoelectronics received a subsidy of nearly 300 million yuan from the Chinese government in the first half of 2012, its actual profitability is even more debatable. In addition, its report also shows that sales of goods and services received in the first three quarters of 2012. The cash received was only 1.18 billion yuan. More than half of the payment was not recovered in time. The bills receivable and accounts receivable surged, and the sales payment was not recovered in time. The potential financial risks of Sanan Optoelectronics were relatively large.
However, profitability and financial problems can not shake Sanan Optoelectronics' current status as a LED epitaxial wafer in China. In addition to the LED epitaxial wafer production lines in Xiamen, Tianjin and Wuhu, Sanan Optoelectronics layout downstream LED applications. In addition to digesting its own production capacity, it also received a large number of government orders. In addition, Sanan Optoelectronics invested in the construction of a sapphire substrate in Anxi, Fujian, and invested in the photovoltaic industry in Huainan.
In terms of team building, Sanan Optoelectronics has drawn a group of technical elites from Taiwan and China's LED competitors through its far higher salary than competitors, and has established its own technical team under its leadership.
"Digging people, technology upgrades, scale expansion, price wars", Sanan Optoelectronics every step of the big move has a significant impact on China's LED epitaxial wafer industry.
2. Dehao Runda Dehao Runda was founded in Zhuhai in 1996 and listed on the Shenzhen Stock Exchange in 2004. It is a group company mainly engaged in small household appliances, LED and new energy related businesses, and is the largest in Zhuhai. Private joint-stock manufacturers. Since 2009, Dehao Runda has established LED production bases in Zhuhai, Taishan, Shenzhen, Wuhu and Yangzhou, and has rapidly entered the entire industrial chain of LED epitaxial wafers, packaging and applications through mergers and acquisitions and cooperation. Among them, LED epitaxy and wafer are the core LED business of Dehao Runda. At present, Dehao Runda has 36 MOCVD in Wuhu and 30 MOCVD in Yangzhou, with an annual production capacity of 3.2 million pieces (2 inches).
In 2012, China's entire LED industry still appears to be relatively sluggish. Small factories are often plagued by market and capital problems. Even LED benchmark manufacturers such as Dehao Runda have reduced their subsidies from the government and are also suffering. The market price has fallen rapidly due to oversupply. Therefore, despite the expansion of equipment in 2012, Dehao Runda's operating income decreased by 7.89 compared with 2011, and the total profit decreased by 54.01 compared with 2011.
In order to seek stable downstream shipments, expand scale and increase influence, Dehao Runda spent HK$1.65 billion to acquire approximately 20 shares of NVC Lighting, the largest lighting company in China, and became the largest shareholder of NVC Lighting. At the same time, Dehao Run Da will also issue additional shares to the major shareholder Wuhu Economic Development Zone Optoelectronic Industry Investment Development Co., Ltd. and NVC Lighting Wu Changjiang. DeHao Runda and NVC's mutual shareholdings are a close alliance between the big companies. Dehao is looking at the pipeline resources of NVC Lighting, and NVC Lighting has also obtained stable upstream wafer resources.
(II) Manufacturers whose scenery is no longer and whose performance is worrying 1. Dry Photoelectricity Xiamen Ganzhao Optoelectronics Co., Ltd. was established in February 2006 with a total investment of more than 300 million yuan. It is specialized in red, yellow and orange quaternary LED epitaxial wafers. And high-tech manufacturers of R&D, production and sales of GaAs solar cells.
At the beginning of the development of China's LED industry, most of the LED chip factories are targeting the white light lighting market. Therefore, the blue-green LED chips that produce GaN are the main products. Under the situation of competing with equipment to directly stimulate investment, the number of MOCVD machines in China has surged in a short period of time, resulting in a surplus of the same type of products in the Chinese market.
From the beginning of the business, Ganzhao Optoelectronics chose to use the quaternary red LED chip used for LED display board as the main product. At that time, only one dry-lighting IC manufacturer in China produced red LED chips, so the market was in short supply. In 2011, when China's LED market was generally weak, wafer prices fell, and many manufacturers' orders dropped sharply, Ganzhao Optoelectronics was still able to continue to expand orders and add 16 MOCVD machines by the end of 2011. It was because of the market positioning and technical advantages of the company that the company was able to produce red-light LED chips in China at the time, which was very rare, not affected by the overall market, and rose against the trend.
But it is also fulfilling an old saying - flowers are not red. The production of red LED chips is a technology that has once seized the opportunity and has not expanded into other fields. The red LED chip market is also limited. In 2012, China's LED display market saw a significant slowdown in the growth of the kanban market. At the same time, Sanan Optoelectronics also intervened in the red LED chip after the stable position of the blue-green optical chip station. Significantly increase the capacity of red wafers and reduce prices to seize the market, which makes the dry photo optoelectronics lose its first-mover advantage, the situation is very passive, and the company's performance in 2012 has been seriously declining. It is no longer optimistic about the capital market and is frequently reduced by shareholders.
In 2013, a number of photo-electrics still have a single business, do not cut into the blue-green LED chip and increase the scale, the prospects will be in jeopardy.
2. Silan Mingxin Silan Mingxin is a Chinese LED epitaxial wafer manufacturer. Its products cover epitaxial growth and GaN blue-green wafer manufacturing. The products are mainly used for display screens, landscape lighting, general lighting and so on. The production base of Silan Mingxin is mainly in Hangzhou. There are 18 MOCVDs in December 2012. The monthly output of LED epitaxial wafers is 60,000 pieces, and the monthly production capacity of LED chips is 1.4 billion.
The original products of Silan Mingxin are aimed at China's LED display market. In 2008, the market for the good display market brought a good market expectation to Silan Mingxin. In 2009 and 2010, Silan Mingxin continued for two consecutive years. It is the number one spot in China's display screen wafer sales.
However, as a state-owned enterprise, Silan Mingxin has gradually exposed various problems in management and efficiency, and product performance and quality have also exposed undesirable problems among customers. With the rise of Huacan Optoelectronics, Silan Mingxin has been squeezed out of the first position of the LED display screen since 2011. In 2012, due to the downturn in the entire industry, the LED display market was fiercely competitive. Everyone sold the market by lowering the selling price, resulting in a significant drop in the operating income of Silan Mingxin over 50. In terms of net profit, the loss was close to 3. 10 million yuan.
The display screen of the past has long been no longer a sight, and the prospect of Silan Mingxin is worrying. At present, Sanan Optoelectronics and Dehao Runda have firmly occupied the position of the first echelon. Among the follow-up echelons, Huacan Optoelectronics, which has already been listed, has also surpassed Shilan Mingxin, as well as Jiangxi Jingneng and Shanghai Blu-ray. The series of manufacturers are chasing after you, and Silan Mingxin intends to strive for upstream by increasing lighting products, and the prospects are not optimistic.
3. Xu Rui Optoelectronics in February 2010, a total investment of 350 million US dollars Xu Rui photoelectric LED epitaxial wafer project, launched in Foshan Nanhai. At that time, six Chinese shareholders, including Guoxing Optoelectronics, Shenzhen Diguang, Zhejiang Shenghui, Beijing Langboer, Beijing Aieridi Investment Co., Ltd. and Nanhai District High-tech Industry Investment Co., Ltd., held a total of 51 shares of Xu Rui Optoelectronics. Ming Optoelectronics Co., Ltd. 49, research and development of metal substrate vertical structure LED chip, this is Foshan's largest LED investment case.
At that time, the participation of so many companies in holding shares was both to reduce investment risks and to ensure the supply and shipment of products. The original idea was that Xurui Optoelectronics was the upstream of the LED chip, Guoxing Optoelectronics as the middle of the LED device package, and Zhejiang Shenghui and Beijing Langboer as the downstream LED lighting application layout, together to create a vertically integrated industrial chain of upstream and downstream; Many shareholders have also brought hidden dangers to the final suspension of Xu Rui Optoelectronics.
During these two years, the shareholders participating in Xurui Optoelectronics have their own company's development, which is different. Naturally, they have their own opinions and opinions on the development direction and management of Xurui Optoelectronics, which leads to the project not progressing. Smooth, every step is a difficult move in the disputes and negotiations of shareholders. Only two months after the project was launched, Shenzhen Diguang gave up the shares of Xurui Optoelectronics 3, and the 3 shares were transferred to Guoxing Optoelectronics. In addition, most of the current major shareholders also retired. Since the establishment of Xurui Optoelectronics, the hearts of shareholders have not been completed, which is one of the reasons for the suspension of production of Xurui Optoelectronics.
If only the opinions are not uniform, as long as the company can make money, the shareholders will have dividends, so it will not stop production. In fact, the market downturn and Xurui Optoelectronics products are not competitive for two reasons, such as a combination of boxing, completely smashed this multi-share joint venture. The LED market is not as optimistic as the industry's previous expectations, the price of the chip has been falling, and the company's production is a loss. In addition, Xurui Optoelectronics adopts the vertical structure LED technology of Xuming Optoelectronics' metal substrate. This technology is not mature. The mass production of wafers is not only smooth, but also has the drawback of leakage, and the cost is also high, leading to the downstream packaging and application shareholders. Not optimistic about the products of Xurui Optoelectronics, canceled the promise of self-digesting capacity at that time.
In this way, Xurui Optoelectronics does not have the possibility of continuing operations. The end result is that the Xurui Optoelectronics executive team has gone all the way, and the factory has been forced to stop production, becoming a bubble, dissipating in the history of the development of China's LED industry.
In addition, many Chinese manufacturers have canceled or suspended their established LED business due to the market's short-term expectations or losses. For example, GCL has cancelled its LED epitaxial wafer business, and Zhejiang Tongling Optoelectronics and other LED chip projects have not been pressed. The original plan entered the stage of actual production.
(III) Emerging manufacturers with potential 1. Zhonggu Optoelectronics Zhonggu Optoelectronics Project was launched in July 2011 in Sutong Science and Technology Industrial Park, Nantong City, Jiangsu Province. The project was constructed in two phases. The first phase plans to purchase 50 MOCVD equipment. It mainly produces GaN LED epitaxy and wafers; the second phase plans to build a complete industrial chain from upstream sapphire substrates, midstream packaging products and downstream LED application products.
At present, Zhonggu Optoelectronics has a total of 13 MOCVD, of which 5 have been mass-produced, the luminous efficiency is 110lm/W, the product is 0.3-0.5W, which is mainly used for lighting and backlight products; the other 8 are still under commissioning, the customer is Southern packaging factory.
1234 On this page, the rest of the contents of the Valley Photovoltaic investors are the owners of Yiwu and Guangdong in Zhejiang. Starting from small commodities and real estate, the capital is not a problem. Although it has entered the high-tech industry, it is more convenient in downstream pipelines and government public relations. Although there is no such big arrangement as Sanan Optoelectronics, the technical level is step by step, there is no leading position, and it is not early to start, but the income will not be bad after the later production. Therefore, "the pipeline is king" is also applicable to the LED industry.
four. Opinions (1) China's LED epitaxial wafer manufacturers began to challenge Taiwan's LED epitaxial wafers. With low prices, high wages, and government subsidies, the price/performance ratio has improved rapidly, and it is aggressive in the market, pointing to Taiwan's LED manufacturers. .
(2) The upper layer of China's LED epitaxial wafer manufacturers is stable, and the first echelon of the lower reshuffle has entered a benign circumstance under the circumstances of abundant funds. The big one is Evergrande, and Sanan Optoelectronics has become the "Beijing Oriental" of China's LED industry. At present, manufacturers who have newly added LED epitaxial wafers often have strong strengths in terms of pipelines and capital, and they are awesome. The LED epitaxial wafer manufacturers that were originally in the middle position have already had some stamina.
(3) In the face of fierce competition, technology and pipeline are essential elements for survival. At present, low-end products have been mired in price wars. No matter whether China or Taiwan manufacturers want to survive, only
Interpretation of China's key LED epitaxial chip manufacturers