The LED lighting industry, which has a production value of 450 billion yuan in three years, is facing the pain of performance brought by the swarming investment.
On March 13, LED equipment testing company Yuanfang Optoelectronics (300306) announced the first quarter 2013 performance revision announcement, which reduced the previously forecasted net profit by 5%-35% year-on-year, and changed it to 30%-60%. Yuanfang Optoelectronics also handed over an annual report of “double down†in revenue and net profit. Its revenue in fiscal 2012 was 182 million yuan, down 11.45% year-on-year; net profit was 72.48 million yuan, down 25.07% year-on-year.
In the LED lighting industry, the experience of Yuanfang Optoelectronics is not a case. Focusing on the recently disclosed LED listed companies' 2012 annual report or performance report, the overall profitability of the industry last year showed a decline of about 30%.
“The whole industry is still growing rapidly, but the growth of the market can't keep up with the growth of investment, so we have to fight the price war.†Xie Yongjun, general manager of Jiuzhou Optoelectronics, said in an interview that last year, the LED lighting industry dropped about 20% in product cost. However, the terminal price has dropped even more, reaching 40%-50%. "The profit shrinkage is inevitable."
The performance of the collective drop
The entire A-share and LED-related concept segment has about 50 listed companies, of which more than 20 LED business revenues account for more than 20. LED chips and epitaxial wafer companies in the upstream of the industrial chain, such as Huacan Optoelectronics (300323), Silan Micro (600460), Ganzhao Optoelectronics (300102), and Dehao Runda (002005), net profit fell by 30.38% in 2012. , 88.07%, 39.33%, 57.14%.
LED crystal material supplier Fujing Technology (002222) net profit fell by 34.12%; LED power supply company Maoshuo Power (002660) net profit fell by 9.76%; LED luminescent materials company Keheng shares (300340) fell by 80.62%; LED The net profit of packaging company Changfang Lighting (300301), Lehman Optoelectronics (300162), Hongli Optoelectronics (300219) and Guoxing Optoelectronics (002449) decreased by 27.45%, 27.36%, 34.49% and 66.45% respectively.
In explaining the performance of the face, these companies are all attributed to the following: the macroeconomic downturn in 2012 and the intensified competition in the LED industry. According to Yuanfang Optoelectronics, 2012 is the year in which China's LED lighting has the lowest development speed; Changfang Lighting said that last year, the company adopted a strategy of actively reducing prices in order to consolidate market share.
Xie Yongjun told reporters that since LED has been used as a sample of national energy conservation and environmental protection industry in the past few years, it has attracted a lot of capital intervention, especially in 2009 to 2010, there has been a wave of investment in the LED industry in China, resulting in more market supply now. Market growth.
With the aura of emerging industries, the LED industry has gained a lot of money from all walks of life. There are three main sources of funds for the LED industry: First, traditional lighting companies. In the words of Hu Zhongshun, general manager of Guangzhou Guangya Messe Frankfurt Co., Ltd., “I am embarrassed to say that I am a lighting company without LEDs. Even OEMs should put on several LED products.†The second category of enterprises comes from In the electronics industry, many electronic companies have also taken advantage of the fact that LEDs use electronic components such as semiconductors. In fact, Jiuzhou Optoelectronics, where Xie Yongjun is located, is the parent company of Jiuzhou Electric, one of the top 100 electronic information companies in China. The third category is social capital.
Xie Yongjun said that in the case of oversupply, on the one hand, some LED companies shoddy, "a price of 20 yuan bulbs, the price is down, but the product quality and lighting effect is not as good as traditional energy-saving lamps" On the other hand, the entire industry is caught in a price war. Last year, the price of LED lighting products dropped by about 40%-50%, of which 20% was due to the decline in LED lighting costs, and the rest should be attributed to Intense competition in the industry.
LED shuffling period
"Since the second half of last year, the LED lighting industry has entered a period of rapid reshuffle." Xie Yongjun said that in Shenzhen, where LED lighting companies are gathering, the saying that is circulating in the circle is that "three days of bankruptcy".
In the second half of last year, the larger companies that had fallen into bankruptcy had Shenzhen vision and Ningbo Andi Optoelectronics. Xie Yongjun said that “there is too much to fall downâ€. In addition to these enterprises of a certain scale, there are many small and medium-sized enterprises and hand-worked LED enterprises.
Hu Zhongshun also said that as a barometer of the integration of the domestic lighting industry, although the total exhibition area of ​​the Guangzhou Lighting Exhibition is increasing every year, the number of exhibitors is declining. The increase in area is the increase of the exhibition area by large enterprises.
Xie Yongjun believes that in the first half of this year, the LED industry will maintain a rapid integration trend. On the one hand, the bankruptcy of small and medium-sized LED enterprises, "the value of small-scale mergers and acquisitions is not large"; on the other hand, the merger and acquisition of large-scale LED companies, " This is the path that most of China's consumer electronics industry has gone through. A lot of investment, price wars, industry integration, VCD, home appliances, mobile phones, etc. are not as good as it is."
"In the mass LED lighting market, there are about 10 manufacturers that can survive in the future." Xie Yongjun said.
However, Qian Keyuan, deputy director of the Semiconductor Lighting Laboratory of Shenzhen Graduate School of Tsinghua University, believes that the situation of the LED lighting industry is not so pessimistic, just because "the market is not yet fully up, but there are too many people entering", in this case Under the circumstance, it is normal for some companies to withdraw or lose profits. "Compared to the industries of clothing and mobile phones, LED is still very good, and the market is still rising." Qian Keyuan said.
Support policy speculation
Qian Keyuan said that the decline in the profitability of the LED lighting industry is also a warning signal for investment. "After the investment is warned, it will not be as influential as the previous years." He believes that from the point of view of the cost of use, the time for LED lighting to enter the mass market is not far away. "Some large enterprises' LED lighting products have entered the supermarket. If the channels and promotion are well done, the mass market will almost start. Turned the corner."
Xie Yongjun believes that in February this year, the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and other six ministries jointly issued the "Semiconductor Lighting Industry Energy Conservation Plan" for the LED lighting industry is a big plus, "expected policy effects will be reflected in June this year." The "Planning" proposes to promote the LED lighting industry to reach an output value of 450 billion yuan by 2015, form 10-15 leading enterprises that master core technologies, and propose a series of specific safeguard measures and incentive policies. Hu Zhongshun also told reporters that in order to promote the transformation and upgrading of the lighting industry, the 2013 Guangzhou Lighting Exhibition held in May this year will launch a selection called “Aladdin Magic Light Awardâ€. Hu Zhongshun believes that the current domestic LED companies' competition is concentrated on cost and price, and it is necessary to further increase the added value of the industry through technological innovation and award demonstration.
"The manufacturers should not keep their eyes on the government." However, Qian Keyuan believes that the state's support policies sometimes give the market a bad signal. "In the past few years, funds have swarmed in, and to a large extent, with governments at all levels. There is a great relationship between the continuous introduction of support policies."
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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