This week, LED listed companies continued to disclose the third quarterly report. In the first three quarters, “increasing revenue and increasing profits†became the highlight of most listed companies’ financial reports.
In particular, the performance of the first three major packaging factories represents the current packaging field in the middle of the industry, and has begun to show a strong scale effect.
Mulinsen expects net profit attributable to shareholders of listed companies from January to September 2016 to be 285 million to 325 million yuan, an increase of 14.15% to 30.58%.
Mulinsen said that with the gradual construction of the company's fundraising projects, the company's LED packaging and lighting products continue to expand in scale, and large-scale production has further reduced the unit cost of the products.
According to the data of Hongli Zhihui's third quarterly report, the company's operating income from January to September 2016 was 1.571 billion yuan, up 38.51% year-on-year. The operating income for the quarter increased by 4.29% compared with the previous quarter; the net profit attributable to shareholders of listed companies was 193 million yuan. , an increase of 87.21%.
Hongli Zhihui said that in the first three quarters of 2016, market demand grew steadily, the company's business scale continued to grow, and its main business maintained steady growth.
Among them, the average gross profit margin of LED packaging products is 22.67%, which is basically the same as last year. This shows the effect of supply chain cost control in the context of the continuous decline in the overall price of the packaging industry.
Guoxing Optoelectronics announced the third quarterly report. The data showed that revenue from January to September 2016 was 1.676 billion yuan, a year-on-year increase of 25.64%, and net profit was 131 million yuan, a year-on-year increase of 6.59%. The good performance of the first three quarters was due to the continued capacity expansion of Guoxing Optoelectronics.
Guoxing Optoelectronics said that the first two rounds of expansion have achieved more than 40% capacity increase. "With the further popularization of LED products and the continuous expansion of market applications, the demand for company product orders continues to be full."
Let's take a look at the big events in the industry this week.
How does the bulb go out of the "price war" haze?
Faced with the deep adjustment period of the LED lighting industry, the company has adjusted its strategy around the strategy of different types of lighting products. In particular, the incandescent lamp entered the final elimination period, and the LED bulb lamp industry, which is dominated by the traditional replacement market, ushered in a new round of market demand explosion.
According to the latest data from the High-tech Research Institute LED Research Institute (GGII), the output value of China's LED lighting market in the first half of the year was 212.7 billion yuan, which is expected to reach 457.6 billion yuan, a year-on-year increase of 15.35%.
It is estimated that by 2018, the LED penetration rate will be close to 90%, and the LED general lighting market will also be basically settled. Among them, the market size of replacement light sources represented by bulbs and lamps will show a rapid growth trend in the next few years.
Since the beginning of this year, as the overall LED market has gradually recovered, some manufacturers' orders have gradually become full, and the prices of upstream raw materials have stopped falling, which has made the price of bulbs generally stable.
"At present, the number of LED bulbs is exploding, and the market has entered a period of rapid growth. In the reshuffle stage, more and more manufacturers will be eliminated due to price wars," said the relevant person in charge of Lidaxin.
According to the latest data from the High-tech Research Institute LED Research Institute (GGII), the cumulative production of incandescent bulbs in the first half of 2016 reached 2.012 billion, and most of the incandescent products were withdrawn after October 1.
According to the current market price of LED bulbs replacing 15W and above incandescent lamps, an annual replacement demand of nearly 50 billion yuan will be added.
Chinese acquisition of Aixtron encounters resistance
This week, German media said that the German Ministry of Economic Affairs withdrew the approval of the Chinese investment company Fujian Hongxin Fund to acquire Aixtron, a German semiconductor industrial equipment manufacturer, and will re-examine the acquisition.
According to the report of the German Voice Radio website on October 25, insiders of the Ministry of Economic Affairs recently revealed that the German government is currently negotiating a guideline for the review of foreign investment, and business people disagree.
Aixtron announced on the 24th that the German Ministry of Economic Affairs withdrew its decision in early September to purchase Ai Siqiang from Fujian Grand Chip Investment and re-examine the acquisition. Ai Siqiang received this notice from the German Ministry of Economic Affairs on the 21st.
Just last week, China's Fujian Hongxin Fund paid about 65% of Ai Siqiang's shares before the expiration of the acceptance period, which is enough to pass the 670 million euros.
The German government withdrew the Chinese acquisition of Ai Siqiang and will re-examine the acquisition. This will definitely affect Aisin. After all, the current performance of Ai Siqiang is not ideal. The company’s own willingness is to sell. of.
Chinese manufacturers have been plagued by patent problems. In fact, Ai Siqiang's profit is not high. The purpose of this acquisition is mainly to purchase its patents, technology and brand. In addition, in the enterprise development model, German companies and Chinese companies are complementary, and the two countries can form a good partnership.
How do SMEs stand out and get reborn?
This week, the Guzhen Light Fair, which represents the development of the LED lighting industry in China and the world, was opened. However, in the context of the poor macroeconomic environment, the differentiation of the LED lighting industry has become an industry consensus.
Many LED SMEs even believe that the industry has now developed into the "most difficult" period. In the past, small and medium-sized enterprises relying on exports for their livelihood have realized that the competition in the LED lighting export market has become increasingly fierce this year.
In fact, since 2015, the LED industry has experienced price war competition under the background of product homogenization, and the industry is in a period of intense shuffling.
In the past two years, the Zhongshan market, which is dominated by small and medium-sized lighting companies, has also been affected by the big environment and is in a weak state. The prices of local large enterprise products are also falling, because their brands have been formed in the early stage. When the prices are comparable, everyone will believe in the brand, strength and comprehensive strength of the company.
"Now that at this stage, Zhongshan actually has a large number of enterprises, which are not competitive. It is not that his price is not low enough, but that their brand advantage is not good." The industry believes that because the product may be in the early stage At the expense of quality, it is now necessary to face the crisis of mistrust of customers.
Despite the price increase trend of LED upstream products in the first half of the year, the order was transferred to the big factory. The small and medium-sized enterprises are in a relatively embarrassing situation, and the direct impact is the decline in gross profit margin.
“Our products are exported 90%, 80% of which are exported to Brazil. This year's export volume is 40% higher than previous years, and the profit margin is decreasing.†Talking about the export situation this year, Li Jianping, general manager of Zhongshan Hongsen Lighting Co., Ltd. mentioned .
According to statistics, from January to May 2016, China's exports of lighting products reached US$15 billion, down 10% year-on-year, of which LED lighting products reached US$6.2 billion, up only 1.7% year-on-year.
Changes in income increase without increasing profits are also forced to make adjustments in product strategies for SMEs.
Jufei Optoelectronics "spoiler" small pitch LED market
Jufei Optoelectronics said on Wednesday that the company's small-pitch display LED business exhibition was relatively smooth, and it has already achieved mass production and sales, and the market demand shows a high-speed growth trend. As a strategic new business of the company, the small-pitch display will speed up the expansion according to the market demand, and will become the company's new profit growth point in the future.
The new display system application and smart lighting with the small pitch of LED display as the core are bringing great expectations to the industry.
With the lighting and LCD backlight market, the LED industry is becoming the most “growth point†in the LED industry.
In recent years, the development of small-pitch LED screen technology has greatly expanded the application space of LED screens indoors. The small-pitch LED screen market has quadrupled the market size in 2014-2015, bringing a large amount of output value and upstream and downstream demand.
The indoor and outdoor small-pitch market continues to be hot, and some institutions predict that there will still be nearly 40 billion new annual demand in 2017-2018. In recent years, with the advantages of seamless splicing of small-pitch LED displays, DLP and LCD splicing displays are gradually being replaced, and the trend of accelerated growth is presented.
In addition, the outdoor display has also begun to appear in the trend of small-pitch packaging. With the surface-mount LEDs suitable for outdoor use, the technical problems of high-definition and high-density of outdoor displays are gradually emerging, and the average spacing is from P10 progresses below P6 and is expected to grow explosively.
According to Liard's prediction, the small-pitch LED display will increase by 50% in the next five years.
Lighting reproduces hotspot rotation, landscape "upper position"
This week, a new three-board listed company named Luoman (430,662) issued a notice on the listing counseling filing.
In the first half of the year, the company's operating income was 57,861,200 yuan, an increase of 9.85% over the same period of the previous year; net profit was 9,304,100 yuan, an increase of 50.94% over the same period of the previous year. Since the beginning of this year, the performance of the main lighting engineering companies has shown rapid growth. At the same time, companies are also increasing their investment in capital.
With the acceleration of urbanization, it is believed that in the next few years, whether it is a first-tier city or a second- and third-tier city, the demand for landscape lighting is still growing rapidly. In particular, the state's policy on the PPP model is still growing.
At the Forum on Outdoor Road Landscape Lighting Symposium jointly organized by the High-tech Research Institute LED Research Institute (GGII) and the Incentive Testing, Dr. Zhang Xiaofei, Chairman of the High-Technology Research Institute, said that the global landscape lighting market will continue to expand in 2016.
Benefiting from the promotion of policy promotion in various countries and regions around the world, the penetration rate of landscape lighting market is continuously improving. According to GGII statistics, the global landscape lighting market will reach 218 billion yuan in 2015. It is estimated that the global landscape lighting market will reach 233.5 billion yuan in 2016. .
For example, in 2016, indoor lighting, commercial lighting, municipal engineering lighting, outdoor lighting, tourism landscape lighting and other market segments will continue to deepen. Driven by positive fiscal policy and loose monetary policy, the real estate market gradually stabilized in 2016, and the real estate landscape lighting market developed rapidly.
At the same time, cities along the high-speed rail and tourism and cultural cities have attached more importance to landscape lighting, and the urban landscape lighting market has continued to expand. The most important advantages of LED landscape lighting will become the integrated development of enterprise management, products, design and engineering.
“In 2016, the trend of M&A in the landscape lighting industry will be dominated by listed companies. The vertical merger of industry chain will accelerate. Intelligent lighting, creative lighting, landscape lighting will become the main target of M&A, and M&A will go international, domestic enterprise market. The status ushered in a rapid increase." Dr. Zhang Xiaofei said.
Hongli Zhihui LED supply chain "the next child"
This week, Hongli Zhihui announced that it will jointly purchase Dongguan City Gold held by Lin Lizhen, Lin Longzhen and Zhu Yili with a wholly-owned subsidiary, Dongguan Liangyou Hardware Products Co., Ltd. (hereinafter referred to as “Liangyou Hardwareâ€). Material Hardware Co., Ltd. (hereinafter referred to as "Golden Hardware") 70% equity.
At the same time, Hongli Zhihui will provide a loan or entrusted loan of no more than RMB 100 million to Jincai Hardware after the completion of the equity delivery of this transaction, which is dedicated to expanding powder hardware and purchasing CNC processing machines.
In recent years, Hongli Zhihui has continuously expanded its packaging capacity, automotive lighting and automotive-related vehicle network diversified business through the layout of the supply chain, which has enabled the company's operating scale and profitability to continue to increase.
According to the data of Hongli Zhihui's third quarterly report, the company's operating income from January to September 2016 was 1.571 billion yuan, up 38.51% year-on-year. The operating income for the quarter increased by 4.29% compared with the previous quarter; the net profit attributable to shareholders of listed companies was 193 million yuan. , an increase of 87.21%.
In the main business of LED packaging, Hongli Zhihui continued to increase investment in lighting LEDs after its integration into Smect, and actively launched products such as flip-chip and COB packaging. The subsidiary Smect continued to expand its production capacity and strive to develop EMC. Packaging business.
In addition, through the acquisition of the bracket manufacturer Liangyou Hardware, further reduce the packaging cost and improve the overall product profitability.
Behind the depth of the supply chain is the stable performance of the company's product gross margin. The data shows that as of the first half of this year, the gross profit margin of Hongli Zhihui's overall products was 26.36%, an increase of 0.36% over the same period of the previous year.
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