The LED industry is a high-tech industry. It belongs to the industry that encourages the development of environmental protection, energy conservation and emission reduction policies. From the current level of technological development and market demand, there is still a lot of room for development, and its prospects are promising.
Â Â Â Â Â Â The LED industry has a relatively long industrial chain (including upstream, midstream, and downstream). The technical characteristics and capital characteristics of each field vary greatly. From upstream to midstream to downstream, the industry entry threshold is gradually reduced. The upstream epitaxial wafer has the typical "double high" (high technology, high capital) characteristics, and the upstream chip also has the characteristics of high technology content and relatively dense capital. The midstream epitaxial package has lower technical content and capital investment, while the application product is lower. The minimum technical content and capital investment.
Â Â Â Â Â Â Â 1. The upstream epitaxial/chip field is in the growth stage, but the capital demand is large, the entrants are strong and quite, and the industry's horizontal integration is not urgent.
Â Â Â Â Â Â LED epitaxial wafers and chips account for about 70% of the industry's profits. At present, there are about 60 LED chip companies in mainland China (most of them are in the construction stage), starting late, not large enough, and the largest annual output value of LED chip companies. About 300 million yuan, each with an average annual output value of 1 to 200 million. The upstream epitaxial/chip field is concerned by companies with strong capital strength. The aim is to gain a leading position in the LED field through upstream high-end cut-through. These companies have listed companies (such as Jiangxi Lianchuang, Changjiang Electronics Technology, Sanan Optoelectronics and Shishi). Lan Wei, etc.), there are also private enterprises with strong capital (such as Shenzhen Century Jingyuan, Shenzhen Audelun, Dalian Lumei, etc.).
Â Â Â Â Â Â The performance of LED packaged devices depends on LED chips to 50%. At present, most of the small and medium-sized chips of domestic LED packaging enterprises use domestic brands. The performance of these domestic brands is smaller than that of foreign brands, and they have good cost performance. The performance of some chip manufacturers' products has been comparable to that of foreign brands. Through the cooperation of packaging technology, it has been able to meet the needs of many high-end applications.
The upstream extension/chip field has a large investment quota, lack of professional and technical personnel, relatively large investment risks, and a small number of enterprises. The return rate of the invested enterprises is not high, the integration is difficult, and the field has not yet developed to full competition. In the period, the industry's current integration needs are not high, and the horizontal integration in this field has little effect on the promotion of the entire industry chain.
Second, there are many enterprises in the middle of the package field, the products are similar, the competition is large, and the demand for horizontal integration is urgent.
Â Â Â Â Â Â LED packaging in the LED industry chain is an incomparable important role in the entire industry chain. LED devices are widely used in various applications based on LED devices, such as large LED displays, LED backlights for LCDs, LED lighting, LED traffic lights, and automotive lights. LED devices account for 40% of total product cost. Up to 70%, and the performance of LED applications is often more than 70% determined by the performance of LED devices.
Â Â Â Â Â Â China is a big LED packaging country. It is estimated that 80% of the world's LED device packaging is concentrated in China, and it is distributed in various US-funded, Taiwan-funded, Hong Kong-funded and domestic-funded packaging enterprises. In the past five years, foreign LED packaging companies have continued to move to the mainland, domestic packaging companies continue to grow and develop, and technology continues to mature and innovate. In the field of low-end LED device packaging, China's LED packaging companies have a high overall market share. In the field of high-end LED device packaging, some Chinese companies have made major breakthroughs.
Â Â Â Â Â Â However, the overall characteristics of China's midstream packaging sector is that the barriers to entry are low, the scale of enterprises is small, the number is large, and the market competition is increasingly fierce. Orders are crucial to the survival and development of enterprises. Most manufacturers adopt low-price competition strategies and lack basic guarantees for product quality. If China's LED packaging companies want to achieve rapid and efficient development, they must increase their R&D investment in LED packaging technology research fields to make up for the gap between China's LED packaging technology and foreign countries, and at the same time increase product scale by expanding scale. The implementation of these strategies, relying solely on the accumulation and strength of the enterprise itself, is difficult to achieve efficiently. It requires the acquisition of mergers and acquisitions by the power of the capital market, and vertical integration of horizontal and downward.
Â Â Â Â Â Â Some of the prophetic and ambitious Chinese LED packaging companies have begun to try to take advantage of the rapid development of China's existing capital market, horizontal and downward vertical integration, mergers and acquisitions of competitors in the industry, expansion of scale and channels, In order to catch up with powerful foreign companies. More typical LED packaging companies such as Shenzhen Lehman Optoelectronics have begun to hire securities institutions to conduct listing operations. If these LED packaging companies are successful, they will bring rapid development momentum to the Chinese LED industry and promote the development of upstream and downstream industries.
Â Â Third, the downstream application field has many enterprises, and the competition is large, and the future will be polarized.
Â Â Â Â Â Â According to experts' prediction, LED application products will be polarized, and general-purpose LED application products such as outdoor landscape lighting and interior decoration lighting will show a trend of integration with LED packaging enterprises. Specialized LED products such as military lighting and medical non-thermal radiation lighting Lamps, treatment lamps, germicidal lamps, special lamps for crops and flowers, bio-specific lamps, and special LED lamps combined with solar photovoltaic cells will be developed independently according to their respective characteristics, and will be specialized and divided in product development, design and production processes. Fine features.
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