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LED industry: the overall performance of supply and demand
The domestic LED industry 2016 annual report and the 2017 first quarter report have been released, and the overall results have been reported. Among the 2017 first quarterly reports, 40 of the 43 LED listed companies saw a year-on-year increase in revenue, and 35 LED companies reported a net profit increase of 1 year in the first quarter, with 27 listed companies whose net profit increased by more than 30%. The overall performance of the industry has been reported. The domestic LED industry 2016 annual report and the 2017 first quarter report have been released, and the overall results have been reported. Among the 2017 first quarterly reports, 40 of the 43 LED listed companies saw a year-on-year increase in revenue, and 35 LED companies reported a net profit increase of 1 year in the first quarter, with 27 listed companies whose net profit increased by more than 30%. The proportion is over 60%. In the past five years, LED industry revenue and net profit trends show that before 2016, due to terminal LED applications, mid-stream LED package beads and upstream LED chips, all are in the trend of falling prices and rising sales, so overall revenue is still growing. Only the growth rate is slowing down. The data shows that the revenue growth rate has stabilized since 2015, and the net profit growth rate of the mothers continued to decline. Until the first quarter of 2016, the net profit growth rate began to rise. In 2016, the total revenue of LED listed companies reached 160 billion yuan, with a growth rate of more than 25%. By the first quarter of 2017, the overall revenue growth rate of the industry and the net profit growth of the returning mothers both exceeded 30%, setting a new high in the past five years. Second, the industry trend is solid and reliable. From the LED industry in 2016 and the first quarter of 2017, we have observed that the core financial indicators of listed companies all show a significant improvement trend. The core indicators include ROE, revenue scale and growth rate, and net profit of returning to the mother. And growth rate, gross profit margin, net profit and operating cash flow. LED industry trends are good and solid financial data as a verification, more firm confidence in our optimistic LED industry trends. It can be seen from the trend that before 2015, due to the rapid growth of industry supply, the industry as a whole was in an oversupply situation, and the overall return on net assets of the industry continued to decline. From 2012 to 2016, the proportion dropped by more than 40%. As a result, SMEs and backward production capacity have been withdrawn, the supply side has cleared, and industrial concentration has increased to strengthen industry barriers. In 2016, the LED upstream chip industry subsidy policy has declined, the capacity growth rate has slowed down, and the downstream incandescent lamp ban and the small gap demand have triggered the downstream demand of LED. The three together began to reverse the supply and demand pattern of the LED industry. The industry average ROE increased significantly by 20% year-on-year to 1.8%. It has clearly reflected the overall profitability improvement of the LED industry. The economy is expected to last at least 2-3 years. Recently, we have extensive exchanges and research with the LED industry chain, and continue to verify the supply and demand of the LED industry. International giants such as Osram also said that LED chip supply is in short supply, while LED chip makers Jingdian, Sanan Optoelectronics, Huacan Optoelectronics, Aoyang Shunchang and Dehao Runda all said that demand for strong demand is in short supply. The main reason is that the MOCVD machine is being phased out in 2010-2011, and the number of models accounts for about 1/3 of the total. It is estimated that the annual elimination in the next 2-3 years will account for 5%-10% of the current total capacity, about 5 million- 10 million pieces. With the increase of downstream lighting demand by more than 20% and the shortage of small-spacing demand, the annual demand for new LED chips will increase by 10 million. According to our statistics, the total effective capacity at the end of 2017 is about 83.28 million pieces, and the demand will exceed 92.35 million pieces, which will continue to be in short supply in the next 2-3 years. Third, the global LED manufacturing to China to transfer the global LED manufacturing to China's general trend of transfer has been unquestionable, China's electronics industry has fully possessed excellent process control and cost management capabilities in the accumulation of many years, while the engineer dividend is gradually released, International advanced technologies that enable Chinese companies to develop and possess more independent intellectual property rights will slow down as the technological advances of international manufacturers encounter bottlenecks. Chinese companies will make full use of national policies, industrial capital and engineer dividends to achieve The post-production system will eventually defeat the traditional international manufacturers and become the leader in the development of the industry. Fourth, firmly optimistic about the industry leader Continue to be optimistic about the LED industry leader, the industry rating over-match. We are firmly optimistic about the three giants of LED chip industry: Sanan Optoelectronics, Huacan Optoelectronics, and Aoyang Shunchang. LED packaging giant: Mulinsen. In the trend of continuous improvement and concentration of the LED industry, the leader will continue to benefit first. Part of the enterprise analysis Huacan Optoelectronics Domestic Inertial Sensor Leading Company After the successful acquisition of MEMSIC, the company will become the domestic inertial sensor leader and grab the tens of billions of market. Mesin Semiconductor is one of the world's largest suppliers of magnetic sensors and accelerometers. As of May 10, 2016, the shipment of MEMS sensors from Mesin has exceeded 1 billion. The performance of Meixin Semiconductor from 2017 to 2019 is not less than RMB 91 million, RMB 110 million and RMB 130 million respectively. After the completion of the delivery, the company's performance will be further increased. Aoyang Shunchang's profitability has been greatly improved Huai'an Optoelectronics has cooperated with Mu Linsen and local governments in strategic cooperation and continuously obtained capital increase. In December 2016, Mulinsen was a strategic partner. The company did not jointly increase the capital of Huai'an Optoelectronics by 500 million yuan. In March 2017, it again acquired a capital increase of 3.1 billion yuan. At present, the company, Mu Linsen and Qinghe Development hold 70.93%, 26.07% and 3% of Huai'an Optoelectronics respectively. The lithium battery business began to contribute to the performance, another core growth point worth looking forward to. 1. Luwei's 47.06% equity was included in the consolidated statement in June 2016. In 2016, Tianpeng achieved a revenue of 354 million yuan, realized a profit of 62.28 million yuan, and contributed a net profit of 26.58 million yuan to the listed company. 2. The current production capacity is 300,000/day, and the second-phase production capacity is 1 million/day. The first production line of the second phase is expected to be trial production at the end of the second quarter. Mulinsen's acquisition of Landexpo's overseas business broke out. The acquisition of Roundvals, the overseas business broke out, creating a global LED packaging + lighting leader. Osram is the second largest lighting company in the world. Its brand has more than 100 years of history and has excellent technical strength, brand image and industrial advantages. Its marketing channels cover more than 150 countries and regions around the world. Mulinsen's acquisition of OSRAM LED lighting panel LEDVANCE is the perfect combination of superior manufacturing capability and 100-year brand. Through this acquisition, Mulinsen will fully utilize Landwell's overseas quality marketing channels and brand influence to export Mulinsen products to the world. In particular, the company currently holds the core product LED filament lamp. In 2017, the company's LED filament lamp sales are expected to exceed 1.7 billion, a year-on-year increase of 232%. With the rapid growth of the company's overseas business in the future, it will be a global LED package + lighting leader.
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