Summary: From the current development of China's LED chip industry, a super-strong pattern has taken shape. In addition to Sanan Optoelectronics, other chip companies have their own strengths, and the gap between them is not too obvious. From the perspective of the supply chain, mainstream chip makers have taken the lead, and small chip factories mainly use low-price strategies to plunder small market share. After the ups and downs of the LED industry in the past few years, the company gradually returned to the normal development of the industry in 2017. The chip manufacturers have expanded their production. The LED lighting market and the small pitch market are strong, and the industry is growing steadily. Automotive lighting and LED agricultural applications and medical applications As a new blue ocean, aviation, aerospace and other fields continue to issue new applications, LED technology is gradually maturing. With the improvement of the supply and demand pattern in the field of LED chips, the market scale of LED packaging continues to expand, and emerging applications continue to develop, and the LED industry continues to improve. According to statistics, in 2017, the output value of China's semiconductor lighting industry exceeded 650 billion yuan, a year-on-year growth rate of 25.3%, of which the upstream chip production value reached 23.2 billion yuan, an increase of 25.3%. In 2017, Chinese manufacturers added more than 240 new MOCVD equipment, and more than 1,700 units were put into operation by the end of 2017. At this point, Chinese manufacturers account for more than 50% of the global MOCVD business. With the expansion of major domestic LED chip companies, domestic LED chips will have overcapacity problems. Since the fourth quarter of 2017, LED chip prices have begun to decline. As the two largest LED epitaxial wafer and chip manufacturers in China, Sanan Optoelectronics and Huacan Optoelectronics cut their LED chip prices by 20% in the fourth quarter of 2017; at the same time, LED prices fell more than in the first quarter of 2018. 10%. According to industry sources, China's LED epitaxial wafer and chip manufacturers originally planned to purchase a total of 280 to 300 MOCVD equipment in 2018, but in view of the continued decline in LED chip prices, the purchase orders for more than 100 equipment were temporarily postponed. In the MOCVD equipment originally planned for 2018, it is expected to install 200-250 units this year. LED chip companies continue to expand production, industry competition is intensifying. Under the support of local governments, mainland LED chip manufacturers rely on the advantages of capital and scale to actively expand production, LED chip production capacity shifts to the mainland, and industry concentration is significantly improved. It is understood that in 2017, the mainland accounted for 58% of global production capacity, and the top three manufacturers accounted for 68% of the overall capacity of the mainland. In recent years, the localization of MOCVD equipment has helped domestic leaders to consolidate their competitive advantages. At the same time, Sanan Optoelectronics and Huacan Optoelectronics have integrated sapphire substrates upstream, and mainland China LED chip leader Hengqiang. Recently, domestic LED chip listed companies have successively disclosed the 2017 annual report. The announcement shows that Sanan Optoelectronics revenue was 8.394 billion yuan, up 33.82% year-on-year; Aoyang Shunchang revenue was 3.588 billion yuan, up 86.32% year-on-year; Huacan Optoelectronics revenue 26.30 billion yuan, an increase of 66.21%; Jucan photoelectric revenue of 621 million yuan, an increase of 29.32%. Its performance growth was mainly due to the strong demand for LEDs, the expansion of the company's production scale, and the sharp increase in production and sales. Among them, Sanan Optoelectronics continues to lead in performance revenue. With the advancement of LED chip production and processing technology and the improvement of product quality, the LED chip industry will accelerate the formation of a concentrated trend. The situation of the leading enterprise, Evergrande, is obvious. If SMEs do not pay attention to product quality and technological innovation, they will be promoted by the times. Will go to extinction. At that time, leading LED chip companies will dominate the market. Stimulated by the strong market demand in 2017, the expansion plan of LED chip manufacturers is accelerating. It is understood that chip manufacturers such as Sanan Optoelectronics, Huacan Optoelectronics, Aoyang Shunchang, and Ganzhao Optoelectronics all disclosed their expansion plans this year. On December 6, 2017, Sanan Optoelectronics announced that it plans to invest in the establishment of one or several project companies in Nan'an Park, Quanzhou, Quanzhou, Fujian Province, with a total investment of 33.3 billion yuan (including investment in public facilities), and all projects will be put into operation within five years. All projects will be put into production within seven years, with a business period of not less than 25 years. Calculated according to the current product unit price, the annual sales revenue after production is about 27 billion yuan. In August 2017, Huacan Optoelectronics announced that it plans to invest 1 billion yuan to expand production, with an annual output of 35 million LED substrate pieces. On October 22, Huacan Optoelectronics announced that it plans to build Huacan Optoelectronics (Suzhou) Co., Ltd. LED epitaxial wafer and chip four-phase project in Zhangjiagang Economic and Technological Development Zone. The project is expected to have a total investment of 2.5 billion yuan, which will form an annual LED epitaxy. The production scale of 9 million pieces and different specifications of LED chips. In 2011, Ganzhao Optoelectronics announced that the total investment of the expansion plan is 737 million yuan, which is used to implement the expansion of red and yellow LED chips and triple-junction gallium arsenide solar cells. The main input equipment is 20 sets of four yuan. MOCVD epitaxial furnace and corresponding chip production equipment. In July 2017, Ganzhao Optoelectronics announced again that the company will continue to expand the production scale of LED epitaxial chips based on the production of original LED epitaxial chips, and plans to invest 5 billion yuan in the new district of Nanchang City, Jiangxi Province. ), build a blue-green chip production base that can achieve a monthly production of 1.2 million pieces (2 inches). In addition, Aoyang Shunchang plans to invest 1.7 billion expansion LED epitaxial wafers and chip projects. Zhaochi also plans to build more than 1.5 billion LED epitaxial chip projects. In addition, OSRAM's LED chip plant in Malaysia is nearing completion. The plant covers an area of ​​100,000 square meters and has an excellent location. After the completion of the plant, the plant will become the world's largest and most modern 6-inch wafer LED chip. Production base. It is foreseeable that the expansion of LED chip capacity will become the main tone in the next few years, industry competition will become more severe, and the survival of SMEs will be more difficult. LED chip price reduction is not a price war In 2015, China's LED chip prices fell sharply, accelerating the transfer of global LED chip orders to China, resulting in a sharp increase in orders from Chinese manufacturers in 2016 and the expansion of capital expenditures. Compared with the trend of reducing investment and even exiting the LED industry in other regions of the world, Chinese manufacturers are still the most active in the LED industry. In 2017, the main MOCVD equipment expansion was from Sanan, Huacan and Aoyang Shunchang. After this large expansion, the production capacity of the three leading manufacturers will gradually exceed the threshold of 1 million pieces per month, and the concentration of LED chip production capacity will be significantly improved. It is expected to form a better supply structure and avoid excessive price competition. In addition, the production capacity of the new production capacity is higher than that of the previous generation machine (K465i generation), which can reduce the production cost by 30%, which will strengthen the cost competitiveness of leading manufacturers such as Sanan and Huacan, and cannot upgrade the equipment. Chip vendors will accelerate their marginalization. With the gradual opening of new capacity at the end of 2017, the supply and demand of LED chips will gradually return to balance, allowing manufacturers such as Sanan and Huacan to make strategic price adjustments for lighting and display chips in the near future. In the fourth quarter of 2017, the mainstream chips sold by Sanan Optoelectronics and Huacan Optoelectronics all had different adjustments, and the individual varieties fell by as much as 20%. At the same time, LED prices fell more than 10% in the first quarter of 2018. Looking back at the logic behind the price cuts of LED companies such as Sanan Optoelectronics and Huacan Optoelectronics, the whole market is still in short supply in the first half of 2017. In the third quarter, the whole market has become lighter, but at the same time the capacity of chip manufacturers has been released. The weakening of the market and the increase in production capacity have led to an increase in the inventory of chip factories. In the fourth quarter of 2017, Sanan Optoelectronics will definitely eliminate the inventory and seize the market share through a wave of price cuts. In the question of whether there is a risk of landslides in the price of LED chips, Sanan Optoelectronics said that the price of chips should be reduced every year because the cost is declining. Whether it is an active price cut or a passive price cut, the active price cut is an action based on the cost reduction. As of now, some chip prices have declined slightly, but the overall price and gross margin have been basically stable. It is learned that this round of LED chip price cuts, the downstream chip buyers, the cost pressure has also been relieved to a certain extent. At the time of rising prices of raw materials and related accessories, LED display manufacturers are swaying in the market or for some purpose can only withstand the pressure and maintain the original price. The price reduction of the upstream chip will cause the cost price of the LED display to decrease accordingly. Extensive M&A, diversification and development M&A, as a simple and fast development path, has been pushed by many LED companies with strong capital. Through mergers and acquisitions, some enterprises are expanding vertically to carry out the layout of the LED industry chain; some enterprises have entered the new industry; more enterprises have gone abroad through the merger and acquisition of overseas companies to the world. In the field of LED chips, many chip companies have diversified through mergers and acquisitions. LED industry concentration has significantly increased the strength of the mainland chip leader Hengqiang Recently, Germany Osram said that it has acquired VCSEL manufacturer Vixar and the US smart LED growth lamp manufacturer Fluence Bioengineering. Osram said that the acquisition of Vixar not only increased its VCSEL technology in the field of optical identification, but also enhanced its expertise in the use of VCSEL technology in security applications such as 3D facial recognition. In addition, the company's technical capabilities and expertise will be strengthened, including the production of infrared LEDs and infrared laser diodes. It is reported that OSRAM has many intellectual property rights in the fields related to infrared LEDs and infrared laser diodes. In addition, OSRAM plans to further expand its product portfolio after acquiring Vixar's VCSEL technology. On March 6, Cree announced the acquisition of Infineon's RF power business for approximately 345 million euros (approximately US$ 428 million), which will expand the wireless market opportunities for the Cree wolfspeed business unit. Infineon will continue to drive key areas of growth such as electric, autonomous, renewable energy and technology to create a connected world. On January 24, the official website of the China Securities Regulatory Commission disclosed that Huacan Optoelectronics' reorganization plan was approved by the M&A and restructuring committee. In October 2016, Huacan Optoelectronics disclosed that it intends to acquire 100% equity of Meixin Semiconductor for a consideration of 1.65 billion yuan. Huacan Optoelectronics said that after the completion of the transaction, the company will be able to enter the field of MEMS sensors. As a sub-sector in the semiconductor industry chain, the field has application prospects in aerospace, aerospace, automotive and other industries. The company will further expand the IC industry-related business by arranging the consumer electronics market and industrial application fields. Achieve diversified and extended development. On January 11, Dehao Runda issued a statement saying that it intends to acquire a 13.7% stake in Sanken Semiconductor held by Qi Huachen in cash, and the price of the equity acquisition is 300 million yuan. Dehao Runda said that Sanken Semiconductor is the main body of the LED flip chip project for the company's fundraising project, and this project will play an important role in the future development of the company. The company's purchase of its 13.7% stake will further enhance the company. The control of Sanken Semiconductor is more conducive to the business development of LED flip chip projects, in line with the company's long-term development strategy. In the future, with the development of industry competition, M&A activities between enterprises will continue, and industry concentration will be further enhanced. Summary: From the current development of China's LED chip industry, a super-strong pattern has taken shape. In addition to Sanan Optoelectronics, other chip companies have their own strengths, and the gap between them is not too obvious. From the perspective of the supply chain, mainstream chip makers have taken the lead, and small chip factories mainly use low-price strategies to plunder small market share.
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