An LED is a semiconductor device that converts electrical energy into light energy. Compared with traditional light sources, LED light sources have many advantages such as energy saving, environmental protection, safety, firmness, small size, long life, short response time and rich colors. The LED industry has a long industry chain, including upstream epitaxial wafer growth, midstream chip fabrication, downstream chip packaging and applications. From 2006 to 2014, the overall market size of China's LED industry increased from 35.6 billion yuan to 350.7 billion yuan, with an average annual compound growth rate of 33%. It is estimated that the annual compound growth rate of the LED market will remain above 30% from 2015 to 2017. By 2017, the LED market in China will reach 748.5 billion yuan, and the market potential is huge.
First, the LED industry introduction
1.1 The basic concept of LED and the principle of illumination
An LED is a semiconductor device that converts electrical energy into light energy. The core part is a chip composed of a P-type semiconductor and an N-type semiconductor. There is a PN junction between the P-type semiconductor and the N-type semiconductor. When the injected minority carriers are combined with the majority carriers, the excess energy is added. It is released in the form of light, which converts electrical energy into light energy. Different materials of the chip can emit red, orange, yellow, green, blue, purple and other different colors of light, "light-emitting diodes" are also named.
1.2 Advantages of LED light source
Compared with traditional light sources, LED light sources have many advantages such as energy saving, environmental protection, safety, firmness, small size, long life, short response time and rich colors. The specific conditions are as follows:
1.3 LED light source will become the main development direction of future electric light source
LED light source has many advantages compared with traditional light sources, and is recognized as the most promising electric light source in the 21st century, which has been rapidly developed in the world.
From the perspective of national policies, Europe, Australia, Japan, the United States and other countries have started the incandescent lamp elimination plan to support the development of the LED industry. China has launched green lighting and semiconductor lighting projects in the LED industry policy, encouraging the application of LED light sources in various fields. In November 2011, the National Development and Reform Commission officially released the “China Roadmap for Phased Elimination of Incandescent Lampsâ€, and plans to completely ban the import and sale of incandescent lamps by 2016.
Under the support of the advantages of LED light source and national policies, LED light source will become the main development direction of future electric light source.
1.4 LED industry chain situation
The LED industry has a long industrial chain, including upstream epitaxial wafer growth, midstream chip fabrication, downstream chip packaging and application fields. The technical characteristics and capital characteristics of each field vary greatly. The specific industry chain is shown in the following figure:
Second, the development of China's LED industry
China's LED industry began in the late 1960s. Due to the small number of applications at that time, the industrial development was relatively slow, mainly led by research institutes or enterprises with research institute backgrounds, and the industrialization capability was relatively weak. In the 21st century, due to the sustained growth of China's macro economy, the support of national industrial policies, and the continuous breakthrough of LED technology, the domestic LED industry has developed rapidly.
According to the statistics of the National Semiconductor Lighting Engineering R&D and Industry Alliance, the overall market size of the LED industry, including LED epitaxial chips, LED packaging and LED applications, increased from 35.6 billion yuan to 350.7 billion yuan from 2006 to 2014. The average annual compound growth rate is as high as 33%. Among them, except for the macroeconomic impact in 2012, the growth rate of other years is maintained at 30% or more, except for the growth rate of less than 30%. It is estimated that the annual compound growth rate of the LED market will remain above 30% from 2015 to 2017. By 2017, the LED market in China will reach RMB 748.5 billion.
With the gradual extension of LED downstream applications, the application range of products is becoming wider and wider, and the LED industry has a broad development space. In recent years, China's LED packaging capabilities have improved rapidly, LED package varieties are more comprehensive, can package a variety of external dimensions and different color LED devices, including a variety of single-tube, composite tube, digital display, SMD devices. Compared with the epitaxy and chip industry, the LED packaging industry in mainland China is the most competitive and the largest, and the technical level is also close to the international advanced level. At present, foreign LED companies have set up factories in China. The LED packaging industry in China has formed a certain industrial scale. It has become an important middle and low-end LED packaging production base in the world. At the same time, with the continuous improvement of process technology and accumulation of domestic LED packaging enterprises at the high end. The market share in the packaging field has also gradually increased, and the competitive strength has been continuously enhanced.
According to the statistics of National Semiconductor Lighting Engineering R&D and Industry Alliance, from 2006 to 2014, the LED packaging market grew from 14.6 billion yuan to 51.7 billion yuan, and the annual growth rate remained at 10% and above. Up to 17%. Among them, except for the slowdown in the growth of the global economic crisis in 2007 and 2008, the growth rate of the European debt crisis and China's macroeconomic downturn in 2011 and 2012 was lower, and the growth rate of 15% and above was maintained in other years.
Third, the LED industry competition pattern
The global LED market is dominated by Asia, the United States, and Europe. The main manufacturers are Japan's Nichia and Toyoda Gosei, the United States' Cree, and Europe's Philips Lumileds and Osram. The above five major manufacturers have relatively perfect industrial chain, and have strong technical strength in the upstream of the industrial chain, monopolizing the high-end product market.
China's LEDs started late, and most manufacturers started from downstream packaging and gradually entered the upstream epitaxial wafer production. Due to the capital and technology-intensive characteristics of upstream substrate, epitaxial material and midstream chip preparation, the entry threshold is higher, while the downstream LED packaging and application fields have relatively low capital and technical requirements, and the entry threshold is relatively low. There are fewer mid-stream enterprises, which makes the epitaxial wafer and chip industry have higher industrial concentration. However, there are more enterprises involved in downstream packaging and application fields, but there are fewer enterprises that have economies of scale, low industrial concentration and relatively fierce competition. Since the domestic labor cost is relatively low compared with the developed countries, and the government has introduced more preferential policies for the LED industry, in recent years, large foreign LED manufacturers have come to China to set up factories, and the international packaging industry has gradually shifted to the domestic market.
At present, the domestic LED industry cluster is mainly concentrated in the Yangtze River Delta, the Pearl River Delta, the Bohai Economic Circle and the Handan region. The Pearl River Delta region is the region with the largest concentration of LED packaging enterprises in China and the largest packaging industry. The number of enterprises accounts for about half of the country. The region is home to a large number of manufacturers and agents of packaging materials and packaging equipment, the most complete supporting.
Fourth, to promote the development of China's LED industry
4.1 National Industrial Policy Support
As a new generation of revolutionary lighting technology, LED lighting has received strong support from the government for its energy saving and environmental protection advantages. The state and various provinces and municipalities have introduced policies to vigorously support the development of the semiconductor lighting industry. This is conducive to the rapid development of the LED industry.
4.2 The scope of application continues to expand
With the improvement of LED light efficiency, color rendering, brightness retention, color stability and other aspects of product performance, its application range continues to expand. The application field has gradually evolved from the earliest monochrome signal indication to traffic signal indication and automotive lighting function components, and is widely used in digital products such as mobile phones and automobiles. The gradual expansion of LED applications provides a broad space for the LED industry.
4.3 Domestic LED industry chain shaping
With the enhancement of energy conservation and environmental protection awareness, China has become a major consumer of LED products, and has formed four major industrial clusters, mainly in the Yangtze River Delta, Pearl River Delta, Bohai Economic Circle and Handan, forming a relatively complete industry. chain. At the same time, the technology of the upstream enterprises in the LED industry has been continuously improved, and the research and development of independent intellectual property rights has caused the product cost to continue to decline. The formation of domestic industrial chain and the decline in the price of packaging raw materials have jointly promoted the development of China's packaging industry.
5. Periodic, seasonal and regional aspects of the LED industry
5.1 Periodicity
The development of the LED industry has a certain periodicity. Generally, every 4-5 years, the industry technology has made a big breakthrough, which leads to the decline of prices, the expansion of application fields and the substantial increase of penetration rate.
5.2 Seasonal
The seasonality of the LED industry is not strong, which is due to the wide application of LED products, such as consumer electronics, displays, home appliances, automotive lights, instrumentation communication equipment and general lighting, which to some extent avoids a single downstream application. The impact of seasonal fluctuations in the field.
5.3 Regional
The LED industry is more regional. The world is dominated by three major regions: Asia, the United States and Europe; the country presents four major industrial clusters with the Yangtze River Delta, the Pearl River Delta, the Bohai Rim Economic Circle and the Laos.
6. Introduction of related listed companies
Linsen
Mu Linsen Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange in February 2015. Mulinsen Co., Ltd. specializes in the R&D, production and sales of LED packaging and application products. It is a major supplier of LED packaging and application products in China. Its products are widely used in household electronic products, lighting, landscape lighting, traffic signals, flat panel displays. And lighting engineering and other fields. Mu Linsen Co., Ltd. is a national high-tech enterprise, and has won the titles of “Top 100 Enterprises in Guangdong Provinceâ€, “Private Technology Enterprises in Zhongshan City†and “Key Enterprises in Zhongshan Equipment Manufacturing Industryâ€. The company's 2014 operating income was 4,001,667,872.07 yuan.
Lehman Photoelectric
Shenzhen Lehman Optoelectronics Technology Co., Ltd. was established in 2004 and listed on the Shenzhen Stock Exchange in January 2011. Shenzhen Lehman Optoelectronics Technology Co., Ltd. is a medium and high-end LED manufacturer dedicated to providing customers with efficient, energy-saving and stable LED products. The company's business is positioned in the packaging and application of high-end LEDs. The packaged products include in-line, patch and medium-high power LED device products, including LED display and LED lighting products. Lehman Optoelectronics Technology Co., Ltd. has developed into a medium and high-end LED manufacturer with a certain scale and brand. The company's operating income in 2014 was 405,053,660.42 yuan.
Guoxing Optoelectronics
Foshan Guoxing Optoelectronics Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in July 2010. Foshan Guoxing Optoelectronics Co., Ltd. is mainly engaged in R&D, production and sales of LED devices and their components. The products are widely used in consumer electronics, home appliances, computers, communications and other fields, and are involved in the manufacture of semiconductor optoelectronic devices in the electronic components industry. industry. Guoxing Optoelectronics Technology is in a leading position in the domestic industry and is recognized as a key high-tech enterprise in the National Torch Program. The company's operating income in 2014 was 1,543,030,307.80 yuan.
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