LED industry chain investment characteristics and investment object analysis
The LED industry has a relatively long industrial chain (including upstream, midstream, downstream and applied products). 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 typical double high (high technology, high capital) characteristics. The midstream chip has high technology content and relatively dense capital. The downstream package has lower technical content and capital investment, while the applied product has the lowest technical content and capital investment. . From the perspective of investment scale, the situation of all aspects of the LED industry chain is as follows:
LED industry chain investment scale estimation
Industry chain node product category investment scale
Upstream (epitaxial sheet)
GaN-based epitaxial wafer
More than 100 million yuan
Quaternary epitaxial wafer
More than 60 million yuan
Midstream (chip)
Blue green chip
More than 50 million yuan
Red and yellow chips
More than 30 million yuan downstream (package)
More than 20 million yuan
Application product
Such as flashlights, indicator lights, signal lights, etc.
Hundreds of thousands or millions
The different characteristics of the LED industry chain attract different investment objects. From the perspective of China, the upstream/middle-end extension/chip field is concerned by companies with strong capital strength, such as listed companies (such as Jiangxi Lianchuang, Changjiang Electronics Technology Co., Ltd.), and private enterprises with strong capital (such as Shenzhen Century). Jingyuan, Xiamen Sanan, Dalian Lumei, etc.), aiming at high-end cutting through the upstream and midstream, and strive to occupy a dominant position in the LED field; but the investment in this field is large, the professional and technical personnel are relatively scarce, the investment risk is relatively large, and the investment has been invested. The rate of return of the company is not high. The downstream packaging field has also received a lot of attention from investors recently. Compared with the characteristics of epitaxial chips, the investment and packaging field can not only reduce the technical risk, but also the investment scale is moderate, closer to the application market and reduce the market risk, so it is affected by investors. Favor, especially for power-type packaging, more full of expectations; but the high-quality chips used in this field have not been completely localized, basically imported, subject to people, it is difficult to buy high-quality products, so that the power packaging industry is greatly affected. Develop resistance. The market entry threshold for application products is the lowest, which is directly facing the field of the terminal market. The technology risk is low and the recovery is fast. It is the first choice for small capital to enter the LED industry, such as Christmas lights, lawn lights, flashlights, indicator lights, Signals and other products, such enterprises have formed industrial agglomerations in Shenzhen, Guangzhou, Xiamen, Ningbo and other places; but because of the low barriers to entry in this field, the market competition is increasingly fierce, orders are crucial to the survival and development of enterprises, most manufacturers take Low-cost competition strategy, lack of basic guarantee for product quality.
MOCVD system and packaging equipment are one of the important bottlenecks in the development of semiconductor lighting industry in China. The localization of equipment is not only an urgent task but also an irresistible trend. At present, the Institute of Semiconductors of the Chinese Academy of Sciences, the 48th Research Institute of China Electronics Technology Group and Nanchang University have started the development of MOCVD system with the support of relevant government plans, and achieved phased results; the 45th Research Institute of China Electronics Technology Group and other units It is also investing in the development and industrialization of packaging equipment (such as adhesive sheets).
The development of the LED industry in Taiwan is a typical downstream cut-in mode, which is gradually extended to the upstream/middle-stream epitaxial wafer/chip field through more than 20 years of experience in the downstream packaging field. At present, there are about 10 downstream packaging manufacturers and 14 upstream epitaxial wafer manufacturers in Taiwan. The investment in the entire industrial chain has increased sharply since 2000, especially in 2003, the capacity expansion has reached a new height, and many upstream manufacturers have successively extended their business to the middle reaches. At the same time, upstream, midstream and downstream manufacturers share each other. Increasingly obvious, this is itself an investment strategy alliance.
In the field of LED downstream packaging, Guangbao Technology Co., Ltd., which is mainly engaged in LED packaging business in 1975, marks the official opening of the LED field in Taiwan. Although Taiwan entered the LED packaging field earlier, the early investment was mainly based on low-end general-purpose LEDs. Due to the low unit price, the proportion of global output was not high. In fact, Taiwan's investment boom in packaging high-end areas is mainly due to the surge in demand for mobile phones since 2000, which has led to a surge in demand for SMD-type LEDs. Taiwanese manufacturers have invested in SMD-type LEDs, making Taiwan's share of global output gradually rising. However, due to excessive optimism about the mobile phone market, various manufacturers have fully expanded the SMD production line (the time when the manufacturer's capacity expansion is the largest) is 2003. Since the Taiwan packaging factory still uses the mainland and South Korea as the main sales markets, it is affected by the high inventory of mobile phones in the mainland. Major manufacturers including Yiguang Electronics, Shunhong Optoelectronics and Hongqi Optoelectronics have not achieved the expected goals. On the other hand, in the automotive market, due to the long certification time and the gradual growth trend, the market demand is still visible. At present, mobile phone backlight applications tend to be saturated, and new applications (large-size LCD backlights, automotive applications) still Unable to connect quickly, Taiwan's packaging manufacturers' capacity expansion has come to an end, and their business strategies have turned to diversification and differentiation. For example, Everlight Technology has focused on cultivating OLEDs to become the second profit growth point. Yuyuan and Jingdian have realized mass production of ITO blue LEDs. .
Shenzhen: Focus on the development of LED industry in the annual investment of 100 million yuan. Xiamen: 100 million to 50,000 LED lamps for big-handed investment. Concern: In which areas will LEDs break out in 2009?
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