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How to seize the first opportunity in the terminal market "rapid turn" LED packaging companies?
Judging from the first-quarter performance report disclosed by the major LED listed companies in the near future, the major packaging companies have swept the trend and the news has been frequent. Among them, Hongli Optoelectronics, Changfang Group, Wanrun Technology's revenue and net profit have achieved rapid growth. Baiguang Packaging Leading Hongli Optoelectronics in the first quarter, the company achieved operating income of 440 million yuan, last year, LED application market demand slowed significantly, resulting in oversupply in the packaging market. The price war from international giant hair is to push the package profit to a low point. Nowadays, the terminal market has made a sharp turn, demand has been rising, and major packaging companies have been expanding their horsepower. As the pre-lighting and backlight gross margins continue to decline, the expansion of scale has become an important means for domestic packaging companies to profit, but there is still the risk of overcapacity. To this end, companies need to actively explore the global market, and promote the continued growth of the packaging industry with the new demand in the application market. The market is getting warmer. The performance of the first quarter is improving. From the recent first-quarter performance report disclosed by major LED listed companies, the major packaging companies have swept the trend and reported frequently. Among them, Hongli Optoelectronics, Changfang Group, Wanrun Technology's revenue and net profit have achieved rapid growth. In the first quarter of the year, the company achieved operating income of 440 million yuan, an increase of 53.07% over the same period of the previous year; net profit of 64.969 million yuan, an increase of 113.19% over the same period of the previous year. Hongli Optoelectronics said that the LED lighting market demand in the first quarter of 2016 was good, the company's business scale continued to develop, and its main business maintained steady growth. Deng Shoutie, secretary of the Board of Directors of Hongli Optoelectronics, believes that as the price of LED products declines, lighting demand rises and product penetration increases, the LED market will continue to maintain an upward trend this year. From January to March, the company achieved a total operating income of 307 million yuan and a net profit of 14.566 million yuan, a doubling of year-on-year growth. The fastest growth in net profit was Wanrun Technology. The net profit for the reporting period was 8,925,300 yuan, an increase of 2.79 times over the same period of the previous year. Relatively speaking, Guoxing Optoelectronics has shown steady growth. Both Mulinsen and the net profit of Jufei Optoelectronics, which were affected by the decline in gross profit margin, experienced different degrees of decline. The rise in the performance of LED packaging companies comes from the recovery of downstream demand, effectively improving the capacity utilization of packaging manufacturers. Zhang Luhua, marketing director of Smale, said that the price of packaged devices in the first half of the year was relatively stable, shipments increased significantly, and the company's capacity utilization rate was relatively saturated. It is actively expanding its production capacity. In this regard, Dr. Shao Pengrui, the technical director of Jingtai Co., Ltd., deeply understands that from the perspective of the chip supply side, this year is a little in short supply, mainly because the market for light source products is recovering more. The orders of Jingtai Optoelectronics have been scheduled for two or three months. The downstream market demand rebounded to drive the growth of packaging. This phenomenon has also been carried out in the LED display industry. It has even triggered the recent attention of the lamp suppliers of Mulinsen, Guangdong Xinda and Jingtai Optoelectronics to raise the price of some packaged devices. Optimistic about the incremental market The domestic expansion of the production boom The author noted that since the first half of this year, most of the mainstream LED packaging plants in the mainland have launched or plan a new round of expansion. On March 15, Mulinsen said in an interview with Time Weekly that the main work of the company in 2016 is to accelerate the construction of two production bases in Xinyu and Ji'an, Jiangxi, and to increase the market share of products. According to the latest statistics, Mulinsen's current annual production capacity is about 203.5 billion LAMP/SMD, and the monthly production capacity reached 35 billion at the end of 2015. Once the production bases of Xinyu and Ji'an are put into production, it is expected that the monthly production capacity will move toward 50 billion. On May 5, Guoxing Optoelectronics said that the company's current packaging capacity is 4 billion pieces per month, and it is expected to increase production capacity by 20%-30% after expansion. On May 19, Deng Shoutie, secretary of the Board of Directors of Hongli Optoelectronics, received a report from Morgan Stanley Huaxin Fund on the spot. At present, the monthly production capacity of Hongli and M&A Smtech LED packages is 2.2 billion. The wholly-owned subsidiary of Nanchang is expected to be put into operation in June this year, with a capacity of more than 1 billion pieces per month. Since 2016, Smect has been continuously expanding production. In March and June, it has increased 100 production lines per month. It is expected that 100 production lines will be added in August. After the expansion is completed, the total monthly production capacity will reach 3,500 KK. . Stanley Marketing Director Zhang Luhua said. In addition, Jufei Optoelectronics has an annual production capacity of 1.3 billion backlight devices and 2.2 billion lighting devices. At the same time, Xiamen Xinda also built a new display and white light device production line. According to incomplete statistics, from November 2015 to April 2016, a total of 8 industry enterprises (including the middle and lower reaches of the industrial chain) issued additional issuance or convertible bonds, raising more than 7 billion yuan. Among them, the listed investment direction of seven listed companies is capacity expansion, involving 12 projects, with a planned total investment of 11.34 billion yuan. Compared with mainland manufacturers, Taiwan's manufacturers are relatively conservative. In terms of capacity expansion, only the new plant of Yiguang Miaoli Tongluo was put into operation in the second quarter, locking the automotive LED market, and the Dongbei Wuxin new plant was put into operation in the third quarter. Some insiders worry that once the new capacity of domestic LED packaging plants is released, it may lead to an increase in the profit pressure of manufacturers in the second half of the year. However, Zhang Luhua said that the current expansion of production is in line with market demand and has little impact on the market outlook. Dr. Shao Pengrui told reporters that the expansion of production is only a normal response to market demand, and there is still much room for growth in the LED market in the future. On the one hand, as the cost of LED products declines, the price becomes more and more civilian, the penetration rate of consumer products will be greatly improved, and the light source devices will continue to grow steadily; on the other hand, the display will grow at a rate of 16% per year. The corresponding display package devices increase by 35% per year. With the popularity of small-pitch LED displays, display packaging devices will also explode. Seizing the new round of global strategic opportunities and expanding production means further strengthening large-scale production, not only large quantity but also stable demand. Manufacturers and supporting suppliers have more bargaining power, and can also have manufacturing costs and management costs. reduce. Obviously, under the trend of lowering the price of LED devices year by year, expanding production capacity is an important means for enterprises to ensure profits. Once the new capacity is released, it will definitely affect the price in the short term. In order to ensure revenue, actively expanding the global market will be an inevitable choice for enterprise development. With the implementation of the National One Belt and One Road strategy, China's LED packaging companies are actively going out to shape the main position of China's LED packaging companies. Among the LED companies that are accelerating the globalization of the layout, the first and foremost is Mulinsen. Recently, Mulinsen Lighting and Jingdian jointly established a subsidiary in India. Lin Jiliang said frankly that one is to meet the company's faster and better development by leaps and bounds; the other is to better serve the fast-rising Indian lighting market. Then, Mulinsen cooperated with IDG, an internationally renowned investment fund, to form a bidding consortium to participate in the bidding for Osram's lighting business assets. Mulinsen tried to enter the world's third largest LED lighting industry sequence three years later. Hongli Optoelectronics has also continuously increased its investment in the export market, and the proportion of light source sales has also increased to 15%. Wang Gaiyang, marketing director of Hongli Optoelectronics, said that as the domestic market becomes saturated, domestic LED packaging companies must go out and expand the global market to find new profit growth space. With the accelerated integration of the global LED industry, China has become an important LED packaging consumer and export base in the world. In 2015, under the overall economic downturn, the global LED packaging industry market reached 112.1 billion yuan, an increase of 7.4%. Among them, China's LED packaging industry market size reached 64.2 billion yuan (including imported packaging devices and international companies in the domestic production and sales), an increase of 13%. For packaging companies, the terminal market, especially the lighting demand, has always been an important engine to drive its rapid development. As the global economy continues to recover, the penetration rate of the LED lighting market continues to increase, which will bring more opportunities to the Chinese LED packaging industry.