From the collective sprint to the capital to expand the expansion of production, a light-emitting diode (LED) industry is the hot end of the great leap forward. Correspondingly, due to the increasingly fierce competition, the industry's gross margin has begun to decline, the industry is facing a structural crisis of excess, the relevant listed companies and investors when vigilance diseconomies scale phenomenon.
Hangzhou everfine photoelectric Touchplus information Corp starting in December 20th approved, LED plate and newcomer tim. Prior to this, this month has been Shenzhen Jufei photoelectric shares (600184, shares) Co. Ltd., Shenzhen wealthrun Polytron Technologies Inc, Shenzhen city a semiconductor lighting Limited by Share Ltd, Au Optronics Co have the first ever riyadh.
Since this year, Lehman photoelectric (300162, shares), honglitronic (300219 shares), the state of science and Technology (300232, shares), alto Electronics (002587, shares), REFOND (300241, shares) LED Industrial Company has been the first landing in the capital market. Compared with the traditional lighting, LED lighting energy saving and environmental advantages, is regarded as the mainstream technology in the future market. But in the context of overcapacity in the industry has been the emergence of a large influx of capital is also worrying.
Daily economic news reporter noted that the new company listed in the collective assault, the listed companies have also started to expand production plan. Honglitronic plans through the application and development of LED products investment to build a production base in Guangzhou City Huadu airport high-tech industry base to set up a wholly-owned subsidiary, a total investment of 266 million yuan. Dongshan precision (002384, stock it) to be a substantial expansion of the original LED business, is expected to expand production will make the annual production capacity of LED particles reached 3 billion, LED backlight module annual production capacity of up to 4 million 500 thousand units. ST Gan also disclosed before the provisional shareholders' meeting for approval in the yuan in the construction of a wholly owned subsidiary of LED wafer production project in Jiangmen investment 836 million. As previously announced the expansion of the capital De Ho Runda (002005, shares), alto electronics, Topband shares (002139, shares), tiantonggufen (600330, shares) and other companies, since the beginning of this year to expand the capacity of the LED company to be too numerous to enumerate.
Need to be vigilant that a seemingly unlimited prospects, reasonable layout of the project, the composition of the irrational expansion of the entire industry chain. This overcapacity continued expansion of the background, not only in the traditional chemical industry, paper printing, food and beverage and other traditional industries, but also began to spread in emerging industries such as LED.
Data show that in 2011 China's LED industry output value is expected to reach 154 billion yuan, an increase of 22%, while output grew by more than 50%. However, when the output value of high growth, the three quarter of the gross margin of the LED industry has been significantly reduced, some listed companies have to face the dilemma of not increasing profits. Three quarterly data show that the first quarter of Lehman photoelectric integrated gross margin of 29%, down by 9.29 percentage points, mainly due to the increasingly fierce competition in the LED packaging and LED display industry, product prices continued to decline in. China Star Optoelectronics (002449, stock it) is also due to lower product prices, gross profit margin is expected to decline in net profit for the year was about 5% ~ 25%.
As an important part of the energy saving and environmental protection industry in the 12th Five-Year plan, LED was given unlimited imagination. But many people in the industry have begun to worry about the risk of falling prices, investment planning and construction capacity has been far beyond the actual needs of the market, the entire industry is caught in a structural surplus crisis.
Orient Securities researcher Zhou Jun said in the evaluation of enterprises listed on the LED: "this phenomenon indicates that the rapid growth of industry, increase financing channels, but also reflects the current economic downturn, the shortage of funds for LED enterprises. Sprint listed companies to raise a lot of money to tide over the difficulties, homeopathy to expand the scale of the only way to survive. "
Overall, LED industry chain investment overheating revealed that next year the domestic industry overall survival situation is not optimistic, in the premise of core technology strength is insufficient and the industry standard is not perfect, the listed companies use to raise funds not only intensifies the fierce fighting be busy at putting up installations, industry, protect the interests of small investors is also worrying.
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