Thinking: LED lighting when to win the market

November 4th, the national development and Reform Commission issued the elimination of incandescent roadmap, announced that China will be from the beginning of October 1, 2012, according to the size of the size of the stage gradually ban the import and sale of incandescent lamps. According to sources, the development and Reform Commission and the Ministry of Finance jointly study and formulate policies to encourage the promotion of LED lamp support. The industry is expected to be introduced before the end of the LED general lighting industry subsidy policy.

Spring plumbing duck prophet, expected to be affected by policy support, the relevant listed company's share price rose in the previous week that one, LED stocks rose again and again.

However, in this long ago, the LED industry was "junduoli incident" caused the overall trend of people concerns of the industry, especially in the Pearl River Delta has become the focus of. Chinese Securities Daily reporter found in the Pearl River Delta LED industry after the visit: as an emerging industry in recent years a huge amount of investment to boost the rapid expansion of the LED industry chain upstream of a huge production capacity focused on the release of the problem is how to digest, will be a life-and-death matter short-term industry faces; and "out incandescent roadmap" is to lead the industry into a bright, the key to see when the LED general lighting market can really start; a long-term perspective, make up the short board of the core technology and patents, LED is still a long-term industry must do homework.

"Junduoli incident" worries

In October 8th, Shenzhen junduoli Industrial Co., Ltd. chairman Mao Guojun and his wife Cui Lihua and served in the company of all the missing relatives. For a time, junduoli chairman "run away" incident, caused a sensation in the industry.

Junduoli company size is not small, the country has 4 production bases. According to junduoli a company staff said that before the incident, the production operation is smooth, sales and supply of raw materials are relatively normal, before the three quarter sales of more than 70 million yuan.

Junduoli problem in its aspiring expansion plans. 2010, the company signed an agreement with the investment and construction in Sichuan, Shuangliu County LED packaging application related projects, investment of 400 million yuan. In addition, the company also plans to build in the first half of 2011 to complete production of LED light display, LED lighting based Hubei production base in Xiangfan, the construction will be completed in the second half with LED backlight module production Jiangsu production base in Kunshan. However, the industry environment is changing. According to the junduoli company managers revealed that since last year, the product gross margin from 20% to 30% down to about 15%. It is risky market expansion, the company junduoli troubled funds strand breaks. According to incomplete statistics, since last year, junduoli has successively invested nearly 600 million yuan project. This year, the company sales of about 100 million yuan. Gross margin continued to decline in the context of the product, a huge amount of investment led to the company went to insolvency.

At present, the development of Shenzhen semiconductor lighting industry association is assisting junduoli company reorganization. The restructuring plan is to set up a shell company, Mao Guojun and his son will transfer shares to the shell company, junduoli original creditors in accordance with the ratio of debt to common shares. Restructuring plan set within two years of balance of payments, three years of earnings.

City rivals honglitronic (300219) general manager of a wholly owned subsidiary of Shenzhen LEDIA Lighting Co., Ltd. Huang Yuchuan believes that the reason of junduoli company crisis, mainly foreign investment beyond its own assets several times, investment time, unable to create profits in the short term.

This is also considered the LED industry is currently widespread, but the degree of different enterprises. There are rumors that the market, 90%LED business losses, 80-100 home Shenzhen LED companies face bankruptcy. But Guangdong LED association secretary general Gui Shirong at an industry forum November 3rd statement said the meeting, on display in the 450 member companies such as junduoli monitoring, only two companies closed down, and the two enterprises with annual sales of less than 100 million yuan, the crisis is still not enough to involve the whole industry. But he also admitted that the environment is not good, the three quarter of LED companies, especially small and medium enterprises is not easy".

Expansion is still in progress

Junduoli, collapse is the case, but the industry in recent years, the huge investment, it is obvious to people outside the industry, and this investment trend has not stopped.

Industry observers, this round of LED craze began in 2008, when the financial crisis in the past, but the global LED business boom is not low. From 2009 to early 2011, manufacturers around the world are still actively increasing investment in LED.

Most of the investment in the domestic LED in 2011 began to release a large number of production capacity, the capital market in the past two years set off a LED listed companies tide, is a clear proof. In 2010, Dongshan precision (002384), nationstar (002449) and changelight (300102) have been listed; in 2011, Lehman photoelectric (300162), honglitronic (300219), alto Electronics (002587), the state of science and Technology (300232), REFOND (300241), photoelectric (300269) followed.

According to Wind statistics, the above 9 listed companies plan to raise funds totaling 2 billion 823 million yuan, the actual funds raised a total of $6 billion 20 million, mostly for the expansion of production capacity. Only in the first three quarters of 2011, Shenzhen listed on the main business for the LED packaging and application of the enterprise, which,, small and medium enterprises in the board, the 4 gem companies.

Lehman photoelectric listed in early 2011, the actual funds raised 605 million yuan, is the largest listed companies to raise funds in the enterprise, raised funds of up to $462 million. The company plans to invest 96 million 720 thousand yuan for high brightness LED package device expansion