New money APP (Www.ikuyu.cn) , the bridge of communication capital and analyst, offer the view that has depth
Negotiable securities of author China peaceful piece Zuo
16 years LED industry catenary is added fast pick up, illume, indication application is occupied than promotion
Tall, life grows the energy changeover efficiency of LED
LED is glow diode (Light Emitting Diode) English abbreviate, it is the semiconductor device of a kind of solid state, can electric translate into smooth. LED basically is writtened guarantee by PN chip, electrode and optical system are comprised, among them, core part is by P model, the chip that N semiconductor comprises, when PN the knot brings to bear on when voltage, the most electron in the most cavity in P area and N area is compound, with the light energy of energy translate into with the will redundant form of radiation photon.
From the point of energy changeover, incandescent lamp is the electric energy changeover of 5% light energy, the electric energy changeover of 95% is heat energy; And LED illume can come true to be the electric energy changeover of 30% light energy, the electric energy changeover of 70% is heat energy, changeover efficiency is taller, it is accepted green illuminant.
From the point of life of lamps and lanterns, incandescent lamp declines 1000 hours to be about solely 30% , and 5000 hours of light of LED Bai Guang decline for 30% . Lamp of tungsten of incandescent lamp, fluorescent lamp, bittern is to use electronic light field radiate gives off light, filament glow is burned easily, have the characteristic such as hot deposit, smooth attenuation. And LED lamp volume is minor, weight is light, can bear to excel in machinery is pounded and shake, service life can achieve 50 thousand hours.
Of La Guang LED appearing is cornerstone of illuminative of full prize indication He Baiguang
According to LED glow color different, can be LED illuminant cent light of glow, orange, green light, La Guangdeng. By the development of LED the history is seen, the maturity of technology of La Guang LED is to drive LED to show reach illume the premise of revolutionary change and foundation. Showing a field: Of La Guang LED appear to be able to realize full prize to show on one hand, serve as on one hand be in a poor light can realize frivolous, feebleminded bad news; In illume domain: On one hand the colour developing index as a result of red, green smooth LED is very low; The forbidden band width as a result of red, green smooth LED is too small on the other hand, glow efficiency is low, power consumption is tall.
Because this is blue smooth LED has irreplaceable value with indication domain in illume, its contriver Chi Qiyong, Tian Yehao and in village Xiu Errong is obtained 2014 Nobel physics award.
RGB3 primary colors is full prize LED indication fundamental
The semiconductor material with different have the aid of can realize the LED with different lubricious light, be based on RGB3 primary rationale, different to inflict of red, green, blue LED electric current controls brightness, achieve 3 unbleached combination then, can achieve the result that full prize shows, this is the method that at present place of LED big screen uses generally.
In RGB full prize shows plan is medium, every incorporate 3 RGB-LED chip like element dot, the means that uses bond to perhaps be installed commonly will be trichromatic the P of LED and N electrode and circuit substrate are linked together. Chip of drive of special LED full prize is used to undertake pulse width modulation to every LED later (PWM) drive electric current, means of drive of PWM electric current can carry setting electricity effective cycle and occupy empty Bilaishi to count light of tones of Chinese characters now.
The changeover mainstream program that is LED of implementation Bai Guang
Bai Guang LED basically has much chip combination with LED of smooth transition Bai Guang two kinds. Between LED of much chip combination Bai Guang, use it is technology of RGB much chip at most: Although use 3 base lubricious LED chip according to arrange means gather certainly to become module of LED of a Bai Guang, realize Bai Guang to output. But the stability that the otherness of chip function can cause output light is poor, the control circuit with complex need and taller enclose cost. In addition, still double chip mixes model mix with much chip model wait for different assorted program, but colour rendering is poor, asking to colour rendering not tall circumstance is useful only.
LED of smooth transition Bai Guang is to use the Bai Guang LED with the widest range of most, application at present. It is to use La Guang (close perhaps ultraviolet light) LED chip gives out La Guang (or close ultraviolet light) , arouse other and fluorescent material to arise to Huang Guang, red recover closes and form Bai Guang.
The applied domain of LED is diversiform, 16 years application of general illume, indication screen is occupied than promotion
From 20 centuries 60 time LED is born since, applied domain is able to widen ceaselessly, apply at the equipment such as instrument appearance as demonstrative illuminant only at the beginning, appear in succession as the LED parts of an apparatus of all sorts of smooth color later and the ceaseless promotion of LED glow efficiency, make its are handing in illume of a signal lamp, car, large size to show the domain such as screen is able to apply extensively, and enter illume field stage by stage replace the product of old generation illume such as original incandescent lamp, fluorescent lamp.
Reach industrial allied data according to research and development of project of national semiconductor illume, market of domestic LED application is medium 2014, general illume is occupied than 41% , landscape illume is occupied than 17% , be in a poor light application is occupied than 16% , indication screen is occupied than 11% , car illume is occupied than be only 1% . Under photograph comparing, general 2016 illume and of indication screen occupy than rising apparently, city occupies score to be not achieved 47.6% , 12.8% , relatively promote 6.6pct, 1.8pct 14 years respectively.
Catenary of domestic LED industry each link high speed grows, 16 years applied production value already amounted to 369.7 billion yuan
LED regards semiconductor as main branch of the industry, its industry catenary can be divided likewise for upriver underlay preparation, extension piece grow to be made with chip; Middle reaches chip is enclosed, downstream application product develops 3 parts.
According to data of senior engineer LED, 2016 domestic LED chip, enclose, applied production value is 14.5 billion yuan respectively, 73.4 billion yuan, 369.7 billion yuan, compared to the same period increase rate is respectively 11.54% , 14.33% , 15.71% . Among them chip production value and after enclosing production value to be in those who experienced 15 years to glide considerably, add compared to the same period fast begin gently pick up, 16 years compared to the same period increase rate parts relatively 3.21pct of 15 years of promotion, 1.3pct.
Flow of LED chip treatment is typical semiconductor workmanship
Because LED is the semiconductor device of a kind of solid state, its machine process and groovy semiconductor brilliant circle to machine flow to agree, have taller technical camp and capital camp. The data that because differ,the LED chip place of smooth color uses is endless and same, go up in the choice of underlay, structure so also somewhat difference. Below main in order to apply most extensive, showing, blue, green smooth LED is the GaN with the significant position in illume application the treatment flow of a chip of simple introduction LED.
Sapphirine still is the main underlay material of GaN LED
Underlay is the substrate that denotative layer grows, in produce and making a process, the function that prop up and secures arrives since. A good underlay must have the following character, the film that crystal lattice constant, hot coefficient of expansion and extension grow must have match goodly and can large size and mass-produced.
The material of GaN LED underlay with relatively at present mature technology has sapphirine (Al2O3) , carborundum (SiC) , silicon (Si) 3 kinds. Among them sapphirine is extension grows most the data that often uses, its main characteristic is transparent and stable below high temperature condition. It is better that although carborundum underlay is in,constant of electric, crystal lattice matchs degree of show that attend to want, but because its cost is higher and patent forestall is in Cree company, so not be able to big range application.
Of PSS commercialize competition ability of underlay of farther promotion sapphirine
PSS (the graph changes sapphirine underlay) it is to show the sapphirine in convention makes the same score an underlay surface to undertake corrode is handled engraving, make a kind of when have periodic fine structure figure new-style underlay. The method of a kind of typical preparation that the graph changes sapphirine underlay is make layer of model of attack by surprise in sapphirine underlay surface beforehand, use standard photoetching craft to cut the film of attack by surprise of sapphirine underlay surface a fine figure next, engrave corrode with inductive coupling plasma or wet quarter corrode technology engraves corrode sapphirine underlay, can get having the sapphirine underlay of small structure graph after film of eliminate attack by surprise. Domestic LED is denotative piece, 3 An Guang report, bay ocean arranges chip bibcock business prosperous already all had relevant technology.
PSS craft photograph basically has to the advantage of common sapphirine underlay at 3 o'clock:
One, PSS can raise LED smooth recovery rate. The fine figure on PSS can make the light from denotative layer incident form reflection to graphical underlay, make the part is in by confine the light of GaN interior is come out by extraction;
2, a wrong density that PSS can reduce LED denotative layer. It is OK that use graph changes underlay to undertake GaN extension grows make the growth of GaN mode is from fore-and-aft change transverse, reduce retrorse leakage current, prolong LED life;
3, PSS can improve crystal to grow through reducing denotative layer stress quality. In transverse grow between the GaN in the process and sapphirine underlay break match stress to reduce.
MOCVD is the core technology that grows in extension of the implementation on underlay
MOCVD is in gas phase extension grows (extension of a kind of when the development on the foundation of VPE) rises new-style gas phase grows technology, the MOCVD extension of LED grows is with hydric to bear the weight of with nitrogen gas will react raw material takes reaction pitch, spend 3 methylic gallium and ammoniac energy of life gallium reaction raw material as nitrogen, so as to undertakes below high temperature environment chemical reaction makes LED extension piece process.
Because LED is denotative an upriver raw material that is LED chip, because the amount of this MOCVD equipment is become,measure extension piece, chip plant is produced can intuitionistic index.
Before LED chip paragraph the need that make Cheng does not have dirt environment, hind paragraph make Cheng pay attention to electrostatic defend
Of LED chip before making Cheng Ke divide what make for metal electrode roughly paragraph make Cheng and parts of an apparatus from extension piece depart is independent chip hind paragraph make Cheng two parts. Before paragraph if the graph is shown 20 times,make Cheng, can divide for cut grain path, platform quarter corrode mixes make transparent electrode 3 link:
Cut grain: The purpose is to increase cut percent of pass, the part outside wanting chip graph place section undertakes the law engraves corrode working, need cut sapphirine underlay only in process of cut of the chip that finish so can;
Platform engraves corrode: Because sapphirine underlay is not electric, accordingly the P electrode of GaN LED and N electrode are made at same plane, so need undertakes corrode makes Cheng engraving. Main purpose undertakes engraving corrode for the P to surface layer location GaN, make leakage of material of lower N GaN, with benefit the ohmic electrode on N GaN is made.
Ou Ming electrode makes: At present main component is the transparent electrode of GaN LED two kinds big: Namely the metal is transparent stannum of indium of electrode TCL, oxidation is transparent electrode ITO. Transparent electrode basically is to regard package surface electric current as diffusion layer, because cover whole package face accordingly must pervious to light, but the light transmittance of TCL is achieved only 75% , ITO is become replace goodly.
As a result of before paragraph make Cheng include plating of photoetching, evaporate, quarter corrode, come off, so need does not have dirt room the environment making Cheng of clean grade undertakes. The back end of chip makes Cheng include to decrease thin (abrade polish) , test, cut, classification make Cheng, main purpose is positive extension piece make independence and detached LED chip, so that undertake enclosing downstream, because the underlay of GaN LED is not electric sapphirine, electrode is in all planar design, bring about charge easily to accumulate, after place paragraph make Cheng pay attention to electrostatic defend.
Perpendicular model mix outfit it is the mainstream technology method that LED chip class encloses
Pouring outfit technology basically is to overcome in all the restriction that the two solder mat of planar electrode front takes out an amount to LED chip light. If the graph is shown 21 times, the way that leaves traditional LED chip with openly face fills up the solder of chip the soldering tin protruding that goes up with underlay piece (Solderbump) coupling, underlay heats up the silicon data with favorable result to come loose more, try to enclose again.
In holding a construction, originally the electrode of reflection of instead of need of transparent and ohmic electrode of P GaN, make light is taken out by chip the reverse side, avoided the shading problem that solder of traditional structure P GaN nods thereby, the thermal conductivity because of underlay is better at the same time, medicinal powder hot effect is more traditional also the structure is more fine, can add life of parts of an apparatus.
The inferior position that holds a construction depended on increasing the area of chip whole and ply, and glow layer still needs to make carve corrode terrace and loss share area.
Perpendicular model LED chip weighs filmy GaN LED again, the structure is shown 21 times like the graph, move with laser means directly except not electric sapphirine underlay, convert electric underlay. Its make flow be the ohmic electrode that tall reflectivity makes on preexistence P GaN, next with bind or eletroplate the displacement underlay that manner raises M of ply 150-200 μ , it is good to choose the thermal conductivity such as copper, silicon normally and the underlay stuff with low price, come off sapphirine underlay and N GaN with laser again, make electrode in order to engrave the recycle after corrode means gets off.
See by above introduction, generation is installed model, perpendicular model enclosed main reason is sapphirine not conductivity, and the LED chip that goes up to can growing in electric underlay material, if grow in GaAs the AlGaAs of underlay, AlInGaP or it is the LED such as the GaP that grows on GaP underlay, GaAsP the electrode structure that all uses perpendicular formula directly commonly.
COB and SMD are the mainstream technology method that LED array encloses
COB (Chip On Board) board on chip installs a technology continuously, be one kind passes lotion sticking gum or chip of solder general LED is direct and stickup arrive on PCB board, chip of implementation of repass down-lead bond and PCB board of electric interconnection enclose a technology. COB technology basically is used at the LED of array of high-power, much chip to enclose.
SMD (Surface Mounted Devices) namely the surface sticks outfit parts of an apparatus, it is SMT component implement a medium kind, from 2002 SMD LED is accepted by the market gradually, show to get big range applies in screen in follow-up and arisen small span LED, 60% what SMD of 16 the beginning of the year occupies parts of an apparatus of small span LED to enclose market production value about.
the application that sheet shows end with respect to LED, the LED chip that SMD can realize 3 kinds of different color is enclosed in same inside colloid, it is good that the effect that reach does not have lubricious sex of grain shape, divide evenly, degree of saturation is tall. And COB is sealed of not at sheet parts of an apparatus encloses means, percent of pass that produces process and finished product is low, colorific consistency is poor.
The industry changes to be in two end produce supply and demand
Price war squeezes an effect apparent, industry competition pattern is improved
Policy supports large-scale enlarge to produce, chip of LED of 15 year end, enclose the price to drop considerably
On one hand the semiconductor attribute as a result of LED, chip, enclose, the cost of illume product presents next slippery trends for a long time, according to LED domain " Hai Ci is mensurable " place character, the price of LED will be original 1/10 10 every years, output lumen increases 20 times. Ministry of science and technology released 2012 " semiconductor illume science and technology develops " 925 " special program " in also put forward to fall cost of Bai Guang LED in 15 years 20% what come 11 years.
On the other hand, as a result of domestic policy to LED industry give aid to, the enlarge of the enterprise produces motive, ability enough. With bibcock of domestic LED chip the 3 report that bring light are exemple, in 2013-2015 year allowance is a government that its get respectively 351 million, 504 million, 594 million yuan, add compared to the same period fast 43.56% is as high as in 14 years, it is in 15 years 17.67% , governmental subsidy occupies battalion to receive specific gravity to achieve the perch of 12.23% in 15 years. Because be opposite,the allowance of LED chip industry is more related to bought MOCVD facility amount, the dimensions of allowance reflected the amount that purchases machine equipment directly, reflected the range that enlarge produces.
According to LEDinside estimation, plant of chip of chinese mainland LED lasts put into production makes 15 years the scale of LED chip supply exceeds demand is as high as 22% , especially the 3 report that bring light, male according to photoelectricity the put into production of new plant, new model makes the only month that 15 years second half of the year increases newly casts a number to be as high as 500 thousand, aggravate industry value competes.
By go up the graph is visible, LED chip and enclosed product value to appear in 15 year end fast, considerably drop. According to LEDinside data, come 16 years first quarter from 15 years first quarter end, the price of mainstream LED chip falls more than 30% , drop a the biggest 11x28 norms dropping is to exceed 60% more. The corresponding period, the price that encloses a product appears those who exceed 20% generally also to drop.
Besides LED chip, enclose a product besides, the price of LED bulb also continued consistent since drop trend. According to Wind statistic data, the LED bulb price that replaces 40W incandescent lamp is in 2015, dropped respectively 2016 12.4% , 15.53% , the price 16 years December is 8.7 U.S. dollors; The LED bulb price that replaces 60W incandescent lamp is in 2015, dropped respectively 2016 9.94% , 14.89% , the price 16 years December is 12 U.S. dollors.
Tall look forward to of range of deficit of trade of the illume in price competition environment, 15 years LED industry measure decreases 20%
According to data of Chinese light industry net, range of deficit of accumulative total of industry of illume of whole nation of before 2015 3 quarters is 16.66% , grow 1.82pct compared to the same period. In light of molecular industry, range of deficit of lighting source production accumulative total is 19.24% , grow 0.17 Pct compared to the same period; The lamp uses face of deficit of accumulative total of appliance of illume of etc of electric equipment accessory for 18.73% , grow 3.89 Pct compared to the same period; Range of deficit of illumination luminaries production accumulative total is 15.49% , grow 2.03 Pct compared to the same period.
Will look from specific deficit enterprise amount, 2015 first half of the year, number of company of deficit of accumulative total of industry of countrywide LED illume is 579, deficit range is 22.18% , than last year the corresponding period enlarges 2.57pct. Lamps and lanterns makes accumulative deficit specified number be 834 million yuan 15 years first half of the year, 68.62% what take specified amount of loss of illume industry accumulative total.
Below the gain state of relatively miserable intense, domestic LED enterprise experienced what sea cleans out sanded type to choose, superior bad discard. According to data of senior engineer LED, measure of domestic LED industry amounted to 20 thousand 2014, pass a year of time only, decrease 20% , have 4000 companies (include advanced position chip, middle reaches is enclosed and downstream illume applies) exit the market, give priority to with downstream lighting company among them, predict to 2018 industry measure will reduce an in part.
Inside 15 years endowment the company is relatively strong, foreign big plant exits Chinese illume market nearly two years in succession
Although the competition of whole 2015 industry is intense, shuffle aggravate, but inside endowment the enterprise showed China creates the consistent dominant position on efficiency, cost. According to China light industrial net data, the range of deficit of LED company accumulative total that 15 years Hong Kong, Macao and Taiwan invests is 25% , grow 3.67pct compared to the same period; Range of deficit of accumulative total of foreign investment company is 23.67% , grow compared to the same period - 0.82 Pct; Inside endowment range of deficit of company accumulative total is 14.64% , grow 1.87 Pct compared to the same period.
Sheet looks from LED illume market, afterwards SamSung exited Korea 2014 besides after the LED illume business of all markets, the international inside 2016 is famous riverside of big plant flying benefit, Ou Silang, GE also exited Chinese market in succession, provided larger market space for domestic LED industry.
Supply end: LED chip have too many problems to deal with, chip rises in price to spread from 4 yuan of Xiang Baiguang
16 years the stage is a manufacturer 4 yuan of LED produce vigorous expansion can
4 yuan of LED are the LED chip that shows the compound AlInGaP with 4 kinds of elements is material, the shade wavelengh that its give out is between 550-630nm, include olivine, yellow, orange, red, have brightness the character with tall, low dough softening, it is the main product of outdoors glow LED, it is the required data of indication screen of panchromatic department LED.
Because LED of downstream small span shows, what infra-red LED feeling measures application is arisen, be in short supply of 4 yuan of LED from 16 annual in show, according to domestic LED indication screen basically makes a firm Liyade, continent bright science and technology, Aibisen feedbacks, be in 16 annual in to 3 quarters, the industry encountered LED generally lamp bead is supplied be critical, the circumstance that cost rises.
Below exuberant demand setting, the stage is manufacturer of 4 yuan of LED active enlarge adds 4 yuan to produce can. Among them report of brilliant of bibcock big plant begins to carry out enlarge to produce a plan from 16Q2, but 16 annual in order still is discharged for a time October, 4 yuan of LED occupy 16Q3 battalion closes occupy than amounting to 25-30 ％ , break through the limits of long-term 20-25% , 4 yuan of LED maintain 16Q4 brilliant report to be produced completely move, battalion closes occupy pull continuously than hopeful litre. What boom of 4 yuan of LED spends have the aid of is rising, brilliant report battalion closes, wool interest rate chases season to grow since 16 years, 16Q3 battalion closes achieve 1.413 billion yuan, wool interest rate is achieved 13.69% (the quarter since 15 the beginning of the year is nodded high) , buckle blame hind to put in parent net profit 's charge to end in 16 Q3 successive the deficit of 6 quarters, outstanding achievement inflection point is shown.
Meanwhile, the stage is LED report of manufacturer China glazing already produced its total number 16 years can center in 4 yuan of LED, because day, Han does not have manufacturer of 4 yuan of LED,the company thinks, the enlarge of the mainland produces much also concentration in GaN can, add on 4 yuan of products to need phosphor, arsenic, can produce environmental protection problem, the mainland examines and approve a trend strict, because chip of these 4 yuan of LED moves toward market of the Red Sea not easily.
Unbalance of structure supply and demand causes LED chip have too many problems to deal with, rise in price to spread to Bai Guang by RGB
Show and illume application " contend for grab " GaN is produced can can create structure be in short supply
Because be opposite,full prize shows and character, a red yellow smooth chip of 4 yuan of LED must be combined with the blue green chip of two GaN form indication unit, so 4 yuan of LED are produced can growth is used correspondingly at shown GaN to produce to it with respect to the requirement can match type to grow, and the place before be like is narrated, product of GaN La Luguang can use Yu Baiguang LED likewise, expansible circumstance is produced to fall without large-scale GaN in 16 years, the GaN that is used at show and using Yu Baiguang is produced can this disappear the other party is chief, create a structure model unbalance of supply and demand.
Structure unbalance of supply and demand causes have too many problems to deal with of GaN LED chip, afterwards after 16 years be in short supply of chip of 4 yuan of LED rises in price, photoelectricity of 17 annual Chu Sanan issue the letter that move price, value of S-30MS/S-32BB series product is moved on January 10, 2017 oneself 8% , the light that this product basically uses at making 0.5W bead, market demand is big, be before the product model with price intense competition.
High power chip occupies samer than promotion likelihood to squeeze occupy produce can, create structure be in short supply
Besides before mentioned GaN is produced can showing and the allocation in illume may create structure be in short supply besides, because differ,the area of power LED chip differs, power is higher often the area is larger, so high power product occupies what measure than shipment number can be being caused when promotion to drop. Be similar to us to report in deepness of Beijing east A " LCD after suffering comes happiness, distribution tomorrow blossoms at many o'clock " in what elaborate in demand average size rises quickly in the process, face plate produces the logic that can appear to contract relatively.
Below the circumstance that takes no account of the element such as fine rate, edge effect, every 2 very little extension piece the chip of theoretic most producible 10mil*8mil number makes an appointment with 39K, and the chip of the 10mil*23mil that can produce number is only make an appointment with 14K, for 35.9% what 10mil*8mil shipment measures, this shows, odd dimension will affect a chip considerably chip yields amount.
When a lot of international accordingly big plant exits market of light of raise the quota of conventional lighting the Red Sea during, illume produces the Baiguang that can older rate uses up product of the illume outside the car of high power to be used daily can, create the structure of product of white smooth illume be in short supply possibly then.
Rise in price the big trend that wet backside is industrial center move, mainland big plant is massive enlarge produces shortly
2014-2015 year whole world of domestic MOCVD amount is occupied than promoting 4pct
LED regards national policy emphasis as the green illume industry that give aid to, the dimensions that allowance amount often produces with manufacturer enlarge becomes direct ratio, because this home manufacturer buys MOCVD equipment,undertake yield expansible motive driving. According to data of senior engineer LED, equipment of our country MOCVD retains quantity from 2011 after growing considerably, carrying the current that stabilizes growth every year. Made an appointment with 1222 2015 (convert becomes 2 inches 54 machine, similarly hereinafter) , grow 4.27% compared to the same period.
In price competition and home big plant enlarge produces the pressure that signal shows to fall, abroad manufacturer has stopped to produce in succession can outspread, kind is included outside using, use home to produce can contented supply demand. 15 years report of brilliant of big plant of the Taiwan since four quarters begins to reduce GaN of its La Guang to produce can 25% , the MOCVD amount after reduction of output is 375, amount of computative reduction of output is 125 about. See by the data of DIGITIMES, MOCVD amount of home is occupied in the whole world than coming by the 31% promotion 2014 35% 2015, the banner extent that compares Taiwan market is expanding.
Allowance of 16 years of policy still, industry of domestic LED chip spends farther promotion centrally
Although 2015 the yield of domestic chip big plant can constitute more apparent than having promotion, but policy allowance of home still lasts, continue to advance center of global LED industry to be transferred to home. Only 2016 first half of the year 3 An Guang report, male according to photoelectricity, Hua Canguang report, De Haorun is amounted to, person the allowance total that 5 manufacturers receive Lan Wei has achieved 525 million yuan.
Market of industry of domestic LED chip spends ceaseless in competition promotion centrally. According to data of senior engineer LED, have 10 chip company 15 years about already stop production or exit. According to LEDinsde data, be in 16 years home market, aggregate city holds the before 5 big firms such as photoelectricity of the 3 report that bring light, China Can than for 65% .
The yield of big plant of domestic LED chip still can be centered in GaN market 2016, 4 yuan are produced can occupy lower. Photoelectricity of the 3 report that bring light, China Can, male amount to according to photoelectricity, De Haorun, photoelectricity of star of bay ocean suitable prosperous, country, person Lan Wei's aggregate MOCVD equipment makes an appointment with 757, among them 4 yuan of equipment only 60, occupy than about 8% , with male according to photoelectric 4 yuan are produced can occupy than highest.
GGII predicts, the enterprise spends industry of Chinese LED chip to will still promote ceaselessly in the near future centrally, enlarge of LED chip industry produces the Home 3-5 company that preceding main concentration, future has certain dimensions 3 years and the chip industry of market of stable consist in predicts to be able to decrease to 10 less than.
Domestic manufacturer enlarge produces a plan to be centered in GaN, move of center of GaN LED industry is hasten of general trends place
From VECCO, AIXTRON the in hand order circumstance character of big plant of two MOCVD facility, 15 years VECCO equipment is in hand order 186 million U.S. dollor, glide compared to the same period 35% , AIXTRON equipment is in hand order 53.6 million U.S. dollor, was 2013 since low, glide compared to the same period 39% . As a result of equipment buy lag behind at producing can cash, the new increase production of industry of 16 years of LED can dimensions is lesser.
With respect to AIXTRON 2016 of 115 million U.S. dollor of year ago 3 quarters it is in light of hand order, yuan Chao the exalted level of 14 years of 88 million U.S. dollor, certain level report gives LED industry to be entered again new round equipment dilate is periodic. On current market, gaN equipment still is given priority to with Cree production, and photograph of AIXTRON of 4 yuan of equipment also has quite strong competition ability than Cree, the fast growth of AIXTRON equipment order for goods shows the market is opposite 16 years the demand of 4 yuan of equipment is exuberant.
In brilliant report, Cree cut GaN is produced can, raise the quota is produced 4 yuan can below setting, big plant of domestic LED chip undertakes GaN produces sturdily can outspread:
The 3 report that bring light plan to use collect to invest gold to buy about 100 MOCVD in 17 years, after equipment reachs the designated position, produce can will surmount brilliant report to be produced 375 solely in vain currently can;
Bay ocean arranges prosperous to plan to will be produced in 17 years can by 200 thousand / lunar promotion reachs 800 thousand / month, new go into operation makes an appointment with 120 MOCVD;
Plan of China Can photoelectricity will be produced in 17 years can by about 700 thousand / or so months promotion reachs 1.4 million / month, new go into operation makes an appointment with 140 MOCVD.
Can get from this, 17 years home adds MOCVD equipment newly aggregate about 360, those who consider equipment buy cycle and debug cycle, if rise to cash steadily from 2 quarters,the plan is produced can, annual MOCVD new increase production can throw about 135, consideration brilliant report makes an appointment with 125 equipment to exit, 17 years the whole world adds stock newly to be restricted, country increases under 11% .
On one hand what because be in,full prize shows is medium need the La Lu of 2 times to produce can with red yellow produce can match, on the other hand, as a result of international big plant exit offerred for downstream illume manufacturer bigger homebred replace a space, native land manufacturer carries on the plan that GaN industry center changes is accelerated.
Demand end: Burgeoning application reachs filling inventory to create demand increment
In the demand structure of domestic LED industry, general 2016 illume is occupied than 47.6% (175.9 billion yuan) , landscape illume is occupied than 13.5% (49.9 billion yuan) , be in a poor light application is occupied than 12.1% (44.7 billion yuan) , indication screen is occupied than 12.8% (47.3 billion yuan, small span LED makes an appointment with 3.7 billion yuan) , car illume is occupied than 1.4% (5.2 billion yuan) .
Consult the industry increases fast level nearly two years, assume general 2017 illume is added fast 15% , landscape illume is added fast 7% , small span LED is added fast 70% , indication screen (except small span) add fast 4% , the car is used add fast 6% , criterion increase rate of LED industry demand is made an appointment with 10.44% , considering the influence that 15 years LED product value glides, requirement measure is added fast should prep above production value is added fast. Accompanying market of small span LED, Micro-LED, IR, light arisen and finance dilate is periodic the good progress good luck of next gaffer Cheng, the demand of LED is added fast accelerating.
LED shows span is increasingly contractible, class of geometry of RGB chip demand grows
Consult LCD industry compares the course that creates new requirement with sexual price, hopeful of small span LED lasts fast growth
After the limitation that breaks through bit of span successfully from LED of small 2012 span, small span LED already became LED to indicate the significant growth origin of the industry. Futuresource data shows, hopeful of industry market dimensions achieved 6.3 billion yuan 2017, realize 70% above compared to the same period compound growth, predict the whole world shows market DLP will be occupied this year 12% , LCD is occupied 54% , small span is occupied 34% , of future replace permeate a space to still be in, domestic bibcock manufacturer predicts the industry is in generally prospective 2-3 year still tenability of 50% above year compound add fast.
Consult the development history of industry of LCD face plate, implementation of application of NB of LCD have the aid of is large-scale after commercializing, valence compares the sex that depends on ceaseless promotion to inspire imagination, development application ceaselessly. Same, product of small span LED aids force to fall in what cost drops quickly, applied market also is in progressively by room introversion outdoors extend.
Although in RGB of 16 years of second half of the year lamp bead is in,small span LED demands exceeds supply below exuberant demand, the price go up somewhat tone, but compare at be like before what narrate 2015 the chip, fall that encloses a product, extent is lesser still. The cost of small span LED presents downtrend for a long time, only 2015 price fall of P4.0 product half an year 4 into, value of product of the P1.9 at the beginning of 2016 falls 25000 yuan / smooth rice, it is the cheapest to become " product of big screen joining together " , price fall drive demand increases, make market of outdoors of small span product begins to cut a figure, many burgeoning application reads a newspaper like the electron the emerge as the times require such as screen of machine of screen of information of screen of shopwindow of store of column, chain, community, outdoors advertisement, lintel.
Calculate with the small span product of P1.9 norms, criterion the tube that LED of every smooth rice small span shows to screen needs bead it is 280 thousand at least, LED chip is 480 thousand at least, be equivalent to P2.5 norms 1.7 times of demand of lamp bead, chip. Consider value of product of the P1.9 at the beginning of 2016 25000 yuan / smooth rice, 16 years dimensions of 100 million yuan of markets calculates small span LED 37, be equivalent to 148 thousand smooth rice P1.9, correspondence needs lamp of 41 billion RGB bead, chip of 123 billion LED.
Assume demand area is maintained 70% add fast, increase demand of chip of small span LED newly 17 years at least 86 billion. The 6mil*8mil chip that uses generally according to place of small span LED is calculated, in 90% cut efficiency, 95% fine taste the condition of rate to fall, corresponding need adds equipment of about 26 MOCVD newly, among them GaN equipment makes an appointment with 17.
If the span resembling element of demand product is farther contractible, criterion to the lamp bead, the demand of LED chip expands quickly. Assume demand product turns into by 1.9mm like element span 1.6mm, the demand of chip of lamp bead, LED will turn into 1.4 times former, if correspondence assumes 17 years,fall calculate dimensions, need to add chip of 120.5 billion LED newly at least, be in before below hypothesis condition, corresponding need adds equipment of about 36 MOCVD newly, among them GaN equipment makes an appointment with 24.
Micro-LED becomes the future that the tycoon fixes eyes upon to show plan
Micro LED parts of an apparatus is one kind tied the new-style indication parts of an apparatus or appliance of LED photoelectricity character and engineering technology of crepuscular Electromechanical system, its work way is similar to the LED outdoor to display screen, each can decide location, alone drive to illume like element, but volume is minorrer, its dimension is controlled in grade of 1~10 μ M only, reduce the distance of dot resembling element micron level from millimeter class. The research that the field with Micro LED the widest application is small indication parts of an apparatus and make, covered measuring projector of such as miniature, head to wear monitor, can apparel the many application domain such as dial of apparatus of indication screen of equipment, mobile phone, large screen, car.
When the advantage of Micro LED depends on efficient, tall brightness, high reliability, reaction between the fast, character that has initiative light to need not carry illuminant on the back, energy-saving, structure simple and easy, volume is small, thin model. Compare OLED, its shade is easier and exact debug, have longer glow life and taller brightness and have relatively the material stability of beautiful, life is long, wait for an advantage without video brand.
Although be mixed as a result of cost the problem of craft maturity, micro LED still was not commercialized, but the attention that had drawn a lot of domestic and international scientific research, business organization. Include the LuxVue Technology that the apple buys and Sony 14 years among them. Product side, the apple specializes in application of small size Micro LED, 2016 already experimental sex illumed monitor of 6 inches of Micro LED; The Micro LED screen of large size of Sony criterion with a view to, be in early rolled out 2012 " Crystal LED Display " (span resembling element makes an appointment with 635 μ M) , but cost is very high.
4 yuan of IR LED are being become tall the Leakey that grow the market
IR LED much application is measured at remote control, communication, feeling implement domain, in recent years benefit from benefit from has what night looks a function how to prevent monitoring to photograph those who resemble a head to gain ground and follow-up iris identifies, of ADAS technology arisen, LEDinside beforehand appraise 2016 IR LED (do not contain optical feeling to survey element market) production value amounts to 303 million dollar, grow more than 20% compared to the same period, predicted to be able to amount to 711 million dollar 2020, 2015-2020 year year of compound increase rate for 23.47% .
IR LED is the necessary parts of an apparatus that comes true how to prevent night of monitoring, ADAS to look a function. Night inspects a technology to be able to be divided for active and infra-red with passive and infra-red technology, among them active and infra-red night inspects a technology is to pass active illuminate to use a target to reflex the infra-red light of infra-red illuminant to carry out the night of observation to inspect a technology, IR LED is the infra-red light source that is used extensively. According to GGII data, IR LED application was 94 million dollar at the market dimensions of safe monitoring 2014, already grew 2015 to 120 million dollar, predicting future will still be climbed continuously litre.
The osmosis that iris identifying carries in the smartphone will become the growth power with new IR LED. The new machine that SamSung will roll out 16 years in August carried iris identifying function on Galaxy Note7, use IR LED to launch infra-red light to raise iris identifying to be led successfully to person eye, samSung makes an appointment with 12 million 16 years to the demand of IR LED. Popularize course and even more of global smartphone market quickly considering what dactylogram identifying carries in the smartphone 1.4 billion system capacity, of the iris identifying with prospective security, convenient taller sex popularize the demand that will drive pair of IR LED.
Because IR LED is odd the price is the 8-16 that is the same as LED of dimension La Guang about times, the blue smooth market with intense price war of profit margin outclass, the key of research and development of big plant of LED of current and a lot of foreign capital Xiang An prevents monitoring, can apparel, the high additional cost such as electron of iris identifying, car is burgeoning the market tilts. IR LED belongs to 4 yuan of LED, station plant is given priority to with brilliant report, smooth Zuo , the 3 report that bring light have one of companies of productivity for mainland market minority.
LED headlight permeability promotes, manufacturer of chip of domestic bibcock LED is participated in stage by stage
The car includes headlamp with LED product (lamp of travel of far dipped headlight, day, fog lamp, sidelights, turn to the lamp to wait) , hind according to the lamp (lamp of taillight, brake, turn to the lamp to wait) , interior trim lamp (include appearance, face plate, read the lamp to wait) and lens lamp (namely rearview mirror turns to the lamp) . Combine among them taillight and inside the power that inspects lamp application is under 0.5W, the power that turns to the application such as the lamp, lens lamp and day travel lamp is between 0.5W-1W, the power of fog lamp application is between 1W-5W, far dipped headlight is in 5W above.
According to LEDinside data, light still lasted to the trend of LED from traditional bulb transition 2016, more mature market guides in succession hyperbaric LED, rising market in succession follow-up, beforehand production value of market of LED of the illume outside the car made an appointment with appraise 2016 10.5 billion yuan, 2016 predict to amount to to compound 2020 increase rate 6% .
In market of illume of the LED outside the car, implementation of the headlight before complete 2008 LED commercializes application first, began to apply at market of C class car gradually 2012. Nowadays, the price of headlight of LED car head is already adjacent replace " sweet dot " , the price of headlight of LED car head that JEEP new model used 2017 makes an appointment with 595 U.S. dollors, already under HID car average 800-1000 U.S. dollor / right price level, replace osmotic sexual price to compare farther promotion.
40% what LEDinside data shows LED headlight production value took the light outside the car 2015, predict specific gravity will exceed 50% 16 years, amount of LED of the illuminative outside was being used at the car 2015 achieves 2.79 billion, anticipate there will be 3.67 billion 2020, year compound increase rate 5.6% .
Because the power of LED of the illume outside the car is relative taller, because this production value that high power encloses is occupied,compare will remarkable promotion. According to LEDinside data, the car was occupied with city of low power LED 2015 than still having 43% , predict to come to will drop 2020 to 27% , under photograph comparing, the city of high power LED is occupied compare a hopeful to come by the 33% promotion 2015 49% 2020.
Because a model is general corresponding a supplier, product certification cycle is in 1-2 year, so the market is spent centrally taller, city of factory of lamp of before the whole world 10 cart was occupied 2015 rate more than 85% . Manufacturer of domestic LED chip is some closer year of active attempt cut a car to be supplied with LED through the means that cooperates with car plant, the 3 report that bring light established the photoelectricity that bring luck jointly with strange luck car 2010, had finished domestic north at present steam, numerous peaceful, auspicious the attestation of factory waiting for a car, showed domestic chip big plant shares the technical actual strength that the car increases with LED market.
16 years permeability of home of domestic LED illume promotes 10pct, but replace a space to still be in
According to GLII 2014 year investigate data, the product of civil furniture illume of brand of domestic mainstream LED can realize economic benefits in the 2nd year, business can realize economic benefits the first year with illume domain, this shows, the abidance that is based on value of LED illume product glides, the improvement of glow efficiency, the competitive advantage of relatively traditional incandescent lamp highlights LED illume product increasingly.
2016, the incandescent lamp of two population big country that start bans China and Brazil in the round carry out, the whole world washs out incandescent lamp quickly, the growth that is LED illume market adds new kinetic energy.
According to Digitimes data, 16 years dimensions of market of global LED illume is thirty-four billion six hundred and thirty-nine million dollar, grow 15.8% compared to the same period, permeability of LED illuminative whole world relatively promote 4.1pct 15 years, achieve 31.3% .
According to OFweek data, output of product of domestic LED illume made an appointment with 8 billion 2016, grow 33% compared to the same period, domestic sales volume makes an appointment with 3.8 billion, grow 35% compared to the same period, permeability of home market of LED illume product relatively promote close 10pct 15 years, achieve 42% .
Project of the illume below finance dilate cycle greets Lai Liangchen
In Liyade like us deepness reports " Zhang Jiwen of United States its look, happy city records is in all directions " medium viewpoint, be based on 18 6 in plenary meeting " core " official of establish, place is adjusted reach the designated position, reform of census register system is advanced, income of gold of sell one's own things of local government land is added considerably try to reach special debt dimensions to expand, had laid a foundation for governmental dilate cycle, force of economic construction labor is waited for hair. By bibcock of domestic illume project the growth circumstance with premonitory outstanding achievement of Li Yade 2016Q4 is seen, the government is replacing commercial real estate to become the main order source of gaffer Cheng project.
In countrywide limits occurrence bedding face accumulates electric power to supply superfluous setting to fall, gaffer Cheng project passes beautification the exterior of a city, culture that reveals a city, make full use of on one hand early days is large-scale the power facilities of investment, pull on one hand move progress of local travel economy, the support of policy of PPP of have the aid of, growth of gaffer Cheng market is quickened.
GGII statistic data shows, global landscape is bright 2015 change the market to achieve 218 billion yuan, predict global landscape is bright 2016 change the market to will achieve 233.5 billion yuan, grow 7.1% compared to the same period.
Number of day of industry inventory turnover is in low, filling reserve requirement pushs litre of trade situation bearing
After the price war that experienced superior bad discard, LED industry keeps digestive level into put in storage from 2012, according to Wind explain 10 thousand LED board piece data, comparative 2009-2016 year annual the number of day of have enough to meet need of goods in stock of 3 quarters is visible, the stock turnover day of LED industry is counted from 2012 3 quarters perch of 145.62 days glides continuously; From 2015 3 quarters, the number of stock turnover day of the industry falls by 117.94 days to 2016 102.92 days of 3 quarters, be in 2009 the lowest since 3 quarters, tomorrow is new round filling reserve requirement will push litre of trade situation bearing.
Fine money drives out bad money is happening in demand end, consumption upgrades manufacturer of benefit good bibcock
In confused price competitive pressure falls, the quality problem of LED illume product has in intermediate frequency of manufacturer of home, international happen, be in only Guangdong province pledged inspect bureau selectives examination to the product of 267 batch lamps and lanterns in April 2015 in, discover 31 batch are unqualified, rate of rejected product discovery is 11.6% . To furnishing end undertakes standard, integrated necessity is shown.
Be based on the market environment that frequency of product quality problem gives, drop what accompanying LED product value quickly, consumer is in to the sensitivity of price difference drop, spend to the attention of brand, quality rising, consumption upgrades occurrent. By before of LED bulb price walk along situation situation to look, the LED bulb price that replaces incandescent lamp of 40W, 60W nowadays has fallen to be controlled to 10 U.S. dollors, if consider service life, the sexual price of LED bulb is compared already outclass tradition incandescent lamp.
Arrive when LED bulb price fall of consumer " comfortable area " , consumption of benefit from benefit from upgrades, small firm enhances the capacity that buys intention to drop in the part through price difference, the profit pattern of small profits but quick turnover is challenged, the phenomenon that small profits sells less can carry the competitive pressure of small firm in increasing a share from demand, quicken an industry to shuffle, "Fine money drives out bad money " happening in demand end.
Invest proposal and introduction of company of industrial catenary key
$ the 3 report that bring light (SH600703)$
Bibcock of domestic LED chip
The 3 report that bring light are at present home establishs the LED extension with the earliest, the largest scale and chip production company, headquarters is located in Xiamen, industrial base distributings to wait for many areas in city of lake of Xiamen, Tianjin, overgrown with weeds, spring. The company basically is engaged in panchromatic fastening extension of freeboard brightness LED piece, solar battery of chip, compound and Ⅲ - semiconductor of compound of Ⅴ a group of things with common features the research and development that wait, production and sale, international of house of product function index is advanced level, already came true to produce per year 24 million extension at present piece scale of production, occupy home to always be produced can 58% above, house whole nation the first. LED chip demands exceeds supply and company dimensions dilate will be aided turn a company this professional work is steady grow, hopeful makes global faucet.
LED business maintains growth
2014-2016 year the battalion of 3 An Guang report closes and put in data of quarter of parent net profit 's charge to show W trend basically to change, year total maintains growth. 2016 Q1 continues 2015 posture of industry cold wave, sales volume is inferior, but also make outstanding achievement inflection point. Since 2016, battalion of the 3 report that bring light closes and put in parent net profit 's charge to grow ceaselessly. 2016 Q3 total battalion closes 1.707 billion, achieve the history new tall, grow 30% compared to the same period; Profit of net putting in a mother 's charge 529 million yuan, with the corresponding period kept balance basically 2015.
Grab beach compound semiconductor, receive 5G to explode dot
Already official capacity produced semiconductor of compound of the 3 report that bring light 2016, become what home enters this industry the earliest to get army enterprise, 3 install integrated circuit 6 arsenic changes gallium brilliant full moon to produce already can amount to 4000, begin firms of a few mobile phone of brand of the country that offer money. And in amount to in the round postpartum, produce per month can will achieve 30 thousand, can occupy global arsenic to change gallium integrated circuit chip the market demand of 25% . At present the company is in semiconductor of radio frequency, power and attestation of car electron domain are very successful, accumulated a few famous clients.
$ bay ocean arranges prosperous (SZ002245)$
LED produces can large-scale dilate, mu Linsen is noted endowment consolidate industry position
Bay ocean arranges the LED chip of all sorts of norms of prosperous sale, apply at semiconductor illume domain, sale client encloses an enterprise for downstream LED, the company already became the production company with chip industry bigger dimensions at present, pay off table reveals quality. LED enclosed tycoon Mu Linsen to arrange the Huaihe River of Chang Zi company how to be noted for bay ocean in April 2016 endowment 500 million yuan, powerful powerful combination, conduce to promotion bay ocean arranging prosperous industry position.
2015, company LED is denotative piece reach chip to produce production situation good, equipment is in produce condition completely. LED business realizes business income 367 million yuan, contributive vest in appears on the market the net gain of company shareholder 113 million yuan, occupy appear on the market scale of profit of company net profit is about 47% .
Company LED is denotative piece reach chip industrialization project (2 period) in still be in construction. LED chip can be achieved at present produce per month 200 thousand or so. Began to produce first quarter 2017 can meet have bigger growth, the collaboration with Mulinsen will ensure produce can release quickly, produced completely 2017 it is OK to produce per year achieve 8 million.
Layout lithium battery, "Steam matchs + electric core + electronic-controlled " the strategy leads development
2016, bay ocean arranged prosperous to buy 47.06% equity of Jiangsu green Wei (contain its Tian Peng of wholy-owned subsidiary Jiangsu, main management asset is day roc power source) , become the biggest partner of Jiangsu green Wei, cut field of battery of 3 yuan of lithium. Day roc power source held water 2006, deep ploughing cell of 3 yuan of power is close 10 years. The product of day roc power source basically is used at dynamoelectric tool before this, enter car of new energy resources nearly two years to use market of cable of 3 yuan of lithium. Advocate product of hit cell of 3 yuan of 18650 power had waited for the Pack enterprise such as car look forward to and Xin Wangda to spread out collaboration with numerous peaceful, Jin Long, east wind. At present the company can be day to produce core of 300 thousand report in the yield of old plant area, project of construction of foundation of new plant area is basic and finishing, the design produces 3 times what can have plant area more than, predict 2017 the first produces a line to debug first quarter finish.
$ male illuminates photoelectricity (SZ300102)$
Crop of chip of 4 yuan of LED of domestic is the biggest enterprise
Male held water 2006 according to photoelectricity, advocate red, yellow, orange is battalion 4 yuan LED is denotative piece, chip and high-powered arsenic change gallium solar cell, it is the company with the biggest dimensions of chip of the Gong Huangguang in industry of native land chip. 2015, the company finishs the adjustment of industrial position smoothly, overall implementation is in charge of extension of LED of red, Huang Guang by Yangzhou subsidiary piece reach chip to produce an item, xiamen parent company is in charge of extension of blue, green smooth LED piece the industrialization project that reachs chip.
16Q3 company outstanding achievement achieves the history new tall
Since 2014, male behave according to outstanding achievement of photoelectricity LED product not beautiful, although battalion closes,maintain rise trend, but net drops ceaselessly, appear even deficit. 2016, as LED industry get warm again after a cold spell, project of blue green chip produces the company can the project gain ability such as promotion, gaffer Cheng increases, cause the corresponding period of interest rate of business income wool to rise somewhat quite.
2016Q3 realizes battalion to receive 383 million yuan, relatively the corresponding period rose 2015 101% , achieve the history to be nodded high; Profit of net putting in a mother 's charge is 29 million yuan, since becoming 2014 Q2, season is filled with highest sheet benefit. Company outstanding achievement is premonitory vest in appeared on the market 2016 the net profit of company shareholder is 45 million yuan - 50 million yuan.
China Can photoelectricity
Become the company of a dark horse in growing quickly
China Can photoelectricity held water 2005, devote oneself to research and development, production, sale with the panchromatic that product of blue, green smooth series gives priority to GaN radical is denotative material of high quality LED and chip. According to GLII data, china Can photoelectricity was 2014 in domestic LED enterprise, integrated rank the 3rd; From produce can in light of the respect, china Can photoelectricity is the 2nd big, whole world of domestic manufacturer of chip of the 4th big LED. Battalion closes to be added firmly, net gain make up the deficits and get surpluses
Since 2016, competition ability of oneself of Hua Canguang report promotes, battalion closes and gross profit all comes true to grow considerably. 2016 Q2 begins net gain make up the deficits and get surpluses, outstanding achievement inflection point appears. Q3 realizes battalion to receive 458 million yuan, grow 73% compared to the same period, profit of net putting in a mother 's charge 88 million yuan, and 15 years the corresponding period is - 4 million yuan.
Battalion of predicting annual of China Can photoelectricity closed 2016 achieve 1.58 billion yuan, gain predicts to be 263 million yuan about - 268 million yuan, business profit predicts to be in 47 million yuan, win governmental subsidy, predicting blame is regular the influence amount of net to the company gain is increase and decrease about 240 million yuan; Wool interest rate grows 7.5pct, change 2015 deficit situation.
Buy blue crystal science and technology, sortie sapphirine domain
Evaluate of China Can photoelectricity bought blue crystal science and technology 1.08 billion yuan 2016, sortie sapphirine underlay produces a field. Blue crystal science and technology advocate the research and development that business Wu casts product of material of crystal of sapphirine of etc of column of mating plate, brilliant for sapphirine underlay, production and sale, attribute the upriver trade of LED industry, it is Asian sapphirine the biggest field. Buy after finishing, china Can photoelectricity advocate business Wu limits will be made from LED chip extend to upper reaches.
Be in after the buying of science and technology of didymous La Jing, china Can photoelectricity has sapphirine underlay productivity not only, have the base that extends to consumptive electron domain at the same time. The project is cast to amount to in collect postpartum, blue crystal science and technology will realize underlay of 12 million sapphirine (amount to becomes 2 inches) reach material of window of 500 thousand sapphirine produce per year can.
Hopeful buys beautiful new semiconductor, layout sensor and system are compositive
Company hopeful bought beautiful new semiconductor 2017 100% equity, cut field of MEMS sensor business. The United States is new it is report of Chinese personal computer (MEMS) the company with sensor industry lead technology. Basically be engaged in microelectronics machinery integrated circuit (integrated circuit of MEMS) and imitate, mixture signal and the research and development that use a system, make with the sale, it is the whole world first will small mechanical system (MEMS) and the CMOS that mixture signal handles circuit to use a level (semiconductor of complementary metal oxide) compatible technology is effective, high quality of a material is compositive the inertial sensor company at onefold chip.
Mu Linsen
The LED of before the whole world 10 encloses a supplier, enclose crop whole world the first
The company held water 1997, dedicated enclose at LED reach research and development of applied series product, production and marketing, it is domestic LED encloses the main supplier that reachs applied product. The product applies extensively at signal of illume of product of family expenses electron, lamp act the role ofing, landscape, traffic, flat to show reach the domain such as Cheng of light chemical industry. 2016, share of market of Mu Linsen whole world is occupied than 4% , LED encloses crop to had held the world the first.
Outstanding achievement picks up, lamp of the LED after start shooting Spring Festival bead rise in price an artillery piece
Since 2016, element of inside and outside pushs Mu Linsen outstanding achievement together to pick up, 16Q3 business income achieves 1.598 billion yuan, become 2014 since highest, relatively the corresponding period increased 2015 80% ; Profit of net putting in a mother 's charge obtains 161 million yuan, make historical peak value likewise, adjacent the corresponding period is 9 times of profit onlier 2015. 2016, the company predicts to gain benefit of net putting in a mother 's charge 420 million reach 480 million yuan, grow 64.35% compared to the same period to 87.83% .
Investment enlarge is produced advance triumphantly, get through industry swims up and down
Mu Linsen appeared on the market 2015, collect endowment is used 870 million yuan at Lamp/SMD product technical reformation and research and development of LED application product; And at 2016 directional first half of the year add send 2.315 billion yuan, use at small Lan SMDLED to enclose ability to revise a project, ji An SMDLED encloses first phase to build a project, new first phase of illume of application of more than LED builds a project, new project of component of form a complete set of illume of more than LED, investment dimensions expands ceaselessly:
In June 2016, mu Linsen with the RMB 316 million yuan price acquires 80% equity of overtime acting illuminant, acquire the technical craft of LED filament lamp and market share, enrich and abound the LED illume product line of the company;
In August 2016, arrange of countersign of committee member of management of division of garden of justice black industry invests Mu Linsen and Zhejiang agreement, denounce endowment builds LED illume product 5.5 billion yuan to produce base in justice black;
In December 2016, mu Linsen adds An Aoyang of endowment the Huaihe River 500 million yuan to arrange prosperous, get An Aoyang of the Huaihe River to arrange prosperous the equity of 26.88% , increase a company to delay tensility to upper reaches of LED industry catenary;
Divide this beyond, mu Linsen buys Europe of tycoon of lamps and lanterns Silangtong uses illume business LEDVANCE trade to approve what 2017 the 2nd quarter obtains German government. July 2016, the Chinese financial group that center of operation of state-owned capital of justice black city forms Mu Linsen of big plant of illume of IDG capital, China and financing unit drafts with 400 million euro (add up to four million three hundred and ninety-five thousand eight hundred dollar about) buy LEDVANCE. Trade after finishing, center of operation of state-owned capital of justice black city, Mulinsen will part equity of ％ of hold LEDVANCE 36, IDG capital will own 28 ％ LEDVANCE equity.
Country starlight report
Of industry of deep ploughing LED enclose a tycoon
The company held water 1969, began sortie LED to enclose 1976, it is one of businesses that home produces LED the earliest. Country starlight report is to be in what China encloses the market to have company of mainland of rate rank second, be next to Mulinsen.
Small span encloses business successive enlarge is produced, in realizing LED to go up downstream and perpendicular unifinication
Came in November 2015 during October 2016, country starlight report early or late 3 times enlarge is produced, doing do strong LED to enclose greatly advocate business Wu while, the development of product of illume of chip of LED of upper reaches of give attention to two or morethings, downstream LED, build chain of perfect LED entire industry, realize perpendicular unifinication.
In November 2015, starlight report adds the country semiconductor of endowment country star and Yaweilang two stature companies, and " enclose project enlarge to produce with exceeding own reserves of 400 million yuan of RMBs to invest a company " . Pass Xiang Guoxing semiconductor and Yaweilangzeng endowment, company intention carries development in chip of stimulative LED upper reaches, promote a company the technical standard in domain of LED upper reaches further; And enclose project enlarge to produce, basically be to be aimed at outdoors watch to stick indication screen parts of an apparatus, indoor small span to show screen parts of an apparatus and illume use parts of an apparatus of Bai Guang LED. The equipment that enlarge produces is finished at be being purchased in succession before March 2016, installation is debugged and put into production moves.
April 2016, starlight report releases the country again announcement, draft investment not to exceed 240 million yuan of RMBs to be used at the company to enclose the enlarge with package project to produce, construction cycle is in May 2016 - in December 2016, the product of small span LED that basically is aimed at.
In October 2016, starlight report announcement calls the country the company be based on oneself to develop the strategy to plan, combine situation of the judgement of pair of LED markets and demand of existing client order, draft investment not to exceed the spread that the RMB has 400 million yuan the company encloses a project to produce. Country LED of current small span encloses starlight report city is occupied rate in 20 ％ above, rank home the first, be next to Taiwan 100 million light. Small 2015 span encloses report of the starlight that it is a country to bring income 250 million, enlarge produced 100 ％ ＋ 2016, small span is produced already can exceed 800kk/ month at present. Dominant position of technology of LED of company small span is prominent, price advantage is clear, anticipate prospective city occupies rate hopeful promote further. Divide this beyond, starlight report and American GE sign the country agreement of white smooth patent accredit, lay next solid foundations to extend overseas sale further.
In industry cold current dovish before row
Starlight report is in the country to battalion closed 2015 and put in parent net profit 's charge performance is relatively steady, did not appear tremendous wave motion, battalion received 1.84 billion yuan 2015, relatively increased 2014 19.2% , profit of net putting in a mother 's charge 160 million yuan, increase compared to the same period 10.7% . 2016, return to reason as the industry, enlarge is produced produce can release, circumstance of starlight report outstanding achievement promotes the state further, company outstanding achievement is premonitory total 2016 battalion receives 2.42 billion yuan, grow 31.6% compared to the same period, profit of net putting in a mother 's charge 193 million yuan, grow 20.62% compared to the same period.
Get together flying photoelectricity
The company held water 2005, doing poineering work in March 2012 board appear on the market. The company is the company of new and high technology of the research and development that a major pursues SMD LED parts of an apparatus, production and sale, advocate business Wu belongs to LED to enclose, main product is be in a poor light LED parts of an apparatus and illume LED parts of an apparatus. Of the company be in a poor light LED product basically applies at TV of mobile phone, computer, liquid crystal, Che Zaixian to show the field such as the system; Illume LED product basically applies at indoor illume domain.
Company profit predicted to grow compared to the same period 2016, outstanding achievement inflection point is shown
2015 year camp closes and net profit drops compared to the same period respectively 3.13% with 42.78% . From 2016 actual condition comes 3 quarters look, no matter be net gain,still do business income already all exceeded 2015 annual level, battalion closes to grow 53.54% compared to the same period, outstanding achievement inflection point is shown.
2016 year outstanding achievement of company are premonitory predict annual vest in appeared on the market 2016 the net profit of company shareholder is 1.4-1.7 100 million yuan, than going up ascendant 40-70% of year of the corresponding period.
Small size position is solid, big in dimension sends force continuously
At the beginning of the company holds water, the product is in a poor light with small size LED parts of an apparatus is given priority to, the dimension in was being entered 2007 is in a poor light domain, sortie large size was in a poor light 2009 domain of LED parts of an apparatus. The home market that small size is in a poor light is had rate by 2009 the 5.92% 30% above that promote gradually, absolutely and lead position is in in home.
The company is in a poor light in medium, large size the domain sends force continuously, since appear on the market medium, large size is in a poor light sales revenue of LED parts of an apparatus is mixed occupy promote than year after year, still maintain below the circumstance that sales revenue whole glided 2015 of 26.68% promote compared to the same period.
Li Yade
"Culture science and technology + finance " new channel of open up company
Li Yade is one is engaged in LED application at first the company of new and high technology of Wu of kimono of product research and development, design, production, sale, the product basically includes LED full prize to show product, system shows product, originality shows product of illume of TV of product, LED, LED and LED carry smooth label system on the back.
Small span LED supplies catenary problem to had alleviated, premonitory supermarket field anticipates 16 year outstanding achievement
16 years 3 quarters supply catenary to be critical as a result of advanced position of product of LED small span, odd season order is added fast be restrained. Supply catenary problem to been able to have alleviated at present, up to the bottom will add order of small span LED newly 16 years to had exceeded 1.6 billion yuan in November, relatively 15 years 1.16 billion yuan order amount grows annual 37.93% .
Lead in seasonable, accurate strategy transition, last in small span LED of fast growth prop up below, in space of happy city market on the foundation of progressively test and verify, the outstanding achievement of the company manages fast growth situation. According to the company declared outstanding achievement is premonitory 16 years on December 10, 16 years of annual of company can come true and more than 4 billion yuan of battalion accept a target, profit of corresponding net putting in a mother 's charge 629 million reach 695 million yuan, than last year the 90%-110% of 331 million yuan of growth of the corresponding period.
According to the company 3 season numbered off 2016 according to, before 3 quarters realize battalion to receive 2.813 billion yuan, profit of net putting in a mother 's charge 304 million yuan, grow 150.4% compared to the same period respectively, 64.37% . By outstanding achievement premonitory and visible, battalion of four quarters odd season closes will exceed 1.179 billion yuan, profit of net putting in a mother 's charge is achieved 325 million reach 391 million yuan. Put in total of before parent net profit exceeds 3 quarters 's charge, battalion closes, profit of net putting in a mother 's charge all achieves odd season top level.
Creativity puts forward " happy city " concept, company unity and coherence in writing holds concurrently trim have a well-thought-out plan
Creativity puts forward Li Yade " happy city " concept, focusing 3 large spaces: Communal space, commerce space, travel space, participate in scene area promotion and industry to upgrade, old city is transformed update with the city and new developed area and construction of industrial garden area, exert oneself at " culture experiences " make, build in all with the government " happy city " .
Continent bright science and technology
LED applies what the product reachs a solution to get army enterprise
Continent bright science and technology held water on October 26, 2004, register capital 203 million yuan, it is home's lead LED application product and solution supplier, also be the company that home uses a product one batch the earliest to appear on the market with semiconductor. Company major pursues LED research and development, make, sale and service, at present main product component is LED high-definition and energy-saving energy-saving illume of full prize indication screen and LED two old series, among them LED shows screen includes screen of screen of screen of screen of LED of the medium screen, screen that rent, grille screen, small span, glass, field, originality 7 kinds of big products, LED illume includes illume of road illume, tunnel lighting, indoor illume, floodlighting, special type product of 5 old series.
Fast growth of return of 3 quarters outstanding achievement, gain ability is improved
Accompany new product roll out, the order after be being pushed because of tasting place of research and development newly 16 years first half of the year cashs stage by stage, company 16Q3 battalion receives 537 million yuan, grow 60.18% compared to the same period, profit of net putting in a mother 's charge sixty-two million nine hundred and eighty-five thousand seven hundred yuan, grow 63.73% compared to the same period, company battalion closes and put in parent net profit 's charge to all achieve Shi Xingao of odd season all previous, posture of fast growth of outstanding achievement return.
Get cast " 10 thousand are collected " , use Internet thinking to make SSP platform
The full name of SSP is Sell-side Platform, it is to show the media that is based on a bargainor serves platform, SSP platform aims to pass a crowd directional technology, administrative media advertisement of intelligence inventory, optimize advertising to put in, help network media realizes its advertisement resource to optimize, increase resource value, achieve help media to raise the goal of accrual.
Continent bright get the period of 10 thousand hold that project to aim to be changed through providing group, intelligence is changed, the means of join content and service lets LED display screen more press close to at the user. 10 thousand collect the website that institute of period of 10 thousand hold founds devote oneself to join of advertisement of will outdoors number to rise, spot setting and user through intelligent induction, the content that needs the user possibly is pushed give an user, help outstanding product and service provider show itself.
Investment proposal
Risk clew
Downstream and burgeoning application is added fast under anticipate, gaN chip is homebred replace rate under anticipate. (be over)
The stock market has a risk, investment wants discretion. The article is offerred only get numerous reference, do not represent any investment proposals, the investment that any referenced article place make is decision-making all make independently to accept numerous proper motion, the economy that create, finance affairs or other venture all by suffer numerous carry oneself.
