(Text / high-tech LED reporter Hu Yanling)
Near the end of the year, the pace of LED companies hitting the capital market is accelerating.
According to informed sources, if you enter the 2012 declaration, the financial data for the fourth quarter of 2011 will be added to the prospectus. In order to catch up with the time point of the report audit, a group of LED companies to be listed have accelerated the submission of listing applications.
On December 13th, Jufei Optoelectronics just passed the IPO application review by the China Securities Regulatory Commission's GEM Board. On December 14, Wanrun Technology immediately followed the door of the CSRC. On December 16, the GEM Board of Auditors approved the initial application of Liard and Changfang Semiconductor. Since then, the IPO application of Yuanfang Optoelectronics and Moso Power has also been approved.
Among the enterprises that are about to land in the capital market, more than half of the enterprises (Jufei Optoelectronics, Wanrun Technology, and Changfang Semiconductor) are mainly engaged in packaging. By the end of last year, there were 7 LED packaging companies that had landed and were about to land in the capital market.
Looking at these packaging companies waiting to be listed, it is clear that there is no scenery for their predecessors.
First of all, the product advantages of each company are not outstanding. In terms of features, there is far no "display" for Lehman Optoelectronics, "China's large-size backlight" for Ruifeng Optoelectronics, "White Light Lighting" for Hongli Optoelectronics, and "The oldest seat in China" Big Brother" National Star Optoelectronics came to be impressed.
Second, the market environment has also been worse than before. In 2011, the development speed of LED packaging industry was significantly less than expected, and the average price of devices dropped by 20%. According to data from the High-Tech LED Industry Research Institute (GLII), the output value of China's LED packaging in 2011 was 32 billion yuan, an increase of only 18% compared with last year, far below the market expectation of more than 30%. In 2010, the growth rate of domestic packaging output reached 35%.
"The development of the packaging industry is mainly determined by two factors. First, the company's reasonable control of the profit rate, so as to ensure that the price competition in the entire market is in a healthy state; the second is the scale, the scale is not enough to blindly follow the market will only go into a dead end. Zhang Canguang, deputy general manager of Shunhong Group, pointed out that the scale still encapsulates the fundamentals of bigger and stronger enterprises.
Take the above three IPO companies as an example. In 2010, the operating income was in the range of 2-3 billion. According to the revenue situation of the three companies in the first half of 2011, their full-year revenue in 2011 is expected to be between 3-4 billion yuan, which are typical small and medium-sized packaging enterprises. Among the companies that have already listed, only the annual sales revenue of Guoxing Optoelectronics has the opportunity to sprint the 1 billion yuan level.
According to the reporter's understanding, there are currently 1,500 packaging companies in China, with more than 40 first camps with annual sales of more than 100 million yuan, and less than 400 second-tier enterprises with sales ranging from 10 million yuan to 100 million yuan. , accounting for about 30%, most companies' sales are less than 10 million yuan. This is a far cry from the average sales of 1 billion listed companies in Taiwan. The expansion of scale is the top priority for domestic packaging companies, so that they can compete with Taiwanese companies. It is no wonder that listed companies are using fundraising projects for the expansion of their main business.
Expansion is a foregone conclusion, but the demand for downstream terminal applications has been weak since last year. How to digest capacity in the future will become an urgent issue for these packaged listed companies.
Zhang Canguang believes that the LED lighting market will grow much faster in 2011 than in 2011. "The rationalization of national policies, industry reshuffle will also wash away some irresponsible small businesses, plus the blind and impulsive investment of enterprises. The phenomenon will be much better than the previous two years, and the market competition will be relatively weaker than in 2011. However, it is not excluded that some companies will play low-priced cards in order to survive, but the market awareness and recognition of products are also increasing. Overall is still good."
"The market next year will definitely be better than this year." Tang Guoqing, general manager of CREE China Market, is full of confidence in the future. As for how good it will be, he said that it depends on everyone's common efforts, but the trend of price cuts is inevitable. . “The price of packaged products is down by 15%-20% every year, and next year is no exception. Maybe after two or three years, through the survival of the fittest, the LED market is over. The market competition is beginning to be rational, then The price will stabilize."
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