First, the overall performance of the industry has been reported
The domestic LED industry 2016 annual report and the 2017 first quarter report have been released, and the overall results have been reported. Among the 2017 first quarterly reports, 40 of the 43 LED listed companies saw a year-on-year increase in revenue, and 35 LED companies reported a net profit increase of 1 year in the first quarter, with 27 listed companies whose net profit increased by more than 30%. The proportion is over 60%.
In the past five years, LED industry revenue and net profit trends show that before 2016, due to terminal LED applications, mid-stream LED package beads and upstream LED chips, all are in the trend of falling prices and rising sales, so overall revenue is still growing. Only the growth rate is slowing down. The data shows that the revenue growth rate has stabilized since 2015, and the net profit growth rate of the mothers continued to decline. Until the first quarter of 2016, the net profit growth rate began to rise. In 2016, the total revenue of LED listed companies reached 160 billion yuan, with a growth rate of more than 25%. By the first quarter of 2017, the overall revenue growth rate of the industry and the net profit growth of the returning mothers both exceeded 30%, setting a new high in the past five years.
Second, the industry trend is solid and reliable
From the LED industry report in 2016 and the first quarter of 2017, we observed that the core financial indicators of listed companies all showed obvious improvement trends. Core indicators include ROE, revenue scale and growth rate, net profit and growth rate of returning home, gross profit margin, net Profit and operating cash flow, etc. LED industry trends are good and solid financial data as a verification, more firm confidence in our optimistic LED industry trends.
It can be seen from the trend that before 2015, due to the rapid growth of industry supply, the industry as a whole was in an oversupply situation, and the overall return on net assets of the industry continued to decline. From 2012 to 2016, the proportion dropped by more than 40%. As a result, SMEs and backward production capacity have been withdrawn, the supply side has cleared, and industrial concentration has increased to strengthen industry barriers. In 2016, the LED upstream chip industry subsidy policy has declined, the capacity growth rate has slowed down, and the downstream incandescent lamp ban and the small gap demand have triggered the downstream demand of LED. The three together began to reverse the supply and demand pattern of the LED industry. The industry average ROE increased significantly by 20% year-on-year to 1.8%. It has clearly reflected the overall profitability improvement of the LED industry.
Third, global LED manufacturing is transferred to China
The general trend of global LED manufacturing transfer to China has been unquestionable. China's electronics industry has fully possessed excellent process control and cost management capabilities over the years. At the same time, engineers' dividends are gradually being released, prompting Chinese companies to develop and own more. The international advanced technology of multi-independent intellectual property rights will slow down with the bottleneck of technological advancement of international manufacturers. Chinese enterprises will make full use of various advantages such as national policies, industrial capital and engineer dividends to achieve post-production and ultimately defeat traditional international The factory has become a leader in the development of the industry.
Fourth, firmly optimistic about the industry leader
Continue to be optimistic about the LED industry leader, the industry rating "over-match". We are firmly optimistic about the three giants of LED chip industry: Sanan Optoelectronics, Huacan Optoelectronics, and Aoyang Shunchang. LED packaging giant: Mulinsen. In the trend of continuous improvement and concentration of the LED industry, the leader will continue to benefit first.
Partial business analysis
Huacan Optoelectronics
Domestic inertial sensor faucet
After the company successfully acquired MEMSIC, it will become the leader of domestic inertial sensors and seize the tens of billions of markets.
Aoyang Shunchang
Significant increase in profitability
Huai'an Optoelectronics cooperated with Mu Linsen and local governments in strategic cooperation and continuously obtained capital increase. In December 2016, Mulinsen was a strategic partner. The company did not jointly increase the capital of Huai'an Optoelectronics by 500 million yuan. In March 2017, it again acquired a capital increase of 3.1 billion yuan. At present, the company, Mu Linsen and Qinghe Development hold 70.93%, 26.07% and 3% of Huai'an Optoelectronics respectively.
Linsen
Acquisition of Landexpence to welcome overseas business
The acquisition of Roundmans, the overseas business broke out, creating a global LED packaging + lighting leader. Mulinsen's acquisition of OSRAM LED lighting panel LEDVANCE is the perfect combination of superior manufacturing capability and 100-year brand. Through this acquisition, Mulinsen will fully utilize Landwell's overseas quality marketing channels and brand influence to export Mulinsen products to the world. In particular, the company currently holds the core product LED filament lamp. In 2017, the company's LED filament lamp sales are expected to exceed 1.7 billion, a year-on-year increase of 232%. With the rapid growth of the company's overseas business in the future, it will be a global LED package + lighting leader.
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