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The field of LED chips is a high-margin link in the LED industry chain, and the industry's average gross profit margin is relatively high. Orient Securities believes that advances in chip technology can reduce costs and increase the penetration of LEDs in existing applications such as lighting. The field of LED chips is a high-margin link in the LED industry chain, and the industry's average gross profit margin is relatively high. Orient Securities believes that advances in chip technology can reduce costs and increase the penetration of LEDs in existing applications such as lighting. LED penetration rate improves supply and demand improvement and promotes high industry performance. LED performance is excellent, and has obvious advantages compared to other light sources. In recent years, the LED chip light efficiency has been greatly improved, and the price has dropped drastically, which has greatly promoted the increase of LED penetration rate. In 2016, the global LED lighting penetration rate is close to 30%, and it is expected to exceed 60% in 2020. The high level of the current LED industry was triggered by the frozen production and price increase of Jingyuan Optoelectronics, and the pattern of oversupply in the industry was broken. Domestic large-scale manufacturers have vigorously expanded production of high-end production capacity. Sanan Optoelectronics expects to expand production by 33% in 2017, and Huacan Optoelectronics will double its production expansion. Downstream demand growth and overseas order transfer are the two major paths for digesting new capacity. According to estimates, with the clearing of low-end equipment, the current supply gap is expected to continue from 2017 to 2019. The chip link is the high-margin link of the industry chain. The future profitability is expected to continue. The LED chip field is the high-margin link of the LED industry chain. The average gross profit margin of the industry is high, and the high probability of high profitability will continue in the future. First, after the industry has shuffled, low-end production capacity has been eliminated, domestic large-scale large-scale production expansion of high-end production capacity, market share, industry oligopoly, the market share of Sanan and Huacan in the domestic market is expected to increase in late 2017. To 40% and 30%, the capital, technology and scale advantages of large factories will widen the moat. Secondly, in the upstream MOCVD equipment sector, domestic manufacturers such as Zhongwei Semiconductor and Zhonghao Optoelectronics have gradually broken the monopoly of foreign countries. In 2016, the market share of the two companies in China has exceeded 10%. Localization is expected to drive down equipment costs. Finally, the chip manufacturers are integrated upstream, and the substrate sapphire materials of Sanan and Huacan are self-produced, and the raw materials are self-produced to further improve profitability. Technology drives industry growth Micro LED is the future development trend Technology development will dominate the future direction of the industry, and manufacturers with technical strength will stand out from the competition. On the one hand, advances in technology can reduce costs and increase the penetration of LEDs in existing applications such as lighting; on the other hand, advances in technology can open up new applications, such as MicroLEDs, which can be used in display applications, and are expected to boost LED chip demand. Improvement. According to calculations, when the annual shipment penetration rate of Micro-LEDs reaches 50% in consumer electronics terminals, the market size of Micro-LED chips will reach 380 billion yuan, which is far more than the existing price of 200 yuan per 2 inch film. The market has a huge development potential of 45 billion yuan. Sanan Optoelectronics: With scale and technical advantages, it can stand out in the oligopolistic competition. The company's scale effect and technological advantages continue to expand, and its market share continues to increase. It has surpassed Jingdian to become the global LED chip manufacturing leader; the layout of LED lighting, projection and other LED emerging applications will maintain the sustainable growth of LED business. Huacan Optoelectronics: It has the advantages of technology and mass production in the rapidly growing segment. The company's small-pitch LEDs are driven by the demand for downstream small-pitch LED displays. The market will have a CAGR of 60% in the next two years, and the potential market size of the products may reach RMB 17.2 billion. It is expected to reach the second and the world's leading scale in China by the end of 2017. The Micro LED has a layout.
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