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[Source: "High-tech LED - Research Review" October issue reporter / Tang Guirong]
In the past two years, various capitals have rushed into the LED industry, especially in 2010, the domestic LED industry planning investment amounted to 217.9 billion yuan, a record high.
The high risk of high-tech investment is the consensus in the industry, but the capital of each channel is still going forward to the LED industry “gold panningâ€. Among them, there are many venture capitalists, and there are also industrial capitals that hope to realize the transformation and upgrading of traditional industries, and PE investors who have borrowed questions from the capital market.
This young LED industry has been a star industry in the past two years, and it has suddenly emerged from eight listed companies. “The LED industry has achieved leapfrog development in the past two years.†Ding Baoyu, managing director of Shenzhen Tongchuang Weiye Venture Capital, recalled his investment experience in the LED industry in recent years and frankly caught up with the good times. As of July 2012, Tongchuang Weiye has successfully listed two LED investment companies (Maoshu Power and Chau Ming Technology).
However, the good times did not last long, and a series of industry crises have caused this crazy investment wave to be shattered in an instant. Due to the lower-than-expected release of downstream market demand and the continued negative weakness of overseas markets, the vicious competition brought by the crisis of overcapacity in the upstream chip began to appear, and the “high-profit†hat was ruthlessly removed by the market.
Especially since the beginning of this year, some domestic LED companies have been exposed to the news of the capital chain break. At the same time, a number of business leaders who were originally preparing to expand their production capacity this year generally said that the financing situation is not optimistic.
“Many investors have already stopped the second round of funding, and some of them are even considering changing hands.†An industry insider said that investors’ attitudes are needed when companies need more funds to support survival and expansion. A 180-degree shift has also taken place. “Many investors are no longer focusing on the LED industry.â€
"It seems that LED companies have already listed on the market. Overcapacity has led to a rapid decline in corporate profitability." Mei Jian, a partner of Shenzhen Oriental Fuhai Investment Management Co., Ltd., said that the LED industry has passed, and investors The best investment period has passed.
Mental state transition
Compared with the investors looking for LED projects everywhere in 2010, this year in many investors' offices, the LED project business plan became a pile of documents at the bottom of the press, almost no one cares.
Ding Baoyu said that after the last round of investment boom, LED has entered a cyclical downturn. On the one hand, there is a serious overcapacity in the middle and upper reaches, and on the other hand, the lighting application market is limited due to the lack of price advantage and unstable quality. The market is not as good as expected, and there is no clear rapid growth in the short term. sign.
The imbalance between the two ends of the industry has also caused a sharp decline in corporate profitability.
According to statistics from the High-tech LED Industry Research Institute (GLII), as of the end of the third quarter of this year, the gross profit margin of domestic LED upstream products has dropped by more than 30% compared with the beginning of this year, while downstream applications have declined by more than 10%. The structure and other update speeds are faster, and the overall gross profit margin of the products does not change much.
Ding Baoyu admits that from the perspective of the relationship between supply and demand of economic products, if the industry's profit margin is in the downward channel, how can investors invest? "At this time, the company has extended its help, and the investors have only retired."
In fact, another reason for investors to change the value of investment in the LED industry is that there are currently 18 listed companies involved in the LED business in China, and there are 5 listed companies with traditional lighting as their main business. Involved in LED lighting business to varying degrees.
“The LED company’s listing speed is too fast.†Mei Jian said that at the peak of the last wave, the enterprises with high growth value have developed to a certain scale, and in the short term, there are few companies with growth or characteristics. . We also do not intend to invest, almost all small opportunities, big opportunities are small.
Mei Jian’s point of view represents the general view of most domestic investors, and the phenomenon of divestment has occurred from time to time.
“The best investment period for the LED industry has passed. There have been many investment cases every year, but there are very few successes.†Mei Jian said that the company invested in an LED project some time ago and can even see the future performance growth space. . "But now we are also retreating."
In addition, investors' risk aversion is another major reason. According to the opportunity cost principle of economics, when you focus more on one area, you will miss more opportunities in another area. Mei Jian said that although there are certain investment amount indicators every year, we need to balance the investment risks between various industries. “At the moment, we are no longer focusing on the LED industry because there are more emerging markets waiting for us to invest.â€
In the past two years, various capitals have rushed into the LED industry, especially in 2010, the domestic LED industry planning investment amounted to 217.9 billion yuan, a record high.
The high risk of high-tech investment is the consensus in the industry, but the capital of each channel is still going forward to the LED industry “gold panningâ€. Among them, there are many venture capitalists, and there are also industrial capitals that hope to realize the transformation and upgrading of traditional industries, and PE investors who have borrowed questions from the capital market.
This young LED industry has been a star industry in the past two years, and it has suddenly emerged from eight listed companies. “The LED industry has achieved leapfrog development in the past two years.†Ding Baoyu, managing director of Shenzhen Tongchuang Weiye Venture Capital, recalled his investment experience in the LED industry in recent years and frankly caught up with the good times. As of July 2012, Tongchuang Weiye has successfully listed two LED investment companies (Maoshu Power and Chau Ming Technology).
However, the good times did not last long, and a series of industry crises have caused this crazy investment wave to be shattered in an instant. Due to the lower-than-expected release of downstream market demand and the continued negative weakness of overseas markets, the vicious competition brought by the crisis of overcapacity in the upstream chip began to appear, and the “high-profit†hat was ruthlessly removed by the market.
Especially since the beginning of this year, some domestic LED companies have been exposed to the news of the capital chain break. At the same time, a number of business leaders who were originally preparing to expand their production capacity this year generally said that the financing situation is not optimistic.
“Many investors have already stopped the second round of funding, and some of them are even considering changing hands.†An industry insider said that investors’ attitudes are needed when companies need more funds to support survival and expansion. A 180-degree shift has also taken place. “Many investors are no longer focusing on the LED industry.â€
"It seems that LED companies have already listed on the market. Overcapacity has led to a rapid decline in corporate profitability." Mei Jian, a partner of Shenzhen Oriental Fuhai Investment Management Co., Ltd., said that the LED industry has passed, and investors The best investment period has passed.
Mental state transition
Compared with the investors looking for LED projects everywhere in 2010, this year in many investors' offices, the LED project business plan became a pile of documents at the bottom of the press, almost no one cares.
Ding Baoyu said that after the last round of investment boom, LED has entered a cyclical downturn. On the one hand, there is a serious overcapacity in the middle and upper reaches, and on the other hand, the lighting application market is limited due to the lack of price advantage and unstable quality. The market is not as good as expected, and there is no clear rapid growth in the short term. sign.
The imbalance between the two ends of the industry has also caused a sharp decline in corporate profitability.
According to statistics from the High-tech LED Industry Research Institute (GLII), as of the end of the third quarter of this year, the gross profit margin of domestic LED upstream products has dropped by more than 30% compared with the beginning of this year, while downstream applications have declined by more than 10%. The structure and other update speeds are faster, and the overall gross profit margin of the products does not change much.
Ding Baoyu admits that from the perspective of the relationship between supply and demand of economic products, if the industry's profit margin is in the downward channel, how can investors invest? "At this time, the company has extended its help, and the investors have only retired."
In fact, another reason for investors to change the value of investment in the LED industry is that there are currently 18 listed companies involved in the LED business in China, and there are 5 listed companies with traditional lighting as their main business. Involved in LED lighting business to varying degrees.
“The LED company’s listing speed is too fast.†Mei Jian said that at the peak of the last wave, the enterprises with high growth value have developed to a certain scale, and in the short term, there are few companies with growth or characteristics. . We also do not intend to invest, almost all small opportunities, big opportunities are small.
Mei Jian’s point of view represents the general view of most domestic investors, and the phenomenon of divestment has occurred from time to time.
“The best investment period for the LED industry has passed. There have been many investment cases every year, but there are very few successes.†Mei Jian said that the company invested in an LED project some time ago and can even see the future performance growth space. . "But now we are also retreating."
In addition, investors' risk aversion is another major reason. According to the opportunity cost principle of economics, when you focus more on one area, you will miss more opportunities in another area. Mei Jian said that although there are certain investment amount indicators every year, we need to balance the investment risks between various industries. “At the moment, we are no longer focusing on the LED industry because there are more emerging markets waiting for us to invest.â€
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