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[Text / high-tech LED Yue Mengdi] In 2015, the author carefully thought about the development of the LED industry in the past year, could not help but think of a poem, "Don't gently enter that good night, the old man should burn roar in the sundial; angry, Angry with the disappearance of light."
In 2015, the LED industry has taken the lead, and the statistics of the High-tech Research Institute LED Research Institute (GGII) show that the LED industry merger and acquisition amount in 2015 was about 42 billion yuan (including the weight of GO Scale Capital's purchase of Philips Lumileds 80.1%), and 2014 Only 6 billion yuan, the rapid growth rate is really alarming.
Lumileds contributed nearly half of the amount of the merger
In March 2015, GO Scale Capital spent $3.3 billion to take over Philips Lumileds (including the LED and Automotive Lighting Division), which was a hot topic. GGII also published the first interpretation of the acquisition (click to read the details).
However, the M&A integration process is not always smooth. Until November, many foreign media such as Wall Street Journals, Reuters, and Bloomberg all said that the transaction between Philips and Go Scale Capital was invested by the United States. The Committee (CFIUS) blocked some unforeseen concerns. In short, it is not known whether the transaction will be successfully completed.
After that, Philips Lighting also exposed the valuation. According to people familiar with the matter, Philips Lighting is valued at 5.5 billion euros (click to read the details). Philips is the world's largest lighting brand, and the lighting business contributes nearly one-third of the company's revenue, making it the largest business unit outside of Philips' healthcare business.
Mulinsen (002745.SZ) acquisition and development of crystal
Since the listing of Mulinsen in March 2015, the movements in the capital and global markets have been frequent, demonstrating the domineering of "LED Wolf".
On the evening of September 10, the domestic LED leader Mulinsen issued a notice saying that it plans to invest RMB 180 million in its own funds to develop Jingjing Lighting (Xiamen) Co., Ltd. (hereinafter referred to as “Development Crystalâ€), and acquire the development of crystal 10.91 through capital increase and share expansion. % equity. ( click to read the details)
Based on the advanced epitaxial chip technology of Taiwan Jingyuan Optoelectronics Co., Ltd., the company is positioned as the “LED Total Solution Provider†and applied for a number of patents and launched the industry-leading MOCVD automation cloud system. Its business scope covers all industrial chain links such as LED epitaxial wafers, chips, package modules, and lighting applications.
In the industry's view, Mulinsen's intention to improve the industrial chain is very obvious.
In fact, Mulinsen's capital expansion path is mostly funded by the establishment of subsidiaries, and there are not many direct shares. The development of the company is more to use its patents to pave the way for overseas markets.
From January to September 2015, Mulinsen's operating income was 2.887 billion yuan, a slight increase of 4.24% year-on-year and net profit of 249 million yuan.
Hirose shares in the Buddha
In September 2015, Hirose spent 2.62 billion yuan to buy 100% equity of Foshan Lighting from Osram, and became the largest shareholder of Foshan Lighting. Together with Guoxing Optoelectronics, Hirose has become the largest shareholder and actual controller of the two major LED listed companies in China . (click to read the details)
Like the National Star Optoelectronics that year, Foshan Lighting also replaced senior management personnel in the first place.
Guoxing Optoelectronics Co., Ltd. is one of the leading LED packaging enterprises in China, and it is one of the few companies in the domestic LED industry chain. As can be seen from the 2015 third quarterly report, from January to September 2015, Guoxing Optoelectronics' operating income was 1.334 billion yuan, a year-on-year increase of 16.84%, and net profit reached 123 million yuan, an increase of 22.26%.
In the first half of 2015, the revenue of National Star Optoelectronics Packaging Business reached 580 million yuan.
Although Foshan Lighting has recently been trapped in the muddy case of compensation, the name of "China Light King" is not a name. From January to September 2015, the revenue reached 2.232 billion yuan. Although the year-on-year decline, the market is generally optimistic about its subsequent development.
In terms of capital operation, there are great business opportunities for Hirose to acquire Guoxing Optoelectronics and Foshan Lighting. Hirose is a state-owned enterprise with capital and strength. It is familiar with the LED industry. Recently, it is also rumored that it is interested in the Osram Lighting Division.
From the current point of view, whether the 1+1 of the National Star and the Buddha's photo can give Guangsheng a return of >2 is worth looking forward to.
Osram Lighting Division, which has not yet settled
After the news that OSRAM wants to split the LED general lighting business unit, it has been chased by many domestic LED companies. Feile Audio, Mulinsen, Sunshine Lighting, Tongfang, and Guangyu have all expressed actively or passively. interest.
OSRAM's fiscal year 2014 (October 2013-September 2014) achieved revenues of €5.142 billion for the full year: Among them, LED Lighting & Systems Division (LLS) achieved revenue of 454 million euros; traditional lamps & ballasts division (CLB) ) Revenue of 1.963 billion euros, that is to say, the two major businesses to be sold will achieve a total revenue of 2.417 billion euros (equivalent to about 16.53 billion yuan).
However, the pre-tax profit of these two major businesses in 2014 was not high, only 700,000 euros.
Earlier, according to the estimation of China Investment Bank, the total value of OSRAM's lighting business was about 720 million euros (about RMB 4.96 billion). Even analysts said that the value of Osram's lighting business, including its debt, was as high as 1 billion. Euro (about 7 billion yuan).
Not to mention the final flower, Osram's lighting business part of the demolition caused a huge wave, providing domestic LED media people with a hot topic for several months. The pursuit of international brands by domestic LED companies is also evident.
In a nutshell, M&A integration is a fast-track to strengthen its own strength. Domestic powerful LED companies can expand their business scope through horizontal and vertical acquisitions, complement product lines, strengthen channels, and even acquire multinational companies to make Chinese brands go global. .
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