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Since the beginning of this year, from the 2015 financial report data frequently published by domestic LED listed companies, it can be seen that the decline in the price of LED chips has had a huge impact on the revenue of chip companies, and the performance loss has become an indisputable fact.
Competition in price wars and product homogenization is fierce. Many companies have to follow the market to significantly reduce product prices in order to maintain market share and maintain the stability of major customers and distributors, resulting in a decline in product gross margin.
Gross profit margin dropped sharply
Recently, Dehao Runda (002005) disclosed the announcement to reply to the Shenzhen Stock Exchange's inquiry letter for the 2015 annual report. The Shenzhen Stock Exchange first focused on the change in gross profit margin, requiring the company to supplement the disclosure of the reason and rationality of the sharp decline in gross profit margin.
According to the data, the gross profit margin of Dehao Runda in the LED industry in 2015 was 17.23%, a decrease of 8.72% year-on-year.
Dehao Runda pointed out that from 2014 to 2015, the company's LED chip gross profit margin fell from 30.34% to 6.80%. The reason for the sharp decline was: In 2015, due to global economic fluctuations and increased competition in the LED market, the prices of various products in the LED industry chain generally fell by 30% to 50%.
At the same time, the price decline is far greater than the decline in cost, which also makes the overall gross profit margin of the industry show a different degree of decline, and domestic chip companies are showing a downward trend.
According to the 2015 financial report released by Yuanrong Technology, the operating profit of the company in 2014 and 2015 was 49.205 million yuan and -5.585 million yuan, a decrease of 213.52% over the same period of last year. In 2014 and 2015, the company's net profit was 64.26 million yuan and -15,490,800 yuan, a decrease of 124.10% over the same period of last year.
Guangdong Ganhua (000576) also announced recently that Guangdong Deli Optoelectronics Co., Ltd., a wholly-owned subsidiary of the company, was affected by the overall economic environment last year. The growth rate of the LED industry slowed down, and the supply capacity of LED upstream products was high. The competition was fierce and the overall profit margin was obvious. Sliding down.
According to the company, Deli Optoelectronics LED industry is small in scale and is still in a state of loss. In the future, it will adhere to the technology-leading orientation, take the road of differentiated competition, and expand and win the market through the technological advantages of products.
Industry recovery
The decline in gross profit has become an indisputable fact, but on the other hand, since the beginning of this year, the LED industry has also shown signs of recovery.
In March, some LED packaging manufacturers sent out price increases. WeChat friends circle has been continually drying out a letter from Mulinsen (002745), a wholly-owned subsidiary, Shenzhen Mulinsen Guangxian Technology Co., Ltd. The cost of raw materials and labor costs increased, so the price of R2121SRGB01 products was adjusted, and the shipping price was raised by 2 yuan/K."
“Some products have been raised by 10%.†Gong Wen, general manager of Jingtai Co., said in an interview that some products of Jingtai have been upgraded to further improve the performance and reliability of the products, and the selection of better raw materials has led to an increase in costs. , so the price has also been raised to some extent.
At the same time, Taiwan's LED chip leader Jingyuan Optoelectronics also spread the price of some series of LED chips.
According to the joint newspaper, although the blue LED is still oversupply, Jingyuan Optoelectronics issued a news report that some blue LED products are up, up 15%. In early May, Jingdian issued a price adjustment contact letter to the customer. The letter pointed out that the cost of various raw materials and labor increased, which was higher than the cost of the product. Therefore, the company will gradually increase the number of chips currently sold to maintain good operation. .
“Because the product pricing is too low, some of the commodities are raised to reflect the cost, and at the same time take into account the interests of the shareholders. Most of the customers receive the notice of the increase, and the losses can be reduced for the benefit of the price increase.†Jingshi spokesperson Zhang Shixian Said that the price increase.
"From the price increase of packaging manufacturers to the price increase of chip manufacturers, we can see that the overall supply and demand relationship of LED industry is gradually improving. LED prices will not fall in the past few years, and the industry's prosperity will continue to increase. Looking back, it is expected that the company's operating environment will improve," analysts believe.
Vendor response
The first price increase of Jingdian’s knockout has inevitably made domestic LED manufacturers nervous. Jingyuan Baochen Optoelectronics (Shenzhen), the domestic seller of Jingdian, said that “the price increase of Jingdian is not a comprehensive increase, but the adjustment according to the product category and model, according to the cost calculation. Currently, The customer's response is still good."
Lin Jili, executive general manager of Mulinsen, said that in April this year, he had received a notice from the company that the company had raised the price of the product. Due to the early response and adjustment, the price increase incident had no effect on Mulinsen.
As for the reason for the price adjustment, Lin Jiliang mentioned, "In fact, the price of crystal electricity is raised, it can only be said that the price will be adjusted back to a price that can have a reasonable profit. From the market point of view, with the display screen, small spacing market LED chips are currently shipping tightly, which has also driven up the price of the LED chip market."
The domestic chip giant Huacan Optoelectronics (300323), this year also adopted a number of positive measures to guide the correct development of the company, with a total investment of 6 billion yuan in LED epitaxy, chip and sapphire projects, recently launched a groundbreaking ceremony in Yiwu, Zhejiang, and at the same time, with Mulinsen The signing of the 1.5 billion yuan cooperation agreement, the participation of 3 million shares in the North, and the acquisition of Blue Crystal Technology are important layouts this year. In addition, Huacan Optoelectronics Zhangjiagang plant area will also sprint 15 MOCVD.
In addition, domestic chip maker Aoyang Shunchang (002245) also said that LED chips are currently in short supply, a total of 30 MOCVD capacity is fully loaded, the company has no price increase plan, but does not rule out the price adjustment.
The integration of the company's acquisition of Jason Electric this year has also brought a good reference. Chip companies are developing their main business and deploying emerging fields such as deep-UV chips. Today, the LED industry is highly competitive and the products are homogeneous. Better development in the case of intensification.
In general, all major LED chip companies are actively adopting various strategies to deal with them. The methods can be summarized as follows: First, listed companies can take advantage of capital financing convenience to plan non-public offering of shares to obtain equity funds; secondly, through technology upgrades. , develop new LED products (such as flip-chip, etc.); third, gradually open new markets overseas (such as emerging non-traditional markets such as Russia and India).
As a result, there are initiatives to increase sales, expand product lines, and stabilize customers. Industry experts predict that domestic LED chip manufacturers will improve their business status within 2-3 years.
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