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Guangdong LED boom continues industry mergers and acquisitions
As the growth champion of the eight strategic emerging industries in Guangdong Province in 2013, the Guangdong LED industry continued its strong growth momentum in the first half of this year. Guangdong Semiconductor Lighting Industry Joint Innovation Center and Guangdong Emerging Industry Strategic Development Research Institute released the "Guangdong Province LED Industry Operation Monitoring Report for the Second Quarter of 2014". From January to June 2014, the total output value of Guangdong LED industry reached 154.546 billion yuan. The year-on-year growth was 23.47. The performance of listed companies in the industry benchmark was even more amazing. The newly disclosed semi-annual report data shows that the overall income and profit of Guangdong listed companies with LED lighting and LED display as the main industry have increased significantly, such as Ai Biesen, Guoxing Optoelectronics [0.00 Fund Research Report], Lehman Optoelectronics [0.00 The income of the research report, Alto Electronics [-0.26 Capital Research Report], Hongli Optoelectronics [-0.92 Fund Research Report] and other revenues all exceeded the industry average during the same period. In addition, mergers and acquisitions and expansion have become the hottest theme in the LED industry in the first half of the year. Many Guangdong LED companies have successively disclosed mergers and acquisitions and expansion announcements. Zhang Xiaofei, president of the High-tech LED Industry Research Institute, said that the LED industry is welcoming the era of integrated development. The drivers of growth drivers driving the current LED boom are mainly the rise in exports and the decline in upstream costs. According to the monitoring of the top ten key areas of LED export in Guangdong Province, in the first half of the year, the export volume of Guangdong LED key areas reached 38.277 billion yuan, a year-on-year increase of 39.35. From the perspective of segmentation, LED lighting, packaging, display three products The year-on-year growth rate of output value exceeded 26. In August, Ai Bisen, who had just landed on the GEM, handed over a beautiful semi-annual report. From January to June 2014, the company's revenue was 470 million yuan, and the net profit was 77.585 million yuan. 60 or so. According to the company, the strong demand for LED full-color display in the world, especially in Europe and the United States, is the key to performance growth. In an interview with the Securities Times reporter, Ai Bison chairman Ding Yanhui bluntly said that the company's main LED full-color display space is still very large in the international market, and there are even many blank markets waiting to be developed, such as Brazil, Russia, etc. . It is worth noting that the rapid growth of overseas emerging market demand represented by Russia is bringing greater opportunities for Chinese LED companies. The data shows that in the first half of 2014, the export value of China's LED lighting products was about 4.35 billion US dollars, of which about 440 million US dollars were exported to the BRICS countries, an increase of 350% over the same period of the previous year. The Russian market only exported 327 million US dollars in the first half of the year, a year-on-year increase. 571, in one fell swoop, it is the second largest export market in China. In addition to exports, due to the impact of upstream chip technology and rapid price decline, the price gap between LED lighting and traditional lighting products is gradually narrowing, and the price/performance advantage has already appeared. This has significantly boosted the growth of LED lighting products. This LED whirlwind has made the performance of the traditional lighting faucet Foshan Lighting [5.70 Fund Research Report] stand out. It is understood that Foshan Lighting's LED lighting products revenue in the first half of this year reached 421 million yuan, a surge of 341.1, the business gross margin was 20.37, an increase of 6.68 over the same period last year, driving the company's overall gross profit margin increased by 1.97 compared with the same period last year. LED business has become The company's main growth engine. The good development trend of active LEDs in M&A expansion has also stimulated the desire of enterprises to expand. More and more LED listed companies choose to seize the market through mergers or acquisitions. Among them, Guangdong LED listed companies are particularly active. According to the data, in the first half of 2014, a number of Guangdong enterprises including Foshan Lighting and Changfang Lighting [1.15 Capital Research Report] disclosed the acquisition announcement. For example, Foshan Lighting plans to acquire Suzhou Mengtai Libao Optoelectronics Co., Ltd., which focuses on LED commercial lighting products and engineering product development; Changfang Lighting announced that it intends to acquire 60 shares of Shenzhen Kang Mingsheng for 528 million yuan, the latter is provided by LED mobile lighting applications. If the acquisition is successful, the product line of Changfang Lighting will be broadened. Other industry bosses have met each other and asked if they have earned it. Now our industry bosses have met, especially if they have not yet listed, they will ask if they have not. It is the meaning of not selling it. An unlisted LED business owner in Shenzhen believes that listed companies have just begun to acquire non-listed companies in the industry with the help of financing advantages. As hot as mergers and acquisitions, there is also the impulse of listed companies to expand their production capacity. On August 19 this year, LED packaging leader Hongli Optoelectronics disclosed that it plans to invest about 1 billion to 1.5 billion yuan to build an industrial park in Nanchang, and expects to achieve an annual output value of 1.5 billion yuan within three years. In addition, Guoxing Optoelectronics has publicly stated that in the first half of 2014, the company has formulated a plan to expand production. It is expected that by the middle of 2014, the company's packaging capacity will reach 1400 KK per month. Compared with the end of 2013, 1000KK monthly capacity growth reached 40. The rapid expansion of production capacity has also caused concern among all parties, especially the negative impact of the previous round of overcapacity and the previous lessons of the photovoltaic industry, which has worried many market participants. The LED industry will repeat the same mistakes. In this regard, Shenzhen LED Industry Federation researcher Zhai Zili said that overcapacity is not enough, because the LED industry is in the development stage, with the expansion of application areas, coupled with the sharp increase in overseas exports, the market scale continues to expand, even if there is capacity Excess, it is only a local product in some areas, not like PV. Zhang Xiaofei, president of the High-tech LED Industry Research Institute, is also optimistic. He believes that this round of expansion is mainly led by industry leaders, which is relatively rational and will not bring too much pressure on the industry as a whole.