Is the Jingfeng Mingyuan IPO suspected of sustainable profitability? Osram will sell the lighting business, the global lighting industry has changed dramatically? Nichia is planning to expand the production capacity of LED application products. What is the motivation behind this move? MicroLED technology is not perfect, and the cost problem is the biggest constraint? ... we will explain for you one by one! 1. Sustainability of profitability is questioned, Jingfeng Mingyuan IPO is no On May 2, the official website of the China Securities Regulatory Commission disclosed Jingfeng Mingyuan, and the company plans to issue no more than 15.4 million shares on the Shanghai Stock Exchange. However, according to the "Announcement on the Review of the 113th Meeting of the 17th Session of the 18th Audit Committee of the 19th CBR" issued by the CSRC on the evening of July 31, the first launch of Jingfeng Mingyuan was not approved. Comments: Jingfeng Mingyuan is one of the domestic analog and mixed-signal integrated circuit design companies. Its main business is the development and sales of analog and mixed-signal integrated circuits. The main products are LED lighting driver chips, including general-purpose LED lighting driver chips and smart. LED lighting driver chip, etc. With the increase in the proportion of smart lighting chips, Jingfeng Mingyuan's performance has increased significantly in 2017, but it is doubtful whether such a change can really support the rapid growth of performance. In addition, the company's gross profit margin is lower, and lower than the peer level. With the intensification of LED driver chip competition, the future chip price is bound to decline, which will directly lower its gross profit margin, the company's future sustainable profitability. Doubt. 2. OSRAM will sell the lighting business The OSRAM Group Board of Directors recently decided to sell its luminaire business. As part of its strategic restructuring plan, OSRAM will continue to focus on growth markets in the high-tech sector. OSRAM will arrange discussions with potential buyers. The OSRAM Board of Directors will also announce the latest developments in this strategic plan at the Capital Markets Conference in November. Comments: The change of Osram not only reflects the company's own major adjustments in its business strategy, but also reflects the major changes in the global lighting industry landscape. In recent years, international lighting giants such as Yannuo, Osram and GE have undergone tremendous changes, and Chinese companies have frequently gone to sea, which has brought about tremendous changes in the global lighting landscape. However, one thing that has to be taken seriously is that although Philips and Osram have divested some of their businesses, their global competitiveness has not weakened, but the potential for sustainable development has become even greater. After all, Philips and Osram are more focused on high-tech fields with better growth in the future, such as automotive lighting, plant lighting, smart connected lighting and more. In the future, Chinese companies will not be able to compete with Yannuo and OSRAM, so it is the top priority for Chinese companies to enhance their core competitiveness. 3. Nichia will invest 16 billion to expand the production capacity of LED application products Nichia Chemical announced on July 25 that the demand for LEDs for lighting and backlight modules will continue to be strong, and LEDs will be expanded to various fields such as automobiles and industrial machines. We will build a new plant in the factory in Naruto Plant (Mingmen City, Tokushima Prefecture) and expand the production capacity of LED application products to maintain the top market share in the LED market. Comments: White LED is the main source of revenue for Nichia, but due to the expansion of production capacity by LED manufacturers in mainland China and Taiwan, price competition is intensifying. Therefore, Nichia will strengthen high value-added LED products such as automotive/lighting/liquid crystal. cause. For Nichia, its revenue has been at the forefront for many years. However, its gap with other manufacturers has been shrinking year by year, which also reflects that Nichia's original market share is being eroded by its peers. The narrowing of competitive advantage is a problem that Nichia has to face squarely. Through this expansion, Nichia is hoping to enhance its competitiveness through high value-added products, and on the other hand, it can reduce operating costs by using large-scale production. 4.MicroLED technology is not perfect but all aspects are constantly moving forward For most critical display performance, microLEDs have been able to reach or exceed OLEDs. However, microLED is also an inherently complex technology. If you make a 4K resolution microLED display, it means that you need to assemble and connect 25 million micro LED chips with large bacteria size without any mistakes, and the installation accuracy needs to reach 1 Um or below. Comments: At the beginning of 2017, there are many other challenges that seem to be a potential obstacle. After 18 months, some assembly techniques have been able to provide yields close to 99.99% or 99.999%, and the assembly efficiency of small-sized chips has approached or exceeded OLEDs. Many vendors are still focused on building their first prototype, but the most advanced vendors have realized that pushing the technology from a functional demonstration to a consumer product may require more effort than expected. The cost issue is urgently needed to be solved. Technological development has paved the way for cost reduction and scale manufacturing, but it is not easy. MicroLED manufacturers must understand the cost targets for each application and choose the process backwards, as well as each step of development to meet cost requirements. If no process technology can provide the right economy, then the opportunity will never fall. MicroLED is entering the valley of death between technology development and industrialization and commercialization.
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