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What kind of LED chip industry is behind the fate of geometric growth and the cliff-like decline?
As of August 30, 2017, the first half of the year’s performance reports for several LED companies including Aan Optoelectronics, Huacan Optoelectronics, Aoyang Shunchang, Silan Micro, and Ganzhao Optoelectronics have been released. Among these, Sanan Optoelectronics stood out once again with both its revenue and net profit leading the pack, solidifying its position as the leader in the domestic chip industry. Sanan attributed its growth primarily to an expanded production scale, stable product pricing, and robust production and sales.
Similarly, Huacan Optoelectronics, Aoyang Shunchang, Ganzhao Optoelectronics, Shilanwei, and Guangdong Ganhua have all reported impressive dual growth. Huacan Optoelectronics saw its revenue surge to 1.193 billion yuan, representing a year-over-year increase of 94.64%, while its net profit rose sharply by 306.28% to 216 million yuan. Ganzhao Optoelectronics also performed exceptionally well, reporting a net profit increase of 1748.59% to 101.796 million yuan. Their success was largely due to the recovery of the LED industry market, increased production and sales volumes, reduced costs, and improved product margins.
On the flip side, Xin Hai Yi's overall revenue dropped significantly in the first half of 2017, declining by 52.57%. However, their LED chip division showed significant improvement, with revenue rising to 136 million yuan, up 69.28% from 800 million yuan in the first half of 2016.
The most striking news came from Dehao Runda, whose net profit plummeted by 518.81% compared to the first half of 2016, resulting in a loss of 67 million yuan. Dehao Runda cited a mismatch between upstream and downstream production capacities affecting chip output, along with fierce industry competition as reasons for their poor performance. Additionally, they sold their international lighting business at the end of 2016, leading to a decrease in the scale of products purchased from them.
Looking at the overall picture, the LED chip market remained highly competitive in the first half of 2017, yet chip prices continued to stabilize, signaling an improving market environment.
Ganzhao Optoelectronics, with the highest net profit growth, credits the industry’s recovery to factors such as market volatility in 2015, falling chip prices, rapid expansion of packaging factories, and government support for the semiconductor industry under the 13th Five-Year Plan. The display industry's increasing demand for narrower spacing has also driven industry development and created a chip shortage.
For the second half of the year, Huo Dongming predicts that product prices will stabilize, with chip companies launching more cost-effective products, balancing overall production and demand.
In 2015, the rapid decline in LED chip prices caused many companies to sell below cost, slowing down domestic LED output growth. By the start of 2016, though oversupply persisted, the supply-demand structure began to adjust thanks to the closure of smaller plants and downstream demand driving upstream production. This led to a rebound in LED chip production value, reaching 11.54% growth with a total output value of 14.5 billion yuan.
LED lighting continues to drive the chip market forward, with the small-pitch market and growing lighting demand expected to sustain steady growth. GGII forecasts that China's LED chip industry output value will reach 18.8 billion yuan in 2017, a 29.6% increase from the previous year, and surpass 28.8 billion yuan by 2020.
In the latter half of the year, the gradual release of LED chip manufacturers’ expansion capacity will accelerate industry consolidation, enhancing the profitability and market share of leading enterprises. To address current challenges, Huo Dongming suggests chip companies focus on R&D, improve product performance, reduce costs, expand production, and deepen cooperation with downstream partners to establish stable supply relationships.
Over the past 15 years, China’s LED industry has grown rapidly, averaging a 30% annual growth rate during the 12th Five-Year Plan period. Steady growth in general lighting and backlight markets, along with emerging applications like UV/IR, small pitch, automotive lighting, optical communication, and plant lighting, are set to fuel further market expansion. With expanding downstream applications, the demand for upstream chips will continue to rise significantly.
[Image source: Bosscdn]