The growth of the global LED industry market is slowing down. It is expected that the future trend will continue to be global. The number of participating companies in the LED industry chain will be pyramid-shaped. In 2016, the global LED industry market reached 699.6 billion yuan, an increase of 8.6% compared with 2015, the lowest growth rate in 4 years. It is expected to continue to decline in the next few years, but the overall upward trend remains unchanged.
Although the growth rate of the global LED market in 2016 is not high, the internal changes in the entire industry have been greatly adjusted. The prices of products in the downstream lighting application sector have continued to fall, but the upstream chip and packaging links have a high degree of prosperity.
China's LED industry is expanding steadily, and the structure differentiation in the industry is increasingly obvious. China has initially formed a relatively complete industrial chain including LED epitaxial wafer production, LED chip preparation, LED chip packaging and LED product application. With the improvement of the supply and demand pattern in the upstream chip field, the overall chip supply is in short supply; the market size of the midstream packaging field continues to expand; the general scale of downstream applications accounts for more than 40%, the growth rate of traditional applications is slowing down, emerging applications are continuously expanding, and the future of LED industry is expected. Continuous improvement, the structural differentiation within the industry is becoming more and more obvious.
Leading enterprises in the segment continue to benefit, and downstream emerging applications lead the industry to develop higher technology in the upstream LED chip field. The listed companies in the upstream chip field in China mainly include Sanan Optoelectronics, Dehao Runda, Aoyang Shunchang, etc. The main fields are Dongshan Precision, Zhaochi, Mulinsen, Honglizhihui, etc.; downstream applications include Op Lighting, Liard, and Zhouming Technology. In general, the listed companies in China's LED industry are mainly concentrated in the midstream packaging field and downstream application areas. The industry leaders continue to benefit from the fierce market environment, and downstream emerging applications lead the industry.
Investment Advice
With the improvement of the supply and demand pattern in the upstream chip field, the overall chip supply is in short supply; the market size of the midstream packaging field continues to expand; the general scale of downstream applications accounts for more than 40%, the growth rate of traditional applications is slowing down, emerging applications are continuously expanding, and the future of LED industry is expected. Continuous improvement, the structural differentiation within the industry is becoming more and more obvious.
LED chip technology has a high technical threshold. It is recommended to have long-term technology accumulation and lead the industry in Sanan Optoelectronics (600703); LED packaging field is fiercely competitive, industry concentration is increasing, it is recommended to package large enterprises Mulinsen (002745) and Hongli Zhihui (300219); the penetration rate of LED application industry continues to increase, the growth rate of traditional applications slows down, and the growth rate of emerging applications exceeds that of traditional applications. It is recommended to create the original enterprise Liard (300296) in emerging LED small pitch technology.
Risk warning: The industry development speed is not up to expectations; the market environment is subject to large fluctuation risks.
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