The packaging industry has increased its concentration and the package leader has benefited. According to the packaging capacity, Guoxing Optoelectronics is the second largest LED packaging enterprise in China, with a current packaging capacity of 4000kk/m.
This year, the top three packaging factories in China expanded their production speed (including: Mulinsen 15000kk/m->25000kk/m; Hongli Photoelectric 2200kk/m->3500kk/m; National Star also has a production expansion plan).
With the expansion of leading manufacturers, LED package prices are expected to decline in 2016 after a sharp decline in 2015. Under the pressure of price, small enterprises will continue to withdraw. Although the company will suffer short-term gross profit or pressure, the company will benefit from market concentration in the medium and long term.
Guoxing Optoelectronics acquired Yaweilang last year, combined with its own holding National Star Semiconductor, to lay out the upstream LED chip design. At present, about one-third of the company's white-light packaging has been self-produced. In addition, the deep-UV LED chips that Yaweilang is committed to research and development have also become the company's medium and long-term perspective.
The small-pitch LED market broke out, and Guoxing Optoelectronics enjoyed the downstream market growth dividend.
In recent years, the small-pitch LED market has developed rapidly. According to AVC statistics, the global small-pitch market reached RMB 2.4 billion in 2015, of which China's 1.3 billion yuan, a year-on-year increase of 40%. On the one hand, the small-pitch market continues to explode. It is expected that by 2020, the global small-pitch market will exceed 10 billion yuan, and the demand for small-pitch LED packages will increase. On the other hand, as the pitch of small-pitch LEDs gradually shrinks, every square meter of screen needs The number of beads has increased rapidly. In combination of two factors, we expect the demand for small-pitch LED lamp beads to maintain a 70% compound growth rate in 16-18 years.
RGB Device Division is the traditional advantage business of Guoxing Optoelectronics. As the second largest LED small-pitch packaging manufacturer in the world, the company's monthly production capacity is second only to Taiwan Everlight. In view of 1) the company has been able to mass-produce 0808 small-pitch packaged devices, it is the only energy-generating 0808 package device enterprise in China, with obvious technical advantages; 2) the industrial chain is at home and has cost advantages. We believe that the company is expected to enjoy the downstream market growth dividend in the future.
The high-quality state-owned enterprises of Guangzhao and the Foshan lighting platform were first formed: after Guangsheng Company, a subsidiary of the Guangdong State-owned Assets Supervision and Administration Commission, became the actual controller of the company, in 2015, Guangzhao settled in Foshan Lighting and became the major shareholder of Foshan Lighting. In the short-term, Guoxing Optoelectronics and Foshan Lighting are expected to develop synergistically, and the performance will continue to grow steadily. In the medium and long term, the Hirose platform integrates the upstream, middle and downstream industrial resources, and exerts synergies between enterprises in the region to open up the entire industry chain. , to create a large LED platform.
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