LED display and lighting industry, especially small-pitch screens and smart lighting products, there are still many "outsiders" sharpened heads to squeeze inside. However, as a listed company, Qinshang Optoelectronics actually wants to sell LED business. This can not help but make many people in the circle have doubts about the future of LED products.
Qinshang Optoelectronics said at the investor exchange meeting held on May 13 that the company is actively transforming into the education industry (it has purchased 100% of Guangzhou Longwen Education Technology Co., Ltd. by issuing shares and paying cash). It will strive to sell the LED business to the Qinshang Group in 2017, and the hundreds of millions of cash recovered will be concentrated in the education field.
In fact, without careful analysis of the announcement of Qinshang Optoelectronics, it is enough to discover that this is a typical "backdoor listing" process. However, for small and medium investors, “educational†assets are a hotter project than “LED†assets. Xiao Bian believes that the growth of China's economy in the future is in the service industry. The three biggest increments in the service industry are: cultural education, medical medicine, and old-age services. And isn’t the international concept of “lifelong learning†also mentioned?
Although the LED industry, such as display screens and lighting, is still a "growth" industry, compared with the future space of education, it is really the gap between sesame and watermelon. What's more, in the past three years, the price of LED display in the outdoor screen market has become increasingly fierce, and the profit margin has been continuously reduced. The price of LED lighting has fallen sharply. The price drop has largely offset the value space brought by the market growth. Small-pitch LED displays although all "The parameters are known" are very beautiful, but after all, they face a barrier to a limited total market.
In this context, education for LEDs is in line with the basic laws of capital pursuit of profit and room for development. However, Xiao Bian does not believe that this conclusion is the reason for "seeing the decline" LED industry.
First of all, Qinshang Optoelectronics does not “do not do†or “dissolve†the LED business, but withdraws from the listed company and transfers it to the parent company. At least, the LED project is now a source of profit for the company.
Second, the development of the LED industry has not completely reached its peak. For example, from the perspective of liquid crystal display backlights, in the future, after the liquid crystal technology turns to OLED technology, the backlight market shrinks and disappears. However, from the lighting market, LED lamps and so on are still in the market growth channel. The main problem in the market is the competition for homogenization and the pressure of price wars. This requires industry companies to solve with wisdom and innovation. From the display side, the outdoor screen market is relatively stable, and steady and rising; indoor small-pitch screens are at a critical stage of explosive growth.
Therefore, the problem of the LED industry is structural. These problems can be roughly classified into two aspects. First, some products are really losing market. For example, LCD backlights, large-point display screens; second, other areas are growing at high speed, such as small-pitch LED screens, smart lighting.
Third, the LED industry is still enjoying the "social development" results. For example, the development of urbanization will inevitably increase the demand for lighting products, safety command and dispatch, small-pitch LED screens, and outdoor commercial LED advertising screens. Daping Jun believes that even if the LED industry reaches a saturated application field, it will maintain at least the growth rate of GDP with the progress and development of the whole society.
In summary, it is unscientific to regard the LED industry as a “no future†industry. Of course, this is not to say that the LED industry can obtain a “space†for the development of the education industry. After all, human education is facing a huge turning point: from the previous school to the main body, the student system characterized by the education system; to the future innovation society, intelligent age, lifelong learning as the characteristics, social diversity institutions as the main educational system change. The wealth opportunity brought about by this change is obviously far greater than the LED technology industry.
“No need for over-interpretationâ€, this is the core evaluation of Dapingjun’s event on the sales of LED panel business by Qinshang Optoelectronics. And this incident is not enough to become a "reference" for the future development strategy of the LED industry.
On the one hand, Qinshang Optoelectronics is a listed company in the circle, but the results in these two years are not satisfactory. For example, operating income fell by 20% in 2014, and fell again by more than 6% in 2015; in the first quarter of 2016, it fell by 2.54% year-on-year. This has a lot to do with the business structure of Qinshang Optoelectronics – focusing on the lighting field, and at the same time being hit by the “big price reduction†of the entire industry chain and emerging Internet companies.
On the other hand, more listed companies in the LED circle, such as Zhou Ming, Liard, and Lianjian, have chosen the vertical and high-end ideas of the industry chain to solve their own development problems. Through the acquisition and expansion of the downstream of the industrial chain, through the innovation of small-pitch LED screens, many LED companies today have a completely different industrial structure from three years ago.
It is this gap in management that has led to the “being of the shell†of Qinshang Optoelectronics today. For the inherent LED business, the transfer to the Qinshang Group is not necessarily a bad thing. Daping Jun believes that in the context of fierce competition in the LED industry and continuous industry and technological innovation, after the Group has acquired LED assets, its decision-making execution capability will inevitably be improved – in fact, the transparency of listed companies and the participation of public shareholders. Although it reduces the risk of advancing, it also increases the risk of decision-making and execution efficiency. The latter is a strategic issue that has a huge impact on corporate transformation.
The above analysis shows that the expected business changes of Qinshang Optoelectronics are only examples of the industry and do not have common characteristics. This matter is more of a problem of diligently operating itself, rather than an industry issue. By making it an industry-wide interpretation, it is impossible to get the right rules.
Compared with the change of the backdoor, LED circle enterprises should pay more attention to the law of the industry's own development. Da Pingjun believes that at least five aspects must be specifically stated:
First, similar to the application of "replacement trend" such as liquid crystal backlights, LED companies should have a plan to gradually withdraw. Second, for high-speed development markets such as small-pitch LED screens, LED screen companies must be more active, whether it is innovation or marketing, they need to be more powerful. Third, for the traditional outdoor large screen, do not think that technological innovation has reached the end, at least pixel intensive is a big trend, and the intelligent development of outdoor advertising also requires the participation of LED screen enterprises. Fourth, the LED lighting industry, that is, "is the LED industry, not the LED industry", LED companies should jump out of the LED technology category to look at this industry. Fifth, LED companies should pay attention to diversified business forms – such as operational advertising screens and security monitoring products; leased LED screens and systems; different organizational forms of retail sales and engineering service systems.
For the fourth point, Dapingjun needs extra supplementation and refinement. Why is LED lighting going to jump out of LED technology? First, lighting is an engineering market and a market for branded consumer products. The latter refers to applications for ordinary families. In the home market, brand factors affect consumers' purchases more than technical factors. The engineering market is the opposite. Second, the lighting market is not a market for technology curing. For example, laser lighting, OLED lighting, etc. are all feasible solutions. There is no clear conclusion as to which technology will dominate the future. At this time, it is not wise for LED lighting companies to over-label LED technology. In the future, there may be sales of other technical products - especially those with terminal and branded companies. It is also necessary to understand the connection and separation of technology and brand. The third aspect is that the lighting market is entering an era of intelligence, both in engineering lighting and in home. This means that lighting companies are not only light source technology, but also IT technology - that is, LED lighting is also IT information products, Internet of Things products. This third aspect also gives LED lighting companies a broader space for innovation.
Xiao Bian believes that LED companies want to grow and develop, and making the most of these aspects is the most direct way. These directions are done, and the same great world-class companies can emerge. Again, "traditional opportunities are also opportunities. She does not necessarily give back less than new opportunities." And when swarming into the new opportunity industry, who can guarantee that tomorrow will not be "overcapacity"!
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