“The helplessness of Chinese listed companies, the 2015 annual report data, 24 LED listed companies only 6 companies have a net interest rate of more than 10%, only 13 companies 'battalion' and 'profit' double income, therefore, many domestic enterprises began to implement cross M&A, going to the so-called 'double main business', ready to flee." Dr. Zhang Xiaofei said.
And what about the current situation of LED international companies that have once seen the scenery? Philips has gradually focused on medical health, Osram is stripping in slimming, CREE is full of blood and blood, and the unique "silicon carbide" technology is out of date (not easy to sell), even GE will mean GONE EVENTUALLY? Indeed, I have to admit that LED international companies are facing an unprecedented low tide.
On the morning of June 9, 2016 (the 14th) High-tech LED Industry Summit Forum was successfully held in the Manjiang Red Hall on the 3rd floor of Shangri-La, Guangzhou. The Chairman of the High-tech Research Institute, Dr. Zhang Xiaofei, discussed in detail the domestic LED enterprises going global. Opportunities and traps.
Dr. Zhang Xiaofei, Chairman of Gaogong Research Institute
“In 2015, 53 listed companies participated in mergers and acquisitions. The main body of mergers and acquisitions was downstream enterprises and complementary mergers and acquisitions, while the proportion of vertical integration was small. In addition, the rise of overseas mergers and acquisitions and cross-border mergers and acquisitions also accelerated the elimination of industrial chain. "Dr. Zhang Xiaofei said.
According to the data of the High-Tech Research Institute LED Research Institute (GGII), in 2015, the amount of M&A between LED industry was 42 billion yuan, 53 cases were reached – reaching a historical peak, and large-scale mergers and acquisitions of over 500 million yuan accounted for 24.5%; The half-year mergers and acquisitions amounted to 10.9 billion yuan, which is expected to exceed 100 billion yuan for the whole year.
During the conference, Dr. Zhang Xiaofei conducted key analysis from the LED industry chain (upstream chip, midstream package, downstream lighting and channels).
In the upstream chip segment, international chip manufacturers do not enter China to live well, and they can't live in China (can't afford price wars). The opportunity lies in entering the international market. Technology patents are not concerned, and they are far away from domestic counterparts. The trap lies in high amounts. Management and personnel costs are not well controlled, and costs are rising sharply. In the face of low-cost competition among domestic peers, profits cannot be guaranteed.
In the midstream packaging field, the international packaging factory and the upstream chip are basically the same. The current market will mainly provide high-end device opportunities. For export or high-end users, it is a good strategy to acquire international packaging factories, such as packaging materials (such as LED phosphors, high-end Silicone) has a high added value and is worthy of acquisition. The trap is that the performance of domestically produced equipment is more cost-effective, and the acquisition of international manufacturers is only a loss.
Downstream lighting and its channel segment, the opportunity lies in the large lighting companies with retail or engineering channels, will enter the international market, the US market is a battleground, the acquisition of American lighting companies return the most, and the trap lies in small European companies For example, if there is a large-scale channel in Europe, it will not be big. In addition, if it does not match its own business, it will not be useful.
"The top ten products of China's LED lighting products export are: bulbs, lamps, panel lights, spotlights, lights, downlights, floodlights, street lights, stage lights and garden lights." Dr. Zhang Xiaofei said.
According to the statistics of GGII, from the perspective of export growth rate, except for the light strips and street lamps, the growth rate of export volume of other products has declined. Among them, the export volume of spotlights and stage lights has been negatively increased, lamps, panel lights and lamps. The export growth of belts, floodlights and street lamps was relatively good. The export of LED street lamps was 180 million U.S. dollars, a year-on-year increase of 74.1%, which was the largest increase in the top 10 exports.
"The internationalization of LED, if it is necessary to go out, the outside must be inside, the knife is polished (the product is ready), and it is not too late to kill it. The way to go out varies from company to company, and large enterprises (listed companies) pass Mergers and acquisitions, small companies through tools and cooperation, the export direction should be clear, eat dragon meat or ribs, at the same time, export products must be fine, do not want to eat anything, can not eat anything." Dr. Zhang Xiaofei mentioned.
Finally, Dr. Zhang Xiaofei pointed out that the road to internationalization of Chinese LED companies will focus on the following two ways: First, through acquisitions, equity participation, joint ventures, etc., they have international brands or local brand manufacturers or channel vendors; Enter the international market or regional market.
And what about the current situation of LED international companies that have once seen the scenery? Philips has gradually focused on medical health, Osram is stripping in slimming, CREE is full of blood and blood, and the unique "silicon carbide" technology is out of date (not easy to sell), even GE will mean GONE EVENTUALLY? Indeed, I have to admit that LED international companies are facing an unprecedented low tide.
On the morning of June 9, 2016 (the 14th) High-tech LED Industry Summit Forum was successfully held in the Manjiang Red Hall on the 3rd floor of Shangri-La, Guangzhou. The Chairman of the High-tech Research Institute, Dr. Zhang Xiaofei, discussed in detail the domestic LED enterprises going global. Opportunities and traps.
Dr. Zhang Xiaofei, Chairman of Gaogong Research Institute
“In 2015, 53 listed companies participated in mergers and acquisitions. The main body of mergers and acquisitions was downstream enterprises and complementary mergers and acquisitions, while the proportion of vertical integration was small. In addition, the rise of overseas mergers and acquisitions and cross-border mergers and acquisitions also accelerated the elimination of industrial chain. "Dr. Zhang Xiaofei said.
According to the data of the High-Tech Research Institute LED Research Institute (GGII), in 2015, the amount of M&A between LED industry was 42 billion yuan, 53 cases were reached – reaching a historical peak, and large-scale mergers and acquisitions of over 500 million yuan accounted for 24.5%; The half-year mergers and acquisitions amounted to 10.9 billion yuan, which is expected to exceed 100 billion yuan for the whole year.
During the conference, Dr. Zhang Xiaofei conducted key analysis from the LED industry chain (upstream chip, midstream package, downstream lighting and channels).
In the upstream chip segment, international chip manufacturers do not enter China to live well, and they can't live in China (can't afford price wars). The opportunity lies in entering the international market. Technology patents are not concerned, and they are far away from domestic counterparts. The trap lies in high amounts. Management and personnel costs are not well controlled, and costs are rising sharply. In the face of low-cost competition among domestic peers, profits cannot be guaranteed.
In the midstream packaging field, the international packaging factory and the upstream chip are basically the same. The current market will mainly provide high-end device opportunities. For export or high-end users, it is a good strategy to acquire international packaging factories, such as packaging materials (such as LED phosphors, high-end Silicone) has a high added value and is worthy of acquisition. The trap is that the performance of domestically produced equipment is more cost-effective, and the acquisition of international manufacturers is only a loss.
Downstream lighting and its channel segment, the opportunity lies in the large lighting companies with retail or engineering channels, will enter the international market, the US market is a battleground, the acquisition of American lighting companies return the most, and the trap lies in small European companies For example, if there is a large-scale channel in Europe, it will not be big. In addition, if it does not match its own business, it will not be useful.
"The top ten products of China's LED lighting products export are: bulbs, lamps, panel lights, spotlights, lights, downlights, floodlights, street lights, stage lights and garden lights." Dr. Zhang Xiaofei said.
According to the statistics of GGII, from the perspective of export growth rate, except for the light strips and street lamps, the growth rate of export volume of other products has declined. Among them, the export volume of spotlights and stage lights has been negatively increased, lamps, panel lights and lamps. The export growth of belts, floodlights and street lamps was relatively good. The export of LED street lamps was 180 million U.S. dollars, a year-on-year increase of 74.1%, which was the largest increase in the top 10 exports.
"The internationalization of LED, if it is necessary to go out, the outside must be inside, the knife is polished (the product is ready), and it is not too late to kill it. The way to go out varies from company to company, and large enterprises (listed companies) pass Mergers and acquisitions, small companies through tools and cooperation, the export direction should be clear, eat dragon meat or ribs, at the same time, export products must be fine, do not want to eat anything, can not eat anything." Dr. Zhang Xiaofei mentioned.
Finally, Dr. Zhang Xiaofei pointed out that the road to internationalization of Chinese LED companies will focus on the following two ways: First, through acquisitions, equity participation, joint ventures, etc., they have international brands or local brand manufacturers or channel vendors; Enter the international market or regional market.
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