Five trends of merger, purchase and integration in LED lighting industry in 2015

by:ALLTOP      2020-01-06
As of November 2014, there were more than 80 concept stocks related to LED lighting industry. Among them, there are 22 enterprises listed through the concepts related to LED industry chain, mainly LED chips, packages, display screens, outdoor lighting, supporting materials and supporting equipment. In the process of gradual maturity of LED lighting industry, merger, purchase and integration is an inevitable process. Looking forward to 2015, the Institute of High-tech LED industry believes that the merger and integration of LED industry chain will show the following five trends: Trend 1: The overall merger and acquisition amount will exceed 20 billion yuan, mergers and acquisitions with a scale of more than 0. 5 billion yuan will increase. Trend 2: LED indoor lighting mergers and acquisitions will break through and become an important leading role. In the process of industry integration, the absence of important links indicates that the industry has not yet entered the climax of integration, and the critical period of integration has begun to come in 2015. Trend 3: upstream Sapphire and chip industry merger and acquisition deadlock will break through. At present, there are few cases of integration of sapphire and chip industry chain upstream of LED, and a few cases are not strong or complementary. It is expected that there will be successful mergers and acquisitions in sapphire and chip links in 2015. Trend 4: traditional lighting enterprises will make efforts to merge and purchase. Most traditional lighting enterprises have advantages in domestic channels and weak export links. International brand awareness is basically zero, but there is still much room for development in export. Trend 5: merger will go international. Overseas merger cases will increase. With the increasing intention of excellent domestic LED industry chain enterprises to go abroad, the integration of overseas LED lighting industry chain enterprises and channels will be put on the agenda. Looking back on 2014, there was a sharp increase in mergers and acquisitions in the LED lighting industry in 2014. There were more than 100 related mergers and acquisitions, with the amount of mergers and acquisitions exceeding 10 billion yuan. Among them, there are more than 20 mergers and acquisitions of listed companies in LED industry chain, with the amount of mergers and acquisitions exceeding 6 billion. In the merger and acquisition of listed companies, Feile Audio acquired 100 equity of Shen 'an group 15. 0. 9 billion yuan, Tsinghua Tongfang acquired Zhen Mingli 51. 6 shares of HK $0. 9 billion, Changfang Optoelectronics acquired 60 shares of Kang Mingsheng 5. 2. 8 billion yuan, the top three. Looking at the relevant merger and acquisition cases of listed enterprises as a whole, the following four characteristics are presented: first, the merger and acquisition of listed enterprises in LED industry chain in 2014 is active in cross-border merger and acquisition, with complementary merger and acquisition as the main factor. Second, the proportion of horizontal integration of the main business of the enterprise is very small. The only cases of horizontal expansion of the main business are Lianjian Optoelectronics's acquisition of Yi Shida, Hongli Optoelectronics's acquisition of smade, and Zhou Ming technology's acquisition of Lanpu technology. Third, indoor lighting enterprises are absent from the grand banquet of mergers and acquisitions. As an important engine part of the development of LED industry, indoor lighting enterprises suffered cold in the merger and acquisition tide in 2014. High-tech LED Industry Research Institute believes that it is mainly because 1) Most of LED Indoor lighting enterprises with terminal sales channels are transformed from traditional lighting enterprises. Pure LED lighting scale enterprises are basically export-oriented, these two kinds of enterprises are more difficult to control for the current LED listed companies. 2) Excellent LED indoor lighting enterprises are making listing plans, and their intention to be acquired is not strong, and the cost of acquisition is also very high. Therefore, even if there are several LED indoor lighting merger and purchase cases that are still in the early contact and negotiation process, there are no successful merger and acquisition cases at present. Four, the integration of traditional lighting enterprises and LED lighting enterprises is not obvious. This is related to the fact that the LED lighting industry is currently in a golden development period and the horizontal integration of the industry is in the early stage. For traditional lighting enterprises, there are few domestic traditional lighting listed enterprises. At present, there are only a few enterprises such as Rex, sunshine, xuelaite, fozhao and Yaming, however, TCL and Meimei's lighting account for a small proportion of the group's scale, making it difficult to operate on a large scale. For international enterprises, it is difficult for domestic LED lighting enterprises to enter the eyes of international enterprises. For LED lighting enterprises, there is currently no listed enterprise focusing on LED indoor lighting. Regarding the merger and purchase related to the LED industry chain, Zhang Hongbiao, research director of the Institute of High-tech LED industry, said that with the intensification of competition in the LED lighting industry chain, enterprises are facing greater competitive pressure and survival pressure, LED industry has only 2-3 years of prime time. Excellent Enterprises in the industrial chain need to change their ideas. It is also a very good way to obtain funds through mergers and acquisitions and realize indirect listing. Most enterprises with financial strength will develop and grow more effectively through mergers and acquisitions, not necessarily through their own expansion of production and construction channels. According to the current trend of merger, purchase and integration in the industry, it is a high probability event that there will be tens of billions of enterprises in three years. The vision of domestic enterprises needs internationalization more. International Enterprises Philips, Osram, GE, CREE, etc. also regard mergers and acquisitions as an important means to continuously develop and grow. In the process of domestic enterprises moving towards the international level, whether the merger and purchase strategy can be successfully applied will be the key to its success in internationalization.
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