LED packaging industry: a Super Multi-strong pattern forms a balance between supply and demand

Up to now, the LED industry has become a certain trillion-level market. Both top-level government design and industry practitioners are optimistic about the rapid development of the industry in the next two or three years. First of all, LED industry industry penetration rate (30 ~ 40) There is still room for doubling, and it is still in a rapid replacement stage in recent years. Deterministic trillion-level market, unlimited possibilities to be explored. Up to now, the LED industry has become a certain trillion-level market. Both top-level government design and industry practitioners are optimistic about the rapid development of the industry in the next two or three years. First of all, LED industry industry penetration rate (30 ~ 40) There is still room for doubling, and it is still in a rapid replacement stage in recent years. Secondly, the packaging industry continues to shift to the mainland. According to our research, orders from foreign packaging manufacturers Seoul Semiconductor and Samsung to mainland enterprises are gradually increasing. Chinese packaging enterprises are facing a large market. Furthermore, as the cost of lamp beads decreases, more application scenarios are gradually being developed, and new applications such as intelligent lighting and vehicle lighting LED to the next stage of demand. The packaging industry pattern is initially set, and resources and markets are concentrated in the head companies. At present, the industry has formed a super-strong situation: a super-wood forest is the best in size, and its production capacity and revenue are not at the same level as its peers. After the acquisition of LEDVANCE, the scale of revenue has tripled and become an LED company. Among the strong, Guoxing optoelectronics and Hongli Zhihui are in the second camp, and the two are equivalent in size (Revenue is 2 billion ~ 3 billion)But each has its own characteristics. The third echelon is a relatively small-scale packaging enterprise such as Ruifeng optoelectronics and jufei Optoelectronics (Revenue is 15 ~ 2 billion). Although the current pattern is initially fixed, the reshuffle is still continuing, and resources are concentrated in the head enterprises. Capacity expansion slowed down and supply and demand tended to balance. In the series of investigations, we noticed a phenomenon that the production capacity of each company has not changed much compared with the first half of the year, and the level of capacity utilization is not high. On the one hand, we judge that the third quarter is the off-season of traditional lighting, and the growth rate of related packaging enterprises has slowed down. On the other hand, several companies have new production bases under construction (Several of them have chosen Jiangxi in the same place) The recruitment of relevant personnel and production equipment are expanding, and this is to prepare for the rapid expansion of production, and there is no need to worry about the short-term growth rate and the slowdown in capacity expansion. With the release of CHIP expansion capacity, we judge that the industry has entered the stage of supply and demand balance from supply shortage. Investment advice. Specific to the target, we continue to push the leading wood forest. As the industry leader, the future space of Jason is far more than this, and the pattern is far more than this. For second-line packaging enterprises, we suggest to pay attention to Hongli Zhihui, which has made many achievements in the field of LED lamps, and Guoxing Optoelectronics, which has small-pitch packaging technology and scale. Next year is the new year of sports. The following year is the founding of the People's Republic of China. The Sports Display and landscape lighting industry is bound to have good growth. It is recommended to pay attention to related companies Liad, Zhou Ming technology and Oto electronics.