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2011 "closures " after , LED lighting industry began to shuffle toward consolidation period , not willing to pour the last moment before dawn many LED companies have to seek public financing . Although the industry conceal quality ills , but frequently issued a dividend policy gradually , LED lighting usher in a new round of market surges .
It is reported that since last November 4 Development and Reform Commission and other departments to publish since our road map out of incandescent , LED lights , such as public procurement tenders , semiconductor lighting "Twelfth Five Year Plan" and other favorable policies related to frequent . Recently, the State Council executive meeting discussed and adopted the "national basic public service system " second five "plan ," which arranged 2.2 billion yuan subsidy funds to support the promotion of energy-saving lamps and LED lamps.
Driven dividend policy , capital markets extended an olive branch to the LED lighting industry . 2012 a quarter , six LED company officially listed issuers , two will go through , which involves LED lighting companies have five .
However, the bubble effect caused by hot money has cropped up , LED industry has been completely "speculation" of it, it is difficult to quell the overheating investment in commercial real estate bubble.
This situation is bound to accelerate the industry consolidation, Institute of Engineering LED Xiaofei think : "LED lighting industry in five years there will be three major battles , all sub-sectors will be divided ."
Policy under the " market boom"
On May 16 the State Council launched energy-saving lamps and LED lights 2.2 billion yuan subsidy policy before 9 days , the ministry issued " semiconductor lighting technology development," second five "special ( draft ) ", said the scale of the industry during the period to 5000 billion, cultivating 20 to 30 master core technologies , with more intellectual property rights and brands of leading enterprises, to support 40 to 50 innovative high-tech enterprises , and built 50 "Ten City, ten thousand " pilot demonstration cities and 20 an innovation ability, the distinctive characteristics of industrial base.
Coupled with the NDRC previously announced " China out of incandescent road map" three ministries and organizations with national semiconductor lighting products in 2012 financial subsidies and other policies to promote the project bidding , Everbright Securities analysts said the beginning of the first quarter of this year , LED industry boom has rebounded , backlight , lighting needs in large numbers, order visibility restored to about two months , operating rate than the big increase, leading enterprises even close to full. With the " Twelfth Five-Year Plan" and the introduction of an ongoing policy of subsidies , LED boom will rise further .
In the policy , driven by the capital markets to the LED lighting industry offered an olive branch . 2012 a quarter , six LED company officially listed issuers , two will go through , which involves LED lighting companies have five .
According to the " Daily Economic News" reporter statistics, in 2012 listed the five companies involved in the LED lighting industry , Mason Technologies (002654, SZ) to raise 220 million yuan to invest in new high efficiency SMD LED and LED green energy-efficient lighting project lighting production projects ; rectangular illumination (300301, SZ) to raise 260 million yuan for the expansion of LED lighting and lamps ; Jufei (300303, SZ) to raise 310 million yuan expansion backlight LED components and LED lighting devices ; HC SemiTek (300323, SZ) intended to raise 900 million yuan building the third phase of LED epitaxial chip project ; Liard (300296, SZ) to raise 280 million yuan for LED applications industrial Park Project .
The importance of public financing will appear one by one in the near future .
Shenzhen Leaguer Venture Capital Management Co., Ltd. Qingyuan president Liu Jianyun previous interview , said , " after the listing of the company will usually extend to the upstream and downstream industries , to bring pressure on unlisted companies , while the LED industry has a capital-intensive Features , IPO successful businesses have a greater advantage to accelerate consolidation in the industry . "
Investment Advisor in Senior Fellow in China in the "Daily Economic News" reporter, said, " market surges advantage in favor of the LED industry companies to raise more funds in the industry downturn contrarian expansion , the implementation of a vertical integration strategy , which open up the whole industry chain downstream , which can not only play industrial chain synergies , reduce operating costs , improve economic efficiency , but also can improve the industry concentration , expand their market size, occupy a place in the LED field . "
" The external market surges that have been listed LED companies to extend the chain pressures forced unlisted companies seeking financing channels , internal national policy in the last few years under the catalysis , LED industry to flourish , company performance and beautiful. LED industry may emerge in the future overcapacity , declining profit growth , the current situation is a good time LED companies listed . " in China, He added .
In addition, LED companies listed on the back of intensive long-term domestic and foreign LED manufacturers optimistic about the domestic LED lighting industry to accelerate the pace of mergers and acquisitions in the industry to speed up the adjustment period the whole industry chain layout to achieve the integration of resources.
In China, He said: "From the already listed LED lighting class enterprise point of view, public financing is a broad road , first, to raise funds to protect the new investment project operation ; secondly , reduce asset -liability ratio , thereby reducing the financial risk ; finally, transparent capital market regulatory norms to improve the corporate governance structure and management system, to enhance the overall quality . "
But as I understand , in 2012 has been listed four LED lighting company stock performance is not satisfactory. Mason Technologies on May 17 15.55 yuan hit a new low since listing ; Jufei 26.05 yuan 's latest closing price over the next 29 yuan market is still the high point of over 10 % decline ; Liard share price has moved from listed on the first day of 24.98 yuan fell to 17.01 yuan .
Insiders analyzed that , LED lighting, the direction of a single class of business use of funds , short-term funds will be applied to the industry capacity expansion , once the risk , a great impact on the company .
The crux of foam and quality
Today , LED lighting industry has become the new darling of the capital markets , but the attendant was caused by hot money bubble effect .
Guangdong Provincial Association of Lighting Full Jian believes that in the real estate regulation, capital can only enter into commercial real estate. But commercial real estate may look hot, but not optimistic about the market because of the channel and the terminal is not open. As a result, only select supermarkets .
Full Jian said , "Pearl River Delta region now has 400 Wanfang LED general volume of business district, Foshan, if coupled with the recent completion of the 200 will be cubic meters, the total will reach 600 Articles . While the Guangzhou Lighting Exhibition only 20 cubic meters, which 600 Articles how to digest got ? " Audi Universal lighting Co., Ltd. in Guangzhou (AD lighting ) General Manager, Xudong said that in a series of national industrial policy , LED industry has been" fired " up.
"The fact is true, Guangzhou Optical Valley already , Xiaolan town, and Shenzhen are built LED lighting district ." An LED lighting business planning company for high- Hong Yang told the "Daily Economic News " reporter, said, " but the actual effect is not good , LED lighting companies do not need such a general volume of the business district , but it is hot LED industry investment , LED lighting products on sale as a selling point . "
"Some very blind built LED lighting district funds to enter, enclosure, construction of buildings , even complete ." High Hongyang that, LED lighting district serious lack of planning .
From the Institute of Engineering LED related survey, to create a one-stop supporting the lighting industry concentrated targeted Guangzhou Optical Valley , average daily traffic of less than one hundred people . In this regard , high- Hong Yang commented, " At first Guangzhou Optical Valley is still very successful, but after the investment , do not give any support industries and businesses ."
In addition to hot money inflows lead to an LED estate bubble , the policy had not been able to promote the domestic LED lighting solve practical problems of varying quality .
The end of 2010 , Hunan CFL quality checks pass rate of less than five percent. June 2011 , the Guangdong Provincial Industrial and Commercial Bureau of the province circulation of 17 sales companies in 50 energy-saving lamps shall carry out spot checks , only 19 samples were satisfactory , with a pass rate of 38%. 2012 Shaanxi Provincial Quality Supervision Bureau informed that a quarter of the province CFL pass rate was 43.7% .
Xiaofei told the "Daily Economic News" reporter, admitted that " the quality of the domestic LED lighting also needs a substantial increase , since the failure rate is high, even LED lighting listed companies did not dare to make their high product quality assurance . "
In the industry view , as consumers LED lighting on high- value return on long-term distrust , tend to be more inclined to choose lower prices of similar products.
Honglitronic Vice President Ding Feng believes that " some companies only the most simple substitution, the cheapest energy-saving lamps will sell you. Now many companies are rushing to the influx of LED lighting industry ."
Zhang Xiaofei said that , subject to the technical , quality issues are domestic LED lighting business is difficult to solve the underlying problem. In addition to the cohabitation of production enterprises within the industry , the patent issues also constrain the development of LED lighting business .
Industry reshuffle last for five years or
2011 roaring wave of cold , followed by the "closures " but also gives you much funding concerns of the LED lighting industry memories. LED lighting industry has thus showing a unique spectacle , while the influx of funds from various competing , the other side is many businesses have closed down .
As of the end of 2011 , only to collapse Shenzhen LED lighting for more than 80 enterprises , Foshan Jin Yicheng 2011 will also have LED lighting business down . Followed , Dongguan, Zhongshan and other places of the LED lighting business also fell into bankruptcy cold .
" More specifically, last year's ' closures ' should be ' exit tide ' ." ZhangXiaoFei that " companies disappeared in two ways: one is the ultimate insolvency bankruptcy , another is a voluntary withdrawal , in fact, last year, a lot of LED lighting business is the initiative to withdraw . "
Xiaofei on the "Daily Economic News" reporter , said, " There were many businesses and individuals see the LED lighting industry threshold is very low, the purchase of a simple production line to join , such companies do not have long-term orders , there will be high inventory , simply just press new orders to produce . "
LED lighting industry, the types of businesses are usually called " three noes" Company : No technology, no money , no market , mostly follow the trend of market -based funding , the reason is not clear to enter the industry . In ZhangXiaoFei seems that last year most of the enterprises are examples of such exit .
2012 Nianxia issued a series of policies , it means that the LED lighting industry reshuffle terminated ? Industry spring has arrived ?
Off Xudong denied this saying, " I think the spring has not yet arrived , but is now regarded as the end of winter ."
Guangzhou Guangya Lighting Research Institute Pan Wenbo agrees, he believes that the future of the LED lighting business out more and more, this industry reshuffle will continue into next year.
Xiaofei will reshuffle positioned in five years time, he predicted that in the past five years , the entire industry will have several large " battle ."
"Shuffle does not wash those small businesses, they have little effect on the industry . Really get shuffle is the LED listed companies , large enterprises and large enterprises compete on the layout ." Xiaofei said .
Xiaofei think that after five years of industry reshuffle after , LED lighting industry will separate the various sub-sectors , companies in the industry segments clearly the strengths and weaknesses, determine the company's survival and development foundation.
It is understood that many LED lighting business for indoor and outdoor lighting both hands. In ZhangXiaoFei opinion, the future of these businesses will find it increasingly difficult to practice . Insiders also said that the current LED lighting industry is not a real large-scale enterprises, "In fact, the current domestic LED lighting average annual income of listed companies are in the 300 million , 400 million yuan , and profits are more than 60 million yuan , while the If you want to fight and traditional lighting companies , LED lighting companies in annual revenue to reach 30 billion yuan . " Xiaofei that five years after the LED lighting and traditional lighting industry will be greater competition between the " campaign "," you will in the channel , and human resources occurring sharp confrontation . " |