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In recent years, China's LED epitaxial chip industry has developed rapidly with the continuous expansion of LED application fields. According to industry data reports, between 2009 and 2011, the domestic LED epitaxial chip industry scale increased from 2.3 billion yuan to 6.5 billion yuan, with a compound annual growth rate of 68.11. In 2012, China's LED epitaxial chip industry scale further increased to 8 billion yuan. Compared with 2011, it has increased by 23.08. With the realization of investment capacity and the improvement of enterprise products in recent years, the output value of epitaxial chips will be significantly improved in 2013, and the market scale of epitaxial chips will exceed 10 billion yuan. In 2014, what direction will the LED epitaxial chip industry develop? Xiaobian summed up the four major conjectures of the LED epitaxial chip industry in 2014.
Conjecture 1: Leading companies continue to accelerate the pace of mergers and acquisitions In 2013, for Sanan Optoelectronics and Dehao Runda, it was a war of mergers and acquisitions. In fact, this war has started in 2012 and has not ended with the end of 2013.
Since November 2012, Sanan Optoelectronics has begun to acquire Yanyuan Optoelectronics. Until October 8, 2013, Sanan Optoelectronics subscribed for the registration of shares of Yanyuan Optoelectronics. This one-year acquisition is not the only M&A case of Sanan Optoelectronics. On June 5, 2013, Sanan Optoelectronics acquired Luminus Devices, Inc. of the United States and obtained 151 patents.
Similar to Sanan Optoelectronics, Dehao Runda also experienced the long march-style merger process. On December 26, 2012, Dehao Runda announced that it has obtained a total of 20.05 shares of NVC Lighting for a total price of approximately 1.34 billion yuan. On April 2, 2013, Dehao Runda confirmed the industry's rumors that the sales of Dehao Runda LED products will be fully integrated into the NVC Lighting Operations Center. This shows that Dehao Runda began to expand the indoor LED market by using NVC lighting; on August 29, 2013, Dehao Runda announced that it has jointly established a company with Hui Shi Lighting to set up a company in Huizhou City, Guangdong Province. LED packaging business. The merger of Dehao Runda is involved in every link of the LED industry chain.
For the LED epitaxial chip industry, it has been in the Warring States period in recent years. In 2013, it was only the beginning of Sanan Optoelectronics and Dehao Runda to accelerate the merger and reorganization. I believe that this pace will continue to accelerate in 2014.
Conjecture 2: Market challengers continue to launch expansion plans LED epitaxial chip industry in addition to Sanan Optoelectronics and Dehao Runda leading enterprises, there are no shortage of challengers. When the industry leader is in full swing in horizontal and vertical mergers, the challengers represented by Huacan Optoelectronics are expanding their scale and gaining more market share. On October 22, 2013, Huacan Optoelectronics announced that it plans to invest 305 million yuan to build the second phase of LED epitaxial wafer chip of Huacan Optoelectronics (Suzhou) Co., Ltd., which plans to form an annual output of 480,000 2 inches of red and yellow light. The production capacity of LED epitaxial wafers (for own use) and 5.4 billion red-yellow optical chips. Epitaxial chips gradually gather with the integration of the industry, chip supply will concentrate on several large leading enterprises, and the old chip manufacturer Dalian Lumei disappeared from the market because of the lack of progress. Knowing that there are tigers in the mountains, it is biased towards Hushan. In 2014, with the further development of LED lighting applications, it is believed that more market challengers choose to expand production to seize market share and maintain competitive position.
Conjecture 3: More companies exit the market. With the increase of reshuffle, some chip companies will participate in horizontal integration in the next three years, some enterprises will gradually withdraw, and the remaining enterprises will participate in the vertical integration of the middle and downstream industries. Go in. Market competition will slowly eliminate some companies that are of poor quality, or have no technical capabilities, or have no features.
In the past two years, many well-known companies in the industry have withdrawn from the market. Among them, Xu Rui Optoelectronics and Rui Neng were acquired, and Yaweilang, Shanghai Lanbao and Dalian Lumei successively withdrew.
At present, the pattern of LED upstream industry in mainland China has gradually become clear. Seven listed companies headed by Sanan Optoelectronics and Dehao Runda have initially formed the first echelon, and the remaining dozens of non-listed chip companies are the second echelon. However, apart from Hualei Optoelectronics, Shanghai Blu-ray and Inspur Huaguang, most companies are small in scale and weak in technology, and the future must be the target of mergers and acquisitions.
The collapse of upstream chip companies is due to various reasons. Internal management loopholes, vicious competition in the industry, and corporate decision-making mistakes can lead to the company being in trouble. Dong Zhijiang, chairman of Wuhan Diyuan Optoelectronics, once said that the elimination of the LED upstream industry has just begun. In the next two years, there may be more smaller chip manufacturers facing the end of being eliminated.
Dong Zhijiang believes that unless it relies on its own advantages, finds the right market segment, and achieves profitability, it will be difficult for chip makers with small scale and lack of capital chain support to survive these two years.
Conjecture 4: The IPO will open or bring new financing channels. The IPO will be restarted in January 2014. Currently, 4 of the 83 companies that have already passed the LED industry are in the LED industry, but they are concentrated in the packaging and application fields. For upstream chip companies, Hualei Optoelectronics, Shanghai Blu-ray and Inspur Huaguang started the listing plan many years ago, at least because of the IPO suspension.
In 2013, China's capital market underwent profound reforms, IPO suspension, registration system to replace the approval system, SME financing bonds, etc. In 2014, with the restart of the IPO, the capital market financing channels were more perfect. For the highly competitive upstream chip industry, financing the capital market is inevitable.