Inventory pressure is difficult to remove the field of lighting into a new blue ocean of chip companies
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In the past 2012, with the gradual release of LED chip capacity, domestic LED chip prices have plummeted. According to data from the High-Tech LED Industry Research Institute (GLII), the average price of domestic white LED low-power chips fell by 31% in 2012, the average price of high-power chips fell by 33%, and the average price of medium-power chips dropped the most, reaching 40%.
Affected by this, the performance of related chip-listed companies in 2012 was unsatisfactory, and the profit decliners were in the public. For example, the expected net profit of Ganzhao Optoelectronics decreased by 35%-45% compared with the same period of the previous year; Dehao Runda expected net profit to decrease by 45%-65% compared with the same period of last year; Huacan Optoelectronics expected net profit to decrease by about 27%-32%. ; Silan's net profit fell more than 80% year-on-year.
In addition to the troubles caused by the decline in profits, the inventory pressure caused by excess capacity has also made the chip companies nervous. How to find new profit growth points while digesting increasingly high inventory? Into the downstream lighting application field, the top policy.
Following Dehao Runda's 1.343 billion yuan purchase of 20.05% equity of NVC Lighting, after officially entering NVC, the domestic chip leading company Sanan Optoelectronics has also acted in the field of LED lighting, spending 50 million yuan in economic technology of Wuhu City, Anhui Province. The development zone established a wholly-owned subsidiary, Anhui Sanan Technology Co., Ltd., which is mainly engaged in the research and development and sales of LED lighting products.
Net profit performance is embarrassing
　 Just after the Spring Festival of the Year of the Snake, it was time for the relevant LED listed companies to submit “transcripts†to relevant shareholders. It is said that the moon bends and shines in Kyushu, and several families are happy. Judging from the 2012 annual results forecast, the net profit fell sharply, and the entire LED industry was “difficult to be a brotherâ€. Especially in the field of upstream chips, almost no companies have seen a net profit growth.
In the performance announcements released by various companies, almost all of them will "intensify market competition, and the unit price of chip sales will dive" as an important reason for the decline in the company's net profit. For example, Huacan Optoelectronics estimates that the net profit attributable to shareholders of listed companies in 2012 was about 84 million yuan to 90 million yuan, down about 27.8-32.6% over the same period of 2011.
As for the reason for the decline in net profit, Huacan Optoelectronics explained that although the sales of chips exceeded last year in 2012, due to the continuous impact of market competition, the unit price of LED chips decreased more than expected, resulting in lower net profit than the same period last year.
Of course, due to the same industrial environment, the interpretation of Silan Micro and Ganzhao Optoelectronics is almost the same as Huacan Optoelectronics.
"Affected by price, whether it is Taiwan or the mainland, Blu-ray chips are basically not profitable, and red-light chips are only marginal." Zheng Tiemin, general manager of Inspur Huaguang, said that the current wave of Huaguang support business lies in lasers, and chips are no longer profitable. Figure.
According to data from the High-Tech LED Industry Research Institute (GLII), the actual domestic LED production in 2012 exceeded four times in 2010, and the output value only increased from 4 billion yuan in 2010 to 7.2 billion yuan, an increase of less than 2 times. The main reason is that in the past two years, the price of LED chips has dropped by more than 60%, which directly led to the growth of chip companies' sales and net profit.
Inventory pressure is difficult to remove
　 In 2010, LED chips were in short supply, and related chip manufacturers earned a lot of money. Tan Jian, general manager of Laiwei Optoelectronics, once said, "In 2010, the chip was not sold at all, and the profits were very impressive." Chip investment is hot, and according to statistics, the domestic chip investment in 2010 was 1,240 yuan, accounting for 56.9% of the investment in the same period.
As of 2012, the number of domestic MOCVD has increased to 917, the number is close to three times that of 2010, and the total capacity is more than 10 times that of 2010. Although up to now, the domestic MOCVD capacity utilization rate is only 30%, and the operating rate is only about 50%, but the growth of production capacity far exceeds the market demand, resulting in a sharp increase in the inventory of related chip companies.
2011 is an important stage for the surge of domestic LED chip companies' stocks. Sanan Optoelectronics has soared from 310 million yuan at the beginning of the year to 918 million yuan, and Ganzhao Optoelectronics has grown from 0.4 billion yuan to 127 million yuan. Huacan Optoelectronics has grown from 63 million yuan to 1.22 billion yuan. As MOCVD is in place and put into production, the above-mentioned chip enterprise inventory pressure is not optimistic in 2012. According to Sanan Optoelectronics Financial Report, as of September 30, 2012, Sanan Optoelectronics' inventory is still at a high of 900 million yuan.
The price of chips has continued to fall, which has led to the depreciation of stocks and the normal value of the stocks. The inventory backlog will occupy a large amount of money from enterprises, and it will become a hot potato for enterprises to get rid of. At the same time, chip technology is changing with each passing day, which also brings risks to the technology depreciation.
In order to alleviate the pressure on stocks, many companies will choose to cut prices and stock up to clean up increasingly high inventory. This low-cost approach can help companies digest excess capacity and thus reduce their own inventory pressure. However, the cruel thing is that the gross profit margin of domestic LED chip manufacturers is low, and the use of price cuts to promote sales is tantamount to worse.
Is there a proper way to reduce inventory pressure and increase corporate profits? Extending to downstream applications has become the first choice. 