[Source: "High- tech LED - Research and Review" November issue reporter / Tang Zikai]
China's small-size LED backlight listed company Jufei Optoelectronics (300303.SZ) was questioned by investors during the IPO listing process because its main product is a small-sized backlight device. Today, the domestic LED lighting market has not started according to the expectations of the industry. The packaging industry once again turned its attention to backlight, a market segment with rapid penetration.
According to the latest report released by the High-tech LED Industry Research Institute (GLII), the price of LED backlight devices for notebooks and handheld mobile terminals, especially smart phones, is already relatively low. In recent years, more and more mainland LED packaging companies have begun to cut into the small and medium backlight market of mobile terminals such as mobile phones, and Korean packaging manufacturers have been mainly supplying downstream manufacturers. GLII estimates that LED manufacturers in Taiwan, which ranks second in the market share in the future, will compete fiercely with mainland manufacturers.
The reporter learned that Everlight Electronics, Dongbei Optoelectronics and Longda Electronics, which have successfully entered the backlight supply chain of the six major TV manufacturers in mainland China, have also entered the mainland smartphone and tablet computer backlight supply chain.
"The medium-sized market has come, especially in the tablet market. Our conditions are already in place, so we will quickly seize this market." Recently, Yin Jinghuang, the director of Jufei Optoelectronics, told the reporter of "High-tech LED" that when a company develops After reaching a certain scale, it will expand multiple product lines based on the original channels.
According to GLII statistics, the sales of medium-sized backlight products of Jufei Optoelectronics increased rapidly in the third quarter of 2012. During the reporting period, the sales revenue reached 28.11 million yuan, a year-on-year increase of 488.58%, accounting for 8.12% of the company's total revenue.
In fact, not only the medium-sized LED backlight, this year, Jufei Optoelectronics has repeatedly mentioned in the financial report that the development of large size is the key strategic goal of the future company.
"In the first half of this year, Jufei Optoelectronics has begun to supply samples to Skyworth, Changhong, Tongfang, Caixun and other domestic TV manufacturers in small batches." According to Yin Jinghuang's judgment on the market, the penetration rate of global LCD TV LED backlights is expected by the end of this year. More than 70%, Jufei Optoelectronics hopes to get a piece of it.
Just different from a year ago, market competitors are no longer a handful of companies.
Want to copy the phone mode
Medium-sized backlights are mainly used in notebook computers, netbooks, computer monitors and monitors. With the rapid growth of demand for portable electronic products, tablet PCs have become the latest application market for medium-sized LED backlights.
According to statistics from relevant institutions, the global tablet PC market sales exceeded 60 million units in 2011, and sales are expected to reach 122.6 million units this year. By 2015, sales will exceed 160 million units.
Taking a 10-inch tablet as an example, the LED backlight device used is between 20-28. GLII estimates that the global demand for medium-sized LED backlight devices will increase from approximately 1.3 billion in 2011 to 3.065 billion, an increase of 135.77%.
“In the past, the backlight layout was very obvious. The small size was about 3 inches, the large size was about 32 inches, and the middle section was blank. Now the medium size screen has quickly become one of the mainstream demands in the market.†An industry insider said that Jufei Optoelectronics Co., Ltd., including Taiwan-based packaging companies such as Everlight Electronics and Dongbei Optoelectronics, is also actively deploying this new market. At the same time, many domestic LED small-size backlight manufacturers are also actively preparing.
Since the medium-sized and small-sized backlights are basically connected, the tablet and smart phone backlight technology spans little. Jufei Optoelectronics has always hoped to realize the rapid growth of the medium-sized backlight market by copying the smart phone model.
It is understood that Jufei Optoelectronics officially cut into the smart phone market in the fourth quarter of 2011. In just one year, the domestic smartphone backlight market share has exceeded 30%, of which 20%-30% of the company's products are supplied to ZTE and Huawei. Lenovo, three domestic smartphone brand manufacturers.
“From small to medium size, from smart phones to tablets, downstream customers have a high degree of overlap.†Yin Jinghuang said that Lenovo has launched tablet PCs, and customers such as Huawei and ZTE are also introducing this market. For Jufei Optoelectronics, the original smartphone channel can be shared with the tablet. At the same time, from the small size to the medium size, the front production equipment is shared, and the back equipment is different. “The production investment is not large, the technical difficulty is not great, and the production capacity can be quickly adjusted according to market demand.â€
In terms of market share of smartphone terminals, according to the latest statistics released in the first three quarters of this year, the market share of the two indirect customers of ZTE and Huawei has ranked among the top five global manufacturers.
According to the statistics of the High-tech LED Industry Research Institute (GLII), Apple accounted for 62% of the global tablet market in 2011. Amazon and Barnes and Noble accounted for 11% of e-commerce and book sellers, and Samsung accounted for 9%. Asustek accounts for 3%. The remaining 15% of the market share of about 9.4 million tablets is divided by hundreds of manufacturers.
Obviously, Jufei Optoelectronics faces the problem of limited market space in the field of medium-sized backlight.
"Apple's LED backlight device is mainly provided by Japanese companies. Samsung's LED backlight device is mainly completed by its internal supply system. The market space that is really left to domestic LED companies is basically only domestic and Shanzhai brand machines." People admit that 10-inch tablet computers use about 30 to 36 LEDs, and 7-inch uses about 24. This year, Apple iPad accounts for about 70% of the total, and the rest is divided by non-Apple camp. Among them, in addition to Samsung, the Taiwanese foundry in the third echelon and its own brand tablet PCs are almost all of the world's LED backlight companies.
At the same time, as the market penetration rate increases, the low-price competition strategy for medium-size backlight applications is beginning to emerge. Take Lenovo's 7-inch Android tablet as an example. When the product was launched in the fourth quarter of last year, the price of the product was about 1,000 yuan. By the end of the third quarter of this year, the price had dropped to about 700 yuan, and the price dropped by nearly 30%. This undoubtedly caused a certain price drop pressure on the medium-sized backlight.
Large size market is highly competitive
According to the latest statistics, as of the end of the third quarter of 2012, global LED-backlit LCD TV shipments continue to climb, accounting for more than 70% of global TV shipments and 80% of operating revenue.
At present, the low-cost direct-lit backlight structure on the market, the use of 32-inch TV LEDs is about 28, 46-inch LED usage is about 65, 55-inch and 60-inch LED usage is about 120, compared to the usage. The traditional side-light type has been greatly reduced, and the price of LEDs has been falling, and the proportion of LEDs in the cost of TV components has continued to decline.
It is understood that the main suppliers of direct-lit LED backlights are Philips Lumileds, Osram and Samsung, entering the low-cost direct-lit LED era. Taiwan and mainland LED factories began to actively grab orders in the second half of this year.
Taking Ruifeng Optoelectronics (300241.SZ) as an example, in the first three quarters of 2012, the company realized a revenue of 166 million yuan for medium and large-size backlight LED business. For the first time, it exceeded the lighting LED business and became the main source of income. The data shows that the company's large-size backlight LED business revenue as a percentage of total revenue increased from 12.81% in 2009 to 48.90% at the end of the third quarter of 2012, with a compound annual growth rate of 115.89%.
Unlike the overlap of small and medium-sized backlight customers, Jufei Optoelectronics has almost started from scratch in the large-size backlight market.
"According to the domestic market size of nearly 8 billion yuan CCFL LCD TV replacement, if the company's market share reaches 5%, it is equivalent to 400 million yuan in sales, exceeding the 2011 annual revenue of Jufei Optoelectronics." In Yin Jinghuang It seems that despite the two-sided attack of Ruifeng, Zhaochi, Dongshan Precision and Taiwanese counterparts, Jufei Optoelectronics has its own unique advantages in terms of product quality and cost control experience. "At present, the company's large-size backlight LED devices have been cut into the field of liquid crystal displays, and have been certified by Hisense, Skyworth, and Changhong, and are available in small quantities."
However, in the face of a new target market, the difficulties faced by Jufei Optoelectronics are far more than that.
Liu Guoxu, executive vice president of Yimeixinguang, said that for the large-size backlight segment, the narrow customer base has become a key factor restricting the bargaining power of packaging companies. At the same time, in recent years, several domestic TV manufacturers such as Konka, TCL, Hisense, etc. are also involved in LED backlight business through various means. Among them, Konka participates in Ruifeng Optoelectronics, TCL, Great Wall and other enterprises to solve the problem of backlight supply through joint ventures with Taiwan-funded manufacturers.
At the same time, with the maturity of the domestic LED backlight market and the gradual release of new capacity, the gross profit margin of large-size backlights has also fallen sharply. Data show that in the first three quarters of 2012, Ruifeng Optoelectronics' sales gross profit margin fell to 23.57%, the lowest since 2009. The company explained that the price decline of downstream products was mainly caused by the decrease in the price of raw materials in the upstream.
According to statistics from the High-Tech LED Industry Research Institute (GLII), the average gross profit margin of large-size LED backlight devices in the first half of this year was around 30.5%, while the gross margin of small and medium-sized LED backlights was only 36.2%. At the same time, the average price of large-size LED backlights in the third quarter of this year fell by nearly 6% from the previous quarter.
The data shows that the gross profit margin of Jufei Optoelectronics' main business in 2009-2011 was 39.87%, 35.03% and 35.58% respectively. Considering the rapid release of backlight production capacity and the increase of market competitors, Jufei Optoelectronics faces the risk of the gross profit margin being rapidly lowered.
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