The market is short-selling
Yesterday, LED chip maker Sanan Optoelectronics announced that Anhui Sanan Optoelectronics Co., Ltd. (hereinafter referred to as "Anhui Sanan"), a wholly-owned subsidiary of the company, has received a financial subsidy of 125 million yuan from the Finance Bureau of Wuhu Economic and Technological Development Zone. Mainly used in LED projects.
The day before, Sanan Optoelectronics' second extraordinary shareholders meeting in 2010 also reviewed and approved the issuance plan, intending to issue additional non-public offerings of 20 million to 53 million shares, the issue price is not less than 55.77 yuan / share, plans to raise funds 29.8 100 million yuan, used in Anhui Sanan LED industrialization project.
This means that the Sanan Optoelectronics Wuhu LED production base with a total investment of 12 billion yuan has already started. This news has once again boosted the investment enthusiasm of investors in the LED industry. Yesterday, Sanan Optoelectronics closed at 46.37 yuan, up 8.57%.
However, this increase is only a pediatrics compared to the performance of Sanan Optoelectronics in the past 14 months. Because the closing price of 46.37 yuan yesterday was lower than the 5.86 yuan in January last year, the growth rate was close to 7 times.
Technical patents
In fact, this is just the tip of the iceberg of the domestic LED industry.
"Now the world is advocating energy-saving emission reduction and low-carbon, the more energy-efficient LED industry just follows this development trend. All related products in the future may use LEDs." iSuppli China semiconductor industry analyst Gu Wenjun pointed out that the LED industry In addition to the promising market prospects, various local governments have introduced a series of policies to support the LED industry.
In October last year, the National Development and Reform Commission and other six departments jointly announced the "Semiconductor Lighting Energy-Saving Industry Development Opinions" proposed that by 2015, the average annual growth rate of semiconductor lighting energy-saving industry output value will be around 30%; product market share will increase year by year, functional lighting will reach About 20%, the LCD backlight reaches more than 50%, and the market share of landscape decoration and other products reaches 70% and so on.
Based on the huge market prospects, the localities have invested in the LED industry. According to high-tech LED data, as of last August, 31 cities in China have entered the LED chip industry, and more than 30 companies have invested in the LED chip industry. But what is worrying is that LED chip technology is mainly in the hands of a few companies such as Cree, Philips, Osram, and Nichia.
Taking Cree as an example, it is done from chips, substrate materials, epitaxial chip, and even package, covering more than half of the industry chain, with 825 US patents and more than 1,800 international patents. Therefore, many domestic enterprises must face the exhaustion of LED patent applications, and must bypass one patent trap.
Perhaps the cooperation between Dehao Runda and South Korea's Epivalley can more clearly reflect this embarrassing situation.
In February of this year, Dehao Runda signed an agreement with Epivalley and Max Alpha, and the three parties jointly invested 15 million US dollars to establish a LED chip company in China. As a partner, Epivalley not only has to commit to a unique LED patent license, but also supports plant setup, equipment procurement, and recruitment. In addition, after the completion of the new plant, Epivalley must also support product development, production efficiency improvement, quality stability, failure analysis, etc., to ensure that the operation of the new company's LED production plant in the quality, output efficiency and other aspects of the Epivalley Korea plant The same level.
"The content of the cooperation agreement is so detailed, mainly because Dehao Runda is completely dependent on Epivalley in technology." Gao Xiao LED CEO Zhang Xiaofei pointed out that although Dehao Runda said in the announcement, Epivalley is the world's leading LED. Chip manufacturing companies have mastered the core technology of LED chip manufacturing and have more than 200 patents, but most of these patents are registered patent applications in Korea. CIC's research report also shows that Epivalley has only 11 overseas patents registered in the United States and other places.
"The joint venture agreement also specifically pointed out that the new company produces products in China and distributes products in areas other than Japan. This shows that there is a possibility of patent risk in Japan." Zhang Xiaofei pointed out that regardless of Sanan Optoelectronics or Dehao Runda The LED chip project will face the problem of whether LED chip products can be put into production smoothly and the shortage of professionals.
Crazy investment impulse
Cree, which invested in Huizhou in November last year, will not be available until July of this year. The Foshan Nanhai Xurui Optoelectronics LED epitaxial chip project, which was launched at the end of February, will not be put into production until October this year.
Zhang Xiaofei pointed out that the international LED chip giant will have seven to eight months of successful production after the technology is mature. The domestic LED chip factory has a smooth production cycle of at least one year.
In the 2009 annual report, the senior executives of Dehao Runda also cautiously stated that this year, they will strive for some production capacity of Wuhu and Yangzhou projects to enter the trial production stage. Sanan Optoelectronics also said in its 2009 annual report that Tianjin Sanan Optoelectronics Co., Ltd. is battling for production in April. "There should be no problem." Sanan Optoelectronics Secretary-General Yi Buze declined the telephone interview of the "First Financial Daily".
Although the risk is very large, it has not affected the crazy development of the LED industry. Because the LED chip market gap is too big.
Zhang Xiaofei said that the global demand for LED chips will reach 200 billion pieces this year, an increase of 100% compared with 2009. This huge demand requires at least 3,000 MOCVD (LED chip production equipment) to operate at full capacity. However, the high-tech LED data shows that by the end of 2009, only 1200 MOCVD equipments have been put into production worldwide. It is expected that 350 MOCVD will be added this year, and the gap is still huge. Among them, China will add 130 units, and the total number of MOCVD equipment in China will reach 280.
The enthusiasm of investors is also crazy.
On February 1, Dehao Runda Wuhu LED Optoelectronic Industry Base with a total investment of 6 billion yuan was officially launched.
Yesterday, Dehao Runda closed at 21.2 yuan, up nearly 9 times compared with the lowest price of 2.15 yuan in October last year; Silan slightly closed at 14.86 yuan, up nearly 3 times compared with the low of 3.93 yuan in January; Xiamen letter It closed at 14.42 yuan, a 2.7-fold increase from the low of 3.91 yuan in January.
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