How can LED industry shuffle end?

In the downward stage of the economic cycle, some industries have experienced a wave of washing up, and have completed a thorough reshuffle. The industry structure has been set, and the leading companies have come to the fore. The definition of a thorough industry of shuffling is: first, the investment in production capacity has been too fast in the past few years; two, the price declines have been very obvious in recent years, and the price has continued to decline; three, the large companies in the industry have undergone transformation or bankruptcy liquidation; four, the market share of the leading companies has been increasing. Founder Securities said it would be optimistic about the LED packaging industry, the follow-up will be further complements, and we should actively pay attention to the LED packaging industry leader. 1, the economic downturn cycle, industry reshuffle intensified. The performance of this cycle is roughly 2010-2012 years of accelerated investment in production capacity, especially manufacturing investment, which has been growing at 20%-30% for three consecutive years. In the past 2012-2015 years, prices have continued to decline for 4 years. Some industries have completed a thorough reshuffle. In the context of macroeconomic stability, some sectors have reversed. 2, reverse industry: LED packaging industry. Because the entry threshold of LED packaging is low, and the investment scale is over 20 million, it has attracted a large number of capital in the early stage of industrial development. The packaging industry has formed a small and dispersed pattern. More than 10 years ago, the industry basically showed a pattern of hegemony. In the 14 and 15 years, LED packaging prices fell, 14 of which fell 30%, and 15 years fell by 30%-5 0%, under this background, the large-scale bankruptcy transformation of enterprises, the industry mergers and acquisitions increased significantly, the case of large mergers and acquisitions increased significantly, the number of mergers and acquisitions amounted to 39 cases, accounting for 73.6%. 3, LED packaging leader: Mu Lin Sen. From the perspective of packaging capacity, he was 360 billion in 2015 and 48 billion in GC, and 15 billion in Hongli photoelectric. Follow up core points: first, the fixed expansion will continue to expand the capacity of LED packaging; the two is to vigorously layout the downstream lighting area; three, there is the expectation of overseas mergers and acquisitions, and the international brand OSRAM is a possible target.