LED industry "leftover is king" era of wood wood

In recent years, after the wave of the wave, the LED packaging camp began to differentiate. Manufacturers or transformation gradually fade out of the market, or do differentiation competition. It has a large scale of cost advantage (large-scale expansion of production + large-scale digestion production capacity), radical market strategy and production equipment, process technology and other innovations, at present, the LED package absolutely leading, the annual capacity of 350 billion SMD/Lamp, this time after the expansion of 490 billion. A full lead in the competition. The high growth rate of the main business is high, and the financial management model is efficient, which fully embodies the executive power of the company. In 2015, he took the initiative to launch a price war and pull across its rivals, making it less profitable than expected. In 2016, the market price has been warmer. It is expected to realize the net profit of 5 hundred million of the return to mother in the whole year, up 100% from the same year. In 2017 and 2018, it maintained a high speed increase of over 30%. At the same time, the company actively layout downstream lighting applications, expand high-end brands and channels, improve the valuation space. The company had fewer shares of equity financing (IPO financing 900 million, this time to increase 2 billion 300 million), the expansion of production mainly through debt financing. The company makes full use of upstream and downstream receivable / accounts receivable for capital turnover, and does not substantially increase the financial cost, and the financial structure is healthy. Considering the dilution, the chairman still holds 67% of the shares, and the follow-up financing is expected to be large. The acquisition of Osram general lighting business is expected. OSRAM is the second largest lighting manufacturer in the world, the first in Europe, and second in North America. The industrial chain is perfect. It has strong technical strength in the upper reaches, monopolizes the high-end product market and has high brand recognition. The split includes traditional bulbs, ballasts, and LED lamps and systems, which account for about 40% of OSRAM's annual revenue. The overseas expansion of the company's lighting applications is in urgent need of OSRAM's brand and channel. From the scale of production and the scale of capital, the company has been pressing for other participants such as de Hao run DA and other participants. Set up. The price is not less than 28.12 yuan / share, and the non - public offering is 2 billion 320 million. Used in Zhongshan Xiaolan SMD LED package expansion, Jiangxi Ji'an SMD LED investment and Jiangxi Xinyu LED lighting application one phase investment. At present, the company's annual capacity is about 350 billion SMD/Lamp. After expanding, only SMD capacity will be expanded by about twice. This is enough to see that the company is full of confidence in the face of the future.