China's LED industry has steadily expanded, and the structural differentiation within the industry has become increasingly evident. China has initially formed a relatively complete industrial chain including the production of LED epitaxial wafers, the preparation of LED chips, the packaging of LED chips and the application of LED products. China's LED industry has steadily expanded, and the structural differentiation within the industry has become increasingly evident. China has initially formed a relatively complete industrial chain including the production of LED epitaxial wafers, the preparation of LED chips, the packaging of LED chips and the application of LED products. I. Significant structural differentiation within the industry The global LED industry market growth has slowed down, and the future trend is expected to continue upward. Globally, the number of participating companies in the LED industry chain is pyramid-shaped. In 2016, the global LED industry market reached 699.6 billion yuan, an increase of 8.6% compared with 2015, the lowest increase in 4 years. It is expected to continue to decline in the next few years, but the overall upward trend remains unchanged. Although the global LED market growth rate is not high in 2016, the internal changes in the industry are greatly adjusted, and the prices of products in the downstream lighting application sector continue to fall, but the upstream chip and packaging links are booming. China's LED industry has steadily expanded, and the structural differentiation within the industry has become increasingly evident. China has initially formed a relatively complete industrial chain including the production of LED epitaxial wafers, the preparation of LED chips, the packaging of LED chips and the application of LED products. With the improvement of the supply and demand pattern in the upstream chip field, the overall chip supply is in short supply; the market size of the midstream packaging field continues to expand; the general scale of downstream applications accounts for more than 40%, the growth rate of traditional applications is slowing down, emerging applications are continuously expanding, and the LED industry boom is expected in the future. Continuous improvement, the structural differentiation within the industry is becoming more and more obvious. Second, the downstream emerging applications lead the industry to develop the upstream LED chip field technology threshold is higher, China's upstream chip field listed companies mainly include Sanan Optoelectronics, Dehao Runda, Aoyang Shunchang, etc.; the middle of the lamp bead packaging field mainly Dongshan Precision, Zhaochi shares, Mulinsen, Honglizhihui, etc.; downstream applications mainly include Op Lighting, Liard, and Zhouming Technology. In general, the listed companies in China's LED industry are mainly concentrated in the midstream packaging field and downstream application areas. The industry leaders continue to benefit from the fierce market environment, and downstream emerging applications lead the industry. With the improvement of the supply and demand pattern in the upstream chip field, the overall chip supply is in short supply; the market size of the midstream packaging field continues to expand; the general scale of downstream applications accounts for more than 40%, the growth rate of traditional applications is slowing down, emerging applications are continuously expanding, and the LED industry boom is expected in the future. Continuous improvement, the structural differentiation within the industry is becoming more and more obvious. From the 2016 annual revenue, net profit and growth rate of listed companies in the LED industry, it can be seen that the industry performance is generally good. III. Investment suggestion The technical threshold of LED chip field is high. It is recommended to have Sanan Optoelectronics with long-term technology accumulation and leading the industry. The competition in LED packaging field is fierce, and the industry concentration is increasing. It is recommended to package large-scale enterprise Mulinsen and continuous release of production capacity. The high-end packaging leader Hongli Zhihui; the LED application industry penetration rate continues to increase, the growth rate of traditional applications slows down, the growth rate of emerging applications exceeds the traditional application, it is recommended to create the original enterprise Liard in the emerging LED small-pitch application. risk warning. The industry's development speed is not up to expectations; the market environment is subject to large fluctuations.
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