The hottest LED chip industry continues to develop

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The LED chip industry continues to develop driven by the "Haizi law". The leading player in the mainland is HENGQIANG

from the long-term perspective, LED chips continue to develop driven by the "Haizi law", infiltrating and growing alternately in different fields such as backlight, lighting, display, etc., and the application leading test precision and market scale continue to expand. From the perspective of short cycle, due to the mismatch between supply and demand of LED chip production capacity and the negative feedback formed by the amplification effect caused by over booking in the industrial chain, the LED chip industry also has cyclical characteristics under the game between supply and demand

short term view: 1h2018 supply and demand resonate, and the profit of LED chips is relatively stable

on the supply side, with the rational expansion of leading manufacturers, it is expected that the global LED chip production capacity of 1h2018 will only increase by about 5% compared with that of 4q2017 (without considering capacity exit); In terms of the demand side, it is expected that in 2018, D lighting will increase by about 10% year-on-year, the small spacing in the LED display will maintain a growth rate of about 30%, and other segments such as automobiles also have the potential for high-speed growth. On the whole, it is expected that the demand side will increase by 8-9%. Therefore, the supply and demand of 1h2018 LED chip is in a weak balance, and the price will remain orderly

medium and long term perspective: LED applications continue to expand, and the price decline will slow down in the future.

the penetration rate of LED lighting market is expected to continue to increase, and the small spacing LED display screen will also maintain a high growth rate. Micro led/mini LED is expected to open up the space for led growth, and the downstream application fields will blossom at many points, and the corresponding demand for LED chips is expected to maintain a high growth rate. At the same time, it is expected that the marginal income of improving light efficiency in the future will gradually reduce the annual production capacity by 3000 tons, and the improvement of light efficiency will slow down, so the cost reduction will also slow down. In the medium and long term, the decline in the price of LED chips will tend to be flat

capacity transfer, the leading strength of LED chips in the mainland, HENGQIANG

with the support of local governments, LED chip manufacturers in the mainland have actively expanded their production by relying on their advantages in capital and scale. LED chip production capacity has been transferred to the mainland, and the industry concentration has significantly increased. According to ledinside, in 2017, the mainland accounted for 58% of the global production capacity, and the top three manufacturers accounted for 68% of the total production capacity of the mainland. In recent years, the localization of MOCVD equipment is conducive to consolidating the competitive advantage of domestic leading enterprises. At the same time, leading enterprises such as San'an optoelectronics and Huacan optoelectronics integrate the sapphire substrate upstream. The strong leader of mainland LED chip HENGQIANG should open the iron door of the hydraulic control box before being powered on

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