Huacan Optoelectronics: Continuous expansion shows scale effect
[Source: "High-tech LED - Research and Review" May issue / reporter Hu Yanling] In June, the GEM will add another LED star.
According to the price of Huacan Optoelectronics (300323) new shares of 20 yuan, the initial issuance of 50 million shares, corresponding to a price-earnings ratio of 34.42 times, the company raised nearly 1 billion yuan this time.
Huacan Optoelectronics prospectus disclosed that the company intends to use 900 million yuan to raise funds for the third phase of LED epitaxial chip construction projects to achieve the goal of self-production of epitaxial wafers.
From 2009 to 2011, Huacan Optoelectronics' operating income was 100 million yuan, 351 million yuan and 474 million yuan respectively, with a compound annual growth rate of 117.36%; net profit attributable to ordinary shareholders of the company was 14.74 million yuan and 112 million respectively. Yuan and 1.25 billion yuan, the compound annual growth rate is 190.77%.
Based on sales revenue in 2010, Huacan Optoelectronics is the third largest LED chip manufacturer in China and the second largest manufacturer of LED chips for display screens. In 2011, Huacan Optoelectronics has become the second largest LED in China. Chip manufacturer.
According to data from the High-Tech LED Industry Research Institute (GLII), as of the end of 2011, the total number of LED display chips from Huacan Optoelectronics and Silan Mingxin has accounted for more than 60% of the domestic market.
According to industry insiders, Huacan Optoelectronics has been recognized by the majority of users as the market positioning of domestic high-end LED display chips.
Market demand is expected to promote expansion
According to GLII statistics, the overall market size of China's LED epitaxial chip industry in 2009 was about 2 billion yuan, and it has risen to 6 billion yuan in 2011, with a compound annual growth rate of 73.21%.
Huacan Optoelectronics has been producing and selling products on a large scale since 2008. Subsequently, the scale of production capacity has expanded significantly, and the market share of products has been rising. At present, the company's chip capacity is up to 1500 KK / month. As of the end of 2011, the company has 25 MOCVD equipments that have been commissioned.
According to the plan, the company will purchase 48 new MOCVD equipment in the third phase of the project. After the project is put into production, the company will add 183 1KK/month of blue and green light chip production capacity, equivalent to 104,400 pieces/month of 2-inch epitaxial wafers. "Expansion is for the growing market demand and the needs of large customers." Hua Can Optoelectronics insiders said.
According to GLII statistics, in 2010, the demand for domestic LED chips was equivalent to 2,000 wafers per month, an increase of 48%. In the next five years, the demand for LED chips for domestic display screens will continue to maintain a steady growth trend. With the further improvement of backlight penetration rate and the launch of lighting applications, the demand for domestic LED epitaxial chips will be greatly increased. By 2015, domestic LEDs will be greatly improved. The demand for chips will be equivalent to 2,5 million wafers per month, which is about 11 times that of 2010.
Tilting display domestic chip market
According to the GLII report, the market size of China's LED display market reached 21.9 billion yuan in 2011, an increase of 18% year-on-year. It is estimated that the market size will reach 25.4 billion yuan in 2012.
"LED display companies need to stock up, and put forward high requirements for upstream chip supply companies." A person in charge of a domestic LED display company told Gao Gong LED reporter that in the short term, Huacan has a large amount of photoelectric energy. The advantage can not be shaken, even if the domestic largest chip company Sanan Optoelectronics can not change the current domestic LED display chip market pattern in the short term. "The LED display industry is basically mature, and the quality determines the product market positioning of each company." He pointed out.
Before 2010, the import rate of blue-green optical chips for LED displays in China was 42%, and by 2011 the import rate fell to 37%. The main reason is that the domestic blue-green optical chip has reached the demand of LED display in terms of output or quality.
At present, more and more enterprises are beginning to use domestic LED chips to produce high-end displays. GLII expects that the proportion of domestic LED chips used in China's LED display export products will gradually increase after 2012.
Overview of major global LED companies 
Rapidly develop market segments
The global agglomeration characteristics of the LED epitaxial chip industry are more obvious. The main manufacturers are concentrated in Japan, Europe, America, South Korea, Taiwan and China. In addition to the LED chips as the terminal sales products, companies in other regions in the industry generally integrate packaging or application, and the main products are LED devices.
Based on the published sales revenue in 2011, Huacan Optoelectronics has become the second largest LED chip manufacturer in China. Huacan Optoelectronics said that in the face of the market with larger capacity and wider application range, the company has developed corresponding product development and market expansion plans, while continuing to consolidate its leading position in display applications. It can also use the technology, brand and customer resources accumulated in the display market to quickly penetrate into new application areas to achieve greater growth.
In 2011, Huacan Optoelectronics successfully entered the lighting chip market. The data shows that the lighting efficiency of its lighting chip products has exceeded 130lm/W. In the future, Huacan Optoelectronics is expected to benefit from the fast-growing lighting market.
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