Ruifeng Optoelectronics: LED packaging competitiveness highlights accelerated cut into small size backlight

Ruifeng Optoelectronics' revenue mainly comes from lighting LEDs and medium-sized and large-size backlight LEDs, accounting for 48.5% and 42.7% respectively in 2013. The company's performance has maintained steady growth in recent years, and the compound revenue growth rate in 2010-2013 is 37.6%. The compound profit growth rate was 8.8%. In the middle of the LED industry chain. The company has outstanding competitiveness in the field of LED packaging, and is currently the most profitable company in the domestic listed LED companies to benefit from the increase in TV LED backlight penetration.

The company's competitive advantage in the packaging industry is outstanding, and these advantages are not only the company's large-scale backlight field, but also the future success of the company's general lighting, small-size backlight and intelligent lighting. In addition to traditional advantages, the company is also actively deploying in new areas. The company purchased 30.04% of Lingtao Optoelectronics' shares for 30 million yuan into the small and medium size backlight field. Since the small and medium size backlight customer certification requires a certain period of time, this will help Ruifeng Optoelectronics to cut into the medium and small size backlights faster and expand the business scope. The company also held the “Purifeng” brand launch conference jointly with Bridgelux in the United States on June 9, 2014. We believe that small and medium power LED devices are one of the fastest growing LED markets in China. Preflix's range of products will help the company expand this potential market segment to meet the needs of indoor and outdoor general lighting applications with bright prospects.

The process of backlight localization is still continuing, and the company is the most profitable target. For many years, domestic TV manufacturers mainly imported backlight modules from Taiwan, while Taiwanese module manufacturers naturally chose LED backlights from Taiwan's own companies. Domestic TV manufacturers gradually began to model their own factories (opecell mode) in order to further reduce costs. ), purchasing panels and other components (including backlight modules, circuit boards, frames, etc.) to assemble the TV, so that it will consider purchasing domestic LED backlights, thus bringing great opportunities to high-quality domestic LED backlight companies.

At present, the proportion of domestic manufacturers' self-made modules is less than 50%, and the proportion of self-made in the future will be further improved. As a large-scale backlight leader, Ruifeng will fully enjoy the trend of industrial chain transfer. The annual TV shipments are about 200 million units. Almost all LED backlights have been used this year. Each LED backlight (light strip) is calculated at 50 yuan (8-9 dollars). The global LED backlight market has a market space of about 10 billion. Yuan, domestic TV manufacturers produce about 100 million domestic sales and exports of TV, corresponding to the market demand for LED backlights of about 5 billion. In 2013, the company's LED backlight sales revenue was 290 million, and the growth space was still relatively large. In the next three years, the company's breakthrough direction is still dominated by domestic TV customers, and it is also possible to break through foreign customers.

LED lighting penetration rate has increased rapidly, and the company's lighting business has exceeded expectations. Strong technical strength and exceeding the quality management level of the peers are the core competitiveness of the company in the future of lighting and intelligent lighting business. Although the chip is sorted by the factory before the factory, the brightness and light performance of each batch are very consistent. However, after multiple processes in the packaging factory, the performance of each particle will change to different degrees, while the downstream customers have large orders. It also requires that the particles remain fairly consistent, which makes production scale critical because only large enough companies can package enough consistent devices. In addition, large-scale enterprises have high stability, and they can win the trust of suppliers and customers during the low period of the industry. They can also spread the R&D expenses and some fixed costs more evenly. Finally, the specialized division of labor in the manufacturing industry will naturally have economies of scale. . We believe that the company focuses on the packaging field, and has a good relationship with major downstream customers, and orders are more than expected.

Intelligent lighting will transform the LED lighting industry from a capital equipment model to a service model, adding value to the product. We believe that lighting will become an indispensable part of the future of the Internet of Things, and it will be integrated with health, energy, services, video, communications and other fields. The development of the Internet of Things, smart home, etc. will also give LED smart lighting a greater play and innovation space. Due to the complexity of intelligent lighting modules and higher requirements for packaging technology, Ruifeng Optoelectronics' leading domestic technical strength is expected to bring rare opportunities for the company to grow and develop in the era of intelligent lighting.

The company is actively deployed in the small-size backlight and lighting field, with a clear turning point and greater flexibility in future performance. The company is in the starting point of a new round of growth. From the perspective of the industry chain, the company has outstanding advantages in the field of packaging, good downstream customers, excellent management, and a bigger and stronger enterprise gene. The performance will grow rapidly in the next few years. The company should have a certain valuation premium. In addition, the company's previous suspension of acquisitions has been suspended for some reason, but we judge that 14 years from beginning to next year is the stage of large integration of the packaging industry. 11 years and 12 years are the integration period of the chip end. At present, the market structure has been completed. The output of the first few chip manufacturers basically accounts for more than 80% of the domestic chip production capacity. This year, the integration of mergers and acquisitions in the packaging industry began to emerge. The company's peers, such as Hongli Optoelectronics and Zhouming Technology, have mergers and acquisitions. The basic conditions for the company's extended development are already in place, and if there is a corresponding action in the future, it will further enhance the company's performance.

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