LED package expansion and expansion
01 Zhaochi upstream chip + midstream package + downstream application industry chain layout, synergy can be expected
The company is affiliated with the important part of the middle reaches of the package. Its parent company, Zhaochi shares the upstream chip, and the related company layout downstream lighting and other application fields, stabilizing the overall chip supply, forming cost controllable, connecting the company and downstream applications to form a good industrial chain synergy effect. To improve overall profitability. The market space for downstream applications is huge, and domestic lighting design and manufacturing have entered the mature stage of industrialization. Zhaochi has introduced mature teams and combined with the company's good manufacturing cost control capability, and is expected to achieve faster growth performance.
02 Resource integration and rapid release, entering the industry first group army
In the next two years, the company plans to add 1500-2000 packaging production lines, and the scale of performance is expected to catch up with leading enterprises. At present, the production capacity is 500, and the new capacity of 2018Q4 will reach 1,000. According to 1500 calculations, the annual production capacity of full-load production is expected to exceed 150,000 KK, bringing operating income of 3.78 billion yuan/year and entering the first group army. The production capacity of the parent company's chip is expected to be released in Q1 in 2019. After the 2019Q3 is fully produced, the annual production capacity of the 4-inch epitaxial wafer is expected to reach 7.2 million pieces, making it the world's forefront.
03 After the industry has undergone intense adjustment, it has entered the stage of rapid increase in concentration.
The total LED market has continued to grow by more than 20% in the past 10 years. In 2016, it became the turning point of the packaging industry recovery. Although the company and other domestic manufacturers have repeatedly repeated gross profit margin performance in recent years, the scale has grown rapidly, the concentration has increased, and it has gradually swallowed up. International manufacturer market share.
04 general lighting penetration rate still has room for improvement
In 2018, the domestic general lighting market is expected to be 305.2 billion, with a penetration rate of 50%. Compared with 80% in the United States, there is considerable room for improvement; LED bulb prices are still falling, but the decline has narrowed sharply, and there are signs of stabilization. It is expected that the lighting business will become The company is growing rapidly.
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