Where are the investment opportunities of the LED industry, what kind of LED companies are expected by investors, what issues should be paid attention to when listing companies, how to look at the market prospects of the LED industry, and the 4th LED industry theme peak held on December 18-19, 2009. The answers to these questions can be found on the forum (2009 LED Industry Investment and Market Strategy Forum). The forum made an in-depth discussion on the current investment and market opportunities in the domestic LED industry.
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Forum site
      The forum was co-sponsored by the well-known industrial research and media organization Gaogong LED and the National High-tech Enterprise Development LED Professional Committee. Chen Yingchun, deputy mayor of Shenzhen, Gao Lin, deputy director of Shenzhen Science, Industry and Trade Committee, and numerous investors and LED entrepreneurs attended the meeting. Chen Yingchun, deputy mayor of Shenzhen, said in his speech that Gaogong LED held four LED forums within one year, indicating that the industry is in rapid development. He wished that the forum of Gaogong LED would be better and better.
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Round table
      The forum has achieved good results. The organizers said that in the past two years, domestic LED companies have emerged in abundance. Inappropriate investment and financing difficulties are one of the problems faced by LED companies. In order to help enterprises solve these problems and promote the healthy development of Chinese LED enterprises, Gaogong LED and National High Enterprise Committee LED Special The committee jointly organized this forum. It is understood that this forum attracted 50 investors and more than 150 senior management. A number of companies with financing needs met with the participating investors in this forum, laying the groundwork for future cooperation.
      Where are the investment opportunities and risks of LEDs?
      The investment opportunities and risks of LEDs are one of the key points of the conference. The three industry leaders discussed the three areas of chip, package and application. Li Manzhao, general manager of Lehman Optoelectronics, believes that the technology gap in the field of packaging is shrinking at home and abroad, the opportunities in the application field are increasing, the scale efficiency of enterprises is increasing, the market is driving strong, emerging brands are forming, and materials are gradually being localized.
      He further stated that LED packaging is an important part of the LED industry. At present, there are still no listed packaging companies in China, and there is a huge market space. The intellectual property barriers of the package are small, and the midstream packaging companies are conducive to upstream and downstream expansion. At the same time, he also pointed out the risks in the investment packaging industry. Some LED packaging companies are small in scale, operating under-standard, some LED packaging companies lack core technology, technology, formula, and low product positioning. However, on the whole, he believes that investment opportunities in the LED packaging industry far outweigh the risks.
      Xiao Guowei, Managing Director of Microcrystalline Advanced Optoelectronics Technology Co., Ltd. believes that the LED industry is a typical high-tech industry with high-tech, large capital and high-end talent-intensive features, and will gradually become a high-tech that reflects the comprehensive scientific and technological strength of a country and region. One of the industries. At present, the core enterprises are controlled by the upper and middle reaches enterprises and determine the development of the industry and the market. He also stressed that while achieving vertical integration of its own industry, LED also achieved industrial leap and achieved rapid development through cross-industry integration with LCD, traditional lighting, integrated circuits and other industries. He believes that there is no independent team and technology, and that the market cannot exchange foreign high-tech.
      Zhong Qun, a senior LED expert from Dr. Liu, said that China (Mainland) is not much behind in the LED backlight field, and there are still opportunities. I also hope that China's TV manufacturers can give opportunities. With the rise of LED lighting, the current share of LED display is gradually decreasing. At present, the domestic market is chaotic, as long as there is still a chance to grasp the quality. The Chinese accept things faster and are the first to spread in the field of LED traffic lights. The profit of LED lights is high, as long as there are technologies and strengths, there are still many opportunities. The opportunities for LED lighting are huge, especially in China, where the manufacturing environment is excellent and technology is advancing rapidly. The problem is how to seize opportunities. Zhong Qun finally stressed that the risk of LED application lies in no core raw materials, no detection platform, no patents, high cost, no order market, no standard. He believes that opportunities coexist with risks, and technology is the foundation of success.
      Ding Baoyu, a partner of Shenzhen Tongchuang Weiye Venture Capital Co., Ltd., believes that the domestic LED application market is slightly different, with LED display being the first major application area. From the perspective of growth trends, LED large-size backlight applications and lighting market will be the focus of growth.
      What kind of companies do investors like?
      The participating investors introduced which type of LED company they like. Mei Jian, a partner of Shenzhen Oriental Fuhai Investment Management Co., stressed that their optimistic companies must be in a good industry, with excellent management team and good application model. He also warned you LED entrepreneurs not to treat the financing process as a profit process. He said that the business plan in VC's eyes must have the following characteristics: correct understanding of oneself, no transition packaging, face up to problems, not asking for price, mining value, discovering risks, and not sticking to technical perfectionism.
      What kind of team is a good team? Mei Jian replied with General Georges Doriot's words. "I prefer a first-rate entrepreneurial team with a second-rate idea, rather than a second-rate entrepreneurial team with first-rate ideas." A good team should have the following characteristics: a learning team, a good at working with people, a strong market development ability, a diligent family, not to be comfortable with the status quo, and not to give up easily.
      Tongchuang Weiye successfully invested in LED companies such as Dalian Luming, Maoshuo Power Supply and Yatong Optoelectronics. The reason why the company chose Dalian Luming is that Dalian Luming Company has strong advantages in technology development, marketing network, management team and brand building. It is the enterprise with the most core patents in China.
      The reason for choosing Moso Power is that the company has 11 years of experience in the power industry and its product structure is reasonable. The company is the largest high-power LED driver power supply company in China. As one of the key components, the power supply can be supplied to various integrators at the same time, and the geographical barriers are small, which is conducive to market expansion.
      The reason for choosing Yatong Optoelectronics is that the company is a leading enterprise in the LED backlight industry, ranking among the top three. The main products are mainly LED backlight modules ranging from 1.5 to 10.4 inches. The large-size backlight will be the next profit growth point of the company. Yatong is able to maintain its position as an advantage in backlight technology. At present, various types of high-brightness backlights that meet the display requirements of multiple fields can be independently developed.
      Gu Liji, executive director of China Merchants Technology Group Co., Ltd., said that excellent companies have understandable technology models and the advantages that cannot be quickly imitated. They have good market demand support, trustworthy, pragmatic and passionate entrepreneurs, and have close to the goal. ability.
      What problems should be paid attention to when listing enterprises?
      Listing is the dream of many LED companies, so what issues should you pay attention to when applying for listing? Han Songhan, general manager of Bolong Xingye Investment Consulting Co., Ltd. told us that information disclosure, financial accounting, efficiency risks, and financing necessity are the main reasons for the failure of enterprises to apply for listing in the past years. He believes that LED packaging companies need to pay attention to the following issues: market contradictions and immature technology, industry technology development relies heavily on upstream monopoly enterprises, technical advanceability is difficult to express, price declines and the ability to maintain sustainable profitability, low management base The contradiction of market competition and the innovation of business model are difficult.
      He said that the IPO of Hunan Kaimet gas was rejected. The reason is that the advanced nature of the chemical industry is difficult to explain clearly. The description of the industry status and market prospects can neither be blurred nor underestimated. Quantitative model derivation is very important. The technical relevance analysis of the project and the company's existing technology must be taken seriously.
      Ms. Chen Fang, the investment manager of China Testing and Testing Co., Ltd., which recently listed on the GEM, shared her experience in listing. She said that enterprises should pay attention to the following issues in the process of applying for listing: mainly operating a business and no major changes in the past two years. The ability to withstand risks must be profoundly stated; the net assets before issuance are not less than 20 million yuan; there is no unrecovered loss at the end of the most recent period.
      EMC clears obstacles to popularizing LED lighting
      Yin Xiaoxiong, deputy general manager of the business department of China Construction Bank Shenzhen Branch, said that the contract energy management mechanism is an energy-saving investment service management. After seeing the energy-saving benefits, the government will share energy-saving results with LED companies and achieve the same effect. The essence of contract energy management is the energy-saving investment method that pays the full cost of energy-saving projects with reduced energy costs in the future.
      He believes that the membership guarantee company is an effective way to solve the bottleneck problem of EMC and BOT projects in the LED industry. Relying on the strong financial strength and professional product support of the Construction Bank, led by the Shenzhen LED Industry Federation, LED industry leaders participated in the project, making full use of the private information of entrepreneurs in the industry and horizontal supervision among enterprises to form a LED industry member. A guarantee company that provides professional guarantee services to shareholders and industry players. Support the enterprises in the LED industry to become bigger and stronger, and jointly promote the progress of the LED industry in Shenzhen.
      What impact does government opinion have on LED investment?
      He Lin, director of the industrial platform of China Merchants Technology Group Co., Ltd., believes that the “Opinions on the Development of Semiconductor Lighting Energy-Saving Industry†issued by the six ministries and commissions of the National Development and Reform Commission recently emphasized that the areas supported by LED test equipment, LED production equipment, high-power LED chips, and high-power lighting. , special lighting, epitaxial materials. Less supportive industries are low-volume applications such as packaging, low-power chips, indicator lights, heat dissipation, and optical materials. The government will continue to support demonstration projects such as the “Ten Cities and Ten Thousand Citiesâ€, but oppose the blind transformation of landscape lighting. The government will strongly support relevant testing institutions, testing methods research, exhibitions, forums, media and other service agencies.
      Regarding the impact of local government policies on LED investment, he emphasized that the policy provisions in some places are vague and the space for activities is large, which increases the complexity of investment. The local government policy is inconsistent with the spirit of the central government, and the subsequent implementation is full of variables. Repeated investment in the region, homogenization competition weakens the competitiveness of enterprises.
      Is the LED industry overheated?
      Dr. Zhang Xiaofei from the High-tech LED Industry Research Center explained the investment case of mainland China in 2009. He said that 52% of the investment cases in this year have been applied, and 37% have invested in the chip industry. Above the source of investment, Taiwanese capital accounted for half of the country. He believes that the mainland has welcomed Taiwan's third-rate technology and second-hand equipment with generous dowry. The investment in 2009 is mainly concentrated in the East China region. The investment in Guangdong, a traditional LED industry, is relatively small. In the future, China's LED industry center may move northward. The phenomenon of overheated investment has initially appeared.
      Zheng Haowen, director of the LED Committee of the National High Enterprise Committee, believes that from the current domestic market and the number of LED industry, there has been a problem of repeated investment. Under the circumstance that the country's support for the LED industry is not diminished and the investment in the new LED industry is increasing, how can companies grasp the valuable technology or the core competitiveness with advantages? The problem.
      Liu Zhen, general manager of Shenzhen Quantum Optoelectronics Co., Ltd. believes that the effectiveness of the six national policies and the lack of success after the government's investment, how to support the market to continue to prosper into a difficult problem.
      Liu Zhen said that more than one hundred cities in 18 provinces in China have regarded the solar crystal silicon project as the “top-ranking projectâ€, which echoes the fact that more than one hundred cities have monopolized the local LED public lighting as a bargaining chip. . In this way, the national LED industry standards and product standards will not be implemented. Local governments are stepping up the development of local LED standards. It is difficult for domestic LED companies to make a fuss about domestic demand.
      Liu Zhen emphasized that a small number of enterprises have used the quick success of local governments to install various LED products with quality defects and carry out unfair price wars, which directly led to the emergence of “bad money to drive out good moneyâ€. The large-scale expansion of LED chip packaging companies in 2009-2010 has made it possible for the bust of excess capacity in 2008 to reappear.
      "High-tech LED" published in January
      The January 2010 issue of "High-tech LED" magazine was also released during the conference. "High-tech LED" magazine is a high-end magazine facing LED entrepreneurs, LED technology experts, and government decision makers. Zhang Xiaofei, editor-in-chief of the magazine, said that they are confident that the magazine will be the "Business Weekly" in the LED industry. For the published rankings, Zhang Xiaofei pointed out that promoting the disintegration between enterprises is not the part of this ranking. They hope that many middle and lower reaches will be able to see a good number of chips in China while they love foreign chip giants. enterprise. (Reporter / Zeng Cong)
2009 LED Industry Investment and Market Strategy Forum (Photos) Forum Agenda
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