Ganzhao Optoelectronics (300102) announced on the evening of July 11 that it is expected to have a net profit of 97.5 million yuan to 100 million yuan in the first half of the year, turning losses into profits. During the reporting period, benefiting from the continuous recovery of the LED industry market, the company's LED chip business revenue increased significantly year-on-year. The company's chip business capacity has further increased, and chip production has increased significantly year-on-year.
Southwest Securities believes that with the outbreak of the small-pitch LED market, the continuous improvement of LED lighting penetration rate and the heating of the automotive lighting market, LED downstream demand is strong. In addition, the continued growth of the market for small screen displays such as smart watches, virtual displays and wearable devices will drive the industrialization of Micro LEDs. After several years of rapid decline in the price of the LED chip supply terminal, the production capacity has been basically cleared, and the supply relationship of LED chips has been fundamentally improved, and the industry will welcome the inflection point.
Analysts expect that as industry concentration increases and downstream demand expands, industry supply and demand will continue to improve. LED chip prices will continue until the third quarter of this year, and lead the price increase in the middle and lower reaches.
According to the analysis, since the second half of 2016, the price of major products in the LED industry has continued to rise, the industry's business climate has continued to improve, and the performance of upstream chip companies has improved significantly. From the perspective of global competition, in recent years, with the continuous reduction of costs, domestic LED products have become more competitive globally, and overseas customers have turned to purchase more chip products from the Chinese market. Guoxin Securities analysts believe that global LED manufacturing has a tendency to shift to the Chinese market, and domestic companies have possessed high-quality process control and cost management capabilities.
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