[Text / High-tech LED Industry Research Institute (GLII)] According to the survey of the High-tech LED Industry Research Institute (GLII), the output value of China's LED phosphors in 2014 was 800 million yuan, a year-on-year decrease of 7.4%. In the past two years, the trend of LED phosphors' industry price increase has been quite obvious. The rapid growth of capacity production will not bring the growth of output value has become the norm in the industry.
China's LED phosphor industry has entered a period of rapid development since 2010, and the number of enterprises has also increased rapidly. GLII believes that China's LED phosphor industry is currently moving from maturity to maturity. Selling "products" and selling "services" will gradually become the key to winning the enemy.
At present, China's LED phosphor industry mainly shows the following characteristics:
1, industry profit margins continue to decline in LED phosphor <br> <br> new entrants continued, sustained release of production capacity, prices continued to decline under the background, LED phosphor corporate profit margins continue to decline. According to the survey of the High-tech LED Industry Research Institute (GLII), the gross profit margin of China's LED phosphors in 2012 generally remained above 40%, but in 2013, especially in the first half of 2014, the gross profit margin of many companies has been as low as 30%. Some companies have a gross profit as low as 20%.
Chart 1: China's LED phosphor industry gross margin trend in 2010-2015 (unit: %)
Source: GLII - "2014 China LED Phosphor Industry Research Report"
2, domestic enterprises are weaker bargaining power upstream bargaining capacity LED phosphors are mainly rare earths, and LED phosphors only occupy a small proportion in China's rare earth smelting industry, LED phosphors have weaker bargaining power on upstream raw materials.
Downstream bargaining power <br> <br> phosphor domestic sales companies in the United States and foreign-funded enterprises are mainly Intel, Mitsubishi Chemical; Taiwan-funded enterprises are mainly Tianbao, Changxing, Hongdae; domestic enterprises are: Institute of Rare Earth, Hill De, Bo Rui, Xinli Light Source, Nakamura Yuji, etc.
In addition to all the domestic phosphor companies, in addition to mastering the full technical patent of Mitsubishi Chemical, other companies have weaker bargaining power for packaging companies, especially domestically produced unknown phosphor companies. Mitsubishi Chemical and Nakamura Yuji, which is supported by Mitsubishi Chemical Technology, currently have strong bargaining power in the field of red powder and some green powder. The price of the product is more than twice the price of domestic powder.
3, the industry payback period as long <br> <br> present the entire LED industry showed aggressive competitive momentum, and disorderly competition in the downstream market of lighting so many lighting companies to survive the difficulties, resulting in recovery of funds difficult packaging companies, funds The turnover is difficult, and eventually the delay in the payment of the packaged accessories is realized.
GLII research shows that in 2014, the entire LED phosphor industry recycling cycle performance in three cases: First, large enterprises and some medium-sized enterprises, the payment method is 30 days monthly; Second, medium-sized enterprises and some small enterprises, the payment method is The monthly settlement is 60 or 90 days; the third is a small business, and the payment method is instant payment (mainly because the goods are less, the money is lower, and the phosphor companies are not willing to owe).
Chart 2: China's LED phosphor industry common return cycle
Source: GLII - "2014 China LED Phosphor Industry Research Report"
In the above three cases, in the second case, it is more likely that the money is difficult to recover. Because some small and medium-sized packaging enterprises are not well managed, the collection of funds is nowhere in sight, and some enterprises have gone out of business directly, which makes the money directly become a dead debt. In the second case, the number of companies is the largest, accounting for more than half of the total sales of phosphors.
4, the competition is fierce, the price continues to decline, the LED industry is developing rapidly, the demand for LED phosphors is rising rapidly, LED phosphor companies have built factories to expand production, and new companies are constantly entering. According to GLII, domestic phosphor companies have researched The annual production capacity of rare earth, Hilde and other yellow powders exceeds 40 tons. The annual production capacity of yellow powder in Jiangmen Keheng and Jiangnan fluorescent materials exceeds 20 tons. In 2014, the domestic demand for yellow powder is only about 85 tons, and the industry has a serious overcapacity.
Overcapacity, equipment idle, companies have reduced prices to seize the market, resulting in the industry is rampant in price wars, the price of yellow powder in some parts of Zhongshan has dropped below 0.5 yuan / gram.
China's LED phosphor industry has entered a period of rapid development since 2010, and the number of enterprises has also increased rapidly. GLII believes that China's LED phosphor industry is currently moving from maturity to maturity. Selling "products" and selling "services" will gradually become the key to winning the enemy.
At present, China's LED phosphor industry mainly shows the following characteristics:
1, industry profit margins continue to decline in LED phosphor <br> <br> new entrants continued, sustained release of production capacity, prices continued to decline under the background, LED phosphor corporate profit margins continue to decline. According to the survey of the High-tech LED Industry Research Institute (GLII), the gross profit margin of China's LED phosphors in 2012 generally remained above 40%, but in 2013, especially in the first half of 2014, the gross profit margin of many companies has been as low as 30%. Some companies have a gross profit as low as 20%.
Chart 1: China's LED phosphor industry gross margin trend in 2010-2015 (unit: %)
Source: GLII - "2014 China LED Phosphor Industry Research Report"
2, domestic enterprises are weaker bargaining power upstream bargaining capacity LED phosphors are mainly rare earths, and LED phosphors only occupy a small proportion in China's rare earth smelting industry, LED phosphors have weaker bargaining power on upstream raw materials.
Downstream bargaining power <br> <br> phosphor domestic sales companies in the United States and foreign-funded enterprises are mainly Intel, Mitsubishi Chemical; Taiwan-funded enterprises are mainly Tianbao, Changxing, Hongdae; domestic enterprises are: Institute of Rare Earth, Hill De, Bo Rui, Xinli Light Source, Nakamura Yuji, etc.
In addition to all the domestic phosphor companies, in addition to mastering the full technical patent of Mitsubishi Chemical, other companies have weaker bargaining power for packaging companies, especially domestically produced unknown phosphor companies. Mitsubishi Chemical and Nakamura Yuji, which is supported by Mitsubishi Chemical Technology, currently have strong bargaining power in the field of red powder and some green powder. The price of the product is more than twice the price of domestic powder.
3, the industry payback period as long <br> <br> present the entire LED industry showed aggressive competitive momentum, and disorderly competition in the downstream market of lighting so many lighting companies to survive the difficulties, resulting in recovery of funds difficult packaging companies, funds The turnover is difficult, and eventually the delay in the payment of the packaged accessories is realized.
GLII research shows that in 2014, the entire LED phosphor industry recycling cycle performance in three cases: First, large enterprises and some medium-sized enterprises, the payment method is 30 days monthly; Second, medium-sized enterprises and some small enterprises, the payment method is The monthly settlement is 60 or 90 days; the third is a small business, and the payment method is instant payment (mainly because the goods are less, the money is lower, and the phosphor companies are not willing to owe).
Chart 2: China's LED phosphor industry common return cycle
Source: GLII - "2014 China LED Phosphor Industry Research Report"
In the above three cases, in the second case, it is more likely that the money is difficult to recover. Because some small and medium-sized packaging enterprises are not well managed, the collection of funds is nowhere in sight, and some enterprises have gone out of business directly, which makes the money directly become a dead debt. In the second case, the number of companies is the largest, accounting for more than half of the total sales of phosphors.
4, the competition is fierce, the price continues to decline, the LED industry is developing rapidly, the demand for LED phosphors is rising rapidly, LED phosphor companies have built factories to expand production, and new companies are constantly entering. According to GLII, domestic phosphor companies have researched The annual production capacity of rare earth, Hilde and other yellow powders exceeds 40 tons. The annual production capacity of yellow powder in Jiangmen Keheng and Jiangnan fluorescent materials exceeds 20 tons. In 2014, the domestic demand for yellow powder is only about 85 tons, and the industry has a serious overcapacity.
Overcapacity, equipment idle, companies have reduced prices to seize the market, resulting in the industry is rampant in price wars, the price of yellow powder in some parts of Zhongshan has dropped below 0.5 yuan / gram.
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