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We (LED industry) the opportunity to think big industry, and its alternative to traditional lighting is necessary, only the market will have a trillion market size. "In the forefront of the industry (Shenzhen) August 22 by the Shanghai Securities News, China Securities Network ? Roundtable sponsored, Ruifeng power secretaries 柯漢華 a brief statement, in many industries tells the voices of people at the same time, and perhaps reveal M & A activity industry investment incentives.

Chau Ming Technology, Ruifeng power and a number of executives of listed companies and Dacheng Fund, Bauhinia fund, the fund manager of China Southern Fund agreed that a new round of industry consolidation mergers and acquisitions tide is different from previous years, capacity expansion, the current round of mergers and acquisitions relatively Reason, the dominant force are industry leaders, and the difference of the competitive situation significantly, the industry will enter a "post-era of competition." Meanwhile, in the policy vigorously support, upstream technology breakthrough, prices, market demand driven by multiple factors, LED industry has undoubtedly take off over the next decade is the golden period of development.

Do not blindly follow investment acquisitions

Last week, LED industry, the company share price rose contrarian, eight LED enterprises semi-annual results of the Annunciation, and institutions in the second quarter 2.3 billion gallon 16 LED stocks, or its catalyst.

This year, LED industry investment, expansion, mergers and acquisitions very active.

Mason Technologies acquisition date on the photovoltaic, Feile Audio-Visual merger Beijing Shen An, Li Po photoelectric Foshan Lighting acquisitions, distance optical acquisition of advanced optoelectronics, in Beijing Founder Electronics M ...... involve LED industry mergers and acquisitions followed, were completed in the first half of this year 11 M & A transactions, the total amount of 3.5 billion yuan.

At the same time, three optical invest ten billion Yuzuo world, HC SemiTek invest 1.18 billion expansion of wafer production capacity, the country star power package is expected this year 40% increase in production capacity, Kingsun plans to invest 500 million expansion of the main industry ... LED business expansion also heard the news.

This can not help but reminiscent of 2010-2011 when the LED industry, when companies frenzied expansion, but after a few years eventually led to overcapacity, the industry downturn. This time, it will repeat the same mistakes?

. "From our recent acquisitions date on optoelectronic view, the company in mergers and acquisitions is a very rational one, the company in recent years based on the line of work, that is encapsulated, and use the advantage of gradually extending downstream; two, the downstream sector expansion, but also to further promote the company's packaging capacity of digestion, so the current and subsequent acquisitions mainly in the downstream, the downstream will also be the company's future profit growth point. "Mason Technologies Chief Financial Officer State of North practical examples and detailed military strategy rebuttal the question of the market.

Rational bidders minority. "First, the company's main business will not give up, but we insist that mergers and acquisitions will increase our highlights." MOSO secretaries Fang Ji Ben said.

"We are now the subject of a lot of companies are looking for mergers and acquisitions, you buy, you digest this? This is a very worthy of our consideration." Chau Ming Technology Director Liu Jiaoming indeed noted that Chau Ming Technology will not easily make acquisitions, but if the merger will be ruminating before the merger, the company merger what other, what can bring value to each other, "recommends that companies first before the merger itself and stronger, and then consider bigger."

Liu Jiao example, Chau Ming Technology acquisition of a company - Radiant, mainly due to the company has been in a deep creative display of work done, can strengthen the company's operational display.

Integration takeoff

Looking back at the LED industry development, from the 1990s has been officially put into operation more than a decade, the industry homogenization of intense competition, lack of innovation ability has been off the fetters of the industry.

"It is because the homogenization of competition, brutal competition, we want to survive, then the scale is not large, only by integration, industry consolidation could further accelerate." Before a new round of consolidation tide, Alto Yang electronic secretaries of the four modernizations think,

Industry root causes have not been eliminated, but the current round of consolidation will continue 3--5 years. However, LED industry, market demand, technological space, there is still a majority of the space to be excavated, "The future development of the industry prospects are very good."

"LED prospects are very vast, regardless of the midstream and downstream packaging business enterprise applications, you can have a way to go." Liu Jiao also agreed.

However, in the case of industry to set up a good proposition, when is the best layout point? The answer is now! The participants agreed that the current point in time is the best development of LED industry, but also the opportunity LED enterprises bigger and stronger. First, the policy level in the country to support the stage. In addition, the downstream market demand after the popularity of the concept a few years ago, is gradually growing, the industry is the time to take off.

Number of LED enterprises semi-annual report, following the 2013 LED lighting market to resume growth, incandescent phase-out plan by the United States, European Union, China and other major countries and regions batch into force, to reduce costs factors driving terminal price decline, LED lighting market capacity will be significantly expanded and started and to achieve sustained growth, future 3--4 years LED lighting market penetration will be the fastest growing golden period of development. At the same time, rapid growth in lighting applications, will also be driven by supply and demand improved lighting application package components. Authority expects 2014 output value of China's LED lighting industry will grow 58 percent, reaching 180 billion yuan.

However, industry consolidation, development period, the gap between enterprises has become more apparent. At this point, how investors in A shares more than 50 LED companies, select the best target it?

In this regard, Liu Jiao said, when she joined two years ago, Chau Ming science and technology, but also the idea of holding investors to enter. Two years later, reflect on their own investment ideas, she still believes that choose LED enterprises should follow the following points: First, look at technology, technical reserves situation of this enterprise, there is no, yes, for the current bloody Red Sea or prepared for the next peak; second, to see who it is the industry benchmark, if it is a small business Chinese, forget it; and third, to see if this company has a long rooted in the intention and ambition of the industry, whether ten years, or even centuries plans; fourth, look at the team, whether full of vitality; fifth, to see whether the corporate governance structure and its internal control system capable of supporting their development of three to five years.

Yang four modernizations opinion, the enterprise value is to create value, look at this company's market position is accurate, gross margin, cash flow what circumstances, "as long as select value-creating enterprise, concern the real value lies, ultimately is going to get market acceptance.