The story of Chinese manufacturing seems to be unable to escape a Shackle: in the process of rapid growth of the industry, often accompanied by unprecedented price wars, the result of severe shuffling has made most of the market participants competing in the corpse, and a few lucky ones are mostly The whole industry, which is scarred and lacks core technology support, has fallen into a low tide. Nowadays, the Chinese LED industry seems to be rehearsing in accordance with the provisions of the above-mentioned classic scripts made in China. According to relevant data, the penetration rate of LED lighting in the global market is rapidly increasing. In 2014, the output value of LED lighting alone will reach 17.8 billion US dollars. The total number of LED lighting products shipped will reach 1.32 billion, which is 68% higher than that in 2013. Market participants swarming. According to relevant data, as of 2013, there are 52 LED listed companies in China, which are distributed in industrial chains such as upstream chips, midstream packaging, and downstream applications (including LED lighting and LED display). In addition, China's LED non-listed companies have reached nearly 30,000, mainly focusing on the Pearl River Delta and the Yangtze River Delta region. Among them, about 20,000 non-listed LED companies gathered in the Pearl River Delta region centered on Shenzhen, accounting for more than 70 of the total number of LED companies in China. Most of the LED companies in the Pearl River Delta region are labor-intensive enterprises with homogenization competition. Most of them rely on price wars and will eventually die from price wars. A brokerage industry analyst said. Faced with the fierce competition environment presented by the entire industry, Ding Yanhui, chairman of Shenzhen Ai Bison Optoelectronics Co., Ltd. told reporters that some well-known manufacturers in the industry have faced the dilemma of increasing inventory and uncollectible accounts receivable. In fact, some industry insiders have more serious judgments on the final result of the industry reshuffle that has already begun. Taking the chip field as an example, Jiang Zhongyong, general manager of Hangzhou Silan Mingxin, believes that there are only about five chip manufacturers in China that can survive in five years. Some Shenzhen-based LED manufacturers told reporters that on the one hand, there is a huge market prospect, on the other hand, they are filled with manufacturers who are rushing into the low door, coupled with the lack of industry standards and game rules, and the remaining roads are lost. Only the law of the jungle. Barbaric growth of domestic LED started in the 1970s. After nearly 40 years of development, it has begun to take shape. It is understood that the scale of LED industry in Guangdong Province has reached 281.1 billion yuan in 2013, ranking second in the eight strategic emerging industries in Guangdong Province, the first growth rate. However, it is not big, big and not strong, and the fish and the mud are still the status quo of this industry. Ding Yanhui, chairman of Abbie Optoelectronics, told reporters that the vast majority of domestic LED companies are concentrated in the middle and lower reaches of the industrial chain. Most of the core technologies are concentrated in the hands of Japanese, Korean and Taiwanese companies. Relevant data shows that as of the second quarter of 2014, the number of Guangdong LED patents was 62,540, accounting for 28.96 of the national LED patents granted in the same period, of which Shenzhen ranked first in Guangdong Province with 18,077. However, the situation behind the data is hard to be optimistic. It is understood that in the above-mentioned domestic LED industry patent licensing, the most core invention patents only account for about 5 of the total amount, and a large number of patent licenses are mainly for design and utility model patents. This just shows the true status of the labor-intensive low-end manufacturing industry in the domestic LED industry. Wu Haiyan, an analyst of emerging industry strategic think tanks, said that patent applications and grants are important indicators for measuring the ability and level of technological innovation in a country or region. As one of the most important indicators, the quantity and quality of invention patents reflect the level of innovation ability of regions and enterprises to a certain extent. The regions and enterprises with more invention patents have mastered the process of accelerating the transformation of economic development mode. Big initiative. In fact, as the entire LED industry in China is in a period of rapid development and expansion, a large number of entertaining companies are immersed in the illusory grand scene of explosive growth. In the interview process of reporters, many LED manufacturers in Shenzhen have mentioned this issue with no worries. They believe that the weak domestic LED patent system in the international giants is almost in an unassailable position. This is also a large number of LED leading enterprises including Dehao Runda, NVC Lighting, Foshan Lighting, Jiuzhou Optoelectronics, Juji Lighting, Rishang Optoelectronics, Hongli Optoelectronics, China Gallium Semiconductor, etc., spare no effort to promote the LED industry patent industry alliance The driving force behind it. Price problem: The manufacturing industry's hard injury sometimes suddenly feels that LED has no technology. It is a manufacturing industry. When talking about the LED downstream industry's dependence on chip technology in Japan, South Korea, Europe and the United States, Ding Yanhui said. In fact, LED lighting is still in the infiltration period, so the price is still the biggest constraint to the promotion of LED lighting. According to this, people in the industry generally believe that in the ever-changing stage of technology, the average consumer does not need lamps that are not changed for 10 years. Therefore, under the premise of meeting the standards, enterprises can minimize the cost without having to maximize the performance of the lamps. . This is just the soil where low-end companies are growing up. Jingyuan Optoelectronics Marketing Center Collaboration Lin Yida believes that due to factors such as investment in research and development, equipment expenditure, opportunity cost and other factors, the profit margin of the company will be further compressed, so that LED chip manufacturers will continue to increase their revenues for two or three years. . He said that there are still too many LED chip manufacturers, and in the future, there will be an industrial structure consisting of one or two leading enterprises and three to five distinctive enterprises. In short, the price war is just a routine means of industry reshuffle, and eventually the manufacturers without competitive advantage will be eliminated. A LED manufacturer in Shenzhen said. In addition, the process technology is also a major injury in China. The strength of the manufacturing industry and the shortcomings in design make LED lighting, the art of light and shadow, go to the high end. LED strange circle: After the second IPO of this year, Shenzhen Ai Bisen Optoelectronics Co., Ltd. finally landed on the GEM. However, it has been two years since Abisen passed the audit by the China Securities Regulatory Commission. In fact, as early as three years ago, almost all night, LED companies collectively landed in the capital market. LED companies such as Lehman Optoelectronics, Alto Electronics, and Lianjian Optoelectronics have all embarked on the road of IPO. According to relevant data, as of May 2013, there are 52 LED listed companies in China, which are distributed in industrial chains such as upstream chips, midstream packaging, and downstream applications (including LED lighting and LED display). Despite the enthusiasm brought by the capital market, the CEOs of some listed companies are still worried. A Shenzhen LED industry boss told reporters that behind the high growth of the LED industry, the most lingering nightmare is the large amount of accounts receivable and inventory. In fact, the accounts receivable of many manufacturers have already become unsuccessful bad debts. Once the crisis erupts, many of the factories that now look glamorous will immediately stop their lives. This is definitely not an alarmist. According to industry insiders, taking the situation of LED display industry as an example, the foundation of its rapid growth is mostly based on the risk of accounts receivable. It is no wonder that many people in the industry who have been exposed during the interview process use the industry directly. The development cycle describes this situation. It is understood that under normal circumstances, in order to increase market share and increase market share, LED companies often adopt the method of installment payment, that is, the customer pays the first part of the payment first, and then pays part of the payment after the installation is completed, and then pays after the acceptance is correct. At the end of the paragraph, this will undoubtedly lead to a continuous increase in the balance of accounts receivable. In the event of bad debts and dead debts, the losses suffered by enterprises will be difficult to predict. So far, zero down payment is still a sign of Abbyson. In fact, as early as 2012, Abbison proposed this concept when he first applied for listing. According to the Abisen prospectus, in 2010, the company introduced a zero down payment sales policy for some customers mainly for standardized products, that is, customers do not need to pay the advance payment when placing the order, and all the payment or most of the payment is paid before delivery. When reviewing the annual financial statements of Ai Biesen, the reporter found that in 2011-2013, Abbison’s accounts receivable were 31.338 million, 700.44 million and 97.071 million, respectively, and the accounts receivable turnover rate was 20.43, 11.26 and 7.94. While Abbison’s accounts receivable soared, in 2011-2013, Abbyson’s inventories were 60.429 million, 83.316 million and 95.228 million, respectively. In fact, the accumulation of accounts receivable and the backlog of inventories have also increased the asset-liability ratio of Abbyson in recent years. In 2011-2013, Abbyson's asset-liability ratios were 41.25, 43.89 and 47.49 respectively. The reporter then consulted the relevant information of Ai Bison and Alman Optoelectronics, which are also engaged in LED display and export-oriented. It was found that the asset-liability ratio of Alto Electronics in 2011-2013 was 12.49, 15.49, 16.29. In the same period, Lehman Opto's asset-liability ratio was 11.16, 15.45, 15.68. In addition, quality problems are also a hidden danger. Due to the high quality, the situation that the payment cannot be recovered often occurs, which is also an important aspect that leads to limited production efficiency of related manufacturers. If the quality is not good, then the company will pay for the display, and the customer can terminate the payment at any time within a certain period of time. Some insiders said.

Shackle

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