LED upstream risky
LED industry has a long industrial chain, each link of the technical features and capital characteristics are very different, from the upper to middle then to the downstream industry to gradually reduce barriers to entry. Among them, the upstream extension materials and chips, with the typical high-tech, high cost of the "double high" characteristics of high technology, capital-intensive; middle package content and capital investment in technology to lower the number, the downstream applications of the technology content and the minimum capital investment.
The reason why China LED upstream investment risks, mainly due to the ever-changing. Overall, the market for China LED lighting technology is still in the upper primary stage of development, and technology improvement is a continuous and relatively rapid process improvement or disruptive change is the subject of the upstream businesses must face. So not only has the LED upstream "double high" characteristics, but also high risk. From the perspective of capital property, LED is more suitable upstream venture.
Chip depends on the quality of the main epitaxial material quality, high-quality epitaxial material is difficult to obtain in the market. At present, most manufacturers primarily through the acquisition of upstream MOCVD equipment, epitaxial growth, manufacturing chips, most chip makers have outreach capacity, which led to the extension and the upstream chip industry has a high degree of concentration; the current global master the core technology has intellectual property rights and one of the few production companies, so upstream LED technology presents the characteristics of winning.
In recent years, enterprises in the Mainland of China chips under the guidance of government support and rapid development. In 2008, output value of China's 1.9 billion chip, chip localization rate of 49%, has become the world's third largest production base of GaN chips. Domestic chip manufacturers are mainly Xiamen security, with the shares, Jiangxi Lianchuang, Sapphire Shanghai, Dalian Road America, Hangzhou Shi Lanming core, Blu-ray Shanghai, Shenzhen Century wafer, Wuhan Di source, the light of its products efficiency over conventional light bulbs or halogen lamps, but there is still a gap between the advanced world level, and most enterprises do not yet have sufficient independent research and development capabilities and intellectual property.
However, this phenomenon is gradually improving. In recent years, domestic enterprises have increased the intensity and level of technological innovation, some companies have their own core technology route, such as: access to core technologies through independent research and development can be optical crystal, obtained through the acquisition of core technology, Dalian Road, Ming. Therefore, the LED upstream, has a creative new technologies have their own core competencies, products with an appropriate cost-effective, high-end of the areas have access to the LED 产业 chain capabilities Duiyuzhengge strong businesses, investors to focus on.