The LED industry chain is usually divided into three links: upstream LED materials and chips, midstream LED packaging, and downstream LED displays. Previously, Pjtime.com shared the comparative analysis of the 2023 annual reports of 6 LED display companies (click to read) and the comparative analysis of the annual reports of 7 LED upstream chip manufacturers (click to read), and today we will continue to share with you the comparative analysis of the annual reports of LED midstream packaging manufacturers.
This paper only compares and analyzes five listed companies with high LED packaging revenue or a relatively high proportion of total revenue, namely Mulinsen, Guoxing Optoelectronics, Hongli Zhihui, Jufei Optoelectronics, and Ruifeng Optoelectronics. Other companies such as Dongshan Precision, Xiamen Xinda, Wanrun Technology, Xinruida, and Zhaochi Co., Ltd. were not included in the comparison because their LED packaging business accounted for a relatively low proportion of total revenue or the revenue of LED packaging business was relatively low.
Summary of important information
1. Affected by the macro economy, the price of upstream raw materials has risen, the homogenization of products and the fierce competition of price wars, the price of products has declined, and the profit margins of enterprises have been compressed. However, companies such as Mulinsen, Jufei Optoelectronics, and Hongli Zhihui will still achieve profit growth in 2023 by strengthening management, reducing costs and improving efficiency. Mulinsen benefited from overseas markets, with a profit growth of 121.71% in 2023, ranking first among the five.
2. From the perspective of revenue and net profit in the past three years, 2021 is the best year, 2022 is the most difficult year for the industry as a whole, and most companies in 2023 will be better than 2022. It shows that the industry is gradually recovering.
3. From the perspective of the main operating accounting indicators, Mulinsen ranks first on the list, with total revenue, net profit, cash flow, total assets and net assets higher than the sum of the other four. On the whole, Ruifeng Optoelectronics is weaker than the other four.
4. Quarterly, the revenue of the five companies has no obvious seasonal regularity, and the proportion of revenue from the top five sales customers is not high, indicating that the application of LED packaging products is relatively scattered, the concentration of downstream customers is not high, and the overall sales risk is not high. More market segments also provide more opportunities for companies to tap their potential.
5. In 2023, almost all enterprises will increase the gross profit margin of LED packaging products by strengthening management and controlling costs, and only the gross profit margin of Guoxing Optoelectronics will decline significantly.
6. Leading packaging enterprises take the initiative to destock, forcing some small and medium-sized enterprises to withdraw due to the loss of profitability. At the same time, the LED industry continues to integrate through acquisitions, joint ventures, strategic cooperation, etc., and the voice of leading enterprises will continue to increase, which will further enhance the concentration of the LED packaging industry.
7. LED application scenarios continue to expand, and products show a trend of diversification. Leading enterprises are accelerating the transformation to high value-added businesses, and subdivided applications such as smart lighting, plant lighting, medical lighting, automotive LED, new display, and Mini backlight will be the key sources of profit for each enterprise in the future. In the field of RGB display, xR virtual shooting, movie screen, transparent screen, naked-eye 3D, special-shaped screen, etc. have brought a broad market space to LED display, and the proportion of LED display will gradually increase in the future.
8. With the support of local governments to promote automobile consumption policies, especially the vigorous development of new energy vehicles, the growth of demand for on-board displays and automotive lighting has been promoted, and at the same time, the domestic substitution of automotive LED has accelerated, and most companies will achieve substantial performance growth in the field of on-board LED in 2023.
9. As downstream manufacturers such as LED display actively promote the application of MLED and accelerate the process of pitch miniaturization, LED packaging companies are also accelerating the layout of the Mini/Micro LED field. With the gradual maturity of Mini LED and Micro LED technology, the improvement of yield, and the rapid reduction of cost, the industrialization process of Mini/Micro LED will also accelerate. The upstream, midstream and downstream linkage will promote the Mini/Micro LED application market to maintain a strong growth trend.
10. On the Mini/Micro LED packaging technology route, COB, IMD, MIP are replacing and upgrading the traditional technology route, and the MIP 0404 packaging lamp bead industry has achieved mass production, and in 2024, MiP packaging technology will quickly penetrate the market; In terms of Mini backlight packaging, shipments of Mini COB and Mini POB products are also growing.
11. With the continuous expansion of the downstream application scenarios of the LED industry, the maturity of LED technology and the reduction of the cost of lamp beads, the continuous improvement of cost performance, and the increase in the penetration rate of LED products in various downstream application fields, the long-term prospects of the LED packaging industry are optimistic, and the LED packaging market will gradually resume steady growth.
Next, we conduct a detailed comparative analysis from the main accounting indicators, LED packaging business, revenue composition, R&D investment, 2024 business plan and other aspects of the five listed companies, hoping that through the analysis of the operation of the five representative head LED packaging companies, it will help you better grasp the future development trend of the LED industry.
Part 01
Comparative analysis of major accounting and financial indicators in the past three years
From the perspective of major financial indicators such as total revenue and net profit, in the past three years, 2021 is the best overall and 2022 is the worst overall. In 2023, compared with 2022, the industry's prosperity has recovered to a certain extent, and the revenue of most enterprises has increased year-on-year, but the growth rate is not too large, indicating that the recovery speed is not as expected. As the "first brother of domestic LED packaging enterprises", Mulinsen still maintains a leading position in various major business indicators, with total revenue, net profit, cash flow, total assets, net assets and other indicators exceeding the sum of the other four.
1. Comparative analysis of operating income
Judging from the data of the past 3 years, on the whole, 2022 will be relatively weak, 2021 will be the best, and it will gradually recover in 2023.
2. Comparative analysis of net profit attributable to shareholders of listed companies
In terms of net profit, Mu Linsen is still the boss. Five companies had the best net profit in 2021. In 2022, net profit will decline sharply, and in 2023, Mulinsen, Jufei Optoelectronics, and Hongli Zhihui will all achieve year-on-year growth.
3. Comparative analysis of net cash flow generated by operating activities
The cash flow from high to low is Mulinsen, Hongli Zhihui, Guoxing Optoelectronics, Jufei Optoelectronics, Ruifeng Optoelectronics, year-on-year, Mulinsen and Ruifeng Optoelectronics increased year-on-year, and others decreased year-on-year.
4. Comparative analysis of total assets
In terms of total assets in the past three years, Mulinsen has decreased in turn every year, but the total assets are still at the top of the list. Hongli Zhihui increases every year, and the other three are basically maintained, with little change.
5. Comparative analysis of net assets attributable to shareholders of listed companies
In the past three years, the net assets of Mulinsen, Jufeiguang Optoelectronics and Hongli Zhihui have all grown positively every year. Ruifeng Optoelectronics will decrease slightly every year, and Guoxing Optoelectronics will decrease slightly in 2022, and increase slightly in 2023. The proportion of the five companies as a whole has not changed much in the past three years.
6. Comparison of revenue and net profit by quarter
In terms of quarterly revenue, the lowest of the five companies was in the first quarter. Hongli Zhihui and Mu Linsen are both the highest in the fourth season; Jufei Optoelectronics and Ruifeng Optoelectronics were the highest in the third quarter; Nationstar Optoelectronics was the highest in the second quarter. However, from the perspective of the five companies, the four quarters of each company's revenue is not much different, and there is no obvious consistency law between the five, which shows that there is no obvious seasonal difference in the LED packaging industry as a whole, because the application scenarios of LED products are wide, and to a certain extent, the impact of seasonal fluctuations in a single downstream application field is avoided.
In terms of quarterly net profit, there is no obvious consistency law. Guoxing Optoelectronics, Hongli Zhihui, and Ruifeng Optoelectronics were the best in the second quarter, slightly better in the third quarter, and the lowest in the fourth quarter; The first three quarters of Jufei Optoelectronics were about the same, and the fourth quarter was slightly worse; The first and third quarters of Mulinsen were significantly higher than those in the second and fourth quarters.
Because LED packaging products are mainly sold in China, the industry is seriously involuted, and the overall gross profit margin is not high, so the net profit is affected by factors other than the gross profit margin.
Part 02
LED packaging business: comparison of revenue, production and sales, production capacity, and comprehensive gross profit margin
Because the five listed companies in this article are all involved in the LED packaging business, the following focuses on the comparative analysis of the revenue, sales, production, production capacity and comprehensive gross profit margin of their LED business
1. Revenue and proportion of LED packaging business
Mulinsen is still the "first brother of LED packaging", and its revenue ranks first on the list, followed by Hongli Zhihui, Guoxing Optoelectronics, Jufei Optoelectronics, and Ruifeng Optoelectronics. The revenue of Ruifeng Optoelectronics and Guoxing Optoelectronics LED packaging business decreased by 3.71% and 3.07% year-on-year, and the LED business of Jufei Optoelectronics achieved a year-on-year increase of 11.93%. In terms of proportion, Jufei Optoelectronics reached 91.89% at the highest, and Ruifeng Optoelectronics, Hongli Zhihui and Guoxing Optoelectronics also accounted for a higher proportion, with 88.76%, 78.40% and 71.38% respectively; MLS accounts for the smallest proportion of about 28%, and its main business is LED lighting dual-brand products.
2. Comparison of gross profit margin of LED packaging products
The highest gross profit margin of LED packaging business is 27.39% for Jufei Optoelectronics, and the other four are not much different, between 15% and 20%. On the whole, due to the fierce competition in the LED packaging business, the gross profit margin of the industry is generally low. Compared with the same period last year, only Guoxing Optoelectronics decreased by 4.69 percentage points. Mulinsen, Ruifeng Optoelectronics, Jufei Optoelectronics, and Hongli Zhihui increased by 6.28%, 3.38%, 2.09%, and 0.06% respectively. On the whole, most enterprises have achieved an increase in gross profit margin under the condition of rising raw material prices and fierce product competition, indicating that the implementation of measures such as cost reduction and efficiency improvement has been effective. One of the top priorities of Nationstar in 2024 is to control costs and improve gross profit margins.
3. Comparison table of production and sales volume of LED business
The production and sales rate of each enterprise is very high, and the lowest Guoxing Optoelectronics has reached 96.83%
4. LED business capacity comparison table
Jufei Optoelectronics, Ruifeng Optoelectronics and Hongli Zhihui meet the disclosure requirements of "LED industry chain related business" in the "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 4 - Information Disclosure of GEM Industry", and disclose the production capacity of LED business as required, as shown in the above table. Nationstar Optoelectronics and Mulinsen did not disclose the specific production capacity in the annual report.
Part 03
The main performance highlights of the LED packaging business in 2023
Nationstar Optoelectronics
1. Grasp the opportunities in subdivided application fields, and achieve multi-point flowering in strategic markets such as Mini/Micro display, automotive LED, optocoupler, and high-end lighting.
2. Deeply cultivate the application of vehicle light. We will make every effort to build four categories of on-board product routes, form a rich automotive LED product matrix, enter the new power automobile brand of on-board interactive display modules, and introduce automotive interior LED devices into a number of OEMs and be selected into the list of many well-known suppliers;
3. Take the initiative to attack high-end lighting. Improve and optimize the multi-wave blue light full spectrum solution to create low blue light, high color rendering, and continuous spectrum products; Improve the power density and light efficiency of products, develop new high-power outdoor lighting products, and continue to deepen the cooperation with strategic customers;
4. In terms of smart wearables for consumer electronics, we have developed smart wearable series chips such as Green Light 1515 and passed the certification of head customers, completed the upgrade of 1816 series sensing devices, greatly improved core performance such as energy consumption and brightness, and further expanded the application field
5. Micro chip has completed the development and process finalization of three series of chips for the MIP field, Micro LED pixel headlight field and AR metaverse field, laying a solid foundation for opening up new tracks and new products.
6. In the field of Mini & Micro LED, we have continuously overcome technical difficulties, strengthened the transformation of forward-looking achievements, and "packaging and testing technology for high-density and high-reliability LED display devices for 4K/8K" was selected as the leading technology list of "Science and Technology China". Actively promote the development of all-micro micro technology, and successfully light up the 1.84-inch Micro LED full-color display - nStar III.
7. Successfully lit up the MicroLED digital vehicle light source sample, and became the first enterprise in China to successfully develop the Micro LED light source of 10,000-level pixel digital headlights.
8. Developed new LED devices and modules for smart car atmosphere, tackled key problems with ultra-high brightness smart car headlight LED and head-up display full-color LED devices, and a variety of high-end vehicle specification products successfully passed customer verification.
Jufei Optoelectronics
1. The automotive LED business continued to maintain a healthy development. At present, the import substitution trend of the domestic automobile manufacturing industry is obvious, and the company gives full play to its own advantages, and the automotive lighting business has ushered in a rapid breakthrough. Automotive-grade backlight LEDs have entered the world's major automotive module supply chain systems, and automotive-grade exterior lighting LEDs have entered the supply chain systems of many OEMs, including BYD Automobile, SAIC Group, Guangzhou Automobile Group, Changan Automobile, Geely Automobile, Chery Holdings, JAC, Great Wall Motor, etc., and have reached in-depth cooperation with many important domestic automotive lamp Tier1 manufacturers such as Huayu Vision, Jiali Co., Ltd., and Jinye Group.
2. The supply chain of Mini LED products is gradually improving. The company has provided the world's first 20,000-zone and the world's first 40,000+ zone-based Mini LED backlight solutions to leading customers.
3. The company has achieved mass production of a number of automotive-grade Mini LED light panel projects, such as the company's Mini LED products are used in the whole series of ideal models. At the same time, the company's self-developed automotive Mini LED light panels have completed automotive-grade sample verification in many customers, and a number of out-of-vehicle Mini LED direct display COB projects have been mass-produced. Among them, the Geely England LEVC TX5 car project for the Asian Games, which is the industry's first external Mini COB direct display interactive screen.
4. Micro LED series products have been mass-produced, and the pixel pitch covers 0.5-1.5mm.
5. Increase R&D investment in new products and technologies, rely on the company's original technical advantages and customer resources, continue to enrich LED-related products, such as infrared and other new businesses, and achieve horizontal expansion by taking advantage of the trend.
6. The company has increased the resource investment in technology development and market development in vehicle display, Mini/Micro LED, infrared and other businesses to provide momentum for the company's sustainable high-quality development.
Ruifeng Optoelectronics
1. The sales revenue of LED products was 1222.1697 million yuan, a decrease of 3.71% over the same period last year; accounting for 94.09% of the main business income; The gross profit margin of LED products in the reporting period was 18.16%, an increase of 3.38 percentage points over the previous reporting period.
2. With the forward-looking layout of Mini Led technology, we have joined hands with customer TCL to launch the world's first "double 5000" Mini LED TV, that is, XDR 5000nits peak brightness, 5184 partition quantum dot dot light control Pro's "double 5000" standard QD-Mini LED TV, with an ultra-high contrast ratio of 50 million:1. In the same year, as a strategic supplier of TCL's Mini LED backlight, the company also launched a variety of large-size TV backlights, all of which were mass-produced.
3. Through core technologies such as chip flip-top, COB packaging, mold pressure injection thermosetting forming, unique homogeneous structure design patent, ultra-thin structure, and high-brightness scheme, a high-quality MiniLED backlight module has been created, which realizes the ultra-thin (≤2mm) and minimum 0 OD of the module, and has the advantages of good consistency, high light efficiency, and low cost, opening up a larger application space for Mini LED backlight technology.
4. With Mini LED solutions and Mini LED direct display - feather yarn series, it has been highly recognized by the industry. At present, the company's Mini LED direct display - feather yarn series can be widely used in mobile phones, headphones, wearable and other small-size consumer electronics breathing lights, atmosphere lights, optical indications and product LOGO, etc., mobile phone brand Nothing Phone back cover luminous Mini LED interactive light strip design using the company's Mini LED direct display - feather yarn series products, for the company to take the lead in realizing the large-scale commercial use of MINI LED in the mobile phone industry, becoming the first application in the consumer electronics industry. The interactive light strip on the back cover of the mobile phone has the advantages of self-luminous, ultra-light and slim, high brightness adjustable, high reliability, fast response, low heat dissipation, low power consumption, etc., and the ultimate thickness of the product is less than 0.5mm, which is as light as a feather, which is conducive to creating a thin and light body for consumer electronics. This series of products adopts a denser chip distribution and simplified process structure than small-pitch LEDs to achieve delicate display effects and ultimate light efficiency; The appearance surface can be customized with high-quality diaphragm and different appearance shapes to match the interaction needs of different smart devices, so that the mobile phone can be transformed from a communication function device into a human-computer personalized interaction platform.
5. In terms of on-board LEDs, the company actively develops matrix headlights, high-power LEDs of far- and near-beam ceramics, SmartRGB and other products.
6. In terms of Mini LED, we can provide customers with customized vehicle-grade interactive Mini LED display taillights, dynamic car logos with intelligent scenes, 2000nit ultra-high brightness central control screen and other application products.
7. The company's R&D team has developed Mini LED, Micro LED, LED lamp products, VCSEL series, cost-effective UV packaging, infrared + sensing, smart module, KSF technology in lighting applications, optocoupler 817, vehicle LED display products, 1020 two-in-one full-color display devices, MCSP1010 product platform development, RGB2727 + LENS product development, Mini COB ultra-thin 3D stacking process +The R&D of projects such as the development of flexible light-absorbing decorative sheet material light strip products, MINI Lightingpaper, touch, and optical lamination function modules will continue to create value for the company.
Hongli Zhihui
1. The company's LED semiconductor packaging business achieved a main business income of 2946.8777 million yuan, accounting for 78.39% of the total operating income. During the reporting period, the gross profit margin of the LED semiconductor packaging business was 20.01%, and the comprehensive product yield was 98.09%
2. The company will continue to consolidate the strategic foundation of LED semiconductor packaging business, give full play to the synergistic advantages of the three production bases in Guangzhou, Nanchang and Dongguan, expand the high value-added market segment, and help increase market share.
3. During the reporting period, the company's LED automotive lighting business achieved a main business income of 660.5081 million yuan, accounting for 17.57% of the total operating income, a gross profit margin of 30.50%, and a comprehensive product yield of 98.77%.
4. The company will continue to give full play to the integration advantages of the industrial chain of "automotive-grade LED packaging-module-lamp", improve the level of technology research and development, reserve cutting-edge technologies such as ADB headlights, projection headlights, and Mini LED taillights, deepen cooperation with mainstream automobile manufacturers at home and abroad, continuously expand high-end markets and overseas markets, and enhance the company's influence in the industry.
5. During the reporting period, the company launched PCT5050 RGBW 2W four-in-one series, SMC high-end lighting series, full-spectrum series, outdoor lighting ceramic series, outdoor lighting high-power filament, third-generation dimming two-color TOP and other products, and established a deep strategic partnership with industry leaders Yeelight, Jiuzhou Optoelectronics, Opple Lighting, etc., to jointly explore a broad market.
6. In the Mini/Micro new display business segment, the company deeply focuses on the two core areas of direct display and backlight. During the reporting period, the company successfully launched the HL4.0 version of the packaging technology, which effectively overcame the technical problems such as blurred screen and color shift commonly faced by direct display Mini LED display modules, and significantly improved the display performance and stability of the product.
Part 04
Sales & Purchasing Analysis
The main sales area of the five listed companies is in China, and basically direct sales, only Mulinsen has 85.1% of the mass distribution, of which Hongli Zhihui and Guoxing Optoelectronics are 100% direct sales model.
1. Analysis of the proportion of domestic and overseas sales to total revenue
From the perspective of sales area, only MLS is mainly engaged in overseas business, as high as 63%, and the other four are mainly based on domestic business, accounting for about the same proportion, between 78% and 83% respectively
The gross profit margin of overseas sales of most enterprises is higher than that of domestic sales, and only the overseas gross profit margin of Guoxing Optoelectronics is lower than that of domestic companies, only 6.30%. The highest overseas gross profit margin was 38.61%. The highest gross profit margin in China is 25.93% for Jufei Optoelectronics, and the lowest is only 13.03% for Mulinsen. The highest total gross profit margin is still 29.12% for Mulinsen, and the lowest is 13.03% for National Star Optoelectronics. The highest increase in total gross profit margin over the previous year was Hongli Zhihui, which increased by 4.46 percentage points. The total gross profit margin of all enterprises has achieved a slight increase, indicating that in the case of the decline in the overall product price, the cost control effect of each enterprise is better.
2. Main sales customers and suppliers
The total sales amount of the top five customers is relatively low, which is less than 20%, and the dependence on a single customer is low, which can better disperse the risks brought by a small number of customers. Jufei Optoelectronics and Hongli Zhihui account for more than 30%, and downstream customers are relatively concentrated. On the whole, the sales concentration of LED packaging enterprises is not particularly high, indicating that there are many LED downstream application enterprises, diversified application fields, and the overall risk is small.
The top five suppliers accounted for the lowest proportion of the total purchase amount of Mulinsen, with 13.76%, which was relatively scattered among suppliers. The highest concentration is Hongli Zhihui, which is 36.25%, which is relatively high in procurement risk. The other three account for a similar proportion, between 25% and 29%. On the whole, the procurement concentration of LED packaging enterprises is not particularly high, and the risk is controllable.
Part 05
Analysis of R&D investment and innovation results
As a branch of the semiconductor industry, LED packaging is a technology-intensive industry, and R&D investment largely determines the sustainable competitiveness of enterprises in the future.
1. R&D expenses and proportion
In terms of R&D investment, MLS ranks first with 381 million yuan, but its proportion is the lowest, only 2.18%, which is significantly lower than the other four, which may be that its LED packaging business accounts for a small proportion, and the LED lighting business does not need much research and development. The highest proportion is Ruifeng Optoelectronics, reaching 7.87%, and the other three account for about the same, basically between 5.1% and 6.1%.
2. The number and proportion of R&D personnel
In terms of the number and proportion of R&D personnel, Mulinsen is also far ahead in absolute number, but the proportion is the lowest. The highest proportion is Jufei Optoelectronics, accounting for 18.19%, and the other three account for about the same, distributed between 12% and 14.1%. Ruifeng Optoelectronics has the smallest number of R&D personnel, only 288 people; The number of Hongli Zhihui, Guoxing Optoelectronics, and Jufei Optoelectronics is about the same, with 587 people, 553 people, and 441 people respectively.
3. Intellectual property achievements such as patents and copyrights
Nationstar Optoelectronics: During the reporting period, the company added 131 new patent applications, 70 new authorized patents, and invention patent applications accounted for 67%, of which "a full-color light-emitting device and display module" won the "24th China Patent Gold Award". During the reporting period, the company participated in the drafting of 10 new standards, including 3 national standards, 3 industry standards and 4 group standards.
Ruifeng Optoelectronics: Up to now, the company has 227 authorized valid patents, including 24 valid invention patents, 167 utility model patents and 36 other patents.
Jufei Optoelectronics: In addition to self-developed patents, it also actively cooperates with internationally renowned enterprises, and has acquired the patents of phosphors and lenses from Panasonic of Japan, covering Europe, the United States, Japan, South Korea, Taiwan and other countries and regions, and the thermosetting resin packaging patent has been authorized by the United States Patent and Trademark Office, which has further consolidated the company's global market security capabilities. Participated in the formulation of a number of LED industry standards and has issued and implemented 25 items.
Hongli Zhihui: During the reporting period, the company had 962 patents, including 184 invention patents, 748 practical patents and 30 design patents. The company has participated in the formulation of a number of LED industry standards and has issued 19 implementation standards, including 13 national standards and 6 industry standards.
As of the end of the reporting period, the company and its main subsidiaries had 1,665 patents, including invention patents, utility model patents and design patents.
Part 06
Key business plan for 2024
According to the development characteristics of the LED industry and combined with the characteristics of the enterprise itself, the five listed companies have put forward the 2024 business plan, which is briefly described as follows:
Mullinsen
1. In 2024, the company will continue to deepen technological innovation and customer service, continue to deepen LED intelligent manufacturing, optimize brand channels, and build a global collaboration system to consolidate and expand its leading position in the LED industry.
2. Overseas markets will continue to expand product lines, optimize front-end sales channels, create innovative business models, promote localization strategies, and achieve continuous expansion of overseas market share and steady improvement of profitability.
3. In the domestic market, enhance brand influence and market share through product iteration, scenario solution innovation, customer service optimization, and expansion of new sales channels and partners.
4. We will continue to focus on the LED packaging business and increase investment in core technology research and development and product layout. By deepening the integration of the industrial chain and the optimization of the production process, we will reduce and improve the efficiency to enhance the ability to formulate industry-leading professional solutions.
5. Accelerate the pace of development in the two major fields of MiniLED and MicroLED. By expanding the production scale of small pitch, MiniLED and other products, improving product quality and performance, meeting the needs of the high-end market, and further consolidating and expanding the company's leading position in the LED industry.
6. Build a global system collaboration system including brand, R&D, procurement and logistics supply chain to achieve optimal allocation of resources; Strengthen strategic cooperation with international partners, achieve mutual benefit and win-win results through technical cooperation, market sharing and resource integration, and jointly promote the development of the LED industry.
Nationstar Optoelectronics
1. Take the project as the starting point to promote efficient innovation.
2. Focus on display, lighting, optoelectronics and other fields, continue to strengthen research in key core areas such as Micro/Mini LED, third-generation semiconductors, new optoelectronic devices, and automotive LEDs, and accelerate the achievement of innovative results.
3. Comprehensively promote the business layout of automotive LED, advanced integrated packaging, and third-generation semiconductors, aim at the packaging and testing of power electronic devices such as gallium nitride and silicon carbide, and increase the layout of strategic emerging industries.
4. Carry out technical reserves and market development in the fields of new energy vehicles, charging piles, PD fast charging, etc., promote the incubation and implementation of third-generation semiconductor industrialization projects, realize the strengthening of the chain in the semiconductor field, and accelerate the integration into the national strategy to accelerate the transformation and upgrading of the new track.
5. Focusing on the deep integration of finance, procurement, management and digitalization, we will promote lean production, optimize supply chain management, strengthen talent training and build an intelligent manufacturing ecosystem, so as to promote the transformation and upgrading of traditional manufacturing to intelligent manufacturing.
Hongli Zhihui
1. In 2024, we will focus on the new Mini/Micro LED display and automotive lighting and electronics sectors, and promote the leapfrogging high-speed and high-quality development of enterprises with advanced manufacturing capabilities and technical service levels, and achieve performance breakthroughs.
2. Optimize the product business layout and continue to expand the competitive advantage of the main business of semiconductor packaging
3. Accelerate market expansion, accumulate technology research and development, and strive to build an excellent brand of domestic lights
4. Firm strategic choice and investment, vigorously expand the new Mini/Micro display business, establish leading product performance advantages and increase Mini/Micro market share through continuous optimization and stable technical solutions
5. Promote the implementation of strategies and improve organizational efficiency
Jufei Optoelectronics
1. Relying on backlight LED and lighting LED, we will be refined, stronger and bigger, and strengthen the company's leading position in backlight LED
2. Extend horizontally to related subdivisions in the LED industry, and actively develop automotive LED, Mini/Micro LED, infrared, high-end lighting, etc.
3. Improve the technology and process capabilities of growth businesses, strengthen product planning and key technology/process capability reserves;
4. Strengthen the coordination of the three places, product cost management and overall budget management, reduce costs and improve efficiency;
5. Seize emerging markets and cultivate new operating income and profit growth points of the company;
Ruifeng Optoelectronics
1. In 2024, we will focus on MINI LED backlight, direct display, touch display, automotive and laser business;
2. Through the optimization and adjustment of the organizational structure and operation management mode, the management means of refined production are implemented to improve operational efficiency, and the use of informatization and automation is used to create efficient intelligent manufacturing, quality, and R&D management capabilities;
3. Strengthen the construction of key technical capabilities, promote the patent layout, optimize the quality and cost, improve agile delivery, and condense the core competitiveness;
4. Build a simulation design, test and analysis technology platform based on optical, mechanical, electrical, color, and thermal requirements;
Conclusion: With the rapid development of emerging applications such as vehicle display, XR virtual shooting, LED movie screen, LED transparent screen, and smart wearable, the LED application market is constantly expanding, and at the same time, the industrialization process of Mini/Micro LED is accelerating, providing more development opportunities for the industry. At present, the LED industry has entered a period of technological change, and in the critical period of industry transformation, LED packaging companies will achieve better results in 2024 as long as they keep up with the development of the industry, insist on increasing R&D investment, continue to innovate, continuously improve product performance, and actively explore emerging market segments through industrial chain cooperation.
Note: This article is only an analysis of financial report data and industry observation, and does not constitute investment advice. If there is any discrepancy in the data, please refer to the original financial report.