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2015 LED lighting industry and mergers and acquisitions integration five major trends
As of November 2014, there were more than 80 related concept stocks in the LED lighting industry. Among them, 22 companies have listed through the LED industry chain related concepts, mainly LED chips, packaging, display, outdoor lighting, supporting materials and supporting equipment. In the process of the LED lighting industry gradually mature, mergers and acquisitions integration is an inevitable process. Looking forward to 2015, Gaogong LED Industry Research Institute believes that the LED industry chain and M&A integration will present the following five trends: Trend 1: The total amount of M&A will exceed 20 billion, and the number of M&A cases with a scale of more than 500 million yuan will increase. Trend 2: The LED indoor lighting M&A case will break through and become the most important protagonist. In the industry consolidation, the most important part of the absence indicates that the industry has not yet entered the peak period of integration, and the key period of integration in 2015 has begun. Trend 3: The upstream sapphire and chip industry mergers and acquisitions will be broken. At present, there are few cases of integration of LED upstream sapphire and chip industry chain, and very few cases are not strong or combined. It is expected that in 2015, successful mergers and acquisitions will occur in the sapphire and chip segments. Trend 4: Traditional lighting companies will take advantage of mergers and acquisitions. Most of the traditional lighting companies have advantages in domestic channels and weak export links. The international brand awareness is basically zero, but there is still a lot of room for development in exports. Trend 5: The merger will go international. The number of overseas mergers will increase. As the domestic LED industry chain's outstanding enterprises step out of the country, the integration of overseas LED lighting industry chain companies and channels will be put on the agenda. Looking back at 2014, the LED lighting industry and M&A events surged in 2014, with more than 100 M&A cases and more than RMB 10 billion in mergers and acquisitions. Among them, there are more than 20 M&A cases of listed companies in the LED industry chain, and the amount of M&A exceeds 6 billion. In the merger and acquisition of listed companies, the acquisition of 100 shares of Shenan Group by Feile Audio was 1.59 billion yuan, and Tsinghua Tongfang acquired a share of 51.6 Hong Kong dollars from Zhen Mingli 51.6. Changfang Optoelectronics acquired Kangmingsheng 60's equity of 528 million yuan, ranking the top three. Looking at the M&A cases of listed companies as a whole, the following four characteristics are presented: 1. In 2014, M&A of listed companies in the LED industry chain showed active cross-border mergers and acquisitions, and complementary M&A. Second, the proportion of horizontal integration of the main business of the enterprise is very small. The merger case of horizontal expansion of the main business only Lianjian Optoelectronics acquired Yi Shida, Hongli Optoelectronics acquired Smect, and Zhou Ming Technology acquired Lanpu Technology. Third, indoor lighting companies absentee M&A feast, as the most important part of the LED industry development of indoor lighting companies, in the 2014 mergers and acquisitions tide was cold. Gaogong LED Industry Research Institute believes that the main reason is that 1) LED indoor lighting enterprises have most of the terminal sales channels transformed by traditional lighting enterprises, and pure LED lighting scale enterprises are mainly export-oriented. For listed companies, it is more difficult to control. 2) Excellent LED indoor lighting companies are planning to go public, the intention of mergers and acquisitions is not strong, and the cost of mergers and acquisitions is also very high. Therefore, even if there are several LED indoor lighting and mergers and acquisitions cases in the early contact negotiation process, there are no successful mergers and acquisitions. Fourth, the integration of traditional lighting companies and LED lighting companies is not obvious. This and the current LED lighting industry are in the golden period of development, and the horizontal integration of the industry is in the early stage of brewing. For traditional lighting companies, there are few domestic traditional lighting listed companies. At present, there are only a few companies such as NVC, Sunshine, Snow Wright, Buddha Photo, Yaming, etc., while TCL and Midea’s lighting accounts for a large proportion in the group. Less, it is difficult to have a large-scale operation. For international companies, domestic LED lighting companies are difficult to enter the eyes of international companies. For LED lighting companies, there is currently no listed company that focuses on LED indoor lighting. For the LED industry chain related mergers and acquisitions, Zhang Hongbiao, research director of the High-tech LED Industry Research Institute, said that with the intensification of competition in the LED lighting industry chain, enterprises are facing greater competitive pressure and survival pressure. The LED industry has only 2-3 years left. Prime time. Excellent companies in the industrial chain need to change their minds. It is also a very good way to obtain funds and achieve indirect listing through mergers and acquisitions. Most enterprises with financial strength will be more effective in the rapid development and development through mergers and acquisitions, and not necessarily through the expansion of production channels. According to the trend of current industry mergers and acquisitions integration, it will be a high probability event that there will be 10 billion companies in three years. The eyes of domestic enterprises need to be more international. International companies such as Philips, Osram, GE, CREE, etc. are also taking M&A as an important means to continue to grow and develop. Whether domestic enterprises can successfully use M&A strategies in the process of internationalization will be their international The key to success.