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For the LED industry, the past 2012 is undoubtedly thrilling. Several billion-dollar display companies such as Bolunte, Vision Guang, Haobo and Big Eye have closed down and bankrupted. Recently, Lehman Optoelectronics has been exposed to disputes with its four major customers due to product quality problems, making the fragile LED display The industry is once again traumatized.
According to statistics from the High-Tech LED Industry Research Institute (GLII), in 2012, nearly 60% of LED listed companies' net profit declined year-on-year, and more than 20% of display manufacturers went bankrupt. In such a sluggish environment, there are still a few display manufacturers that have achieved anti-market growth. Liard Optoelectronics Co., Ltd. (hereinafter referred to as "Lide Optoelectronics", 300296.sz) is one of the representatives.
In 2012, Liard Optoelectronics realized a total revenue of 569 million yuan, a year-on-year increase of 13.40%. The net profit attributable to shareholders of listed companies was about 57.75 million yuan, an increase of 2.84%.
Liard currently has six major product types, namely LED system display, LED full color display, LED TV, LED backlight identification system, LED commercial lighting, LED creative display, among which LED small-pitch TV sales revenue greatly exceeded expectations, the company The comprehensive gross profit margin has increased on the basis of 32% last year and is at a relatively high level in the industry.
Recently, in response to hot topics such as changes in the domestic and international LED display industry, industry reshuffle and display advertising screen changes, Dr. Zhang Xiaofei, CEO of Gaogong LED, and Li Jun, Chairman of Liard Optoelectronics, launched a high-end dialogue.
Industry shuffling tide
Zhang Xiaofei: In 2012, Bolunte, Vision Guang, Haobo and Big Eyes and other billion-level display manufacturers were closed down or facing bankruptcy. How do you see the competitive situation in the domestic display market in 2013?
Li Jun: Judging from the start of the industry at the beginning of this year, half of the companies may be eliminated this year. The reason is simple, mainly in the supply chain. After the above-mentioned enterprises had operational problems last year, the suppliers were all in the shadow of the cup, and it is estimated that the shuffling speed this year will be much larger than expected.
In fact, all display companies have the possibility of this situation, such as Haobo Optoelectronics, it will send the goods to the channel, the money can not get back, so the payment of the supplier's payment, but the supplier's payment can you owe it? Everyone has underestimated the downturn, and some suppliers have now become the birds of surprise. The situation of starting work after the Spring Festival is not very good, so I think the reshuffle of the display industry will intensify this year.
Zhang Xiaofei: Now that the display industry has such a big situation, what about the supplier chain? If they take the money away, everyone is not confident.
Li Jun: The supplier has suffered a loss this time, and they will certainly make some adjustments internally. Because once a large supplier tightens, small suppliers will not arbitrarily lend, which creates a knock-on effect.
For example, suppliers of display beading will tighten, and other power supply and other parts suppliers will take tightening measures, but if the display manufacturers return the arrears, they will not survive.
The collapse of the storm has caused too much damage to the industry. When several hundred million-scale enterprises collapsed, the situation began to become very tense, and suppliers will not let you owe him any more money.
Zhang Xiaofei: I think that after the display industry has shuffled to a certain extent, the situation may be improved and everyone will be better.
Li Jun: The big trend is that the scale is king and the market is king. When your output reaches a certain level, it will have an absolute scale advantage. By then, SMEs will definitely be untenable. Industry reshuffle itself is a process of survival of the fittest.
Our situation is quite special. Liard was only listed in March last year. I didn’t work much in the months before and after the listing. I started to work really after May, and I have seven months left to do it now. There is also a performance account. The profits of peer companies have fallen too much, but from the overall situation, if the strategy is correct and the potential and scale can be improved, I think there is still a good chance.
Zhang Xiaofei: What is the overall situation of the LED display industry at home and abroad, and what is the status of the domestic display industry in the international market?
Li Jun: From the overall situation, the advantages of some overseas big brands are gradually weakening, and China's display industry is gradually moving stronger. In fact, whether it is production scale, technology or sales volume, Chinese companies are impressive in overseas markets.
Display technology catches up with overseas
Zhang Xiaofei: In fact, in terms of domestic outdoor display, as the technology matures, the difference with foreign companies has become smaller and smaller. What is the development of indoor display?
Li Jun: Overall, the domestic display industry is divided into three grades: high school and low end. Domestic high-end products have been used in some of the world's top projects, and have even beaten the top international brands. At present, Liard's P2.5 display has accounted for more than 90% of the global market segment, and there should be no major problems in the top five global LED indoor display.
Zhang Xiaofei: I think there is such a small batch of mainstream display manufacturers that are really mature. There is no gap between technology and foreign countries. However, in terms of manufacturing, the cost can be lower, and I feel that there is a higher requirement in terms of process.
Li Jun: In fact, some big companies in the world have not developed small-gap indoor displays. The main reason is that they only use the lamp beads of Nichia, Cree and Osram. The price is very expensive. The price of a surface-mounted lamp bead is about a piece of five. about. For example, the P2.5 display has 160,000 pixels, the 1 square meter lamp is about 2.76 million yuan, and the other cost is 600,000 yuan per square meter, so they even think about it. Do not dare to think.
When we first started research and development, the cost was the same, and then the cost was effectively controlled. In this field, I think the Chinese brand is still very advantageous. Although the impression of Chinese products in the world is low-end, cheap, and poor quality, it is the best value for money in LED small-pitch display.
Advertising screen change requires caution
Zhang Xiaofei: Now some display companies cooperate with advertising companies to adopt the method of advertising screen change. What do you think?
Li Jun: I think that advertising screen change is a new sales model. LED companies exchange display and advertising companies for advertising resources, then set up an advertising subsidiary themselves, and then exchange some advertising time for advertising company customers. Take it and sell it.
In theory, if it is operated properly, it can make double money. Sell LED display to make a profit, and sell advertising can earn another. However, the key to whether this sales model can achieve continuous profitability is that the position of the replacement advertisement is good. If the replaced advertisement cannot be sold within a certain period of time, it will form a potential risk.
Zhang Xiaofei: Wherever the location is good, the advertising company should not take the initiative to replace the advertisement for you. The position deviation will change for you.
And generally they will do chain, are bulk replacement, the funds are difficult to support, if the location is too bad, the ads can not be sold, the risk will follow.
Li Jun: Yes, the potential risks are here. However, advertising screen change is a new idea, it can not be completely denied, and now it is only in the experimental stage.
In fact, LED display companies adopt a sales strategy of advertising and screen change. The original intention is to bring advertising business through customers to achieve the purpose of quickly selling display screens. This kind of return on investment may be slower, but there are still great potential opportunities. . 
[Source: Gaogong LED 's " LED Research Review" magazine March issue reporter / Wang Cairong]
February 13, 2020