The short-term supply and demand of the chip industry has been improved, and the lighting market has begun to reshuffle. The determining factors are scale, brand and channel. In addition, the backlight market is generally mixed, and it is necessary to pay attention to the opportunities of industrial transfer and smart terminal volume. According to the industry, the LED industry has entered an integration period, and it is particularly important to grasp structural opportunities and select individual stocks.
LED light source is moving towards commercialization
One of the means for large-scale manufacturers to promote industry reshuffle: to promote product standardization. The recent move by major international companies such as Philips to promote the Zhaga Alliance reflects this trend. Zhaga aims to standardize the light source interface and enhance the compatibility of the lamps with light source products from different manufacturers. Most of the LED light source SMEs are repulsive, mainly including: 1) product standardization requires manufacturers to have a larger scale, and 2) brands and channels are more important in the case of product differentiation. Under this trend, SMEs can only engage in low value-added links such as foundry and product assembly.
In the field of traditional lighting, the top 4 light source manufacturers account for nearly 50%, while the top 10 manufacturers share only about 1/3. At present, the LED industry is extremely fragmented. It is expected that the light source industry will move towards commodityization in the future and the concentration of the industry will be greatly improved, while the lighting industry will maintain a diversified market structure. Large-scale brand light source manufacturers such as Sunshine, NVC and Hongli will benefit greatly.
The second-largest means to promote industry reshuffle: to achieve cost advantage and then actively reduce prices, thus squeezing the profit margins of small and medium-sized manufacturers. Cost control has become the theme of the industry due to the industry's large expansion and the current LED lighting is still sensitive to price. Taking the most aggressive price strategy (300301) as an example, the company achieved significant cost advantages through vertical integration, improved chip utilization, and development of new drive technologies. It is 25-40% lower than the market average.
With the fierce price competition, the overall gross profit margin of the LED lighting industry in the short and medium term is declining. Looking back at the history of fluorescent lamps, the industry had actively expanded production in 02-07, resulting in a significant decline in overall gross profit margin. Until 2007, the fluorescent lamp industry was basically mature, and the gross profit margin returned and stabilized at 25-30%. The industry expects that the LED light source industry will replicate the history of fluorescent lamps. The gross profit margin of the industry will drop first and then rise, and the final reasonable gross profit margin of the brand-sized large manufacturers will be 25-30%. At the same time, the survival space of small and medium-sized manufacturers has been squeezed, and large-scale manufacturers with cost advantages will continue to increase their market share.
Short-term price sensitive, long-term heavy brand
In the short term, LED lighting is in the early stage of penetration, and the price is still the biggest constraint to the promotion. Therefore, it is necessary to reduce the price to achieve the penetration rate. It is generally believed that it is not necessary to maximize the performance of the lamp life, but to achieve the standard, and to minimize the cost, because in the ever-changing stage of technology, the average consumer does not need a lamp that does not change for 10 years.
In the long run, LED lighting consumption attributes determine the importance of lighting brands. Life expectancy is significantly better than traditional products is one of the biggest advantages of LED lamps. With the continuous advancement of technology, the life of LED lamps still has a large room for improvement, and the theoretical value can reach about 80,000 hours. Under this trend, LED lighting will gradually reflect the consumption attributes of long-cycle products. The more mature the technology, the more prominent this feature will be. Long-cycle product consumption has high requirements for brand and quality.
Currently in the stage of rapid technological advancement in the industry, the long-cycle product attributes of LED lighting are not obvious, so low-cost LED lamps will stimulate short-term applications. As the selling price continues to decline, coupled with EMC's prevailing operating models that value long-term returns, consumers will inevitably choose to choose a quality LED lighting brand in the long run.
Channel construction costs are controllable
Since the lighting application is generally directly oriented to the user, it is a typical B2C mode, which fundamentally determines the importance of the channel. Internationally renowned manufacturers have their own channel advantages.
1) Specialty stores: Generally distributed in residential areas and commercial areas, they are divided into direct sales stores and franchise stores. Direct sales stores are directly managed by the company. In essence, the specialty store is a self-built channel for manufacturers, and must first invest heavily in brand building.
2) Dealers: Generally distributed in the wholesale market of lamps and lanterns, usually distributing multiple brands at the same time (except for exclusive agreements). Since the customer groups of dealers and specialty stores include decoration companies (engineering) and individual consumers (ordinary household purchases), there is a certain competition between them.
3) Stores: including supermarkets, home stores, etc., directly to individual consumers.
LED light source is moving towards commercialization
One of the means for large-scale manufacturers to promote industry reshuffle: to promote product standardization. The recent move by major international companies such as Philips to promote the Zhaga Alliance reflects this trend. Zhaga aims to standardize the light source interface and enhance the compatibility of the lamps with light source products from different manufacturers. Most of the LED light source SMEs are repulsive, mainly including: 1) product standardization requires manufacturers to have a larger scale, and 2) brands and channels are more important in the case of product differentiation. Under this trend, SMEs can only engage in low value-added links such as foundry and product assembly.
In the field of traditional lighting, the top 4 light source manufacturers account for nearly 50%, while the top 10 manufacturers share only about 1/3. At present, the LED industry is extremely fragmented. It is expected that the light source industry will move towards commodityization in the future and the concentration of the industry will be greatly improved, while the lighting industry will maintain a diversified market structure. Large-scale brand light source manufacturers such as Sunshine, NVC and Hongli will benefit greatly.
The second-largest means to promote industry reshuffle: to achieve cost advantage and then actively reduce prices, thus squeezing the profit margins of small and medium-sized manufacturers. Cost control has become the theme of the industry due to the industry's large expansion and the current LED lighting is still sensitive to price. Taking the most aggressive price strategy (300301) as an example, the company achieved significant cost advantages through vertical integration, improved chip utilization, and development of new drive technologies. It is 25-40% lower than the market average.
With the fierce price competition, the overall gross profit margin of the LED lighting industry in the short and medium term is declining. Looking back at the history of fluorescent lamps, the industry had actively expanded production in 02-07, resulting in a significant decline in overall gross profit margin. Until 2007, the fluorescent lamp industry was basically mature, and the gross profit margin returned and stabilized at 25-30%. The industry expects that the LED light source industry will replicate the history of fluorescent lamps. The gross profit margin of the industry will drop first and then rise, and the final reasonable gross profit margin of the brand-sized large manufacturers will be 25-30%. At the same time, the survival space of small and medium-sized manufacturers has been squeezed, and large-scale manufacturers with cost advantages will continue to increase their market share.
Short-term price sensitive, long-term heavy brand
In the short term, LED lighting is in the early stage of penetration, and the price is still the biggest constraint to the promotion. Therefore, it is necessary to reduce the price to achieve the penetration rate. It is generally believed that it is not necessary to maximize the performance of the lamp life, but to achieve the standard, and to minimize the cost, because in the ever-changing stage of technology, the average consumer does not need a lamp that does not change for 10 years.
In the long run, LED lighting consumption attributes determine the importance of lighting brands. Life expectancy is significantly better than traditional products is one of the biggest advantages of LED lamps. With the continuous advancement of technology, the life of LED lamps still has a large room for improvement, and the theoretical value can reach about 80,000 hours. Under this trend, LED lighting will gradually reflect the consumption attributes of long-cycle products. The more mature the technology, the more prominent this feature will be. Long-cycle product consumption has high requirements for brand and quality.
Currently in the stage of rapid technological advancement in the industry, the long-cycle product attributes of LED lighting are not obvious, so low-cost LED lamps will stimulate short-term applications. As the selling price continues to decline, coupled with EMC's prevailing operating models that value long-term returns, consumers will inevitably choose to choose a quality LED lighting brand in the long run.
Channel construction costs are controllable
Since the lighting application is generally directly oriented to the user, it is a typical B2C mode, which fundamentally determines the importance of the channel. Internationally renowned manufacturers have their own channel advantages.
1) Specialty stores: Generally distributed in residential areas and commercial areas, they are divided into direct sales stores and franchise stores. Direct sales stores are directly managed by the company. In essence, the specialty store is a self-built channel for manufacturers, and must first invest heavily in brand building.
2) Dealers: Generally distributed in the wholesale market of lamps and lanterns, usually distributing multiple brands at the same time (except for exclusive agreements). Since the customer groups of dealers and specialty stores include decoration companies (engineering) and individual consumers (ordinary household purchases), there is a certain competition between them.
3) Stores: including supermarkets, home stores, etc., directly to individual consumers.
The stepping motor is an induction motor. Its working principle is to use electronic circuit to supply power when the DC power is changed into components. The multi-phase timing control current is used to supply the stepping motor with this current, and the stepping motor can work normally. The driver is the time-division power supply for the Stepper Motor, multi-phase timing controller.
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Shenzhen Maintex Intelligent Control Co., Ltd. , https://www.maintexmotor.com