According to the collective standard Mini LED Commercial Display General Technical Specification released by SLDA in June 2020, Mini LED is defined as an LED device with chip size between 50 μm and 200μm. Mini LED direct display The Mini LED chip is directly used as the display pixel to provide the basic unit of imaging, so as to realize the image display. It has the advantages of high brightness, wide color gamut, high contrast, high speed response, low power consumption and long life. In terms of display effect, it has many advantages such as better color integrity, contrast and thinner than ordinary LCD, which is more significant in gradually replacing LCD and projection products.
Mini LED direct display which strong? We inventoried 19 listed companies in the Mini LED direct display industry chain to understand the latest trend of the industry through the layout of enterprises.
01
Upstream of the industrial chain common layout needs
In the upstream of Mini LED industry chain, the largest market is chip. The main leading enterprises on the chip side have increased the Mini LED, while the leading enterprises have increased investment in the Mini LED field, and the industrial chain layout has been basically completed.
Among them, The Mini LED chip of SAN 'an Achieved mass production in 2018 and began to be supplied in bulk in 2019. SAN 'an optoelectronics believes that the LED industry is currently in the stage of structural adjustment, and Mini LED, as the core of the new generation of display technology, is the direction of future development, and has entered the commercialization stage of accelerated landing.
In 2019, Hucan Optoelectronics realized the mass production and sales of Mini LED chip products. The company's Mini LED products adopt the industry-leading flip chip structure and LED chip substrate transfer technology, and have the capability of mass shipment of Mini LED backlight chip products.
Ganzhao optoelectronics is strongly optimistic about the future application of Mini LED and Micro LED. At present, it has completed the technical reserve of Mini LED and has product sales. The small shipment in 2021 is due to full orders in traditional fields and insufficient production capacity of the company. 60% of the capacity of the raised project will be invested in Mini LED, which is expected to have a great performance in 2022.
The high bandwidth Gan-based visible light communication chip jointly developed by Jucan Optoelectronics and the Institute of Semiconductors of Chinese Academy of Sciences is progressing smoothly. With the newly purchased MOCVD equipment and the chip manufacturing equipment in place, the mass production of the new product can be expected. The company has stable customer groups, product specifications and models are more stable, full production and full sales. As the funded project goes into production, Mini LED production capacity will enter the release period, and sales will be realized in a short time.
Recently, Taiwan fuchai Investment Holding held a briefing, said that the group's production capacity is divided into three value production capacity, respectively red light, Mini LED and traditional blue light, the highest gold content is red light and Mini LED. The demand for IT products of subsidiary JIC reached 45% in the fourth quarter, of which the total revenue of Mini LED JIC accounted for 40%, which accounted for 30% when translated into rich mining revenue. It is expected that Mini LED will have significant growth in TV and display screen products in 2022, and will still expand production according to the original schedule. It is estimated that the production capacity is expected to reach 1.5 million four-inch pieces by the end of the year. Londa Electronics said that it will expand Mini LED production capacity according to the growth of customer shipment demand.
02
Forward-looking deployment of mid-stream enterprises in the industrial chain
Different from the upstream chip end, the midstream packaging and module end enterprises are more forward-looking and began to layout in Mini /Micro LED technology earlier. At present, China has become the world's largest LED packaging production base, packaging output value accounts for more than 50% of the global proportion, to undertake the global LED packaging industry transfer. In 2021, the market size of China's LED packaging is 94.641 billion yuan, and the output value of China's PACKAGING is expected to reach 120.789 billion yuan by 2026.
Mullinsen expects the company to achieve a net profit of 1.1-1.2 billion yuan in 2021, up nearly three times from a year earlier. In 2022, packaging business orders are full, and capacity utilization will remain at a high level; The company actively plans the mass production of Mini LED products and expects to become a new profit growth point of the company in the future.
Ruifeng Optoelectronics is a national high-tech enterprise specializing in LED packaging and providing related solutions, and also a leading enterprise in the field of packaging in China. At present, Mini LED has started mass shipment, and there will be more Mini LED backlight products equipped with Ruifeng in the future.
The order status of products in various fields is good, among which the Mini direct display products are currently in full production and full sales. The research and development covers the whole series of products from P0.4 to P0.9, and the corresponding expansion plan is being arranged according to the market demand.
Dongshan precision LED packaging device capacity is mainly built in Yancheng. At present, Dongshan Precision has planned Mini LED backlight capacity of 2000KK/ month to meet market demand.
Hongli Zhihui started to lay out the Mini/Micro LED display field in 2018. After four years of rapid development, Mini LED products have become the most potential business segment of Hongli Zhihui and the most important business area of Hongli Zhihui in the next few years.
The market acceptance of Jufei photoelectric direct display products is also improving. March 4, the release of 2021 performance express, 2021 total revenue reached 2.371 billion yuan, year-on-year growth of 0.86 percent in 2020, mother net profit of 272 million yuan, year-on-year decline of 10.93 percent in 2020.
Since 2016, Mega Started MiniLED packaging technology research and development, and gradually entered the LED display field. By 2019, the full range of Mini RGB display, small spacing display and outdoor display products has been realized. Before that, Mega Chi shares wholly-owned subsidiary Mega Chi light yuan invested 1.78 billion yuan in Nanchang production base to add 2000 LED packaging production lines and corresponding process equipment, including 1500 RGB display packaging production lines and 500 high-end lighting packaging production lines.
Wanrun Technology began to lay out Mini LED in 2016, and is one of the early enterprises that developed Mini LED in China. Wanrun technology always insists on market leading and innovation-driven. With the rapid development of Mini LED technology and market, Wanrun Technology has increased investment in Mini LED technology research and development and product innovation by virtue of nearly 20 years of accumulation and precipitation in the middle and downstream LED industry.
03
In 2021, the performance of the six major downstream application vendors soared
The rapid attack of middle and upstream manufacturers, increased investment in Mini LED, downstream application end manufacturers can not resist, have joined the Mini LED investment and construction team, the march is still continuing.
In the past two years, Leard has been affected by the epidemic, but the proportion of Mini LED display revenue of the company has increased significantly, from the original 50% to more than 75%, and more than 75% of the new orders signed each year are related to display business. Especially in 2021, the amount of display orders at home and abroad has exceeded 2019, hitting a record high.
Chau Ming technology mainly provide for the customer to show technology at the core of LED display and lighting application solutions, including intelligent display plate business accounted for more than 80%, according to different application scenarios, for domestic and foreign customers to provide professional display, commercial display, leasing, and other products, and provide customers with integrated control system, visualization software integrated solutions. At present, the LED display market share of Continus technology is among the top three in the world, and the rental display market share is the first in the world.
In 2021, Albertson has brought wonderful cases and solutions to the LED display market segments, such as naked eye 3D, XR virtual photography, Beijing Universal Studios, and game competitions. In 2022, we will grasp the development opportunities of Mini/Micro LED, COB and other cutting-edge technologies, and continue to deeply cultivate the large display market of more than 100 inches, to provide customers with the best competitive products.
The open-eye 3D seamless surface stitching technology and application solution of LIANjian Photoelectric outdoor display products are the first in the industry, leading the industry boom. In 2021, the market installation volume of the company's naked eye 3D giant screen will exceed 10,000 square meters. While creating dazzling new urban landmarks for major cities, it also actively responded to the ultra-high-definition video promotion activity of "Hundred cities and Thousand Screens" advocated by the state.
Lehman photoelectric main business is LED display and LED lighting. Last year, we launched the Micro LED pixel engine display technology, and mass-produced 0.63mm and 0.79mm Micro LED ultra-hd display based on this technology. Revenue is expected to reach 1.25 billion yuan to 1.32 billion yuan in 2021, with a year-on-year growth of 52.7% to 61.2%. This is the first time since the establishment of Lehman optoelectronics revenue exceeded 1 billion yuan mark. Meanwhile, Lehman is expected to achieve net profit of 46 million yuan to 59 million yuan in 2021. At the same time, the demand for export orders will increase in 2021, achieving year-on-year growth in overseas business revenue.
Auto electronics LED display business, cinema, military, advertising, transportation, leasing, teleconferencing system and other applications are relatively promising, the company's 4K, 8K HD display technology is leading, Mini LED business is expected to continue to maintain rapid growth.
At present, Mini LED has become a breakthrough in emerging industries. It is a new product of LED display technology upgrading after LED indoor and outdoor display screen and LED small spacing. It has the advantages of "thin film, miniaturization and array" and will enter a period of rapid industrialization application in the future. The industry believes that in 2022 Mini LED display demand or double, the market performance is worth looking forward to, the next three or five years Mini LED will be the general direction of display, enterprises take the lead in layout more profits.