Sanan Optoelectronics rapidly expands production capacity to digest or become the biggest heart disease

[Text / Zhao Hui] The first two years of scale wars have spawned the first-line local enterprises in the domestic LED chip industry. In the face of the new round of LED application market demand, the situation began to divergence in the capacity expansion and non-expansion. .

The domestic chip "One Brother" Sanan Optoelectronics (600703.SH) seems to be more willing to continue to throw its own in the steel industry and continue to throw it in the LED industry. After a lapse of one and a half years, Sanan Optoelectronics once again began the expansion of production. While receiving the “1 billion yuan cash subsidy + 3 billion yuan big single contract”, it also pushed more than 200 MOCVD production capacity to the market to digest. .

"High-tech LED" learned from Sanan Optoelectronics that the total investment of the project is 10 billion yuan, the total scale is 200 MOCVD (based on 2 inches, 5 4 pieces), and the first phase of 100 MOCVD equipment is started. The construction period is In one year, all the workshops and related production facilities will be completed within two years. The remaining 100 MOCVD will be started after the first phase of equipment is put into use, and will be put into use no later than 2018.

Just after Sanan Optoelectronics (600703.SH) just decided to move 200 MOCVD projects to Xiamen and won the 4 billion yuan red envelope (1 billion yuan subsidy + 3 billion yuan application contract) granted by the Xiamen Municipal Government, Sanan Optoelectronics It is announced that Seoul Semiconductor will establish a joint venture company in Wuhu.

According to the joint venture announcement, Sanan Optoelectronics invested US$980,000 in its own monetary funds, accounting for 49% of the registered capital of the joint venture company; Seoul Semiconductor Corporation invested US$500,000 in its own monetary funds, accounting for 25% of the registered capital of the joint venture; Seoul Viosys ( Hereinafter referred to as “SVC”, it invested US$520,000 in its own monetary funds and 26% of the registered capital of the joint venture company. SVC is a Seoul Semiconductor subsidiary, meaning the joint venture is controlled by Seoul Semiconductor.

The most important part of the joint venture is that the joint venture company will lease assets such as Sanan Optoelectronics' related factories, production workshops, equipment and facilities, and SVC will purchase the LED products of the joint venture company. The term of the joint venture is at least three years.

Some insiders believe that the related party mentioned in the announcement refers to Wuhu Sanan, which means that Wuhu Sanan will rent MOCVD and other equipment to the newly established joint venture to produce epitaxial chips and other products, and sell them to SVC, to a certain extent. Speaking is a disguised chip foundry.

"The establishment of this joint venture company is mainly to find a new seaport for the chip, and strengthen the chip export business through Seoul Semiconductor." Wang Qing, the director of Sanan Optoelectronics, said in an interview with Gaogong LED that 2013 Sanan Optoelectronics Co., Ltd. The approximate proportion of chip exports is between 10% and 15%, and will continue to expand the proportion of exports in the future.

Wang Qing said that the establishment of the joint venture company and the rental of the equipment factory of Wuhu Sanan Radio and Television for production, and then the sale of the product to SVC is also a new cooperation mode for Sanan and international companies, the joint venture company will use in the extension production. Some of Seoul's semiconductor technology.

For the view of the "chip foundry" outside, Wang Qing said that it can be said. But more importantly, the sales of chips are eager to open quickly, especially in the context of the new round of chip industry capacity expansion.

In the past, Seoul Semiconductor used backlights as its main product in the industry. Whether the positioning of the joint venture company's products will be based on backlights, Wang Qing said that in the future, everything is possible, mainly based on market demand, what the market needs, and what to produce.

"Sanan Optoelectronics is expected to become one of the few choices in the future LED industry manufacturing chain. The international giants focus on product research and development, and the separation of manufacturing links to Sanan is likely to be the trend of the times." Ping An Securities electronics industry analyst Lin Zhaotian believes that this is The international chip giant is afraid of the strength of Sanan and is forced to start cooperation. The establishment of a joint venture with Seoul Semiconductor is just one step in the digestion of Sanan's capacity.

On May 28 last year, Sanan Optoelectronics Co., Ltd. (SZ.300317) established a joint venture company for R&D, production and sales of LED application products. Under the same conditions, the joint venture company will give priority to the LED chips produced by Sanan Optoelectronics. . At the same time, it also signed a chip procurement framework agreement with Zhaochi (002429.SZ) with a total amount of 500 million yuan.

Peng Weiwen, the secretary of the company, said that the joint venture company's products will use Sanan Optoelectronics chips, mainly to develop LED indoor lighting products, and the product sales will be based on the original North American sales channels.

Immediately thereafter, Sanan Optoelectronics established a joint venture lighting company with domestic lighting giant Sunshine Lighting (600261.SH). The agreement shows that the joint venture company will use the technology and market advantages of both parties to jointly develop market channels and jointly develop new LED light sources. New lighting products.

Similarly, Sanan has the priority of chip sales of joint ventures.

Wang Qing said that the LED market demand is still growing, especially in the lighting market, whether it is to pre-distribute sales channels for overcapacity that may occur in the future. At present, the price of the chip has basically stabilized. In the future, the demand for the chip market is still not easy to judge. What enterprises can do is to do a good job of cost control and consolidate the current market position.

"At present, the supply of the chip market is still relatively tight. The major chip factories are basically full of production. It is expected that the production capacity will gradually be released as the chip companies expand production capacity in the second half of the year." Gaogong LED Industry Research Institute (GLII) Research director Zhang Hongbiao believes that the possibility of overcapacity is not ruled out in the future.

The establishment of Xiamen Sanan Integrated Circuit Co., Ltd. with Chengdu Yaguang Electronics is also considered by the industry as a channel for future capacity digestion.

It is understood that Sanan Optoelectronics invested 325 million yuan in its own cash, accounting for 65% of the registered capital of the joint venture company. The joint venture company is mainly engaged in the research and development and production of third-generation semiconductor devices.

Yaguang Electronics invested 75 million yuan in cash, accounting for 15% of the registered capital of the joint venture company; Xiamen Zhonghang International Investment IC Industry Development Equity Investment Fund Partnership invested 100 million yuan in cash, accounting for 20% of the registered capital of the joint venture company. The three parties agreed that in the integrated circuit industry, each other is regarded as the sole partner. ,

Sanan is mainly responsible for the coordination of production and manufacturing links in the joint venture company. After Chengdu Yaguang promises that the joint venture company has R&D or production capacity, all orders related to the joint venture business will be transferred to the joint venture company and use the existing industry status. Market resources facilitate the operation of the joint venture company.

At present, the ability to mass produce third-generation semiconductors worldwide is only available to a number of companies such as CREE to mass produce third-generation semiconductor devices. The third generation of semiconductor devices is also applied to MOCVD.

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