Author/Baked buns under the starry sky
Edit/Spiritual Starry Sky
Typesetting/Ta balls under the starry sky
Nothing is difficult in the world, I am afraid of those who are interested.
In the past two days, BOE (000725) announced that it has developed an active driver MLED (divided into Mini LED and Micro LED ) transparent display product (the overall transmittance reaches 65% or above) with ultra-high transmittance. What concept? This screen can display the screen while allowing objects behind the screen to be visible at a glance, and can come in handy in some occasions such as AR glasses, exhibitions, etc.
MLED perspective screen
The black technology independently developed by domestic players, hoping to be like a dark horse in the future, and it will be as dark as a dark horse.
I don’t know if it is because of the stimulation of this incident. The MiniLED sector has risen for 8 days in the past 12 days and has begun to show a recovery momentum. The butterfly effect is obvious. In addition, according to data from professional institutions, in the first eight months of this year, more than 30 companies have made layouts on the Mini/Micro LED track, with the investment and financing amounts as high as 42 billion yuan .
MiniLED sector growth
In the context of the double blessing of heavy investment and breakthrough R&D results, it is expected that the domestic Mini LED market size will grow from 1.6 billion last year to 40 billion yuan in five years, with a compound growth rate exceeding 50% . Compared with traditional LEDs in the context of relatively dull demand for stocking in the traditional peak season, MLED is on its shoulders as the next generation of new force in the display market.
And the players' report card under spotlight is indeed dazzling. For example, Jingsheng Mechanical and Electrical (300316)'s operating income and net profit attributable to shareholders in the first three quarters increased by 86% and 81% respectively. The net profit growth of players such as Luxshare Precision (002475), Dongshan Precision (002384) has also exceeded 30% , so as to invest in a benign interaction between capital and industry.
So, is this track really so glamorous? Today, the author will take you into the MLED track.
1. The big waves wash away the sand, and there is finally gold
Let's first talk about the fighter Mini LED in MLED (essentially an LED chip with a size of 50-200 micron ), which can be used in the fields of backlight and direct display, especially in the field of backlight, which is better than ordinary LEDs in terms of brightness, contrast, color restoration, etc., and can even have direct dialogue with OLED.
LED technology path evolution process
In today's capital market, we often hear the word in the first year of commercialization of . Last year, it was used on Mini LED and it is worthy of its name. Many players have begun to use its backlight products and have begun to officially increase volume. This means that we have gone through the 0-1 process and started the rapid start phase of 1-100. Compared with the domestic market mentioned at the beginning, the market size of the international market has gone from US$150 million last year to US$2.32 billion three years later, with a compound growth rate exceeding 100% . This attraction is no less than the temptation brought to you by food.
Mini LED product application (some examples)
. From the downstream segment, the TV and laptop markets will vigorously promote the expansion of Mini LED demand. Take TV as an example. According to statistics, the overall shipment of TVs in 2021 was 210 million units, of which Mini LED TV shipments have reached 2.1 million units, and the proportion of Samsung produced by more than 70%. What reasons do domestic players have to slack off?
Next year's Mini LED backlight panel application status (prediction)
even though it has become the absolute leader in the industry, Samsung has not put down its innovation.Two months ago, Samsung even released 89-inch and 110-inch Micro LED TVs. Although Micro LED is now facing many difficulties in its development, as a hope for the future, Samsung is also actively preparing for the future and striving to have a first-mover advantage in the next track.
2. The forest is big, and all kinds of birds have
After talking about the demand on it, let’s take a look at the supply side. If we open up the MLED industry chain, we can find that this is a long industrial chain, from upstream LED raw materials, LED epitaxial growth, LED chip manufacturing, to midstream packaging, and finally to downstream applications, everyone performs their own duties. But among them, the chip's manufacturing link is undoubtedly the most critical link in the entire industrial chain.
Mini LED industry chain list
Single analysis from the domestic situation, the downstream industrial chain value accounts for nearly 85%, and the upstream chip value chain accounts for a tiny proportion, so at the top of the pyramid, more domestic warriors are needed.
takes the midstream packaging process as an example. Judging from the players' situation, the domestic Mini LED industry is gradually maturing, but it has not yet entered the stage of mass production. Most players are still in the process of research and development of and small batch trial production of , and few players can reach a revenue of 100 billion yuan. Some professional institutions have also started from different dimensions and comprehensively evaluated the comprehensive capabilities of packaging players. Ruifeng Optoelectronics, as one of the earliest players to develop packaging technology, has already been ahead.
Mini LED backlight packaging player comprehensive competitiveness ranking
3. What is the potential of potential stocks?
To this day, against the backdrop of macroeconomic and weak demand for consumer electronics, the overall prosperity of traditional LEDs is flat, while Mini LED has become an expected dark horse and a dazzling and obvious in the LED track. The driving force behind
is not only the enhancement of R&D and manufacturing capabilities of players after ten years of hard work, downstream , Apple , Samsung and other top terminal players need to change, which has a lot to do with the conversion. It is not accidental but inevitable to usher in the first year of development.
can assert that on this long slope and thick snow track, whoever can seize the initiative now will be better in the future.
Note: This article does not constitute any investment advice. The stock market is risky, so be cautious when entering the market. There is no harm without a transaction.
