. Introduction:
As we all know, the current display products are mainly divided into five traditional fields, including mobile phones, tablets, notebooks, monitors and televisions. The technology realized is mainly LCD, in which the medium and large size is mainly occupied by LCD technology, while the small size, in recent years, OLED technology has gradually matured, and later came to the fore, among which the main suppliers are Samsung and BOE, occupying the vast majority of the OLED market.
on the other hand, for the future display technology, there are mainly two technologies, one is Samsung's QLED, and the other is micro led. Among them, QLED has fewer participants and faces the barriers of patents and supply chain. Micro led can be regarded as an upgrade of traditional led, which also means a complete industrial chain. At the same time, many participants are driving the rapid development of the whole display industry.
so why are micro led so popular? In terms of performance, micro-LED combines the strengths of LCD and OLED, and not only has the characteristics of high image quality, long battery life, wide color gamut, fixed-point drive, high response speed and excellent stability, etc. Compared with OLED, micro-LED is even more transparent and flexible.
from a purely technical point of view, Micro LED has advantages in almost all display evaluation parameters, which can not only replace the existing display application scenarios of LCD and OLED, but also be applied to the light field, AR/VR, flexibility, transparency, multi-functional integration and other scenarios where LCD and OLED applications are in short supply. In the field of smart watches, low power consumption, extreme pixels, and reading in the sun; Large-scale display, high brightness and high resolution; In the field of AR/VR, high brightness and small screen; Vehicle display, strong environmental adaptability and high brightness. Therefore, the current promising areas are mainly AR/VR, wearable and large-scale display.
1. difficulty in productization:
this is strange again. why hasn't micro led come into public view? This involves both technology and productization.
first of all, let's look at the technology, and here's the product flow:
The whole flow is very simple. First, there is a driving substrate, and then an led is attached to each light emitting point on the substrate to form small units, and then these small units are assembled into a display with the required size. So as to realize splicing display.
The key point here is transfer. For a 4K display screen, there are more than 24 million pixels. According to the statistics of Expert, when the yield reaches 99.5%, it will take more than 3 hours to repair a screen. Even if the yield is further increased to 99.9%, it will take 69 hours to repair a screen. Even the yield of 99.9% is very difficult for the existing technology based on mechanical transfer and bonding. More importantly, with the further reduction of led size, this yield is more challenging for led itself and transfer.
this leads to two difficulties in the industrialization of micro led, namely, unstable technology and high cost. Therefore, it can be said that whoever has mastered the high-speed and high-yield transfer technology will open the door to the industrialization of micro led.
2. Industrial chain:
The advantages and difficulties of micro led industrialization are mentioned above. Next, let's look at the participants and their status. Participants in the industrial chain mainly include backboard, LED, transfer, driver and module.
in terms of participation enthusiasm and benefit, the most willing to promote the industrialization of micro leds are mainly LED manufacturers and traditional LED display manufacturers. LED manufacturers can promote the shipment of LEDs and the added value of their products through the landing of micro led industrialization, while traditional LED manufacturers hope to extend from large-screen outdoor display to five traditional display fields through the upgrading of LED display products, so as to realize the market from less than $1 billion to $1 billion.
besides the willingness to participate, the industrialization of micro led needs strong industry integration ability, which can integrate the processes of backplane, led, drive, transfer and module, so as to finally realize the production of backplane, and the most capable one is the traditional LED display manufacturer. The following is the share of traditional led display products released by China Industrial Research Institute. It can be seen that Liard is the leader in the field of LED display. Therefore, in order to occupy the profit and technical commanding heights in the field of LED display, Liard should have the highest participation. What about the actual situation?
3. company development:
from the perspective of the whole industry, at present, Liard is the first domestic company that can ship micro led after Samsung and sony. The company relies on Lijing Company to complete the integration of micro led industry chain and the shipment of commercial products. At present, Liard has released several small-pitch large-screen displays.
From the semi-annual report of 221, it can be seen that orders in the first half of 221 increased by 36% compared with the same period of last year, especially those of NP Company increased by 66%.
in terms of marketing, unlike most enterprises that are still in the stage of industry consolidation and technology research and development, Liard generated revenue of 13 million for commercial micro led products in the first half of 221, and signed 15 million new bills in 221. With Lijing reaching production, it is expected to sign 3-5 million bills annually, accounting for more than 5% of the annual revenue. Products, the company launched 216 "8K, 18"-162 "4K and other commercial display products, of which 18" 4K has begun to border with the current LCD product field.
4. Corporate Finance:
According to Juchao Information Network, in the first three quarters, the main income was 5.834 billion, the profit was 521 million, and the profit rate was 8.9%.
operating income, affected by the epidemic last year, decreased from 9.47 billion in 219 to 6.634 billion, while it has made a profit of 5.834 billion in the first three quarters of this year, and the income has recovered, and the operating profit has also recovered to the level before the epidemic. In the future, with the outbreak of micro led, the company's first release in this field will also bring the company an increase in revenue and profit margin.
5. Risk:
According to the company's semi-annual report, the main risks of the company at present come from led chip supply risk, technology iteration risk and epidemic risk. As a leading LED enterprise that can ship goods, the supply risk has an impact on the company, even if it has an impact on the industry. Technical iteration risk, at present, from the foreseeable technology, it will take at least 3-5 years to have mass production technology applications that have a substantial impact on the existing technology, such as stamp and laser technology, which are still in proofing and yield improvement. The epidemic risk is the global overall risk.
in addition to the risks mentioned in the semi-annual report. From the semi-annual report, we can see several lawsuits about contract payment, and we need to pay attention to the changes of accounts receivable and lawsuits in the future, and pay attention to the changes of loans, especially the risks of negative accounts receivable.
The above is only a summary of personal operation, and does not constitute suggestions for others;
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