â€œIn the past, there was competition between local governments, and the subsidies for LED chip manufacturers were relatively high. But everyone understands that this high subsidy policy will not continue, and cancellation is a matter of time.â€ Yesterday, Shanghai A brokerage researcher familiar with the LED industry bluntly told reporters, "But across the board, I immediately stopped all subsidy policies for LED chip manufacturers, which I think is not realistic."
Calling the LED chip subsidy?
According to market sources, the State Council has ordered the suspension of subsidies and tax incentives for LED epitaxial wafers and chip manufacturers, which may affect A-share companies such as Sanan Optoelectronics (600703). Taking Sanan Optoelectronics as an example, the company received a total of about 458 million yuan in government subsidies in 2013, accounting for 44.21% of the net profit for the year.
In response to the above news, the reporter called the Sanan Optoelectronics Securities Department as an investor to verify the evidence. The staff said, "I have not heard of the news that the government wants to stop subsidies, and I have not seen relevant news yet."
The reporter learned that local government subsidies are an important reason for LED chip manufacturers to settle down. In 2009, Jiangsu Yangzhou took the lead in introducing the cash subsidy policy for MOCVD equipment (professional equipment for the production of LED sapphire substrate extension), and subsidized the new or expanded investment projects for the purchase of more than 5 new MOCVD equipment for the production of LED epitaxial wafers. Each subsidy is 8 million yuan - 10 million yuan. Subsequently, local governments such as Jiangmen, Wuhu, Hangzhou and Wuhan successively launched similar policies.
According to incomplete statistics, Jiangmen City can enjoy equipment subsidies of 9.9 million yuan for MOCVD equipment purchases; a MOCVD equipment subsidy of 5 million yuan in Xiamen and 8 million yuan in Wuhu. For LED chip manufacturers, the market price of a MOCVD device is about 20 million yuan, and the policy subsidy can cover almost half of the cost.
There is overcapacity pressure <br> <br> The brokerage researcher told reporters bluntly, some money into the LED industry, precisely because of the huge financial subsidies, while also in the name of "green energy" of the enclosure. At present, there is a surplus of LED chip production capacity.
According to the research report of the research institute, the crazy investment in China's LED chip industry began in 2010, resulting in a serious excess of wafer capacity and falling product prices. As of the end of 2012, the number of MOCVD equipment in China has exceeded 900, but in 2012 China's MOCVD capacity utilization rate was less than 50%.
In 2013, driven by the demand in the downstream lighting application market, MOCVD capacity utilization increased to 52%, and the operating rate rose to around 70%. However, the expansion plans of major manufacturers are still continuing. Since the beginning of this year, Sanan Optoelectronics has announced that 10 billion yuan of LED chips will be the world's number one. Huacan Optoelectronics will invest 1.18 billion yuan to expand its epitaxial wafer production capacity. Silan Micro (600460) plans to increase 880 million yuan to build LED chips and other projects...
"If the government has always placed subsidies on upstream companies, it may cause upstream chip companies to expand their production capacity irrationally, causing the chip industry to once again fall into a harsh environment." The aforementioned brokerage researcher suggested that subsidies should be considered at the terminal to encourage consumption. Use LED lighting products, etc.
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