Event: On July 24th, Ganzhao Optoelectronics announced that it plans to invest 5 billion yuan to add 100 MOCVDs. It will be invested in two phases. The first phase of 50 will be put into production no later than 2015. The Xiamen government purchases each equipment. 48% of the amount is given to the equipment subsidy. The subsidy for a single equipment is not more than 5 million yuan, and the subsidy limit is 50 units. The subsidy is paid in installments with the progress of the project payment.
Comments:
In the new round of expansion, we must be cautious about the supply and demand of the industry: MOCVD last year's peak production expansion was in 2010 and 2011, after the growth of backlight and lighting demand was slower than expected, the upstream chip end was in oversupply for two years, 2011 In 2012, the price of chips fell by 35%-50% per year, and the decline in 2013 narrowed to 20%-25%. It shows that after two years of slowdown in industry demand growth and expansion, the current supply and demand of the industry is at a good level. From 2013Q4 to the present, the chip price has dropped slightly in three quarters. However, including the new round of expansion of Sanan Optoelectronics, Ganzhao Optoelectronics and other manufacturers, the demand situation of the industry needs to be cautious. We estimate that there will be about 600 million new LED light sources in the world in 2015. According to our calculations, we can consume about 200 MOCVD production capacity (this data may be further reduced considering technological advancement and efficiency improvement). If the current MOCVD of the manufacturers is successfully completed, the new capacity will exceed 200 units, and we will keep track of the progress of the expansion and production of each manufacturer.
Policy subsidies should be more transferred to downstream consumers: MOCVD is more expensive because of the higher price, so the mainland's expansion is basically accompanied by government subsidies for its equipment. We believe that the LED industry is still in the early stage of growth. At present, the price of LED lamps is still higher than that of energy-saving lamps. If there is more sufficient capacity in the upstream of the industry, if the policy subsidizes consumers more, it will be more beneficial to the demand of the industry and keep it. The demand and supply situation of the industry demand side is better. In 2010 and 2011, government equipment subsidies were basically around 10 million units, and have dropped to around 5 million. We expect more policy subsidies to be transferred from upstream to consumers.
Semiconductor Fuse and Ferrite
Fuse refers to an electric appliance that, when the current exceeds the specified value, melts the fuse and disconnects the circuit with the heat generated by itself.When the current exceeds the specified value for a period of time, the fuse melts and disconnects the circuit with the heat generated by the fuse itself.A current protector made from this principle.The fuse is widely used in high and low voltage power distribution system and control system as well as power equipment.
Ferrite is a metal oxide with ferrous magnetism.As far as electrical properties are concerned, the resistivity of ferrite is much larger than that of single metal or alloy magnetic materials, and it has higher dielectric properties.Ferrite magnetic energy also shows high permeability at high frequencies.As a result, ferrite has become a non-metallic magnetic material widely used in the field of high frequency and weak current.Due to the low ferrite magnetic energy stored in the unit volume, saturated magnetic induction strength (Bs) and low (usually only pure iron 1/3 ~ 1/5), and thus limits its higher requirements in the low-frequency magnetic energy density in the field of high voltage and high power applications.
Semiconductor Fuse, Fuse Cutout, Protection Fuse, Square Fuse, Fuse Link, Ceramic Fuse, Fuse Box, Fuse Resistors
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