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This year, the LED industry has been reshuffled, and mergers and acquisitions have become the main way to shuffle. LED giants have further compressed the market space through mergers and acquisitions, making the path of survival and development of dynamic small and medium-sized LED application companies narrower.
So, how can small and medium-sized LED application companies find effective strategies to gain competitive advantage? Lightweight joint-stock M&A may be one of the strategies.
More "utilitarian" starting point
“These two years are the key period for the promotion or elimination of LED brands. Everyone is trying to find new profit growth points. We also acquired an export company this year to support and develop new indoor commercial lighting with the profit from the orders it acquired. Market.†Li Xiaoping, general manager of Auman Technology Lighting, told the “Lighting Market†reporter.
According to Li Xiaoping, Auman has been focusing on outdoor decorative lighting for 8 years. It is precisely because this export company can bring "instant" channels and orders, and then it has the decision to enter the indoor business. "We all know that the new product line, especially the construction of LED channels, is 'burning money'. The first year or even longer may be invested and difficult to produce."
In the past two years, the LED industry is undergoing profound changes. Whether it is a large-scale domestic and foreign large-scale factory or a new brand under development, the integration of inter-vendor mergers and acquisitions is implemented for various business expansion purposes, and the phenomenon of alliance cooperation is particularly common. attention.
In summary, the good development expectations of the LED industry, the internal driving force of corporate expansion, and the promotion of policies have all become powerful thrusts for companies to adopt M&A integration strategies. It can be foreseen that with the continuous changes in the industry structure, future mergers and acquisitions will become an important manifestation of the next industrial restructuring.
For some large companies that have channels and brands, are in the leading position in the industry and have relatively abundant funds, the industry is close to the outbreak point, which is often a good time for mergers and acquisitions, especially for the good expectations of the future market. It has clearly shown strong interest in mergers and acquisitions and industry chain integration. According to statistics, since the second half of 2011, the global LED industry, including the Chinese market, has had nearly 20 major capital-level mergers and acquisitions.
“The current series of acquisitions and integrations by international companies are more focused on the long-term, and the acquisition targets are those with forward-looking technology and a certain market share.†Hong Yannan, chairman of Heshan Guangmingyuan Lighting, said. He believes that the focus of these multinational mergers and acquisitions has begun to shift to downstream segmentation applications.
However, compared with the heavyweight mergers and acquisitions and vertical integration between large enterprises, the lightweight “synchronous and horizontal†of SMEs is obviously more “utilitarianâ€. Guangmingyuan Lighting just completed the acquisition of two old LED companies in Xiamen this year, and established Xiamen Guangmingyuan Optoelectronics Technology Co., Ltd., focusing on LED special light source explosion-proof lamps and mobile lighting. “This is more because of the needs of existing OEM partners.†Hong Yannan revealed.
Since May this year, governments in Guangdong Province have successively introduced policies to support the use of LEDs in public lighting, which has led to the integration of LED street lights and LED indoor public lighting, and is also in line with the “appetite†of many companies that have not yet been involved in this field. Advantageous resources form a complementary strategy.
According to the latest report released by the High-tech LED Industry Research Institute (GLII), since the first half of 2011, there have been nearly 1800 new LED indoor lighting companies in China, of which, in the first half of this year alone, there are nearly 1,000 new companies; Sixty percent of new companies have previously worked in the LED display and LED packaging industries. In terms of market size, in the first half of this year, the overall size of China's LED indoor lighting market increased by nearly 36% year-on-year. In terms of product prices, in the first half of this year, the domestic LED indoor lighting products prices fell by an average of about 10%.
“This shows that the market competition is very fierce. In the case of rapid decline in profits, only large-scale enterprises with healthy capital funds and abundant capital flows can survive, and mergers and acquisitions will surely occur in enterprises that cannot hold back. Today and next year, It will be the peak period of mutual M&A cooperation between small and medium-sized LED companies.†Wu Zhengyu, general manager of Zhejiang Miles Lighting Marketing, analyzed.
Get the "cross-border" gene
Compared with the large-scale LED enterprises to carry out industrial chain integration, what kind of game rules do you have for “mergers and acquisitions†of small and medium-sized LED lighting companies? How to make mergers and acquisitions become an important means for enterprises to enhance their self-value and achieve leap-forward development? In particular, what are the risks of companies that enter into other categories or sectors of LEDs through cross-border mergers and acquisitions?
"Relatively, we do not have a strong sense of integration in the industry chain, just because of the real needs of the current market big projects and major customers." Li Jiebiao, chairman of Yinghuang Lighting, said that this year the company and a well-known foreign lighting design agency Jointly develop the LED market by joint venture.
It is understood that the current industry is known for manufacturing and marketing, and it is rare to have a company that owns its own lighting design organization through mergers and acquisitions. "But this will be the trend. We are now receiving larger orders for LED engineering at home and abroad. The purchasers are all required to provide lighting solutions. This is the shortcoming of most LED companies," said Zhou Jiaxiang, chairman of Laiya Lighting.
According to Zhou Jiaxiang, the temporary cooperation with well-known lighting design agencies tends to be higher and higher, and there is no timely communication with the engineering sales department. “The real needs of the market and the vision of the company’s strength are the test criteria for whether M&A can achieve the maximum effect.â€
According to the reporter's interview, whether it is obtained through mergers and acquisitions, or through the joint venture has the function of the service, its essence is more in the vertical "extension" and horizontal "cross-border". The acquisition of "cross-border" genes will more reflect the advantages of small and medium-sized LED companies in applying strategies.
Although the manpower and financial resources of small and medium-sized LED enterprises cannot be compared with the scale enterprises, but the "small boat is a good turn", small and medium-sized enterprises can concentrate their own resources on one point and gain local advantages. It is impossible for big brands to invest in every market. With the same energy and resources, small and medium-sized enterprises still have local advantages.
"The advantage of using the strategy is actually "Tian Ji horse racing", with its own long attack and the shortest, to focus on the scattered, to misplace the weak link, we through the merger of LED explosion-proof lamps because of its unpopular and Special technical content." Hong Yannan chairman added.
M&A is difficult to "metaphysical"
"We pay more attention to the fact that the original export enterprises have fixed customer resources, and they can be used immediately. But the integration of management mode and corporate culture is still a headache." Li Xiaoping, general manager of Auman Technology Lighting, spoke out the merger of small and medium-sized enterprises. Difficulties.
According to the reporter's observation, the "non-coordination" in the integration process of small and medium-sized LED companies after mergers and acquisitions is the biggest difficulty. After all, a major driver of corporate mergers and acquisitions is the maximization of shareholder wealth. In order to achieve this goal, the post-merger enterprises must achieve coordination in many aspects such as operation and management. However, in the process of integration after mergers and acquisitions, it may not be possible to achieve this original intention, resulting in huge risks in mergers and acquisitions.
"After half a year, we are still engaged in the integration of culture and values. It is like two young people, a man and a woman, just married, a new family, how to make a good life. We output It is the GMY management model, in the principle of respect, will not switch quickly, will be gradual." Hong Yannan chairman said that relative to the heavyweight mergers and acquisitions of economies of scale and capital and financial risks, SMEs' metaphysical integration is the most critical.
After the merger, can the management staff and the management team get proper equipment, whether they can find the proper management methods, whether the management methods can be consistent and coordinated, and whether the management level can raise higher requirements due to the development of the enterprise. Certainty will create management risks.
In this regard, Wu Zhengyi, general manager of Miles Lighting Marketing believes that small and medium-sized LED companies still have a long way to go in the specialization and standardization of M&A objectives, methods, means and processes, especially the importance of planning. Sex. “The standard of joint success is not the transaction of M&A transactions, but the performance in two aspects. First, the acquisition will have a positive impact on the performance of the company itself; second, the effective integration of the technology and resources of the M&A. Only in resource integration. Real success is a successful merger."
"The LED industry is a direction. Now when the group is up, everyone is exploring, and there is still no real success." When the reporter asked about the successful LED mergers and acquisitions in the industry, one engaged in the lighting industry for 15 years. The current CEOs with an annual output value of more than 500 million yuan said this.
He believes that mergers and acquisitions integration, whether active or passive, should first maintain a peace of mind, as long as it is beneficial to the development of the enterprise, optimize the allocation of enterprise resources, integration and integration are beneficial. 
[Source: "High - tech LED- lighting market" November issue reporter / Zhou Jianhua ]