The acquisition of Harmony Optoelectronics by Huacan Optoelectronics (300323), the second largest LED company in China, became the first large-scale M&A case in the domestic micro-electro-mechanical systems (MEMS) industry. Although some companies have been involved in the relevant fields of the MEMS industry, the acquisition of Harmony Optoelectronics is more like the beginning of the domestic MEMS industry.
According to the acquisition plan disclosed by Huacan Optoelectronics on October 15, the company plans to make a price of 1.65 billion yuan to purchase 100% equity of Harmony Optoelectronics held by NSL and Harmony Corelight in the form of additional shares. At the same time, Huacan Optoelectronics also plans to raise more than 200 million yuan to Harmony Core Light and Zhou Fuyun to use in multiple MEMS projects.
Harmony Optoelectronics itself has not carried out actual business, its main asset is MEMSIC, and the latter's main asset is Meixin Semiconductor (hereinafter referred to as “Minxinâ€). The company's previous business was divided into two parts: MEMS sensor and system integration. Before the reorganization, the US-based system integration sector has been stripped. As of June 30 this year, MEMSIC's owner's equity totaled approximately 277 million yuan, and the valuation as assessed by the income method was 1.66 billion yuan, with a value-added of 5 times.
According to industry data, at present, nearly 80% of domestic MEMS sensor products rely on imports. On the one hand, this situation may change as the country strongly supports the development of the semiconductor industry. On the other hand, the trend of the MEMS industry gradually shifting from developed countries to China is already very obvious, and there will be more and more participants in the domestic MEMS industry.
Domestic companies are involved in MEMS
In fact, the so-called micro MEMS, is a micro-device and industrial technology that combines microelectronics and machinery. Compared with traditional electronic devices, the quality and volume of MEMS devices are very small, and the common device gyroscopes are even smaller than coins. It is also because of the small size and quality of the device that MEMS devices consume less energy.
According to the Securities Times·e company reporter, from the perspective of manufacturing process, MEMS uses micro-machining technology developed from the IC manufacturing process to process large-scale batch processing, and the cost per piece increases with the increase in output and size. And lower. The materials used in processing are most commonly semiconductor materials represented by silicon, and new materials such as graphene and piezoelectric ceramics also play an important role.
In terms of categories, MEMS devices are mainly divided into micro-sensors and micro-actuators. Typical devices in terms of sensors include inertial sensors, flow sensors, optical sensors, biosensors, environmental sensors, and micro-microphones. The inertial sensor includes an accelerometer, a magnetic sensor, etc., and is commonly used for navigation, motion recognition tracking, and the like. The main product of Midea is the inertial sensor.
At present, MEMS sensors have been widely used in consumer electronics, healthcare, automotive industry and other industries. Among the domestic listed companies involved in MEMS, Goer shares (002241) mainly produces micro-microphones, gas sensors in Hanwei Electronics (300007) production flow sensors, and production by Suzhou Gushu (002079) and Shilanwei (600460). Acceleration sensors; while Jingfang Technology (603005) and Huatian Technology (002185) are involved in the field of MEMS chip packaging and testing.
Among these enterprises, Goer shares is a leading company in the field of micro-microphones. In 2015, the company's electro-acoustic device products revenue reached 9.546 billion yuan; Suzhou Gushu subsidiary's accelerometer "sales China first"; and Hanwei Electronics' son The company's MEMS research and innovation is currently in progress, and the company's MEMS gas sensor has been trial-produced in small batches, suitable for various gas monitoring products, smart wearable devices and other fields.
Slow growth in major application areas
A number of research reports show that MEMS is currently the most important application in the consumer electronics field, while 67% of MEMS sensors in the consumer electronics field are used in smart phones (2015). Research indicates that smartphone production will continue to increase in the future, but smartphones currently account for 70% of global handset shipments and future growth will slow.
On the other hand, with the advent of the era of "over-capacity" in electronic products, sensors used in consumer electronics such as mobile phones and tablet PCs have basically solidified, and the market is gradually saturated. The gradual opening of the smart wearable device market has added new exports to sensors in the consumer electronics field, but this market is currently not very prosperous. The typical case is that Zhongjing Electronics, which entered the smart wearable field in 2014, has yet to come up with terminal products that can be introduced to the market; the “Dingxinhong Watch†project previously launched by Liqin Information, a domestic listed company, also announced its abandonment this year. .
Therefore, in the field of consumer electronics, although the expected growth space is still there, from the current point of view, development is not very optimistic.
As the world's leading MEMS manufacturer, STMicroelectronics has gradually lagged behind its rival Bosch in recent years in terms of market competitiveness. According to research firm Yole Développement, in 2010, Bosch's market share was similar to that of Italy. In 2015, although both companies were in the top positions, Bosch's market share has reached 10%, ranking first in the world. The law of intention is about 6%, gradually opening the gap.
Why is there such a change? Luo Yi, a senior researcher at the Excellent Financial Research Institute, told the Securities Times·e company reporter that in the consumer electronics field, price is one of the most important procurement standards for customers. Due to fierce market competition and continuous technological improvement, the average sales of MEMS sensors Prices are falling sharply. From the perspective of product structure, Yiyi focuses on the consumer electronics field, and the smartphone market, which is the most used in this field, has experienced a downward trend in recent years; Bosch has focused on industrial and automotive electronics, in Industry 4.0 and Intelligence. Under the general trend of manufacturing, the field has grown rapidly.
Regardless of the changes in the industry landscape, it is undeniable that Internet-based terminal applications will become a new force driving the growth of the MEMS market. Luo Wei also believes that with the speeding up of the macro platform of the Internet of Things, the application scenarios of sensors will be more extensive, thus breeding a larger space for development.
Industry concentration is already very high
Huacan Optoelectronics disclosed in the announcement that the domestic MEMS industry leader represented by MEMSIC has achieved significant first-mover advantage in design and development, product mass production, packaging testing, customer service, etc., and has gained the height of upstream and downstream enterprises in the industrial chain. Recognized and occupy a high market share.
In fact, the global MEMS market is already very concentrated, with the top ten suppliers accounting for more than 50% of the market. The domestic market is different, and the development of the MEMS industry is still in its infancy. As of 2015, the US and the US have not entered the top ten.
The high concentration of the industry also determines that the position of large MEMS manufacturers in the market is difficult to shake in the short term, because it has better economies of scale and can better control costs. Large manufacturers have more patents and faster technology upgrades. At the same time, companies such as Bosch have established good long-term relationships with major terminal applications such as Apple and Samsung. It is not easy for small and medium-sized manufacturers to compete for these big customers.
In addition, in the segment of Meixin's main product accelerometer, the new global market share of the company is about 5%, ranking fourth in the world. The top two Italians and Bosch have divided nearly 60% of the field. Aiyikai research and analysis shows that with the development of consumer electronics and automotive electronics, the global accelerometer market has experienced relatively stable growth in the past few years, but the future market size will be affected by inertial measurement unit competition and price pressure.
It should be noted that MEMSIC was listed on NASDAQ in 2007. However, from the public financial data, the company's post-market performance indicators are not optimistic; in 2013, MEMSIC was privatized by IDG. In the acquisition of Huacan Optoelectronics, the counterparty gave a performance commitment of no less than about 91.38 million yuan, 110 million yuan and 132 million yuan in 2017-2019, showing confidence in the company's development.
Zhao Yang, chairman of Meixin Semiconductor, publicly stated that in the future, Meixin will take a series of acquisitions and acquisitions centered on Huacan Optoelectronics, with the goal of acquiring the world's top technology-based companies.
Will it be the next LED?
According to data provided by the Excellent Financial Research Institute, the global MEMS growth rate in 2015 was only about 8%. In the Chinese market, the growth rate in this field is close to 17%, and related companies have achieved high performance growth; currently the domestic MEMS market is about 30 billion yuan, accounting for about one-third of the world's share.
Aiyikai research and analysis also believes that although the global accelerometer will be affected by price cuts in the future, China's accelerometer market will maintain a certain growth rate, and is expected to occupy a larger share of the global market. From this perspective, in the case that the domestic MEMS industry is still exploring the stage, after Huacan Optoelectronics acquired the US-New Zealand, if it vigorously explores the domestic market, it will face greater development opportunities.
A development trend worthy of attention is that in order to maintain profits, the market has already seen the outsourcing of IDM (design, manufacturing, packaging and integration) enterprises. Luo Wei believes that the IDM industry giants such as Bosch and Yifa will gradually quit the production process in the MEMS field, and the path of design will be more clear.
"Most of the MEMS sensors do not need to use the top technology in this field, except for high-end military and national security products, and these products have a small market space." Luo Wei said that from the current market, The threshold for the MEMS industry is not at the level of technology development, but more at the investment in equipment and the exploration of manufacturing processes. With the slowdown in the growth of the international market and the gradual saturation of the downstream market, as with many other manufacturing industries, the trend of MEMS industry gradually shifting from developed countries to China is already very obvious, which means that participants in the domestic MEMS industry It will also be more and more.
Then, after smelling the development opportunities of MEMS in the domestic market, will there be a huge amount of capital swarming? When various capitals such as IDG use the current policy environment of the country to support the development of semiconductors and enter the MEMS industry in a big way, is it possible to fall into the early years of the LED industry to import MOCVD equipment, expand production capacity, and then carry out irrational price wars. Most companies rely on state subsidies to avoid the loss of the cycle? Not yet known.
From a business perspective, Luo Wei and many other industry insiders hold similar views. He analyzed that because the MEMS sensor industry has more than tens of thousands of varieties, the sales of single varieties are difficult to amplify, but in the short term. It is not realistic to reduce the production cost by new technology. Therefore, whether it is possible to have a series of sensor integration and aggregation capabilities, quality control and design service capabilities may become a prerequisite for the company to continue to grow and develop.
For Vivo Glass,Vivo V25 Pro Glass,Vivo V23 Pro Front Glass,Vivo V23 Pro Black Lcd Glass
Dongguan Jili Electronic Technology Co., Ltd. , https://www.jltouch.com