Views: 1 Author: Site Editor Publish Time: 2025-06-05 Origin: Site
In the first quarter of 2025, the global LED industry is facing multiple challenges such as technological upgrades, market differentiation, and external policy shocks, presenting a development trend of "ice and fire". On the one hand, Mini/Micro LED technology is rapidly penetrating, AI is deeply integrated with lighting scenes, and emerging markets are releasing incremental growth; In this context, Chinese LED companies have demonstrated strong risk resistance capabilities through their technological depth and global layout, while leading enterprises have seized the opportunity through diversification strategies.
一.Industry as a whole: Technology driven growth, intensified external challenges
1.Technological iteration dominates the competitive landscape
Mini LED backlight technology has entered the 2.0 era, and the RGB chip solution, with its wide color gamut and high energy efficiency, is gradually replacing the traditional blue light+phosphor solution, increasing market penetration to 26%. COB and MiP technologies have become the two major focuses in the field of direct display: COB's output value is expected to exceed 6 billion yuan by 2025, while MiP is accelerating its landing in high-end scenes such as Hollywood filming and military command. Micro LED technology is gradually maturing, and companies such as Zhouming Technology and Lehman Optoelectronics have achieved small-scale mass production, promoting its application in consumer products such as AR and smartwatches.
2.Tariffs and cost pressures test the resilience of enterprises
US imposes tariffs on Chinese LED products, which will impact the export market in the short term. However, the Chinese LED industry accounts for 70% -80% of the global production capacity, combined with the advantages of the entire industry chain (materials, processes, innovation), and will still be competitive in the long run. International manufacturers such as Signify and Acuity Brands have been forced to raise prices, confirming the law of "tariff costs being passed on to consumers". In addition, the rise in prices of raw materials such as copper and silver has led to a collective price adjustment of 5% -15% by mid to downstream enterprises. Companies such as Mulin Forest and Skyworth Commercial have eased cost pressures through price increases.
3.Emerging markets and scenarios release incremental growth
Overseas markets have become a key growth engine, with top screen companies experiencing a 10% -20% increase in overseas sales, with significant contributions from emerging regions such as Southeast Asia and Africa. After breakthroughs in emerging scenarios such as LED all-in-one machines and movie screens in 2024, they will further increase in volume in Q1 2025 and become structural growth points in the industry
二.Corporate performance: Leading companies with significant profit differentiation
1.Sanan Optoelectronics: High end products+gold revenue drive profits
Sanan Optoelectronics' Q1 non recurring net profit surged by 331.43% year-on-year, mainly due to the waste income brought by the rise in gold prices and the increase in the proportion of high-end LED products. Its investment in the Micro LED field has increased, and the 6-inch production line in Zhuhai has been delivered, laying the foundation for long-term growth with technological reserves.
2.Wanrun Technology: One Main, One Auxiliary Driver+Global Layout
Wanrun Technology's annual report shows that its revenue in 2024 increased by 15.08% year-on-year, with a net profit growth of 38.62%. The core driving force comes from the development of one main and one auxiliary industry. Among them, the LED business's light source components and related revenue reached 433 million yuan, a year-on-year increase of 20.46%; LED lighting and related revenue reached 587 million yuan, a year-on-year increase of 35.20%; Semiconductor memory business: Semiconductor memory achieved revenue of 513 million yuan, a year-on-year increase of 302.15%; Several subsidiaries under the company have developed rapidly. Hengrun Optoelectronics has won the bid for the Dongguan rail transit lighting project. Rishang Optoelectronics has entered the Southeast Asian market through its Thai subsidiary. Zhongzhu Tianyou has made efforts in smart city landscape lighting, covering high value-added fields such as rail transit and educational lighting, all of which have greatly contributed to Wanrun Technology's performance. Its diversification strategy (comprehensive energy, advertising media) further strengthens its ability to resist risks, which is highly compatible with the industry's strategy to cope with tariff fluctuations.
3.Liard: Financial optimization but revenue pressure
Liard's Q1 revenue decreased by 7.59%, with a year-on-year decrease of 24.37% in net profit. However, by reducing financial expenses (by 718.55%) and optimizing accounts receivable management, cash flow remained stable. Its advanced MiP production line has been put into operation, targeting the high-end commercial display market, with a technology roadmap consistent with industry trends.
4.Mulinsen and Huacan Optoelectronics: Polarization under Cost Pressure
Mulinsen's Q1 net profit decreased by 21.30%, while financial expenses surged by 1688.57%. However, research and development investment increased by 2.91%, attempting to break through the bottleneck of the mid to low end market through technological innovation.
Huacan Optoelectronics' revenue increased by 27.82%, but its net profit still incurred a loss of 97.63 million yuan, and its sales expenses increased significantly by 65.12%, indicating its difficulty in balancing market expansion and cost control.
四.Future prospects: equal emphasis on technological breakthroughs and globalization
1.Technological route game intensifies
The tripartite pattern of SMD, COB, and MiP will continue, with cost sensitive scenarios still dominated by SMD, while the high-end market will be dominated by COB/MiP. If RGB Mini LED backlight continues to receive policy subsidies, it is expected to further replace QD-OLED and become a standard configuration for large-sized displays.
2. Supply chain security and acceleration of localization
The trend of domestic production of automotive LED is significant, and companies such as Hongli Zhihui and Jufei Optoelectronics have entered the supply chain of OEMs; In the Micro LED field, Chinese investment accounts for 70% of the world's total, and technological breakthroughs may reshape the global industrial landscape.
3. Risk and opportunity coexist
North American tariff policies, fluctuations in raw material prices, and corporate debt risks (such as in the case of Mulinson) remain short-term risks. In the long run, AI+IoT empowers cross-border applications such as smart lighting and humanoid robots, opening up new growth curves.
