Nichia and Osram are the world's top two LED component manufacturers. Both are in the face of fierce price competition in mainland China, and their profitability and revenue performance are stable. In the first half of 2015, the operating profit rate of the Asia Chemical Optical Semiconductor Division was 30.4%, 0.9 percentage points higher than the 2014 fiscal year. The Osram 2015 fiscal year EBITA Margin was 17.8%, 0.6 percentage points higher than the previous year; In view, Nichia is about 3 times higher than Osram, but the revenue of Osram Optical Semiconductor Division is not affected by the off-peak season, and it shows a slight increase.
Osram proposed a long-term strategic plan for the fiscal year 2016~2020, in which the capital expenditure and R&D expenses are quite large, each reaching 2 billion euros (about 2.2 billion US dollars), although the capital market does not agree with some of the company's practices, such as LED production capacity will be substantial The expansion, "three-column" strategy includes general lighting, etc. However, according to DIGITIMES Research, Osram is based on Nichia Chemical, and the latter's investment in research and development expenses and capital expenditure is also higher than the industry level, and the product line is at the same time. Consumption and niche markets, therefore, Osram has no change in investment plans.
As the world's largest LED company, Nichia Chemical, its annual R&D expenses are quite large. In the first half of 2010~2015, its R&D expenses of the Optical Semiconductor Division accounted for 8.2%~10.1% of the revenue. Used for LED and laser diode research and development; Osram's research and development expenses accounted for 6%~6.5% of revenue in fiscal year 2011~2015, and will exceed 8% in the future. R&D projects cover a wide range, including LED components, networked lighting, special lighting. And emerging light sources.
In terms of capital expenditure, Nichia's established expansion plan will last until 2018, and the total investment amount related to LED equipment will reach 68.4 billion yen (about 530 million US dollars); Osram's total capital expenditure will reach the next 5 years. 2 billion euros, of which 1 billion euros will be invested in the LED front-end process, and it is estimated that LED chips will be produced in the new plant in Malaysia in the fourth quarter of 2017.
Although capital market investors are too big for Osram's investment in LED front-end equipment, and the “three-column†strategy covers doubts about general lighting, DIGITIMESResearch believes that because the company's new factory is based on 6-inch LED chips, the cost will be 4 Inch products are lower, Malaysia offers preferential investment conditions for high-tech industries, Osram's future automotive lighting revenue will still be greater than general lighting, and will be invested in other emerging light sources, in fact, similar to Nichia, while developing professional use and consumption. Use market products. Only Osram needs to explain how to extend the success of professional products to the general lighting market in order to relieve investors' doubts.
The following picture shows the development of Osram and Nichia Chemical's Optical Semiconductor Division.
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