The expectation that "the new iPhone is expected to adopt the sapphire screen for the first time and will become the most widely used new material in 2014" has gradually been recognized by the market, but the market still ignores the arrival of a big cycle: the LED lighting cycle starts, Leading the sapphire industry to take the lead in the new round of booming cycles before consumer electronics is widely used. We are proposing that the new iPhone is expected to adopt the sapphire screen for the first time. The expectation that it will become the most widely used new material in 2014 has gradually been recognized by the market, but the market still ignores the arrival of a big cycle: LED lighting cycle start, will drive sapphire Before the widespread use of consumer electronics, the industry took the lead in ushering in a new round of booming cycles. We believe that sapphire will become a new material application across the mainstream electronics industry, and investment opportunities are most worth looking forward to. LED is still the first demand driven by the sapphire industry, and will benefit from the LED cycle lighting cycle to take the lead in ushering in a new round of boom cycle. The demand for LED substrates accounts for 80% of sapphire applications, and the LED boom is basically synchronized with the sapphire cycle. In 2014, the LED lighting cycle will start, and the supply and demand pattern will return to the high point of 2010. It is expected that the price of sapphire will continue to rise in 2014 and enter the boom cycle. Resonance with LED lighting, will usher in the peak season, the price increase is expected to be stronger. According to industry chain research, the price of 2-inch (per mm) sapphire crystal rod has increased from 3.5 US dollars at the beginning of the year to 4 US dollars; 4 inches has increased from 12.5 US dollars at the beginning of the year to 15 US dollars. In March, the traditional LED season will be ushered in. In the context of continued high capacity utilization rate, it is expected to continue to increase prices in the future, with a quarterly increase of about 10-20%. It is expected that the gross profit margin of Sapphire will reach 40%+ (about 20% in 2013). +). Technological progress has driven the sapphire supply and demand pattern to be better than market expectations. The effective supply is much smaller than the measured value: 1) Technological advancement has pushed the LED substrate size to increase rapidly. It is expected that the proportion of 4 inches or more in 2014 will be close to 70%. The size of the single piece becomes larger and the thickness increases accordingly: the thickness of 2 inches to 4 inches is increased from 0.43 to 0.65 mm, and the thickness of the 6 inches is doubled; the increase in thickness causes the effective slicing capacity of the ingot to drop significantly. 2) Based on the feasibility and efficiency of the pull rod, the large-size substrate of the LED will rapidly increase the demand for the large-cavity soaking furnace (the 4-inch high-efficiency pull rod needs at least 60KG or more), and most of them are currently 30-50KG machine. The large cavity has a high growth barrier and is expected to last for at least 2 years. We have clearly stated in the previous report: the industry road of the long crystal link - non-standard products to standard parts, the technology leading, production scale company will enjoy the most lucrative profits of the industry chain for a long time. The large technical threshold is sufficient to support the price cycle of more than 2 years. Optimistic about the sapphire cycle: LEDs are the first to drive in the first half of the year, and consumer electronics will be better in the second half of the year. Beneficiary company: Tiantong Co., Ltd. with technical advantages and full industrial chain layout, Lujia Technology (large-scale shareholder in vitro assets) and mature laser processing key technologies. The range is about 10-20%; the gross profit margin of Sapphire is expected to reach 40%+ (about 20%+ in 2013). Technological progress has driven the sapphire supply and demand pattern to be better than market expectations. The effective supply is much smaller than the measured value: 1) Technological advancement has pushed the LED substrate size to increase rapidly. It is expected that the proportion of 4 inches or more in 2014 will be close to 70%. The size of the single piece becomes larger and the thickness increases accordingly: the thickness of 2 inches to 4 inches is increased from 0.43 to 0.65 mm, and the thickness of the 6 inches is doubled; the increase in thickness causes the effective slicing capacity of the ingot to drop significantly. 2) Based on the feasibility and efficiency of the pull rod, the large-size substrate of the LED will rapidly increase the demand for the large-cavity soaking furnace (the 4-inch high-efficiency pull rod needs at least 60KG or more), and most of them are currently 30-50KG machine. The large cavity has a high growth barrier and is expected to last for at least 2 years. We have clearly stated in the previous report: the industry road of the long crystal link - non-standard products to standard parts, the technology leading, production scale company will enjoy the most lucrative profits of the industry chain for a long time. The large technical threshold is sufficient to support the price cycle of more than 2 years. Optimistic about the sapphire cycle: LEDs are the first to drive in the first half of the year, and consumer electronics will be better in the second half of the year. Beneficiary company: Tiantong Co., Ltd. with technical advantages and full industrial chain layout, Lujia Technology (large-scale shareholder in vitro assets) and mature laser processing key technologies.
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