Sanan Mini/Micro-LED Project
Back on 10-01-21 we noted that China’s largest LED producer Sanan (600703.CH) was raising capital through a non-public offering to finance a Mini/Micro-LED project in Hubei Province, which was expected to also see subsidies from the local government. While the project was said to be situated in Ezhou Gedian Development Zone, where a number of Chinese semiconductor and panel producers have existing facilities, few details were given about the project itself, other than an R&D center, a line(s) for Gallium Nitride (blue or green), Gallium Arsenide (red) chips, and a line for packing the LEDs into 4K displays, little else was known.
Now it seems that Sanan will invest ~$1.24b to build the facility, which will have production capacity for 1.61m GaN (blue/green) wafers and .75m GaAs (red) wafers, and 84,000 4K mini-LED units. Sanan is a supplier to a number of CE brands that are building out Mini-LED display product lines, including Samsung Electronics (005930.KS), TCL (000100.CH), and Apple (AAPL), although they have had issues with mini-LED qualification from Cupertino as we noted on 3/10/22. While we do not have a completion schedule for the new lines, we expect much will fall into 2023, a year in which Apple is expected to add more mini-LED backlighting to its product lines.
Now it seems that Sanan will invest ~$1.24b to build the facility, which will have production capacity for 1.61m GaN (blue/green) wafers and .75m GaAs (red) wafers, and 84,000 4K mini-LED units. Sanan is a supplier to a number of CE brands that are building out Mini-LED display product lines, including Samsung Electronics (005930.KS), TCL (000100.CH), and Apple (AAPL), although they have had issues with mini-LED qualification from Cupertino as we noted on 3/10/22. While we do not have a completion schedule for the new lines, we expect much will fall into 2023, a year in which Apple is expected to add more mini-LED backlighting to its product lines.
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