"With the support of the policy, the LED lighting market will have a larger space in 2013, and related listed companies are expected to benefit. From the valuation, LED lighting company's current PE is indeed relatively high, but PEG is relatively reasonable. Position." Zhou Jianbing, a securities analyst, said in an interview.
Industry demand growth under policy support
Recently, the LED lighting industry seems to be warm. With the EU completely banned incandescent lamps, LED lighting applications have entered a stage of qualitative change, while domestic policy support, LED lighting is also expected to accelerate penetration.
In addition, the National Development and Reform Commission, the Ministry of Science and Technology and other five ministries recently jointly issued the "Semiconductor Lighting Energy Conservation Industry Plan", further clearly expounding the development goals, main tasks and supporting measures of the Chinese LED industry during the "Twelfth Five-Year Plan" period, and clearly promote LED The energy-saving output value of lighting has increased by about 30% annually. In 2015, it reached 450 billion yuan, of which LED industry application products reached 180 billion yuan.
The data shows that China's LED general-purpose lighting output value in 2012 was close to 42 billion yuan, an increase of 40%; the annual total output was 310 million, and the number increased significantly; LED lighting products manufacturing capacity and export volume ranked first in the world.
"The industry depends on the development prospects. The main point of the LED lighting field is that it will be supported by policies and will form a large-scale enterprise." Zhou Jianbing said.
In fact, the global LED market has gradually recovered from last October, and demand has risen sharply in the first quarter of this year, while emerging markets have performed particularly well. At present, Russia, Thailand, Vietnam, India, Africa and other countries and regions have seen an increase in investment in infrastructure construction. In 2013, the demand for LED lighting in emerging markets will continue to heat up.
In Vietnam, for example, Vietnam will achieve a 38% urbanization level by 2015, which will be a great opportunity for China's LED lighting exports. In addition, countries including India and others have spared no effort in promoting the conversion of traditional lighting systems into LED lighting, and it is also expected to import a large number of LED lighting products in China.
"From the perspective of the external market, the first is that the global economy is gradually picking up, especially the expected recovery of the US economy. Second, the current energy supply is tightening, and the global demand for energy conservation is increasing. Third, China is accelerating the pace of urbanization and the future energy consumption of products. The requirements will be further improved. Therefore, whether it is from the current market performance or future development, the LED lighting industry has a broad space, and the probability of market recovery is greater," an industry insider said.
He believes that the LED lighting companies' recent performance has improved due to the global economic recovery and the improvement of national energy conservation and emission reduction requirements. In addition, the second quarter is the traditional sales season for commercial lighting, so it is expected that the performance of LED lighting companies will be improved.
The industry believes that LED lighting applications are the most directly benefiting from the policy pull. In the next few years, although the energy-saving lamps will still occupy the largest category of lamps in terms of market share, LEDs will continue to decline in cost and price. Further reduce the cost difference between replacement and energy saving lamps.
In fact, in order to increase the government procurement of energy-saving products, the Ministry of Finance and the National Development and Reform Commission recently adjusted the published “Government Procurement List of Energy-Saving Productsâ€, and the adjusted procurement list added LED lighting products for the first time. According to statistics, LED lighting products entering the purchase list include LED road/tunnel lighting products, LED downlights, and reflective self-rectifying LED lights. The number of selected products is 251, 177, 90, respectively, involving 84 companies, including listed companies. Nearly 20 homes.
Long road to capacity
Despite this, there has been a problem of overcapacity in the field of LED lighting. Many analysts believe that the structural overcapacity of the LED industry will continue in 2013, and related companies will continue to digest inventory through price cuts to gain market share.
"At present, the overcapacity situation in China's LED lighting industry has improved, but the problem is still serious. The lack of uniform industry standards has led to low entry barriers, while high government subsidies and preferential tax policies have attracted a large influx of funds. In the LED lighting industry, even many companies do not have the relevant technology. As a result, a large number of small and medium-sized enterprises are concentrated in the low value-added production field, and the low-end overcapacity situation is more serious, while the core technology is not competitive. People said.
He believes that China's LED lighting companies still face many problems, not only in the disorderly competition of the industry, but also lack of core competitiveness and the intervention of international giants will have an impact on their business conditions.
The LED industry will gradually recover under the policy push this year. From the analysis of all links in the industry chain, it can be seen that the midstream package of the industry is affected by price suppression and the downward transmission of upstream overcapacity. The overall competition is still relatively competitive.
The industry believes that the upstream investment progress of the industry is slowing down, and the further digestibility of production capacity has improved the fundamentals. Leading manufacturers with scale advantages will further occupy a favorable position in the market. The LED lighting application field directly benefits from the policy-driven demand, and the lighting manufacturers with brand and channel advantages enjoy the advantage in the competition.
LED backlight , HD resolution 1920*1080P
Industry demand growth under policy support
Recently, the LED lighting industry seems to be warm. With the EU completely banned incandescent lamps, LED lighting applications have entered a stage of qualitative change, while domestic policy support, LED lighting is also expected to accelerate penetration.
In addition, the National Development and Reform Commission, the Ministry of Science and Technology and other five ministries recently jointly issued the "Semiconductor Lighting Energy Conservation Industry Plan", further clearly expounding the development goals, main tasks and supporting measures of the Chinese LED industry during the "Twelfth Five-Year Plan" period, and clearly promote LED The energy-saving output value of lighting has increased by about 30% annually. In 2015, it reached 450 billion yuan, of which LED industry application products reached 180 billion yuan.
The data shows that China's LED general-purpose lighting output value in 2012 was close to 42 billion yuan, an increase of 40%; the annual total output was 310 million, and the number increased significantly; LED lighting products manufacturing capacity and export volume ranked first in the world.
"The industry depends on the development prospects. The main point of the LED lighting field is that it will be supported by policies and will form a large-scale enterprise." Zhou Jianbing said.
In fact, the global LED market has gradually recovered from last October, and demand has risen sharply in the first quarter of this year, while emerging markets have performed particularly well. At present, Russia, Thailand, Vietnam, India, Africa and other countries and regions have seen an increase in investment in infrastructure construction. In 2013, the demand for LED lighting in emerging markets will continue to heat up.
In Vietnam, for example, Vietnam will achieve a 38% urbanization level by 2015, which will be a great opportunity for China's LED lighting exports. In addition, countries including India and others have spared no effort in promoting the conversion of traditional lighting systems into LED lighting, and it is also expected to import a large number of LED lighting products in China.
"From the perspective of the external market, the first is that the global economy is gradually picking up, especially the expected recovery of the US economy. Second, the current energy supply is tightening, and the global demand for energy conservation is increasing. Third, China is accelerating the pace of urbanization and the future energy consumption of products. The requirements will be further improved. Therefore, whether it is from the current market performance or future development, the LED lighting industry has a broad space, and the probability of market recovery is greater," an industry insider said.
He believes that the LED lighting companies' recent performance has improved due to the global economic recovery and the improvement of national energy conservation and emission reduction requirements. In addition, the second quarter is the traditional sales season for commercial lighting, so it is expected that the performance of LED lighting companies will be improved.
The industry believes that LED lighting applications are the most directly benefiting from the policy pull. In the next few years, although the energy-saving lamps will still occupy the largest category of lamps in terms of market share, LEDs will continue to decline in cost and price. Further reduce the cost difference between replacement and energy saving lamps.
In fact, in order to increase the government procurement of energy-saving products, the Ministry of Finance and the National Development and Reform Commission recently adjusted the published “Government Procurement List of Energy-Saving Productsâ€, and the adjusted procurement list added LED lighting products for the first time. According to statistics, LED lighting products entering the purchase list include LED road/tunnel lighting products, LED downlights, and reflective self-rectifying LED lights. The number of selected products is 251, 177, 90, respectively, involving 84 companies, including listed companies. Nearly 20 homes.
Long road to capacity
Despite this, there has been a problem of overcapacity in the field of LED lighting. Many analysts believe that the structural overcapacity of the LED industry will continue in 2013, and related companies will continue to digest inventory through price cuts to gain market share.
"At present, the overcapacity situation in China's LED lighting industry has improved, but the problem is still serious. The lack of uniform industry standards has led to low entry barriers, while high government subsidies and preferential tax policies have attracted a large influx of funds. In the LED lighting industry, even many companies do not have the relevant technology. As a result, a large number of small and medium-sized enterprises are concentrated in the low value-added production field, and the low-end overcapacity situation is more serious, while the core technology is not competitive. People said.
He believes that China's LED lighting companies still face many problems, not only in the disorderly competition of the industry, but also lack of core competitiveness and the intervention of international giants will have an impact on their business conditions.
The LED industry will gradually recover under the policy push this year. From the analysis of all links in the industry chain, it can be seen that the midstream package of the industry is affected by price suppression and the downward transmission of upstream overcapacity. The overall competition is still relatively competitive.
The industry believes that the upstream investment progress of the industry is slowing down, and the further digestibility of production capacity has improved the fundamentals. Leading manufacturers with scale advantages will further occupy a favorable position in the market. The LED lighting application field directly benefits from the policy-driven demand, and the lighting manufacturers with brand and channel advantages enjoy the advantage in the competition.
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