GLII: Sanan Optoelectronics LED performance revenue is in line with expectations

Key Analysis
On March 22, Sanan Optoelectronics announced its annual report. In 2012, the company achieved sales revenue of 3.363 billion yuan, a year-on-year increase of 92.48%. The net profit attributable to shareholders of listed companies was 810 million yuan, down 13.47% year-on-year. Among them, the company's LED business revenue was 2.584 billion yuan, in line with the previous forecast of 2.6 billion yuan by the High-tech LED Industry Research Institute (GLII).

GLII expects that Sanan Optoelectronics LED business revenue will continue to grow at a high speed in 2013, and is expected to reach 3.6 billion yuan. The main reasons are as follows: The continued rapid growth of LED lighting market will drive the sales of LED lighting products and chip demand. The improvement of the company's production capacity will be further released and continue to expand; the decline of LED chips and lighting products will be slowed down, the comprehensive gross profit margin of LED products can be maintained at more than 20%; through overseas mergers and acquisitions, the company's international business is likely to get more Effective expansion.

GLII recently released a report that it is expected that China's LED indoor lighting output will maintain a high growth rate in 2013, which will reach RMB 55.7 billion, a year-on-year increase of 66%.

The rapid growth of indoor lighting output will continue to be mainly due to the high-speed fluorescent lamps, LED spotlights and LED downlights in the commercial lighting field, which are the main products that drive the growth of total output value. GLII released the 2012 China Top 100 LED Packaging Brackets Enterprise Taiwan Interpretation Precision, Boluo Stamping Precision and Dongguan Dongpu Hardware ranked the top three.


High-tech observation

GLII: 2012 China's domestic LED chip companies output value of 5.1 billion yuan
GLII: Opportunity under the "replacement effect" of the packaged equipment in Guangdong Province, the first quarter of the LED street lamp bidding reached 76,000 baht, over the full year of 2012
Market review

This week, the high-tech LED industry index closed at 1133.84 points, up 4.53%, the Shanghai and Shenzhen 300 index rose 3.09%, and the high-tech LED industry index performed better than the broader market.

This week, 25 LED key stocks rose, the top three stocks were: Jufei Optoelectronics (10.65%), Qinshang Optoelectronics (9.97%) and Han's Laser (6.49%). The top three stocks were: Lianchuang Optoelectronics Co., Ltd. (-1.82%), Foshan Lighting (-1.42%) and Huacan Optoelectronics (-1.23%).

Investment recommendation

Qinshang Optoelectronics (002638), Jufei Optoelectronics (300303), Ruifeng Optoelectronics (300241).

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