LED industry fully recovers industry chain company welcomes opportunities
"In 2014, the era of LED lighting is coming." Huang Panpan, a researcher at Orient Securities, has no doubt that the LED industry has turned to an upward point, profitability has improved, and policy catalysis has accelerated. In 2014, the industry's prosperity and expansion confidence will continue to rise, and the industry's growth rate is expected to grow at a high rate.
Full recovery of the industry 60% achieved profitability
According to various information, the LED industry has already encountered an inflection point in 2013. In 2012, the LED industry was almost a loss-making situation in the whole industry. Last year, the company’s profitability was greatly improved. This shows that the strong demand for LED downstream lighting has been transmitted to Midstream and upstream packaging and chip companies.
According to incomplete statistics, as of March 19, a total of 43 A-shares of 53 LED concept stocks announced their 2013 annual report or performance report, and 31 of them, over 60%, achieved profitability last year.
Huang Panpan pointed out that the focus of the industry's recovery is reflected in five aspects: First, the lowest price difference between LED and energy-saving lamps is nearly doubled; second: the number of sweet spot products is increasing rapidly; third: demand enters a stage of high elastic growth. Demand for price sensitivity has increased significantly; Fourth: LED lighting application output value will be equivalent to the backlight, is expected to reach more than 40%; Fifth: 2014 price decline is relatively limited, a single quarter fell within 5%. From a financial perspective, the industry's profitability continues to improve, and gross margin is expected to gradually stabilize. From the policy point of view, in 2014, the world entered the second wave of incandescent lamps banned peak period, accelerating the promotion of LED lighting related products.
Profit transmission industry chain
The outlook for the industry recovery is clear. A brokerage researcher pointed out that the order of benefits for the LED industry companies is from downstream demand, then to the midstream of the industry, and then to the upstream chip field.
In fact, from the perspective of the industrial chain, benefiting from the strong market demand for lighting in the second half of last year, downstream lighting, applications and other related companies have basically made a full profit. According to relevant data of the annual report, the downstream profitability has been transmitted to the midstream package and upstream chip companies.
In the context of the industry as a whole, a number of listed companies have indicated that they will increase investment.
Wanrun Technology (002654) revealed in its 2013 annual report that the company will further explore the overseas high-end lighting products market in the United States, Canada, and the European Union, and deepen and expand the domestic high-end lighting market. At the same time, we will increase investment in R&D expenditures, enrich the company's existing product lines, and provide customers with diversified alternatives.
The middle-end packaging company Hongli Optoelectronics (300219) also said that the company's current LED packaging products capacity is around 800 KK / month, in 2014, according to the original expansion plan, combined with market conditions to expand capacity.
Industry mergers and acquisitions surge
"The LED market will run through the whole year of 2014." Ping Antian, an analyst at Ping An Securities, believes that in the context of lighting volume and rapid growth in demand, many companies will usher in a double turning point in revenue and profit margins. Judging from the situation of industrial chain research, many LED companies have the demand for mergers and acquisitions and refinancing this year. Since the profit base of second- and third-line LED companies is generally not high, the corresponding performance elasticity is very large.
According to relevant statistics, there were more than a dozen events in the LED industry in 2013, involving 11 listed companies, including 8 applications for packaging applications, mainly in product structure expansion and product application areas. The extension to the industrial chain is mainly to further extend the application of the packaging application to downstream applications or channels.
In fact, as early as February 22, Zhongjing Electronics (002579,) also announced that it plans to acquire 100% equity of LED Enterprise Founder in 286 million yuan and enter the field of LED lighting. Its plan was popular in the market, and the stock closed for seven consecutive daily limit. On March 12, Foshan Lighting (000541) announced that the company intends to acquire a LED company called “Suzhou Mengtai Libao Photoelectric Co., Ltd.â€, which focuses on the development and production of LED commercial lighting products and engineering products, even though the company Last year, due to production management and insufficient production capacity, it was still at a loss.
In addition, Wanrun Technology said in its annual report that in the future, due to the impact of LED price, channel, brand, market and scale, the acquisition and integration of LED midstream and downstream packaging and application areas will continue, and the integration will be more and more.
Lin Zhaotian believes that the market underestimates the upward elasticity of the LED industry after the outbreak of home lighting, and the short-term correction will usher in the golden timing of industrial layout. Lin Zhaotian is optimistic about leading enterprises such as Sanan Optoelectronics (600703), Sunshine Lighting (600261), Foshan Lighting, and Jufei Optoelectronics (300303), which are expected to actively buy through the investment opportunities throughout the year.
Intensive research in institutions
It is worth mentioning that this year, some key companies in the LED industry have received special attention from the organization.
According to incomplete statistics, in the past two months, hundreds of organizations have been involved in Foshan Lighting, Alto Electronics (002587), Guoxing Optoelectronics (002449), Liard (300296), and Lianjian Optoelectronics (300269). More than 10 companies including Hongli Optoelectronics and Huacan Optoelectronics (300323) conducted nearly 30 researches.
Mr. Chen, a director of private equity fund investment in Shanghai, is very optimistic about the LED industry. He researched ten LED listed companies at the beginning of the year and based on the survey results, he overscores key companies such as Huacan Optoelectronics and Guodian Xingguang.
"The LED industry should be completely optimistic in the first half of the year. I will hold the position until the semi-annual report is announced. In the second half of the year, it depends on the specific situation of the market and decide whether to increase or decrease the configuration." Mr. Chen said.
However, at present, after the previous speculation, the relevant stocks of the LED concept have risen far more than the same period of the market index, not the time of intervention, and waiting for them to fall back by 20% is a good time to intervene. "Mr. Chen said.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Full recovery of the industry 60% achieved profitability
According to various information, the LED industry has already encountered an inflection point in 2013. In 2012, the LED industry was almost a loss-making situation in the whole industry. Last year, the company’s profitability was greatly improved. This shows that the strong demand for LED downstream lighting has been transmitted to Midstream and upstream packaging and chip companies.
According to incomplete statistics, as of March 19, a total of 43 A-shares of 53 LED concept stocks announced their 2013 annual report or performance report, and 31 of them, over 60%, achieved profitability last year.
Huang Panpan pointed out that the focus of the industry's recovery is reflected in five aspects: First, the lowest price difference between LED and energy-saving lamps is nearly doubled; second: the number of sweet spot products is increasing rapidly; third: demand enters a stage of high elastic growth. Demand for price sensitivity has increased significantly; Fourth: LED lighting application output value will be equivalent to the backlight, is expected to reach more than 40%; Fifth: 2014 price decline is relatively limited, a single quarter fell within 5%. From a financial perspective, the industry's profitability continues to improve, and gross margin is expected to gradually stabilize. From the policy point of view, in 2014, the world entered the second wave of incandescent lamps banned peak period, accelerating the promotion of LED lighting related products.
Profit transmission industry chain
The outlook for the industry recovery is clear. A brokerage researcher pointed out that the order of benefits for the LED industry companies is from downstream demand, then to the midstream of the industry, and then to the upstream chip field.
In fact, from the perspective of the industrial chain, benefiting from the strong market demand for lighting in the second half of last year, downstream lighting, applications and other related companies have basically made a full profit. According to relevant data of the annual report, the downstream profitability has been transmitted to the midstream package and upstream chip companies.
In the context of the industry as a whole, a number of listed companies have indicated that they will increase investment.
Wanrun Technology (002654) revealed in its 2013 annual report that the company will further explore the overseas high-end lighting products market in the United States, Canada, and the European Union, and deepen and expand the domestic high-end lighting market. At the same time, we will increase investment in R&D expenditures, enrich the company's existing product lines, and provide customers with diversified alternatives.
The middle-end packaging company Hongli Optoelectronics (300219) also said that the company's current LED packaging products capacity is around 800 KK / month, in 2014, according to the original expansion plan, combined with market conditions to expand capacity.
Industry mergers and acquisitions surge
"The LED market will run through the whole year of 2014." Ping Antian, an analyst at Ping An Securities, believes that in the context of lighting volume and rapid growth in demand, many companies will usher in a double turning point in revenue and profit margins. Judging from the situation of industrial chain research, many LED companies have the demand for mergers and acquisitions and refinancing this year. Since the profit base of second- and third-line LED companies is generally not high, the corresponding performance elasticity is very large.
According to relevant statistics, there were more than a dozen events in the LED industry in 2013, involving 11 listed companies, including 8 applications for packaging applications, mainly in product structure expansion and product application areas. The extension to the industrial chain is mainly to further extend the application of the packaging application to downstream applications or channels.
In fact, as early as February 22, Zhongjing Electronics (002579,) also announced that it plans to acquire 100% equity of LED Enterprise Founder in 286 million yuan and enter the field of LED lighting. Its plan was popular in the market, and the stock closed for seven consecutive daily limit. On March 12, Foshan Lighting (000541) announced that the company intends to acquire a LED company called “Suzhou Mengtai Libao Photoelectric Co., Ltd.â€, which focuses on the development and production of LED commercial lighting products and engineering products, even though the company Last year, due to production management and insufficient production capacity, it was still at a loss.
In addition, Wanrun Technology said in its annual report that in the future, due to the impact of LED price, channel, brand, market and scale, the acquisition and integration of LED midstream and downstream packaging and application areas will continue, and the integration will be more and more.
Lin Zhaotian believes that the market underestimates the upward elasticity of the LED industry after the outbreak of home lighting, and the short-term correction will usher in the golden timing of industrial layout. Lin Zhaotian is optimistic about leading enterprises such as Sanan Optoelectronics (600703), Sunshine Lighting (600261), Foshan Lighting, and Jufei Optoelectronics (300303), which are expected to actively buy through the investment opportunities throughout the year.
Intensive research in institutions
It is worth mentioning that this year, some key companies in the LED industry have received special attention from the organization.
According to incomplete statistics, in the past two months, hundreds of organizations have been involved in Foshan Lighting, Alto Electronics (002587), Guoxing Optoelectronics (002449), Liard (300296), and Lianjian Optoelectronics (300269). More than 10 companies including Hongli Optoelectronics and Huacan Optoelectronics (300323) conducted nearly 30 researches.
Mr. Chen, a director of private equity fund investment in Shanghai, is very optimistic about the LED industry. He researched ten LED listed companies at the beginning of the year and based on the survey results, he overscores key companies such as Huacan Optoelectronics and Guodian Xingguang.
"The LED industry should be completely optimistic in the first half of the year. I will hold the position until the semi-annual report is announced. In the second half of the year, it depends on the specific situation of the market and decide whether to increase or decrease the configuration." Mr. Chen said.
However, at present, after the previous speculation, the relevant stocks of the LED concept have risen far more than the same period of the market index, not the time of intervention, and waiting for them to fall back by 20% is a good time to intervene. "Mr. Chen said.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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