Obama's new energy policy sparks new attention to energy-saving lighting

Under the background of industrial restructuring, energy conservation and environmental protection have become the direction of policy encouragement. We believe that under the constraints of energy and environmental protection, the promotion of energy conservation and environmental protection in the next few years may exceed expectations. For investors, we should focus on the mid-line opportunities in energy conservation and environmental protection.

I. Policies promote energy conservation and environmental protection, opportunities in emerging industries

Under the background of industrial restructuring, energy conservation and environmental protection have become the direction of policy encouragement. According to the 11th Five-Year Plan, energy consumption per unit of GDP will be reduced by 20%, sulfur dioxide emissions by 10%, and chemical oxygen demand by 10%. For China's current economic development, it is difficult to achieve the above hard indicators of energy conservation and emission reduction, but this just reflects the fact that the promotion of energy conservation and environmental protection will exceed expectations in the next few years.

From the international experience, China's environmental investment curve (ie, the proportion of environmental protection investment in GDP) has just entered the accelerated rise period after the first inflection point. During the 11th Five-Year Plan period, China's environmental protection investment will continue to grow rapidly, and its share of GDP will increase by 0.31 percentage points to 1.53%. In the medium and long term, the high point of this ratio should be between 2.5% and 3%, so it is conservatively expected to invest in China. The rising period of the curve will last at least 10 years, and the corresponding compound annual growth rate should be above 15%.

In fact, Obama’s new energy policy has also triggered a high degree of attention to the market for new energy, energy conservation and environmental protection. Obama’s attitude towards new energy is clearer. He places more emphasis on energy independence, reduces US dependence on overseas oil, and emphasizes responsibility for reducing greenhouse gases. To achieve this goal, Obama has set detailed policy objectives for ethanol fuels, hybrid vehicles, and new energy sources. Among them, the most noteworthy is still the limitation of renewable energy power generation quota, which is 10% in 2013 and 25% in 2025, which means the launch of the world's largest new energy market.

Second, how to tap the opportunity of energy conservation and environmental protection

Under the guidance of the idea of ​​maintaining growth, the government has significantly increased the intensity of fixed investment. However, it is worth noting that investment in different fields is different. In general, investment still follows the big idea of ​​industrial restructuring and industrial upgrading; that is, energy conservation and environmental protection remain for a long time to come. It will be one of the important directions for strong policy encouragement.

According to national planning, the environmental protection equipment industry will reach 120 billion yuan in 2010. Under the background of increasing environmental protection investment in GDP, the related equipment and construction of energy conservation and environmental protection industry chain will usher in greater investment opportunities.

How should investors dig opportunities for energy conservation and environmental protection?

Specifically, energy conservation and environmental protection involves areas such as energy conservation and emission reduction in industrial equipment, building energy conservation, fuel economy and oil substitution, and energy-saving lighting. Commonly used in industrial equipment such as boilers, listed companies include Huaguang, Dongfang Electric, and recently listed Hailu Heavy Industry. In addition, Keda Electromechanical's launch of a clean coal-fired system is also worthy of attention. As a manufacturer of building ceramics technology and equipment, the company is the only company in China that can provide architectural ceramic technology equipment and complete process technology services. Recently, the company's clean coal-fired system developed by the company uses low-quality coal to provide thermal energy for ceramic firing, saving about 30% of the cost of the general heat source. If such a system can be successfully promoted, the company will face a leap-forward development opportunity.

In terms of building energy efficiency, the field is still in its infancy, and the rapid development of the industry still lacks strong driving factors. At present, we can pay attention to Taihao Technology, which is engaged in building intelligent gas, and CSG A, which is energy-saving glass. In the field of fuel economy and oil substitution, we can focus on Weifu Hi-Tech, which benefits from the national emission standards, and the coal chemical industry. Among them, the prospect of coal-based methanol and dimethyl ether is relatively optimistic. At present, the larger scale of the plan mainly includes China Coal Energy, Yanzhou Coal and Guanghui.

China Coal Energy plans 4.2 million tons of methanol and 3 million tons of dimethyl ether. Construction in 2008, the construction period is three years. Yanzhou Coal plans to produce 5 million tons of methanol, and the first phase of 600,000 tons will be put into operation in the second half of 2008. Guanghui Co., Ltd. plans to produce 1.2 million tons of methanol and dimethyl ether. It is expected to be completed and put into operation in mid-2009.

In terms of lighting energy conservation, Zhejiang Sunshine is the largest energy-saving lamp manufacturer in Asia. After the production base in Jiangxi is put into production at the end of this year, the company's insufficient capacity will be solved. At present, the stock price has fully reflected the negative impact of the appreciation. Considering that the current valuation is not high, the company has certain short-term opportunities under the favorable policy. In addition, LED lighting as the fourth generation of lighting source, due to good energy-saving effect, brightness, long life and other characteristics, LED has begun to be widely used in mobile phones, LCD TVs, PCs and other products. At present, the companies engaged in the LED industry are Lianchuang Optoelectronics, Silan Micro, Fangda, Tongfang shares and so on. Lianchuang Optoelectronics is an early enterprise involved in the LED industry in China, and has a complete industrial chain of LED epitaxy, chip and packaging. Silan Micro and Tongfang have mastered the MOCVD equipment for blue-green optical chip epitaxial growth technology, and the profitability is better than Lianchuang Optoelectronics.



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