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LED lighting is now to pick up the long way to the production capacity of the ro

From: Data:30/08/2016

is silent for a period of time after, LED lighting plate recently & ldquo; revival & rdquo; this week including rectangular lighting (300301.SZ), KingSun (002638.SZ) led lighting plate company's share price performance are quite active. &ldquo

; under the support of the policy, the LED lighting market in 2013 will have a larger space, the relevant listing Corporation is expected to benefit. From the valuation, LED lighting company's current PE is indeed relatively high, but PEG is in a relatively reasonable position. ” securities wealth management center analyst Zhou Jianbing told the first financial daily "financial" reporters.

policy support industry demand growth can be

recently, LED lighting industry seems to be surging with warmth. With the EU ban on incandescent lamps, LED lighting applications to enter the stage of qualitative change, while the domestic support of the policy, LED lighting is also expected to accelerate penetration.

in addition, the national development and Reform Commission, Ministry of science and technology and other five ministries recently issued a joint "semiconductor lighting industry planning", and further expounded the & ldquo; Twelfth Five Year Plan & rdquo; during the development goal of the Chinese LED industry, main task and supporting measures to and clearly to promote energy-efficient LED lighting output grew at an average annual rate of about 30%, in 2015 reached 450 billion yuan, which led application product reached 1800 billion yuan.

data show that China's 2012 LED general lighting output value of nearly 42 billion yuan, an increase of 40%; annual total output of only, a substantial increase in the number of LED lighting products manufacturing capacity and export volume ranking first in the world. &ldquo

; industry depends on the prospects for development, the main aspect of the field of LED lighting is also supported by policy, will form the scale of the enterprise. ” Zhou Jianbing said.

in fact, the global LED market gradually pick up from October last year, a sharp rise in demand in the first quarter of this year, while the emerging market performance is particularly prominent. Currently, Russia, Thailand, Vietnam, India, Africa and other countries and regions in terms of investment in infrastructure, the heat rise, the demand for LED lighting in emerging markets in 2013 will continue to heat up.

in Vietnam, for example, Vietnam will achieve 38% of the level of urbanization in 2015, which is China's LED lighting exports will be a great opportunity. In addition, including India and other countries in the country to promote the traditional lighting system to turn to LED lighting spare no effort, which is also expected to import a large number of China's LED lighting products.

& ldquo />; from the perspective of the external market, one is the global economy began to gradually pick up, especially the economic recovery is expected to increase; the second is the current tight supply of energy, global of energy-saving requirements increase; third, China is speeding up the pace of urbanization, the future of product energy consumption requirements will be further enhanced. Therefore, whether it is from the current performance of the market or the future development of the point of view, LED lighting industry has a broad space, the greater the probability of the market warmer. ” investment adviser senior researcher He Zaihua said.

he believes that benefit from the global economy to pick up as well as the national energy saving and emission reduction requirements, the recent performance of LED lighting companies have been improved. In addition, the two quarter is the traditional sales season for commercial lighting, and therefore is expected to LED lighting business performance will be improved.

Founder Securities believes that the application of LED lighting products is the most direct benefit to pull a policy link, in the next few years although the energy-saving lamps from the market accounted for is will continue to occupy the first lamp types, but led to in costs and prices continued to decline under the condition of further narrow the replacement cost difference with between energy-saving lamps.

in fact, in order to increase the energy-saving products in government procurement efforts, the Ministry of Finance and the national development and Reform Commission recently published the & ldquo; energy-saving products in government procurement list & rdquo; adjusted, adjusted the procurement list increased for the first time the LED lighting products. According to statistics, into the procurement list of LED lighting products including LED road /tunnel lighting products, led downlight, reflective self rectifying LED lamps, selected the number of products were 251, 177, 90, 84 companies involved, which listed companies nearly 20.

to capacity long way leading manufacturers focus on

can nevertheless, LED lighting field there has been the problem of excess production capacity, many analysts believe, LED industry structural overcapacity situation will still continue in 2013, related businesses will also continue to cut prices through the inventory digestion, access to market share.

in fact, related to the recent performance of the listing Corporation. In rectangular lighting, for example, the company expects first quarter net profit of 10 million 350 thousand yuan to 12 million 600 thousand yuan, a decline of 28.87% to 13.4%. The company said, is currently in a period of expansion, the cost of higher investment, so a substantial increase in the cost of sales, the company's profits decreased. &ldquo

; the current situation of China's LED lighting industry overcapacity has improved, but the problem is still more serious. The lack of a unified industry standard lead the industry into the threshold low, and high government subsidies and preferential tax policy attracted a large amount of money into the LED lighting industry, and even many enterprises do not have the relevant technology. Which led to a large number of small and medium enterprises in the field of low value-added production, the situation is more serious low-end overcapacity, while the lack of competitiveness in the core technology. ” He Zaihua said.

he believes that China's LED lighting enterprises is still faced with many problems, not only in terms of the disorderly competition in the industry, and lack of core competitiveness and the international giant intervention will on the operating conditions of the impact.

so, for investors, how to look at the investment opportunities and valuation of LED lighting sector? &ldquo

; now the overall market as a whole PE only 11, 12 times, while the overall valuation of LED lighting plate at about 30 times, assuming that the future has a growth rate of 35%, PEG is still below 1. Investors can pick those who have the ability to integrate the company as the subject, we are more optimistic about the ability of the company to integrate the downstream industry chain. In addition, the risk of the plate on the one hand from the changes in policy, on the other hand, from excess capacity, if the situation does not change for greater than demand, or will affect the performance of the company. ” Zhou Jianbing said.

he believes that if there is a breakthrough technology so that the cost of LED lighting appears to decline, then the space will be even greater. Now the problem is still the price of LED lighting products is too high, the impact of market demand.

Founder Securities believes that the LED industry this year will be in the policy to promote the gradual recovery, from the analysis of the various sectors of the industry chain that industry in the middle reaches of the package by suppression of prices and upstream production capacity surplus downward transmission factors influence, the overall is still a greater competitive pressures.

the broker believes that the slowdown in the pace of investment in the industry, the production capacity to further digest the fundamentals have improved, with the scale of the leading manufacturers will further occupy a favorable position in the market. And LED lighting applications directly benefit from the policy to promote demand, have the advantage of brands and channels of the lighting manufacturers enjoy the advantage in the competition. Upstream of the LED lighting industry chain Sanan Optoelectronics (600703.SH) and downstream Yankon (600261.SH) worthy of attention.