Last August, the NDRC issued out incandescent roadmap decision from October 1 this year, according to power the size of a phased ban on the import and sale of general lighting incandescent lamp, which means that incandescent light will gradually withdraw from the stage of history. Analysts told reporters yesterday, after the phasing out of incandescent, energy saving lamps and LED lighting is expected to replace the existing market, LED industry is still subject to short-term excess capacity, but because of the future will continue to support policies to benefit, in the short term have certain investment opportunities.
Energy-saving lamps and LED will benefit
August 2011, the National Development and Reform Commission published the "China out of incandescent Roadmap (draft)", decided that from October 1, 2012, banned the sale and import of 100 watts and above ordinary incandescent lighting; 2016 10 January 1, ban the sale and import of 15 watts and above ordinary incandescent lighting. After phasing out incandescent light, which industries and companies will benefit from it?
Soochow Securities analyst Yang Jun told reporters yesterday, will be eliminated incandescent lighting products for its alternative energy-saving lamps, LED lamps long-term development of related industries generate positive. Although the past two years, LED chip prices fell more than 50%, but 10 watt energy-saving lamps LED lamps compared to the price difference is still more than three times. Compared with the LED lamps and other new lighting products, energy saving lamps cost advantages are obvious, is still the main choice for ordinary home users and other general lighting. Therefore, energy-saving incandescent lamp is expected to leave the first occupation of the market share, mainly related to energy-saving lamps sun lighting company, Foshan lighting and snow Wright.
Yang Jun then said, from the medium to long term, the general energy-saving lamps will gradually fade out the market competition, mainly because of the following three reasons. First, LED lamps and energy-saving lamps will be further reduced spreads; secondly, to secure financial subsidies to promote LED lighting in the area; and finally, energy-saving lamps in fact not entirely, as consumer awareness increases, will gradually understand saving Elemental mercury lamp contained a toxic substance, and LED products than traditional lighting products for more than 60% energy saving, life up to 5 to 10 years, under the support policies of the future is expected to gradually expand in the field of home lighting space.
LED is still subject to overcapacity
According to statistics, in the second quarter despite the A-share LED sector as a whole 49.5% qoq revenue, net profit increase of 57.4 percent, but due to decline in gross margin and other factors, the performance of the entire sector were down 30 percent year on year. In March this year, the NDRC made it clear that 2012 will spend 40 billion yuan for the purchase of LED lights, LED lights provide the user with 30% of financial subsidies, it shows the state support for the industry. Under the policy support, LED industry will usher in turn whether it?
In this regard, the State Securities analyst Li Xiaoguang wealth management center is not optimistic, he said, LED sector short-term impact or have performance opportunities by policy factors, but the medium-term remain cautiously optimistic attitude. In recent years, LED industry overcapacity resulting in lower prices, gross margins fell, due to the import process applications are still expected in the coming period LED industry overcapacity situation will continue, downward pressure on prices is still large.
"Optimistic about the LED sector short-term performance," Societe Generale Securities TMT industry researcher said, "The first half of this year significant improvement industry, mainly due to the market to pick up the backlight and lighting market heating up pulling excess supply in the second quarter rate fell to 16 percent, effectively alleviate oversupply .LED industry revenue growth in the second half should be more significant, gross margin is expected to stabilize the industry from boom lows, its turnaround situation is better than in the electronics industry as a whole, the company can focus on specific Ruifeng Optical, Hongli Opto-electronic, three safety optoelectronics, BDO Runda. "
Investment Investment Manager 昂诺 Hu Hongwei told reporters yesterday, said: "In recent years, countries in the LED industry downturn relatively introduced the relevant support policies, especially for LED lighting subsidy policy will help boost confidence in the industry, the industry as a whole valuation increase has a positive effect, in the short term, the sector will have the opportunity to show the future LED industry can have rapid development, but also the continued support of the policy efforts. "
