Ban incandescent lamps LED lighting will usher in a turning point?

In August last year, the national development and Reform Commission issued out incandescent roadmap, decided in October 1st this year, according to the gradually ban the import and sale of ordinary incandescent lighting power stages, which means that the incandescent lamp will gradually withdraw from the stage of history. Analysts told reporters yesterday, incandescent lamps gradually withdraw from, energy-saving lamps and LED lighting is expected to replace the existing market, the short term is still subject to excess capacity in the LED industry, but due to the continuous support of the future will benefit from the policy, in the short term have a certain investment opportunities.

Energy-saving lamps and LED will benefit

In August 2011, the national development and Reform Commission released "China out incandescent roadmap (Draft)", from October 1, 2012, banned the sale and import of 100 watts and above ordinary incandescent lighting; by October 1, 2016, banned the sale and import of 15 watts and above ordinary lighting with incandescent lamps. Incandescent gradually withdraw, which industries and companies will benefit from it?

Soochow securities analyst Yang Jun told reporters yesterday that the incandescent lamp will be phased out of its alternative source of energy-saving lamps, LED light industry related to the long-term development of good. Although the price of LED chips in the past two years fell more than 50%, but the current price of more than 10 watts LED lamp energy saving lamp compared to more than 3 times. Compared with the new lighting products such as LED lamps, energy-saving lamps have obvious advantages in price, is still the main choice of ordinary home users and other general lighting. Therefore, energy saving lamps are expected to take the lead in occupying the market share of incandescent lamps, the relevant energy-saving lamps are mainly sunshine lighting, FSL and snow wright.

Yang Jun went on to say that in the medium and long term, the ordinary energy-saving lamps will gradually fade out the market competition, mainly because of the following three reasons. First of all, LED lights and energy saving lamps price will be further reduced; secondly, the financial subsidy policy to promote LED in the field of lighting; finally, energy-saving lamp is not completely such, with increased consumer awareness, will gradually understand mercury contained in energy-saving lamp is a kind of toxic substances, and LED products than traditional lighting products more than 60% energy saving, long life of 5~10 years, the future in support of the policy is expected to gradually expand the space in the field of home lighting.

LED is still subject to overcapacity

According to statistics, although the two quarter of A shares LED sector overall revenue increased by $49.5%, net profit growth of more than 57.4%, but due to the decline in gross profit margin and other factors, the entire plate performance is still down by year on year of 30%. March this year, the development and Reform Commission made it clear that in 2012 will spend 40 billion yuan for the purchase of LED street lamp, LED street users to provide financial subsidies of 30%, showing the state's support for the industry. In policy support, LED industry will usher in a turnaround?

In this regard, the state securities wealth management center analyst Li Xiaoguang is not optimistic, he said, LED plate affected by short-term policy factors or performance opportunities, but still cautious optimism in the medium term. In recent years, LED industry overcapacity leads to lower product prices, gross margin year-on-year decline, the application area is the import process, the expected future situation within a period of time LED industry overcapacity will continue downward pressure on product prices is still large.

"Optimistic about the short-term performance of LED plate," Societe Generale Securities Industry Researcher TMT said, "the first half of the industry this year have improved significantly, mainly by the backlight market rebound and lighting market warming pull, the two quarter surplus rate dropped to 16%, effectively alleviate the excess supply. Half amplitude revenue grew LED industry should be more significant, gross margin is expected to stabilize, the industry has recovered from recession lows, the improved performance is superior to the electronics industry as a whole, the company can focus REFOND, honglitronic, Sanan optoelectronics, Elec-Tech etc.. "

Angnuo investment manager Hu Hongwei yesterday told reporters: "in recent years, countries in the LED industry is relatively weak in the period of the introduction of the relevant supporting policies, especially for LED lighting subsidy policy will help boost confidence in the industry, to enhance the overall valuation of the industry plays a positive role in the short term, the plate will have the opportunity to show the future, LED industry will have rapid development, but also continue to support the policy. "