Detailed analysis of LED packaging and LED application industry

1, since 2010, LED lighting has gradually started in the field of commercial lighting, with the LED lighting costs continue to decline, more policy and industry chain more complete, we believe that the next few years, LED lighting market growth will exceed 50% years;

2, the China has become the largest producer of LED display, LED display industry chain is complete, with indoor and outdoor advertising and digital display of the LED stadium has become the development trend of LED display industry in the future about 20% to maintain an average annual growth of around 30%.

Domestic LED packaging applications listed companies have their own characteristics, to analyze from the technical level: 1, REFOND (300241, shares) is the leader in LED packaging technology, followed by honglitronic (300219, shares); 2, Lehman photoelectric (300162, shares), the state of science and Technology (300232, shares it) and Alto Electronics (002587, shares) in a LED display technology.

From the analysis of product applications in the field of LED lighting: 1, the proportion of total revenue income of the highest honglitronic, about 80%, followed by REFOND, about 53.5%; in 2, LED back light field of the highest proportion of income for REFOND, about 34%; 3, income from most other manufacturers in the field of LED display.

From the development strategy analysis:

1, honglitronic: pay attention to technology, and the importance of marketing, the main development of the field of LED lighting;

2, Ruifeng photoelectric pursuit of technology leadership, focusing on LED packaging, the main development of LED lighting devices and LED backlight device;

3, Chau Ming technology and channel profit sales model makes the company's rapid growth in revenue scale;

4, Lehman photoelectric packaging as the core, and actively explore the downstream application market;

5, the National Star photoelectric vertical integration route;

6, alto electronics go high-end line, development of high-end customers.

From the current LED lighting business scale analysis: domestic LED packaging applications listed companies in addition to REFOND focus on LED packages, other companies are starting LED lighting market, but to 2011H, the company LED lighting business income scale is relatively small, the largest honglitronic, 2011H reached about 70 million, nationstar reached second. About 65 million. All aspects of each company and its technical strength, product application, development strategy, future growth and market valuations, we recommend honglitronic and REFOND, we expect honglitronic 2012 2011 ~ EPS respectively is 0.81, 1.22 yuan, corresponding to PE were 27.3 and 18.1 times; REFOND 2012 2011 ~ EPS respectively. 0.63, 0.88 yuan, corresponding to PE were 31.43 and 22.42 times.

Detailed analysis and comparison of LED packaging industry

1.1 main business profile

LED is mainly used in lighting, backlight, display and other fields, the LED lighting market is the largest, the highest technical content, the most concern for the capital market; secondly LED Backlight Market; LED display market competition is relatively intense. 1, since 2010, LED lighting has gradually started in the field of commercial lighting, with the LED lighting costs continue to decline, more policy and industry chain more complete, we believe that the next few years, LED lighting market growth will exceed 50% years; 2, the Chinese has become the largest producer of LED display, LED display industry chain complete with outdoor advertising and digital display of the LED stadium has become the development trend of LED display industry in the future about 20% to maintain an average annual growth of around 30%.

Domestic LED packaging applications listed companies have their own characteristics, to analyze from the technical level: 1, REFOND is the leader in LED packaging technology, followed by honglitronic; 2, Lehman photoelectric, Chau Ming technology and electronic technology in the Alto LED display quite. From the analysis of product applications in the field of LED lighting: 1, the proportion of total revenue income of the highest honglitronic, about 80%, followed by REFOND, about 53.5%; in 2, LED back light field of the highest proportion of income for REFOND, about 34%; 3, income from most other manufacturers in the field of LED display.

From the analysis of the development strategy: 1, honglitronic: pay attention to technology, but also attach importance to marketing, the main development of LED lighting field; 2, REFOND in pursuit of advanced technology, focusing on the LED package, the main development of LED lighting device and LED backlight device; 3, Chau Ming Technology and channels to benefit the sales mode allows the company to quickly increase the income scale; 4, Lehman photoelectric package as the core, and actively explore the downstream application market; 5, nationstar go vertical integration route; 6, alto electronics go high-end line, development of high-end customers.

1.2 main business income scale and LED lighting income scale contrast

1.2.1, the main business income scale comparison

In 2010 data, the current nationstar income scale is the largest, followed by the state of science and technology, honglitronic and REFOND were third and fourth.

Comparison of 1.2.2 and LED lighting business revenue scale

From the current LED lighting business scale analysis: domestic LED packaging applications listed companies in addition to REFOND focus on LED packages, other companies are starting LED lighting market, but to 2011H, the company LED lighting business income scale is relatively small, the largest honglitronic, 2011H reached about 70 million, nationstar reached second. About 65 million.

1.3 gross profit margin and growth contrast

1.3.1, gross margin comparison

To 2011H, in addition to the Lehman photoelectric and National Star Electric gross margin fell sharply, the rest