LED improve the brightness of energy-saving lamps

China's national development and Reform Commission recently announced the elimination of incandescent road map (draft). According to the draft, by 2016, will be completely eliminated the use of incandescent lamps for general lighting. The final version of the China out incandescent roadmap will be officially released in October 1st this year, will be divided into 5 steps to gradually ban the import and sale of incandescent lamp, the elimination of target products for ordinary incandescent lighting, not including the reflection type incandescent lamp, decorative lamp, spotlight and other types of incandescent lamps and incandescent lamps for special purposes. In the past 130 years to bring light to the human incandescent lamp is now out of the market, it took the baton is a better lighting and more energy-efficient energy-saving lamps.

LED light source technology is listed as a strategic emerging industries, the country is so highly valued from the strategic height, because the development of the semiconductor lighting industry is of great significance for energy conservation. It is understood that the incandescent lamp electro-optic conversion efficiency is less than 10%, energy-saving lamps of the electro-optical conversion efficiency is at least two times of incandescent lamp, if the incandescent lamps in use are all replaced with energy-saving lamps, the annual saving 48 billion kwh, equivalent to reducing carbon dioxide emissions of 48 million tons, a huge energy saving potential.

From the national semiconductor lighting engineering research and development and Industry Alliance data show that in 2010 the overall size of China's energy-saving lamp market reached 100 billion yuan. It is expected that by 2015, energy-saving lamp market size will reach more than 500 billion yuan, the annual compound growth rate will reach 38%. From the cost point of view, the current generally optimistic about the LED lamp, for example, in the next 10 years, is expected to be able to enhance the brightness of 20 times, and the cost will be reduced to the existing 1/10. Industry experts said that with the elimination of incandescent lamps to accelerate the pace of the global market for energy-saving lamps will usher in a positive. According to the relevant agencies are expected, in 2015 China's LED lighting output value will reach 500 billion yuan, accounting for more than 30% of the general lighting market in the mainland.

Highly anticipated LED industry chain

LED is a kind of green light source, and its wide range of applications, at present, including LED display, traffic lights, car lights, LCD backlight, mobile phone keyboard, digital camera, flash lamp, decorative lighting and general lighting in the main fields of application in china.

LED industry has a long industrial chain, technical characteristics and capital characteristics vary greatly in each field, from upstream to midstream and downstream, industry barriers to entry gradually reduced. The upstream epitaxial chip with high technology and high capital characteristics typical of the upstream chip also has the characteristics of high technical content, relatively capital intensive, midstream package in the technical content and capital investment is lower, and the application of the technological content of products and minimum capital investment. National Development and Reform Commission statistics show that China's LED lighting chips, packaging and application of the output value of 1: 9: 22, of which nearly 70 upstream enterprises, more than more than packaging enterprises, more than 3000 downstream applications enterprises. Downstream of the LED lighting application industry, is the capital gathered.

The industry believes that LED chips, related electronic components, LED energy-saving lamp products there is a huge investment opportunities, after a long period of adjustment, the valuation has a comparative advantage.

Societe Generale Securities LED industry analysts optimistic about the development of the LED industry, that 12th Five-Year will be the golden period of development of the industry, optimistic about the high-end packaging industry chain and downstream applications. Societe Generale Securities believes that the LED package is the LED lighting industry chain of the throat, will usher in a development opportunity, this trend will appear modular links; while in LED lighting applications, the accumulation of breakthrough LED industry chain enterprises with the traditional lighting optical design field, has certain advantages in LED lighting links. Market participants are generally optimistic about a certain scale, with its own brand of LED lighting production enterprises, the scale and channel is the advantage of the competition in the downstream win.

SW securities at the end of last year has asserted that with the promotion of energy-saving emission reduction, LED lighting era is coming. In the field of LED packaging, Shenyin Wanguo Securities Star country and other listed companies. In addition, because of technological innovation that Fu Jing technology packaging technology is expected, the market is worth attention.

The investment adviser photoelectric industry researcher Tian Berson believes that benefit from the LED energy-saving lighting industry listed companies, REFOND LED engaged in high-end packaging business, is currently the third largest SMDLED packaging manufacturers, the gross margin level is located in the forefront of the industry, has a number of patents in the field of lighting, have unique advantages, the rapid expansion of production capacity, the expected future development prospects good; FSL in the lighting business on the strength of strong, strong profitability, LED lighting products also achieved significant breakthroughs in technology leading level. With the further expansion of energy-saving lamps and LED market, FSL's future growth potential is still strong.

Experts pointed out that, in the whole LED industry chain, the upstream industry is a capital intensive, high technology content, high profit sectors, while the upstream core patented technology in Japan Nichia (Nichia), Cree (CREE), Osram (OSRAM) as the hands of the few overseas giants. In the field of epitaxial chips and chips, the United States and Japanese companies are also in a monopoly advantage. Secondly, some listed companies lack of experienced managers and engineers as well as in the LED wafer core links and upstream areas lack of intellectual property rights, therefore in the energy-saving lighting and LED industry need to pay attention to the risk, investors should be cautious when operating.

LED stock market table