LED industry 2013 Q4 report: off-season not light layout in 2014

Industry in the 4 quarter off-season

Taiwan LED company 10-11 monthly sales situation is good, according to the survey, the main LED company since the 4 quarter orders and also maintain a good start. Recent chip prices continued to strengthen, the 4 quarter of the price of lighting and backlight packaging devices were reduced to around 4%. We believe that price stability reflects the high industry boom. Before the Holiday Stocking, overseas customers focused on the superposition of a single factor and other factors, since December, the industry continued to maintain production and sales booming, we determine the prospects for the Spring Festival trend will continue to improve the chain.

Incandescent ban has accelerated, strong overseas demand

Since this year, Chinese customs data show strong growth, LED lighting products export. Especially in the second half of the year were more than 40%, and speed is very obvious. The world began incandescent ban 60W from 2014, due to the LED ahead of distribution channels, to replace the light demand effect has been 13 years since the second half highlights, which led to the mainland export market growth. In the technical progress, cost reduction, policy subsidies, as well as the promotion of the joint efforts of major manufacturers, we judge the 2014 LED lighting penetration is expected to exceed the expected increase.

Chip supply and demand to improve the profitability of the whole plant hopes to continue to improve

With LED lighting to accelerate the penetration, we determine the 2014 LED chip demand will grow 30-40%. From the supply side, the main chip factory expansion is more cautious, is expected in 2014 effective capacity growth of 20-30%. Therefore, the industry is expected to supply and demand better in 2013. We believe that the level of profitability depends mainly on the chip industry supply and demand, scale and product mix. Good supply and demand in the background, the scale effect of Saman and other chip manufacturers continue to strengthen, and further optimize the product structure, its profitability will continue to improve.

First, the 4 quarter of the industry is not short off-season

Major companies operating in the 4 quarter. Taiwan LED company 10-11 monthly revenue situation is good, crystal electricity capacity utilization remained at 8-9, revenue better than expected. Billion light and donper said lighting demand surge in North America and Q3 TV inventory adjustment end orders stabilized, and optimistic optimistic 14Q1. In addition, according to the survey, the mainland's major LED companies since the 4 quarter orders and started to maintain good.

Overall product price stability. Research has recently learned that chip prices continued to strengthen, in the context of the decline in the cost of chip profitability has improved. In terms of the device, the price of the four seasons lighting and backlight packaging devices have been reduced to about 4%. While the overall price of the terminal bulb remained stable. We believe that price stability reflects the high industry boom.

Boom chain trend to continue. Due to this year's lunar new year early, before the stocking, overseas customers concentrated under the superposition factors such as the industry, since December continue to maintain production and sales, we judge before the Spring Festival industry boom will continue a good trend. After the Spring Festival digest inventory, March is expected to usher in a new wave of stocking market.

Two, incandescent ban has accelerated, strong overseas demand

Since 2013, China's customs related data can be seen, the mainland LED lighting products export growth. Especially in the second half of the year were more than 40%, and speed is very obvious.

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