LED industry chain uneven lighting terminal manufacturers benefit first

This year, the recovery trend of the LED industry led to sustained market attention. According Zhengbao reporter statistics, there are 10 LED industry company released the first half performance forecast, although revenue rose significantly increased, but the profit is not the same, in the upper income of the company to increase profits, the terminal lighting company performance rebounded significantly.

Zhengbao reporter was informed that the recovery of the LED industry has just started, the next two to three years have a larger growth space. At the same time, with the 6, July after the off-season, in August after the industry is expected to enter the peak season, the industry boom will pick up rally.

LED enterprises vary

July 12th, honglitronic (300219, shares) and changelight (300102 shares), Lehman photoelectric (300162, shares) 4 LED industry companies also released semi annual results notice.

Among them, the main packaging products accounted for the bulk of the honglitronic, first half operating income grew 20% to 30%, while net profit fell 25% to 35%. Honglitronic explained that the reasons for the decline in net profit is the strong demand for LED lighting market during the reporting period, the effective release of the company's production capacity, have a certain degree of growth in operating income, but the product sales price fell, gross margin declined.

The main chip products, as well as the same increase in the face of the sun did not increase profits embarrassment. The company in the first half of this year revenue increased by 10% to $20%, while net profit fell by 15% to 25%. The company's explanation is similar: as the LED industry demand growth, the company's product sales and operating income grew, but due to the first half of the product price fell, the overall net profit fell.

Honglitronic and changelight reflects the common predicament of upstream companies in the LED industry. In fact, the situation also highlights the logic of this year's LED industry recovery. Zhengbao according to the reporter, the main reason lies in this round of LED industry recovery, chip, packaging and other industries of raw materials decreased, resulting in LED lighting products prices decline, more and more consumers to accept LED lighting application demand is activated after the stimulus package, such as reverse chip, the upstream product demand. However, while the increase in shipments, packaging, chips and other product prices remain low, resulting in income does not increase profits.

Downstream lighting products industry has been the first to achieve profitability. Rectangular lighting (300301, stock it) released results notice shows that the company's first half net profit grew by 1.8% to 27.3%. The careful analysis found that in the first half of this year, 32 million - $40 million in net profit, the net profit of the second quarter on the contribution of the - - 29 million 680 thousand yuan, the chain growth of up to 110% - 188%. Rectangular lighting explained that the increase in net profit mainly due to the LED industry to pick up, the market demand for products continued to be strong, all kinds of product production, sales and rapid increase in sales revenue to maintain rapid growth.

The three quarter of the industry will regain its uptrend

From the industry trend, after experiencing a frenzied growth in May, the LED industry in June slightly cool.

China Merchants Securities (600999, stock it), an analyst told reporters that the industry in June was mainly due to the short-term cooling off effect. The reason is that, first, the abolition of energy-saving subsidy policy, some TV manufacturers to enter the short-term wait and see; two is the June TV consumption off-season. Two aspects of the role, resulting in LED backlight demand short-term callback.

However, the analyst believes that the three quarter to the end of the year for the LED industry in the traditional peak season, the second half of consumer electronics and home appliances will effectively promote the stocking efforts with backlight demand, and lighting needs after a short break is also expected to return to the rally. More importantly, LED lighting has entered a rapid development period of 3-5 years. He believes that with the gradual increase in the price of LED lighting, its permeability will gradually increase, is expected to rise from 5% in 2012 to $50% in 2015.

From the downstream application areas, the proportion of lighting has become the industry's first driving force behind the backlight. Essence securities research report predicts that in the long run, the next two or three years, Europe and the United States, Japan, China, etc. are out of incandescent light plan, LED lighting market prospects. Essence securities predicted that the general lighting market will bring 400 billion of the market size, the amount of LED corresponds to the current demand is more than 10 times, LED industry will usher in a new height of development.

From the industry trend, we judge, in 2013 will become the first year of LED lighting applications start. Industry trends for the next two or three years are good. Guangdong, a listed company said.

Industry mergers and acquisitions will now tide

Although the LED industry as a whole to the warming trend is obvious, but practitioners are unfair treatment in the first half of this year, the performance is the differentiation of examples. In addition to the upstream companies hard to increase income and increased profits, some companies are "unfair" embarrassment.

If there is a packaging and LED lighting business Lehman photoelectric, net profit in the first half of this year fell 20% to 30%. The company explained that due to expand new areas of new business is still in the early stage of investment, human resources and the cost of investment, and the new industrial park completed and put into production, operating costs rose, resulting in a net profit declined compared to last year. "

Industry analyst who declined to be named, said that due to the first half of the production capacity of Lehman did not keep up with the times, failed to catch up with the recovery of the industry a good time.

In fact, after more than 1 years after the long bear market, the industry estimated half of LED companies have not started production, but due to the small and medium-sized enterprises do not have the advantage of scale, product competitiveness is not strong, after all difficult to resume production. The aforementioned listed companies said