LED lighting industry depth Research Report

Global incandescent lamp replacement market is about to turn on the 2009-2012 annual global lighting output value CAGR is expected to reach 13.9%. 2010 global lighting market size of $92 billion 800 million is almost 10 times the entire led industry. The replacement of the global incandescent lamp production will lead to a huge market demand for energy-saving lamps and LED.

Rare earth prices become energy-saving lamp replacement pain

This year, the price of rare earth phosphors rose nearly ten times, energy-saving lamp production costs will also increase. Three primary fluorescent powder is the main raw material for energy saving lamps, before the rise in the price of the three primary colors fluorescent powder, fluorescent powder at the beginning of the cost of energy-saving lamps accounted for only about 10%, the proportion of the cost of the current rise to nearly $60%. In order to cope with the rapid rise in the cost of the enormous pressure, energy-saving lamp companies continue to increase product prices, and accelerate the transformation of LED lighting. At the same time, LED lighting products prices fell rapidly.

LED industrial policy is becoming more and more perfect

LED lighting industry as a new energy saving and environmental protection industry, has been well received by the state, semiconductor lighting 12th Five-Year plan is about to be introduced in September. At the same time, with the introduction of national standards for LED products, some LED products are expected to be included in this year to enjoy financial subsidies, industrial lighting, commercial lighting may start a wide range.

Earnings forecasts and investment recommendations

LED lighting industry preferred targets for honglitronic and refond. Honglitronic more than 70% of the products used in the field of general lighting, and has high and stable gross margin, and LED commercial lighting business 20%. More than 50% of the products are LED lighting. Secondly, select nationstar, Chau Ming technology and Alto electronics, this kind of company LED lighting business to further expand the growth trend. Again, select Yankon, and FSL have audio based transformation of the traditional lighting companies.

Risk warning: first, the industry boom is lower than expected, two of the policy risk.