LED lighting is now back to the production capacity of long road

After a period of silence, LED lighting plate recently "revival", this week, including rectangular lighting (300301.SZ), KingSun (002638.SZ) stock price performance, LED lighting plate, are quite active.

Under the support of the policy, LED lighting market in 2013 there will be a larger space, the relevant listed companies are expected to benefit. From the valuation, LED lighting company's current PE is relatively high, but PEG is in a relatively reasonable position. State securities wealth management center analyst Zhou Jianbing told the first financial daily "financial" reporters.

Under the policy support industry demand growth can be expected

Recently, LED lighting industry seems to be surging warmth. With the European Union to ban incandescent lamps, LED lighting applications into a qualitative change stage, while the domestic policy support, LED lighting is also expected to accelerate penetration.

In addition, the national development and Reform Commission, Ministry of science and other five ministries recently jointly issued the "planning" semiconductor lighting industry, further expounded the "12th Five-Year" during the development of LED industry China objectives, major tasks and support measures, and clearly to promote LED lighting energy production average annual growth of around 30%, in 2015 reached 450 billion yuan, of which LED the application of industrial products reached 180 billion yuan.

Data show that in 2012 China's LED general lighting output value of nearly 42 billion yuan, an increase of 40%; total annual output of only 310 million, a substantial increase in the number of LED lighting products manufacturing capacity and export volume ranking first in the world.

Look at the development prospects of the industry, the main aspect of the field of LED lighting is also subject to policy support, will form the scale of enterprises. Zhou Jianbing said.

In fact, the global LED market in October last year, gradually pick up, a sharp rise in demand in the first quarter of this year, while emerging markets are particularly prominent. At present, Russia, Thailand, Vietnam, India, Africa and other countries and regions in the construction of infrastructure investment heat up, in 2013 the emerging market demand for LED lighting will continue to heat up.

In Vietnam, for example, Vietnam will achieve 38% of the level of urbanization in 2015, which will be a great opportunity for China's LED lighting exports. In addition, including India and other countries to promote the traditional lighting system into LED lighting spared no effort, it is also expected to import a large number of LED lighting products in china.

"From the external market, a global economy began to gradually pick up, especially the U.S. economic recovery is expected to increase; two is the current tight supply of energy, global energy requirements increase; three is our country is accelerating the pace of city, the future of energy consumption requirements will be further improved. Therefore, whether it is from the current market performance or future development point of view, LED lighting industry has a broad space, the probability of a larger market rebound. Investment adviser senior researcher He Zaihua said.

In his view, to benefit from the global economy as well as the improvement of the national energy conservation requirements, LED lighting companies have improved the recent results. In addition, the two quarter is the traditional sales season of commercial lighting, so the results are expected to improve the performance of LED lighting companies.

Founder Securities believes that the application of LED lighting products is the most direct benefit from the policy of stimulating the link, the next few years although the energy-saving lamps from the market accounted for up will still occupy the first big lamp types, but LED will continue to decline in price and cost conditions and further reduce energy-saving lamp replacement cost difference.

In fact, in order to increase the energy-saving products in government procurement efforts, the Ministry of finance, the national development and Reform Commission recently published the "energy-saving products in government procurement list has been adjusted, the adjusted purchase list was added to LED lighting products. According to statistics, LED lighting products into the procurement list including LED road / tunnel lighting products, LED lamp, LED lamp self reflection type rectifier, the number of selected products were 251, 177, 90, involving 84 companies, of which nearly 20 listed companies.

Long way to the production capacity of leading manufacturers may be concerned about

Nevertheless, the field of LED lighting has been the existence of the problem of overcapacity, many analysts believe that the situation of LED industry structural overcapacity will continue in 2013, the relevant enterprises will continue to cut prices to digest inventory, to gain market share.

In fact, the recent performance of listed companies related mediocre. Rectangular lighting, for example, the company expects first quarter net profit of 10 million 350 thousand to $12 million 600 thousand, down from 28.87% to 13.4%. The company said it is currently in the expansion period, the higher the cost of inputs, so a substantial increase in sales costs, the company's profits fell.

The current situation of China's LED lighting industry overcapacity situation has improved, but the problem is still relatively serious. The lack of a unified industry standard lead the industry into the threshold low, and high levels of government subsidies, preferential tax policy is attracting a lot of money into the LED lighting industry, even many companies do not have the relevant technology. This leads to a large number of small and medium enterprises in the field of low value-added production, the situation of low end production overcapacity is serious, and the lack of competitiveness in the core technology. He Zaihua said.

He believes that the current LED lighting companies are still faced with many problems, not only in the industry disorderly competition, and lack of core competitiveness as well as the involvement of international giants will impact on the operating status.

So, for investors, how to look at the LED lighting sector investment opportunities and valuation?

"Now the market