Out of the way out of the incandescent lighting institutions have been optimistic about the LED industry

National Development and Reform Commission and other departments on November 4, 2011, held a phase out incandescent roadmap news conference, the introduction of incandescent elimination schedule. In addition, the country will impose a consumption tax on incandescent lamp products, while providing policy support for energy-saving lamp industry. Stimulated by this news, the recent LED related stocks rose across the board.

Securities institutions have also optimistic about the long-term market in the LED industry, that after the release of the roadmap for the release of incandescent light, LED subsidies will be introduced in 2012, LED lighting market will open the first year. But in the fourth quarter of 2011, there are differences between the LED performance agencies. Fortune Securities believes that monetary policy has begun to directional easing, eliminating the release of incandescent roadmap and LED lighting subsidy policy is expected to accelerate the expansion of the LED market, the three quarter should be the bottom of the performance of the industry. Societe Generale Securities believes that the current LED industry is still facing a common problem of excessive investment, structural imbalance between supply and demand, prices fell quickly, gross margin decline, the overall industry slowdown, orders no significant improvement, the industry boom is still light, LED lighting industry is still a bright spot structural, but LED lighting industry accounted for the proportion is still low, the industry the pulling effect is limited, the 4 quarter fundamentals boom is still in the doldrums.

Wealth Securities: the industry is about to reverse the spring Market

Fortune Securities believes that the national development and Reform Commission and other departments held a special press conference, highlighting the government attaches great importance to lighting energy conservation. National Development and Reform Commission issued a notice every year, a large number of announcements, but held a separate press conference is quite small, reflecting the government attaches great importance to energy-saving lighting.

The follow-up is expected to launch LED lighting subsidy policy. Recent LED related stocks outstanding performance of these policies to stimulate the outside world, the market is also about the spread of LED general lighting subsidy policy may soon be introduced. After the policy is expected to clear the incandescent lamp, the government will put forward countermeasures on alternative light source. LED industry as one of the seven strategic emerging industries in China, the future development of the government's financial support should be reasonable. LED general lighting is expected to subsidize the introduction of the time has come.

The technical and economic feasibility of LED general lighting has been officially recognized. "Road map" especially LED lighting subsidy policy will be launched in the follow-up showed that the official has been approved by the domestic LED industry in economy and technology have the condition and foundation of large-scale promotion in the field of general lighting. The application of LED in the field of general lighting is about to speed up.

For the development of LED industry, Fortune Securities believes that: (1) from the current policy trends, monetary policy has begun to expand and enhance the dissemination of targeted easing, LED lighting subsidy policy out incandescent roadmap expectations will accelerate the LED market. Grassroots survey of some downstream companies also showed that LED lighting demand and display demand since October has shown a steady rise trend, only backlight demand is still not ideal. Comprehensive analysis, the three quarter of this year should be the low performance of the LED industry. (2) experience from the local government to promote investment in 2011 to the 2-3 quarter of the industry in the brutal shuffle of the, the various funds should be more rational understanding of the LED industry, the industry's overall development environment is constantly optimized. Moreover, the technological progress and fierce competition in 2011 has led to a substantial decline in the price of LED terminal products, from 2012 onwards, the speed of the general lighting market will accelerate, the industry is coming.

Ping An Securities: eliminate incandescent positive LED industry

Downturn in the LED industry ushered in the dawn. Due to the low penetration of the lighting market, while the display and backlight market downturn, LED demand. Affected by the release of production capacity and the continued decline in the price of LED products, in 2011 1-9 month despite revenue growth is still the same period last year, but profitability weakened. With the elimination of incandescent lamps and subsidies for energy-saving lighting products, LED lighting market is expected to accelerate the start.

Optimistic about the long-term LED industry, 2012 is the key node. LED high luminous efficiency, less power consumption under the same illumination, the use of white LED lighting, more than 50% energy saving fluorescent lamp, incandescent lamp energy saving more than 80%. And it has the advantages of long life, no mercury, no pollution, good safety, is recognized as the third generation of electric light source. 2012, the United States and the United States and Japan in the middle of the major countries will gradually or completely eliminate incandescent lamps, which lay the foundation for the popularity of LED. At the same time, from the downward trend in prices, the price of white LED will show advantages in the field of commercial lighting. 2012 is expected to become the first year of the popularity of LED lighting.

UBS Securities: terminal subsidies soon

Energy-saving lamps to replace incandescent lamp in the low-end, LED in the high-end energy-saving lamps instead of incandescent lamp according to the NDRC "roadmap" (Draft), 2012 2016 more than 100W disable incandescent lamp, disable incandescent lamp for general lighting. UBS Securities believes that this policy will start with energy-saving lamps in the low-end alternative; if the terminal price 40-50%, LED general lighting demand will increase by 3-5 times, in the high-end, LED lighting penetration is expected from the current rapid growth of more than 10% to 3%.

Subsidies to change the industry is expected to be critical, the impact is multi-level. Lighting energy subsidies are expected to reach 80-100 billion yuan in the next 5 years, UBS Securities believes that: the price to stimulate demand; subsidy procurement tender is expected to lower market prices, stimulate greater demand.

Expected to benefit from the high power LED industry chain. UBS Securities believes that the subsidy is expected to boost the lighting terminal product shipments, downlights, spotlights, etc. in high street