The central economic conference opened the new era of LED industry six stocks analysis

Central economic work conference held in Beijing from December 10th to 12. As an important meeting to set the tone for the next session of the economic development, strategic emerging industries will develop in the future.

GSC Research think, before the central economic work conference, including the Ministry of industry led the development of the "4.5" strategic emerging industry planning and related special planning or followed, fully demonstrates China's LED strategic emerging industry "economic feedback" era.

LED lighting as a global strategic emerging industries. From the emerging industry "12th Five-Year" plan, to the national semiconductor lighting subsidy project officially launched, LED lighting industry has been rapid development. According to the GSC Research survey shows that in 2011, the overall size of China's semiconductor lighting applications reached 121 billion yuan, the overall growth rate of up to 34%, is the fastest growing segment of the semiconductor lighting industry chain. It is estimated that in 2015 or so, LED will account for about 20% of the lighting market, driven by industrial scale of up to $500 billion, becoming the world's three largest LED lighting market.

Deputy Secretary General China semiconductor lighting engineering research and Industry Alliance chairman Yang Lanfang pointed out that the day before, with local governments continue to increase investment, the next three years, Chinese LED lighting industry will enter a period of explosive growth.

Xinhuanet.com reported in August this year, the Ministry of science and technology Chinese released "semiconductor lighting technology development" 12th Five-Year "special plan" put forward, to 2015, China semiconductor lighting industry scale to reach 500 billion yuan, reduce the cost of LED lighting products to 1/5 in 2011, in the general lighting market share will reach 30%. In this regard, the industry said that in the field of general lighting, the next three years, LED lighting market has about 10 times the growth of space.

State Securities said that the economic, policy and promotion of enterprises to accelerate the popularity of LED lighting, the 2 quarter is expected to usher in the policy and order release: economic perspective, LED lighting in outdoor and indoor commercial lighting in the field of economy has been highlighted, saving efficiency has reached 70%; the policy side, on the first half of the national and local levels are introduced the promotion of LED lighting policy; enterprise level, has entered the stage of distribution channels by sitting shop sales model; and from the period of policy implementation, the State Securities believes that the 2 quarter of next year is expected to usher in policies and order the release of the peak.

State Securities believes the OEM enterprise LED lighting in the early start of greater flexibility, the proposals concern the state of science and technology, REFOND; benefit from the degree of policy, analysts believe that the determination of LED power supply enterprise has the better, the proposals concern Moso; from the angle of the concentration, analysts believe that chip enterprises benefit the industry boom upgrade, recommendations concern Sanan optoelectronics.

With the demand for lighting and so on, from 2012 to 2013, the overall oversupply of the industry has improved. In addition to share LED market growth opportunities brought about, LED downstream products life cycle, LED technology innovation cycle, heavy capital investment to bring the capacity release cycle, seasonal demand change cycle and a series of volatility factors, provides opportunities for investment in LED listed companies. The performance level, A shares LED plate in the 2 quarter of 2012 the overall performance of the plate has obvious chain improvement, especially at the same time the second half of 2012 Q3 net profit of low base makes the overall performance in the second half of LED industry growth reflects growth significantly, the fundamentals will appear better. Analysts maintain the LED sub sectors of the "recommended" investment rating, maintaining Yankon Sanan optoelectronics, "overweight" rating, and recommendations concern REFOND, honglitronic, elec-tech.

Mao power supply: market downturn led to lower than expected performance

Source: Changjiang Securities

Mao power released in 2012 three quarterly. Three quarter the company achieved operating income of $133 million, down by 4.54%, attributable to shareholders of listed companies net profit of $8 million 210 thousand, down by 39.67%;

Before the three quarter total revenue of 373 million yuan, down 12.92%, net profit attributable to shareholders of listed companies was 37 million 820 thousand yuan; the company expects 2012 annual net profit attributable to shareholders of listed companies 4835-6447 million.

Event review

Due to domestic and international economic environment downturn, the electronics industry as a whole in the third quarter of this year is not the busy season, which makes the consumption of electronic power supply business of the company has a large negative impact, this is the main reason for the decline in performance of the company during the reporting period. Future Ltd LED driver power supply business profit contribution rate is expected to further improve, help to improve the overall profitability of the company's business.

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