After being quiet for a period of time, the LED lighting sector has recently made a “resurgence”. This week, the stock prices of LED lighting sector companies including Changfang Lighting (300301.SZ), Qinshang Optoelectronics (002638.SZ), etc. have been quite active.
“With the support of policies, the LED lighting market will have a larger space in 2013, and related listed companies are expected to benefit. In terms of valuation, the current PE of LED lighting companies is indeed relatively high, but the PEG is at a relatively reasonable level. Location.” Zhou Jianbing, an analyst at the Wealth Management Center of China International Finance Corporation, said in an interview with a reporter from China Business Daily’s “Financial Business”.
Industry demand growth is expected with policy support
Recently, the LED lighting industry seems to be surging with warmth. With the EU’s comprehensive ban on incandescent lamps, LED lighting applications have entered a stage of qualitative change. With the support of domestic policies, LED lighting is also expected to accelerate penetration.
In addition, the National Development and Reform Commission, the Ministry of Science and Technology and other five ministries and commissions recently jointly issued the “Semiconductor Lighting Energy Saving Industry Plan”, which further clearly elaborates on the development goals, main tasks and support measures of China’s LED industry during the “Twelfth Five-Year Plan” period, and makes it clear that the LED industry will be promoted The output value of lighting energy-saving has grown at an average annual rate of about 30%, reaching 450 billion yuan in 2015, of which LED industry application products reached 180 billion yuan.
Data show that my country’s LED general lighting output value in 2012 was close to 42 billion yuan, an increase of 40%; the total annual output was 310 million units, a significant increase in quantity; LED lighting product manufacturing capacity and export volume ranked first in the world.
“The industry depends on its development prospects. The main focus of the LED lighting field is that with the support of policies, large-scale enterprises will be formed.” Zhou Jianbing said.
In fact, the global LED market has gradually recovered since October last year, and demand has increased sharply in the first quarter of this year, with emerging markets performing particularly prominently. At present, investment in infrastructure construction in Russia, Thailand, Vietnam, India, Africa and other countries and regions is rising. In 2013, the demand for LED lighting in emerging markets will also continue to heat up.
Taking Vietnam as an example, Vietnam will achieve an urbanization level of 38% by 2015, which will be a great opportunity for China’s LED lighting exports. In addition, countries including India are sparing no effort in promoting the conversion of traditional lighting systems to LED lighting, and they are also expected to import a large number of LED lighting products from China.
“From the perspective of the external market, firstly, the global economy has begun to gradually pick up, especially the U.S. economic recovery is expected to strengthen; secondly, the current energy supply is tightening, and the global demand for energy conservation is increasing; thirdly, my country is accelerating the pace of urbanization, and the energy consumption of products will be affected in the future. The requirements will be further improved. Therefore, whether it is from the current market performance or future development, the LED lighting industry has broad space, and the probability of market recovery is high.” He Zaihua, a senior researcher at China Investment Consulting, said.
He believes that the recent performance of LED lighting companies has improved due to the recovery of the global economy and the increase in national energy conservation and emission reduction requirements. In addition, the second quarter is the traditional peak sales season for commercial lighting fixtures, so the performance of LED lighting companies is expected to improve.
Founder Securities believes that LED lighting application products are the link that most directly benefits from policy incentives. In the next few years, although energy-saving lamps will still occupy the largest type of lamps in terms of market share, LEDs will continue to decline in cost and price. Under the conditions, the replacement cost difference between energy-saving lamps and energy-saving lamps will be further reduced.
In fact, in order to increase government procurement of energy-saving products, the Ministry of Finance and the National Development and Reform Commission have recently adjusted the published “Government Procurement List of Energy-Saving Products”. The adjusted procurement list has added LED lighting products for the first time. According to statistics, LED lighting products that have entered the purchase list include LED road/tunnel lighting products, LED downlights, and reflective self-rectifying LED lights. The number of selected products are 251, 177, and 90 respectively, involving 84 companies, including listed companies. Nearly 20.