The LED boom is being transmitted from the downstream to the upstream

In May, the market sent the LED industry to pick up, and with the announcement of the pre-increase report of the company's downstream companies such as Silan Micro, the industry recovery has been confirmed. Analysts pointed out that the degree of prosperity is being transmitted upstream and downstream by the industry.

With the opening of the China Daily, investors are wondering whether the subject matter of their own hands will bring surprises. At least investors holding Silan Micro and other LED industry stocks will be holding their treasure. According to public information, several LED companies have already announced performance announcements and the pre-joy is clearly in the majority. This echoes the rumors that the LED industry picked up in May.

The industry warms up and reports downstream

Recently, a number of LED companies have issued interim results announcements. Silan Micro announced that after preliminary calculations, it is expected that the company's net profit for January-June 2013 will increase by 250%-300% year-on-year, while the company's net profit will also drop by 37.27% year-on-year in the first quarter of this year. Regarding the growth in performance, Silan Micro stated that it was driven by the growth of market segments such as downstream LED lighting and smart terminals, as well as the economic improvement in the US and Europe. The shipments of the company’s power management ICs, discrete device chips, and power device products were The relatively large increase has led to a significant increase in the capacity utilization rate of Hangzhou Silan IC Co., Ltd., an important subsidiary of the company, and a significant improvement in the profitability of the chip production line and the power device packaging line.

The same good news was Ruifeng Optoelectronics. According to the company's estimation, the profit for the first half of 2013 was 23.87 million to 27.85 million yuan, an increase of 20% to 40% year-on-year. For growth reasons, the company said that compared with the same period of last year, capacity utilization increased, and sales revenue and profits have all increased significantly. It should be pointed out that the non-recurring gains and losses of Ruifeng Optoelectronics in the first half of 2013 were 1.628 million yuan, which was almost negligible.

In addition, Jufei Optoelectronics expects its net profit for the first half of the year to increase by 25% to 55% year-on-year. As for the reasons for the increase, the company mentioned that the market is picking up.

However, NTU’s performance forecast is not optimistic. The company expects its first-half 2013 performance to decline by 30.57% to 45.18%. The company stated that “Although the LED lighting industry gradually recovered this year, the sales volume of the second quarter has increased, but due to the price With fierce competition, the sales price of the company's main MO sources (high-purity metal organic compounds) has dropped compared to the same period last year.”

The degree of boom is being transmitted from upstream to downstream

It is not difficult to find that Nanda Optronics, which is the source of MO, is almost the target of the LED industry's most upstream, and the performance forecasts of Siemens Microelectronics and packager Ruifeng Optoelectronics, which are located in the downstream, are still good. “This is mainly due to the recovery of downstream prosperity. The relationship that leads only upwards," said market participants.

According to the analysis of Donghai Securities, the current warming of the wave is mainly driven by downstream streetlights and commercial lighting. Among them, the Guangdong Province has requested that the Pearl River Delta region be completed before the end of 2013. Other regions will complete the transformation by 2014 and have completed the transformation of 800,000 street lamps. In the first quarter of this year, the amount of tenders exceeded that of the previous year; Fujian requires that LED lighting products be widely used in public lighting in the province before the end of 2015.

As for commercial lighting, it is because technological upgrading leads to the price of "citizenization." According to news, Cree launched a $14 LED bulb for the mass market at the beginning of March to replace 60-watt incandescent bulbs. Philips introduced LED bulbs that sell for less than $10.

Due to the expiration of the energy supplementation policy at the end of May, this led to an overdraft in May's consumption in the market. From June onwards, it could not avoid falling back. In general, June-August was originally a low season. In June last year, the chain may have fallen by more than 30%, but this year it is obvious that the market's overdraft on consumption is "but there is no suspense over last year's growth." The order this year is still good.

The potential varieties can focus on the attention of four stocks such as Qinshang Optoelectronics to the LED industry, focusing on four stocks.

The first is a company that has obviously benefited from street lighting, such as Chau Ming Technology and Qinshang Optoelectronics.

According to statistics, Zhouming Technology has successively constructed many major projects at home and abroad such as the semiconductor street lamp demonstration project of the Guangdong Provincial Civic Center, the ZEMEP project in the Netherlands, the street lighting project of the Swiss Airport, and the reconstruction of the Guangzhou-Shenzhen high-speed street lamp since 2008. The Zhouming LED street lamp is also It is precisely because of this that Zhou Ming Technology has become the successful bidder for the procurement of street lamp complete sets of equipment and related services for the second phase of the construction of township street lamps in Guangdong Province.

Qinshang Optoelectronics is a leading semiconductor lighting product and integrated solution provider in China. It mainly produces LED landscape lighting, LED function lighting, LED display and LED special lighting. Among them, LED functional lighting based on high-power white LED lighting technology is the main direction of the company's main business. The company used high-power LED street lights to cut into various outdoor lighting areas such as tunnels, parking lots, plazas, docks, subways, gas stations, stadiums, etc., as well as indoor lighting areas such as shopping malls, hotels, factories, offices, schools, and homes.

The sunshine lighting that benefited from the channel (overseas recovery) also attracted much attention from the market. According to statistics, Sunshine Lighting is the largest energy-saving lamp production and export enterprise in China. It has won the bid for “National High-efficiency Lighting Product Promotion Project” for five consecutive years. Its national energy-saving lamp procurement ranks first in the market for a long time, and its market share is close to 10%. Sunshine Lighting learns NVC Lighting's self-selling mode, with equal emphasis on retail + engineering. At present, it has established more than 3,000 marketing outlets nationwide and about 1,000 directly-operated stores. Its own brand has accounted for about 30% of its sales, and it is among the 3 giants in the world. The cooperation is also an advantage of sunshine lighting. Currently, the world's top three lighting giants are Philips, Osram and GE. Sunny Lighting is Philips' largest supplier and has entered into the supply chains of all three giants. According to the 2012 data, Sunlight Lighting's domestic business accounted for 30%, and other sales include Africa, Europe, etc. Under the recovery of overseas economy, sunshine lighting has benefited significantly.

In addition, BDO Runda, which has opened up the upstream and downstream industry chains, deserves attention. The data show that BDO Runda has completed the integration of LED epitaxial wafers, chips, packages, and applications (lamps, displays). Southwest Securities has pointed out that it is driven by the entire industry chain and sufficient orders. , BDO Runda's future performance can basically be locked. In fact, some details also illustrated the favor of the market. In the first quarter of 2013, the number of shareholders of the company was only 29,810, which was a sharp drop from the 426.1 million at the end of 2012, and this situation is still continuing. On April 17, the number of shareholders was 287.755 million, and the sharp drop in the number of shareholders was apparent in the LED company.