LED lighting is the third light source revolution after incandescent and fluorescent lamps. Since January 1, 2014, the best-selling 40-watt and 60-watt incandescent lamps in the US market have stopped selling. After the elimination of incandescent lamps, the United States encourages the use of energy-efficient compact fluorescent lamps, LED lamps and other bulbs with higher energy efficiency. At the same time, in Asia, South Korea, Thailand, and the Philippines have also taken measures to promote the use of energy-saving light bulbs instead of incandescent light bulbs. As countries begin to completely ban incandescent lamps, the replacement of light sources will be fully opened in 2014, and LED lamps are expected to gradually occupy the lighting market.
At present, the global LED industry has entered a period of rapid development. In 2013, the global LED market will be US$12.4 billion. In 2020, it will reach a scale of US$150 billion, with a compound growth rate of 42.6. As one of the world's major LED manufacturers and consumers, with With the gradual advancement of policies and the outbreak of demand, China's LED industry faces significant historical opportunities and will generate huge investment opportunities.
Under the general trend of LED lighting, Qilu Securities is optimistic about the long-term investment value of the LED sector. The investment perspective is divided into the following four aspects:
First, look at the entire LED panel, with super-match value. In the long run, the lighting penetration rate will accelerate. It is expected that the LED lighting penetration rate will increase from 10 to 50 in 2013~2016, driving the LED lighting industry chain into a high boom cycle.
Second, the mid- and long-term LED industry chain has the most investment value in the upstream and downstream links: from the lighting industry value chain and development trend, the current LED epitaxial chip profit accounts for about 70, the packaging link is about 10~15, and the application link is about 10~20, the chip in the front end of the value chain occupies a very high added value.
Third, the short-term configuration has arrived. At present, the LED sector is in place and the purchase point is coming: 1. Taiwan's LED industry data exceeds expectations in January and February; 2. The traditional April-May peak season is coming; 3. The LED sector is expected to be in 2014. In 2015, the revenue growth rate was 50 and 30. Currently, the corresponding P/E ratio is only 30 times and 21 times.
Fourth, the industrial integration is accelerating, and the advantageous enterprises in the segmentation segment have rapid and large investment opportunities. The integration speed of the LED industry has obviously accelerated, and the industrial concentration has gradually increased. The industry chain segmentation leader with core technology advantages, channel advantages, and scale advantages will grow rapidly through extensional expansion.