With the popularization of environmental protection and energy conservation concepts, the decline in the price of LED lighting, and the help of policies, the penetration of LED lighting in the domestic commercial market has accelerated. The price of LED lighting is gradually approaching traditional lighting, and the home market is also welcoming. However, the macroeconomic downturn, overcapacity, and falling prices have also eroded the profits of LED companies. From the three quarterly reports, although the performance has picked up, the LED industry is still in a trough adjustment period.
LED listed company performance differentiation
According to the statistics of the High-tech LED Industry Research Institute (GLII), among the 25 key listed companies, the revenue in the third quarter increased by 15%, accounting for 60% of the total, down 10.83% from the first half of the year; Home, accounting for 40% of the total, is the same as in the first half.
GLII believes that the sales of LED key listed companies in the third quarter improved, on the one hand, because the second half of the year is the LED sales season, and benefited from the promotion of national and local government LED energy-saving lighting projects; on the other hand, the diversity of LED technology and products The development of the market and the decline in the price of terminal applications have led to an increase in the market share of LED products. However, the performance data of most LED listed companies in the third quarter did not have a substantial improvement. To achieve this change or to further release the downstream market demand.
The performance of LED companies in different sub-divisions has diverged, LED backlight companies have been better; LED lighting companies are basically flat; LED display companies are difficult to do business; LED chip factories except Sanan Optoelectronics (600703.SH) have seen performance growth, others have fallen.
Ruifeng Optoelectronics (300241.SZ) benefited from the popularity of LED-backlit LCD TVs, with large-size backlight LED sales showing a large increase. From January to September this year, Ruifeng Optoelectronics' operating income was 340 million yuan, up 54.48% year-on-year; net profit was 36.21 million yuan, up 30.47% year-on-year. In the first quarter of this year, Ruifeng Optoelectronics' net profit fell by more than 50% year-on-year.
Qinshang Optoelectronics (002638.SZ), which is mainly engaged in LED lighting, has an operating income of 590 million yuan from January to September this year, an increase of 8.96% year-on-year; net profit of 92.22 million yuan, an increase of 20.84%. Hongli Optoelectronics (300219.SZ), which is a white-light package for LED lighting, although its performance in the first three quarters of this year has declined year-on-year, operating income was 396 million yuan, down 1.7% year-on-year; net profit was 48.14 million yuan, down 7.67% year-on-year. In the third quarter, it achieved positive growth, with operating income and net profit increasing by 6.68% and 2.65% respectively.
Zhouming Technology (300232.SZ), which mainly produces LED displays, achieved revenue of 410 million yuan in the first three quarters of this year, up 5.72% year-on-year; however, its net profit decreased by 47.85% year-on-year to 18.33 million yuan.
The upstream LED chip prices fell sharply this year, which caused Huacan Optoelectronics (300323.SZ) revenue in the first three quarters of this year to fall 25.74% year-on-year to 259 million yuan; net profit fell 49.1% year-on-year to 42.09 million yuan. However, LED chip leading company Sanan Optoelectronics performed well. In the first three quarters of this year, its operating income was 2.35 billion yuan, up 101.26% year-on-year; net profit was 667 million yuan, up 13.9% year-on-year. However, Sanan Optoelectronics has received nearly 300 million yuan in subsidies from the government in the first half of this year, and the "gold content" of its performance has to be discounted.
Market-led, government-assisted
Zhang Xiaofei, dean of the High-tech LED Research Institute, analyzed that the LED industry rebounded in the third quarter, mainly because the advantages of LED lighting environmental protection and energy saving are increasingly recognized by the market, and LED prices are going down, so LED utilization is increasing. From the perspective of export markets, the situation in Southeast Asia and the United States has improved and the European market has remained flat.
Although many subsidies for LED lighting have been introduced from the central government to the local government this year, Zhang Xiaofei believes that the policy pull effect is limited. For example, if the state subsidies of energy-saving lighting subsidies of 2.2 billion yuan are limited to individual enterprises, and the bid-winning price is low, the enthusiasm of enterprises to participate is affected.
Zhu Bingzhong, deputy general manager of Qinshang Optoelectronics, said that the effect of policy pull has begun to appear. This year, Guangdong Province issued a policy, and plans to switch to LED lighting products in all public lighting occasions in 2014. In September of this year, Qinshang Optoelectronics received several engineering orders. Their original bidding for traditional lighting was completed, and LED lighting was immediately changed after the policy was introduced.
"The commercial use of LED lighting is indeed accelerating." Lei Li Ning, director and executive deputy general manager of Hongli Optoelectronics, said that LED lighting has begun in public places such as restaurants, hotels, parking lots and airports. The price of LED chips this year has fallen by 50% compared with last year. The price of LED package has dropped by 20%~30% year-on-year. The price drop and policy guidance have accelerated the speed of LED commercial use.
However, the price of too fast decline has also affected the growth rate of LED companies' income and net profit. Relinin said that Hongli's product sales this year are much higher than last year, but the income and net profit of the first three quarters have dropped slightly. Moreover, the home market also needs to be activated.
A cruel reality is that LED companies must also endure the overcapacity and low-cost competition while enjoying the rapid expansion of the market. Relinin suggested that the key to the government is to play a guiding role in the popularization of the LED market. However, when funding subsidies are given, the threshold must be set. If it is comprehensive, it will not be beneficial to the survival of the fittest in the LED industry.
Zhang Xiaofei expects that the LED industry will be better than the third quarter in the fourth quarter of this year, but there will be a low tide in the industry early next year.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
LED listed company performance differentiation
According to the statistics of the High-tech LED Industry Research Institute (GLII), among the 25 key listed companies, the revenue in the third quarter increased by 15%, accounting for 60% of the total, down 10.83% from the first half of the year; Home, accounting for 40% of the total, is the same as in the first half.
GLII believes that the sales of LED key listed companies in the third quarter improved, on the one hand, because the second half of the year is the LED sales season, and benefited from the promotion of national and local government LED energy-saving lighting projects; on the other hand, the diversity of LED technology and products The development of the market and the decline in the price of terminal applications have led to an increase in the market share of LED products. However, the performance data of most LED listed companies in the third quarter did not have a substantial improvement. To achieve this change or to further release the downstream market demand.
The performance of LED companies in different sub-divisions has diverged, LED backlight companies have been better; LED lighting companies are basically flat; LED display companies are difficult to do business; LED chip factories except Sanan Optoelectronics (600703.SH) have seen performance growth, others have fallen.
Ruifeng Optoelectronics (300241.SZ) benefited from the popularity of LED-backlit LCD TVs, with large-size backlight LED sales showing a large increase. From January to September this year, Ruifeng Optoelectronics' operating income was 340 million yuan, up 54.48% year-on-year; net profit was 36.21 million yuan, up 30.47% year-on-year. In the first quarter of this year, Ruifeng Optoelectronics' net profit fell by more than 50% year-on-year.
Qinshang Optoelectronics (002638.SZ), which is mainly engaged in LED lighting, has an operating income of 590 million yuan from January to September this year, an increase of 8.96% year-on-year; net profit of 92.22 million yuan, an increase of 20.84%. Hongli Optoelectronics (300219.SZ), which is a white-light package for LED lighting, although its performance in the first three quarters of this year has declined year-on-year, operating income was 396 million yuan, down 1.7% year-on-year; net profit was 48.14 million yuan, down 7.67% year-on-year. In the third quarter, it achieved positive growth, with operating income and net profit increasing by 6.68% and 2.65% respectively.
Zhouming Technology (300232.SZ), which mainly produces LED displays, achieved revenue of 410 million yuan in the first three quarters of this year, up 5.72% year-on-year; however, its net profit decreased by 47.85% year-on-year to 18.33 million yuan.
The upstream LED chip prices fell sharply this year, which caused Huacan Optoelectronics (300323.SZ) revenue in the first three quarters of this year to fall 25.74% year-on-year to 259 million yuan; net profit fell 49.1% year-on-year to 42.09 million yuan. However, LED chip leading company Sanan Optoelectronics performed well. In the first three quarters of this year, its operating income was 2.35 billion yuan, up 101.26% year-on-year; net profit was 667 million yuan, up 13.9% year-on-year. However, Sanan Optoelectronics has received nearly 300 million yuan in subsidies from the government in the first half of this year, and the "gold content" of its performance has to be discounted.
Market-led, government-assisted
Zhang Xiaofei, dean of the High-tech LED Research Institute, analyzed that the LED industry rebounded in the third quarter, mainly because the advantages of LED lighting environmental protection and energy saving are increasingly recognized by the market, and LED prices are going down, so LED utilization is increasing. From the perspective of export markets, the situation in Southeast Asia and the United States has improved and the European market has remained flat.
Although many subsidies for LED lighting have been introduced from the central government to the local government this year, Zhang Xiaofei believes that the policy pull effect is limited. For example, if the state subsidies of energy-saving lighting subsidies of 2.2 billion yuan are limited to individual enterprises, and the bid-winning price is low, the enthusiasm of enterprises to participate is affected.
Zhu Bingzhong, deputy general manager of Qinshang Optoelectronics, said that the effect of policy pull has begun to appear. This year, Guangdong Province issued a policy, and plans to switch to LED lighting products in all public lighting occasions in 2014. In September of this year, Qinshang Optoelectronics received several engineering orders. Their original bidding for traditional lighting was completed, and LED lighting was immediately changed after the policy was introduced.
"The commercial use of LED lighting is indeed accelerating." Lei Li Ning, director and executive deputy general manager of Hongli Optoelectronics, said that LED lighting has begun in public places such as restaurants, hotels, parking lots and airports. The price of LED chips this year has fallen by 50% compared with last year. The price of LED package has dropped by 20%~30% year-on-year. The price drop and policy guidance have accelerated the speed of LED commercial use.
However, the price of too fast decline has also affected the growth rate of LED companies' income and net profit. Relinin said that Hongli's product sales this year are much higher than last year, but the income and net profit of the first three quarters have dropped slightly. Moreover, the home market also needs to be activated.
A cruel reality is that LED companies must also endure the overcapacity and low-cost competition while enjoying the rapid expansion of the market. Relinin suggested that the key to the government is to play a guiding role in the popularization of the LED market. However, when funding subsidies are given, the threshold must be set. If it is comprehensive, it will not be beneficial to the survival of the fittest in the LED industry.
Zhang Xiaofei expects that the LED industry will be better than the third quarter in the fourth quarter of this year, but there will be a low tide in the industry early next year.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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