The electronics industry will usher in the era of LED lighting
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In 2013, the next generation lighting exhibition in Tokyo began on January 16, 2013, and the exhibition period was three days. Many manufacturers aimed at the Japanese LED lighting market. Taiwan LED manufacturers Jingdian, Yiguang, New Century, Guanglei, Longda, Gion All are participating. Among them, Yiguang Chairman Ye Yufu (Taiwan LED godfather) said that the LED industry situation in 2013 improved a lot compared with 2012; Jing Bing Chairman Li Bingjie also said that the LED backlight market demand in 2013 exceeded expectations and will enter the peak season in March. And the market is expected to improve earlier than previously expected (2014).
Investment Highlights The LED lighting era is expected to come early. The luminous efficiency continues to improve, the production efficiency is gradually improved, the equipment yield is steadily improved, and the price of LED epitaxy, chip, packaging, and lighting products is steadily declining. The price gap between LED lighting terminal products and traditional energy-saving lamps has gradually narrowed. By the end of the year and the beginning of the year, new products from various manufacturers have been released intensively, and the technical indicators have been upgraded to a higher level. The price is more favorable. It is expected that with the 2013 Tokyo Next Generation Lighting Exhibition. (January), Tokyo International Lighting Exhibition (March), Hong Kong Spring Lighting Exhibition (April), Frankfurt Lighting Exhibition (April), Las Vegas Lighting Exhibition (May), Lyon Lighting Exhibition, France ( In June, LED lighting will become the protagonist, and it is expected to accelerate the penetration of LED lighting.
LED backlighting is still expected to be a major contribution in 2013. As the TV size increases and the LED penetration rate increases, the TV backlight application is expected to continue to grow. In addition, with the popularization of the tablet, a new field of LED backlight application is added. Overall, it is expected that the backlight will still be in 2013. Good performance, with the substitution of localization in mainland China, growth is expected to be higher than the global.
The performance in January and February after the Spring Festival in 2013 is expected to usher in a rebound. Since the main application of LED is still backlight, it has seasonal characteristics. Since November 2012, it has shown a gradual decline in the chain. It is expected that with the supply of backlight inventory in January-February after the Spring Festival, it is expected to drive the industry to gradually recover and drive The rebound in performance continued until the middle of the year; in the second half of the year, it is expected that with the promotion of holidays from August to September, the price/performance ratio of entrained lighting products will be further improved, and it is expected that the backlight will be gradually continued to drive the LED industry as a whole.
Due to seasonal characteristics and the overall poor performance in 2012, although the market has been expected, the stock price of the entire sector is still suppressed before the annual report.
Investment strategy and recommendations:
LED backlight: continuous penetration and domestic transfer replacement acceleration, it is expected that the space is still large in 2013, it is recommended to pay attention: Ruifeng Optoelectronics, Dongshan Precision, Zhaochi shares. LED lighting: In the second half of the year, it is expected that the backlight will be connected in an orderly manner. The LED lighting era is coming early. It is recommended to pay attention to export and LED street lamp related enterprises, Hongli Optoelectronics, Moso Power, and Sunlight.