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Export growth is good for the development of LED industry chain
As the semi-annual report has been released, the speculation of LED as the most deterministic sector in the electronics industry in 2014 has been confirmed. According to the data, 17 of the 21 LED listed companies have increased their profit margins at the same time. Four of them have increased their revenue by more than 50%, and the profits of 7 companies have increased by more than 60. Since the beginning of this year, with the full launch of the downstream market, it has officially emerged in 2009. The LED industry has finally reached the moment of flowering results, Sanan Optoelectronics (600703, stocks), Dehao Runda (002005, stocks), Sunshine Lighting (600261, stocks), Liard (300296, stocks), etc. have become various The leader of the field, not only in China, but also in the world has a full voice, China has become the world's LED manufacturing center. In terms of market value, the total market value of Sanan Optoelectronics has reached 34.3 billion yuan, becoming the boss in the sector, and the company has become the top five companies in the LED chip industry. Dehao Runda, Silan Micro (600460, shares), Liard, Qinshang Optoelectronics (002638, shares it) followed. There are already more than five billion market capitalization companies in the sector, which is rare compared to the entire electronics industry. This means that the LED industry is heavily invested in the capital market. The rise of LED technology has spawned the upstream and downstream development of the industry chain, the most distinctive of which is the sapphire field. Before the LED technology, sapphire was basically used in watches and some luxury consumer goods. The industry has a serious overcapacity. With the rise of LEDs, sapphire has a huge export capacity as a raw material for chips, and it also targets sapphire materials with smartphones. The sapphire, which was hit by the industry in the early stage, has become the scent of the capital market. Since this year, a number of listed companies have raised huge sums of money to add sapphire. The biggest feature of LED lighting products is energy saving. In the early stage of industrial development, due to price problems, its development speed was slower. However, since last year, LED manufacturers' large price hikes and whitening policies have made LEDs begin to replace incandescent lighting. At the same time, as the industry trend is more and more certain, the elasticity of the LED sector in valuation has lost its glory. This year, Sanan Optoelectronics' secondary market fell by 13 and Dehao Runda rose by only 2. Both companies are LED upstream chips. As an industry front-end, LED chips face more serious price wars, which also led to the industry. There is controversy about the company’s profit expectations. From the secondary market point of view, LED downstream applications have risen all this year. The stock with the biggest increase in the sector is the newly listed ABITSEN (300389, stocks), this year's increase reached 170, followed by Liard, up 159. Both companies are LED display lighting companies, whose products are mainly to replace the traditional rear projection and projection market. Previously, due to technical and price issues, the industry has doubts about the market acceptance of its products, and the two companies' brilliant performance. Give the market a reassurance. The data shows that the income and net profit of Ai Biesen’s interim report increased by 59 and 57 respectively. The revenue and net profit of Liard’s interim report increased by 51 and 73 respectively, ranking among the top in the sector. What is even more exciting for the market is that the gross profit in this field is huge. The gross profit of more than 30 is basically unimaginable in other LED products. In addition, there are fewer market participants and the threshold is relatively high. In recent years, with the global economic downturn, many domestic industries have encountered difficulties in exporting, but LED has gone out of the cycle of performance, overseas emerging markets are bringing greater opportunities for Chinese LED companies, of which Russia jumped in the dark horse It is the second largest export market for LED lighting products in China. In 2013, the export value of China's LED lighting products to Russia was US$227 million, a year-on-year increase of 260. In 2014, the export value in the first half of 2014 was only US$327 million, a year-on-year increase of 571. Russia jumped to China's second largest export market. In China, the total amount of LED lighting products exports accounted for about 9, and in the BRICS countries where China's LED lighting products are exported, its market share is as high as about 75. In 2013, the export value of China's LED lighting products was about 5.5 billion US dollars. Among them, the export of BRIC countries was 390 million U.S. dollars, and the export value of China’s LED lighting products in the first half of 2014 was about 4.35 billion U.S. dollars, of which about 440 million U.S. dollars were exported to the BRICS countries, an increase of 350% over the same period of the previous year. The rapid growth of overseas emerging market exports will be Comprehensively benefit the domestic LED industry chain.