LED lighting arrived at low price
LED price dip, gradually downward trend gradual: instead of 60 w LED bulbs as an example, the average price of 2013-2015 fell 30.74%, 23.36% and 11.59% respectively, the price in decline significantly slow, LED declines will continue this trend in the future.From the supply side, the LED price drop towards convergence of the following reasons: subsidies will decline;The supply side of the electrical manufacturers such as crystal will shrink;Encapsulation incredible accomplishments mold growth.
Outdoor LED display market potential is considerable, small spacing shows promising: general point spacing is smaller, the number of lights used within a square unit, so the LED small spacing market 収 exhibition has increased the demand of the LED lamp bead, LED to some extent of supply and demand.For small spacing display products, costs accounted for the largest part of the is the lamp bead, for the most part the performance of the LED display also depends on the reliability of the lamp bead.Leah DE pointed out in the information disclosure, for example, the cost of the LED TV lights, small spacing accounted for about 70% less.
LED permeability in a rising channel, industry concentration gradually increase: global LED lighting penetration reached 27%, in 2015 began to keep rising trend.We believe that the domestic LED lighting permeability slightly higher than the global penetration level, about 30%, there is still considerable 収 exhibition space.According to incomplete statistics GSCresearch, the LED more than 35000 enterprises, more than one incredible accomplishments die enterprise has more than 8200.Review traditional electronics industry, such as television, refrigerator, air conditioner, the top three manufacturers are more than 50% market share, and at present at least hundreds of LED display industry, the top 3 manufacturer of total market share of less than 20%.So, LED industry market concentration will be promoted.
From the supply side, increase subsidies to reduce and reduced chip giant will see future will tend to smooth the supply side, the historical price movements also illustrates the LED price drop is convergent.Permeability from the demand side, LED lighting is still rising stage, while the rapid growth of the small spacing market pull LED needs.As the LED prices dip and improve industry concentration, we watch the leds 収 show prospects for a long time, "the head Evergrande" logic will benefit the relevant enterprises of industry, so we focus on recommend hong photoelectric.Hon optoelec constantly bigger and stronger business at the same time, active layout "LED + Internet financial + car networking" ecological system, is expected to operating income in 2015-2017 15.87/23.64/3.162 billion yuan respectively, and the corresponding EPS is RMB 0.48/0.25/0.36 respectively, corresponding to 47/32 / PE 24 times, maintain the company "strongly recommended" rating.