In the past 2013, emerging industries represented by LEDs, lithium batteries, and robots ushered in a new wave of development. In the secondary market, stocks in emerging industries such as small and medium-sized boards and ChiNext have seen large gains. This also reflects a direction of China's economic growth mode transformation, China's economic structure is in the transition from the traditional to the emerging economy.
The Central Economic Work Conference at the end of last year proposed six major tasks for economic work this year. The second one clearly pointed out that it is necessary to adjust the industrial structure, vigorously develop strategic emerging industries, and accelerate the optimization and upgrading of traditional industries.
As an emerging strategic industry, with the rapid development of LED lighting, the demand for epitaxial chip and packaging in the middle and upper reaches has been boosted. The LED industry, especially downstream application companies, has received extensive attention from capital. According to the survey data released by the listed company on the Shenzhen Stock Exchange Interactive Platform, LED companies are the biggest hot industry concern.
G20-LED Summit member company Hongli Optoelectronics (300219.SZ) only received intensive field research of 24 institutions in January 2014. Huacan Optoelectronics also accepted field research of 13 institutions in the same period, and acquired the lighting enterprise. Liard (300296.SZ), which has been suspended for nearly two months, also received field research from 31 institutions.
On February 19th, the spring investment strategy of high-yield research and development, which launched spring investment strategies around emerging industries such as LED, lithium battery and robotics, attracted the participation of nearly 100 brokers, funds and institutional investors.
LED lighting specials in the morning, including Huaxia Fund, Bosera Fund, Great Wall Fund, E Fund, Southern Fund, China Merchants Fund, Golden Eagle Fund, Zeyi Investment, Huatai Securities, Guotai Junan, Haitong Securities, China Merchants Securities, Fortune Lyon, Huachuang Securities , Zhongshan Securities, Ping An Securities, Shenyin Wanguo and Tongchuang Weiye, Shenzhen Venture Capital, Hyundai Financial Holdings, Lubomai, Dachen Ventures, Zhejiang Huarui, Oriental Fuhai and other investment institutions, G20-LED Summit member companies, Secretary of the Board of Directors, the decision-making level of the LED industry-related enterprises, and the head of the strategic investment department, all made their debut.
Indoor lighting dominates the future lighting market Traditional lighting companies have a larger market share, and LED lighting and packaging companies that have already listed will have certain advantages in lighting. Dr. Zhang Xiaofei, Dean of the Industrial Engineering Research Institute, said at the investment strategy meeting that the future lighting market will focus on indoor lighting. LED lighting companies have advantages in outdoor lighting. Listed companies and state-owned enterprises will account for most of the market. Traditional lighting companies have little advantage, and most of the companies that used to do outdoor lighting will be eliminated.
When talking about the future development of the LED industry, Dr. Zhang Xiaofei believes that industry consolidation will continue to increase in 2014. The number of enterprises with traditional lighting turning to LED lighting has reached its peak. The number of enterprises focusing on LED sales has reached its peak. The total number of enterprises in the LED industry will also reach its peak. The market competition will start to be fierce, and some enterprises will be integrated and withdrawn.
The investment opportunities of the LED industry in 2014 are undoubtedly the core concern of many institutional investors.
The three main lines of investment in the LED industry in 2014 are upstream sapphire, downstream lighting applications and mergers and acquisitions of the entire industry. Zhang Hongbiao, research director of the High-tech LED Industry Research Institute (GLII), said in his speech that the current domestic sapphire flat-film substrate has been accepted by most customers. With the promotion of sapphire in high-end smart phones and smart wearable devices, sapphire Demand will grow rapidly.
Zhang Hongbiao said that in 2013, China's LED chip industry reached 8.4 billion yuan. Due to the growth of downstream application demand, chip supply is expected to remain tight in the first half of this year. In the second half of the year, with the investment of many enterprises expanding production capacity, supply and demand will improve. The annual price is expected to remain relatively stable.
According to GLII statistics, the scale of China's LED application industry reached 208.1 billion yuan in 2013, a year-on-year increase of 31. The lighting market represented by indoor lighting has grown rapidly, showing a booming growth trend.
Zhang Hongbiao believes that in 2014, China's LED indoor and outdoor functional lighting output model will exceed 100 billion yuan, LED indoor and outdoor functional lighting continues the explosive growth trend in 2013, is the main engine of LED industry development.
The capital market is optimistic about the LED industry in the round-table dialogue with the theme of investment opportunities in the LED lighting industry. Dr. Zhang Xiaofei and G20-LED Summit member Sunshine Lighting (600261.SH) General Manager Guan Yong, G20-LED Summit member Ruifeng Optoelectronics ( 300241.SZ) Technical Director Xiao Xiaoming, Mao Shuojun (002660.SZ) Investment General Manager Qin Chuanjun, Huatai Securities Researcher Zhou Yi, Songhe Capital Investment Director Feng Zhiwei and other guests on the LED lighting market in 2014 and how the capital market views the LED industry The problem begins with a conversation.
The cost performance of LED lighting products has a strong advantage, the outbreak of the lighting market is certain, this year is mainly to test whether the performance of LED companies can meet market expectations. Zhou Yi believes that at present, LED companies rarely have enterprises with an output value of more than 1 billion yuan. How to make them bigger and stronger will require more mergers and acquisitions, restructuring and shareholding in the LED industry.
Feng Zhiwei said that the LED industry is an industry that rapidly surpasses the maturity of technology. The lighting market has grown very fast since the first half of last year, and there are great opportunities for investment in terminal applications.
In the final analysis, the cost performance of the product is the key to the final test of LED companies. How to reduce the price under the premise of ensuring reliability is the most important. Yan Xiaoming said that the current form of LED packaging has not yet been finalized, and new technologies will continue to emerge in the future. In addition, LED packaging is moving toward semiconductors and microelectronics. For example, wafer-level packaging will become an industry trend and will change the current packaging industry landscape.
In 2014, the advantages of LED outdoor lighting are still very large. Commercial lighting started to start last year. This year, when it comes to fruiting results, home lighting will start this year. Guan Yong believes that an industry is welcoming a major development time, generally when technology advances rapidly and industry technology costs fall. He predicted that in 2014, the LED lighting industry will continue to last year's rising market, and it is common for corporate revenue to achieve 50% growth. Excellent companies should have 100% growth.
Guan Yong said that among the top ten lighting companies in the future, traditional lighting companies will also occupy a large share.
For the LED industry's recent surge in mergers and acquisitions, Zhou Yi said that the most optimistic mergers and acquisitions in the capital market are vertically integrated, because the complementarity and synergy of resources can be achieved, followed by horizontal integration and entering a new market.
Investing in equipment, we value the resources in the automated production line. Qin Chuanjun said that M&A should consider more about the synergy of customers and how to quickly open up the market.
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