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incandescent curtain led lighting is also facing the competition of energy saving lamps

A shares of the concept of the LED and a fire. 6 LED plate trend in the day, China Star Power and BDO Runda 2 stocks daily limit, three security optoelectronics, sun lighting, among the biggest gainers.

A shares of the concept of the LED and a fire. 6 LED plate trend in the day, China Star Power and BDO Runda 2 stocks daily limit, three security optoelectronics, sun lighting, among the biggest gainers. In the theme of speculation is still flourishing A shares, LED off the logic from the National Development and Reform Commission has published the “road map out of incandescent lamps in China (draft)”, the document shows that China from October 1, 2016 ban on imports and Sales of 15 watts and above ordinary incandescent lighting, many investors will be interpreted as incandescent from October 1 from the complete withdrawal from the Chinese market.

In fact, on the “banned” speculation is nothing new, from the 2011 road map to determine the delisting of incandescent, the ban every node one, LED concept will be hype. Although the compound annual growth rate of LED is more optimistic, but compared to incandescent lamps in the global context of the gradual exit, LED and energy-saving lamps compete for market share battle, no doubt more subject to industry attention.

Growth rate decline: semiconductor lighting of the “new normal”

In 2015, the overall size of China’s semiconductor lighting industry reached 424.5 billion yuan, representing a growth of 21% in 2014, with the past 10 years, average annual growth rate of more than 30% compared to the growth rate decreased significantly. But it is undeniable that, LED is the most important driving force of market development, 2015 annual output value reached 155.2 billion yuan, a growth rate of 32.5%, penetration rate of more than 30%, accounting for the application market share increased to 45%. The increase in all sectors have declined, the industry believes that the domestic semiconductor lighting industry began to turn into the overall high-speed growth, “the new normal.” Incandescent lamp out of the market, LED and energy-saving lamps will carve up the remaining market share.

In 2015, LED industry consolidation trend is obvious, and the entire semiconductor lighting industry, there were 46 major mergers and acquisitions integration transaction, which disclosed the total transaction amount of nearly 40 billion yuan, which means that industry resources are gradually concentrated to strong enterprises, Low-end products in the manufacture of small and medium enterprises to survive increasingly difficult. To encapsulate listed companies, for example, the past three years, the average operating margin has dropped from 15% to 9%, the size of an increase of only 2% (8.8 billion).

National Bureau of Statistics released in the second half of 2015, a data show that more than 2,600 in the country LED lighting business, the first half of 2015 to 579 loss-making enterprises, the cumulative loss of a total of 1.215 billion yuan. The ratio of loss-making enterprises is far higher than the national light industry losses.

incandescent curtain led lighting is also facing the competition of energy saving lamps

And energy-saving lamps PK: LED no wins grasp

According to media reports, in 2016, Yantai City, carried out on the street light LED light source energy-saving renovation project, involving more than 20,000 street lights, the Urban Department is responsible for the development of LED lighting, Within the scope of the street will be replaced with all LED lights (before the part has been replaced by energy-saving lamps of the no longer replaced). On the other hand, LED in the field of large-scale home lighting applications, has also become the main reason for its permeability increase. But for ordinary consumers, in the face of the choice of LED and energy-saving lamps, because the product is poorly understood, often in a dilemma.

In 2015, Jiangxi media has the market common 10W energy-saving lamps, 5W LED lights sent to the Nanchang University of Aeronautics physics experiment center, measured the power consumption of two products were one hour consumption of 0.00814 kWh and 0.00704 degrees Electricity, according to one day lights 6 hours, 0.6 yuan per kilowatt calculation, combined with experimental measured power consumption, selected 10W energy-saving lamps to spend 10.69 yuan a year, and 5W LED lights to spend electricity a year 9.25 yuan. According to national standard GB / T9473-2008 “reading and writing operating lamp performance requirements” to the daily table lamp 300mm from the desktop, the minimum illumination of 250lx, according to “interior lighting and lighting design requirements” interior decoration 300lx ~ 750lx, if the white wall Reflection coefficient of the decorative part of the 300lx brightness can be, from the brightness point of view, energy-saving lamps and LED lights are to meet the requirements (the energy-saving lamp illumination of 0.44Klx, and LED illumination of 1.07Klx). From the cost point of view, energy-saving lamps and LED lights or less.

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From a technical point of view, the current LED light effect, heat still has a larger space to enhance its cost is often by the aluminum radiator, high efficiency constant current power supply, high light transmittance soft shade composition, monomer prices are often slightly more than energy-saving lamps expensive. While the color rendering index is not high and long hours of work will lead to aging and other disadvantages caused by light failure, it is difficult to completely replace the energy-saving lamps.

LED package has become a high-margin

LED industry chain as the middle part of the LED device package plays an important role in the industry, has been China in the global semiconductor lighting industry chain division of labor with scale advantages and cost advantages of one of the industrial sectors. The package’s function is to provide sufficient protection to the chip to prevent the chip in the air long-term exposure or mechanical damage and failure to improve the stability of the chip, thereby extending the life of the LED.

According to the data provided by the broker, LED packaging industry has experienced accelerated investment capacity in 2010-2012 to 2012-2015 prices continued to decline after the basic completion of the reshuffle. Into 2016, the LED industry has been spread chip and package price news. Insiders, some of the product prices mainly because of rising raw material prices, and lighting packaging will also face upstream and downstream extrusion.

I understand that since 2011, China’s LED packaging market gross margin as a whole continued to decline in the first half of 2016, some enterprises have stabilized, the future is expected to remain at about 20% -25% of the normal level. Prior to the fierce competition, so that LED industry is in a dramatic reshuffle phase.

As for the Hong Kong stock market, investors can pay close attention to LED concept stocks, such as NVC Lighting, Tongfangyouyou, Skyworth digital, in this round of integration, the industry trend is expected to get to the bottom.

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