Yesterday, Shanghai refers to around 3900 repeated contention and amplitude of nearly 3%, near the trading market force upside, the reform of state-owned enterprises, electric power, the real estate sector rise push the index uplink, two city more than 2500 shares rose, more than 100 stocks daily limit. At the close, stock index rose 1.76% to 3954.56, turnover of 578700000000 yuan; Shenzhen Component Index rose 2.12% to 13395.18, turnover of 496100000000 yuan. On the disk, the plate almost across the board rose, business agents, public transportation, electricity, Internet and other plate sharp rise.
UBS recently released the electronic components industry research report pointed out that global chip led the overall balance of supply and demand, overcapacity situation further ease, lighting has become the application of LED industry the main, positive for China's LED industry chain, the future of LED chip manufacturers to benefit the most, stocks, the most promising leading shares Sanan optoelectronics. Secondly, optimistic about the Huacan photoelectric and dry according to optical.
First, it explains the concept of LED, the LED is a compound semiconductor device that converts electrical energy into visible or invisible light. LED uses electric field emission, compared with the traditional light source, LED light source with high luminous efficiency, long life, low energy consumption, small size, no pollution, low radiation and other characteristics. Since 2013, the rapid increase in LED lighting penetration, driving the demand for LED chip, the current LED is widely used in lighting, display, signal indicator, automotive, mobile phone, TV and other fields.
Global LED market since 2011, there have been serious oversupply. This is mainly due to the Chinese government to promote energy conservation and emission reduction, all over the government has introduced policies to encourage LED chip companies, including the core equipment for the production of LED chip MOCVD to give RMB 8000000 yuan to 10000000 yuan subsidy. At the same time, the demand for LED backlight TV growth, leading to Taiwan, South Korea LED manufacturers have expanded production, which led to a substantial increase in the global LED chip production, exceeding the growth in demand.
2011 global LED chip production capacity of about 44200000 square inches, while the demand is only 33970000 square inches over the same period, the supply and demand of up to 130%. But UBS recently studies show that as the world's major LED chip manufacturers new capacity is limited, and demand continued to grow, in 2014 the global LED chip supply and demand from 130% in 2011, fell to 104%, the overall balance of the state, to bring good LED industry chain enterprises.
Global LED production capacity is no longer
Benefit from the global phasing out of incandescent lamps, as well as the continued decline in the price of LED lighting products, the global LED lighting penetration is expected to reach 30% in 2015 levels. UBS research shows that lighting applications for the world's LED chip demand is expected to grow from 17% in 2011, a substantial increase to 54% in 2015. China as the global LED lighting products production base, production accounted for 80% of the world's output, the most benefit.
LED industry chain is generally divided into the upstream LED chip manufacturing, the middle reaches of the LED chip packaging and downstream LED chip applications three sub sectors. Among the top of the industry chain LED chip manufacturing industry access threshold is relatively high: the need for large-scale capital investment, but also the need for long-term accumulation of technology. This also makes the Chinese LED chip manufacturing enterprises since 2011 has been a massive reduction, UBS is expected to be able to mass production of LED chips in China is about 10 or so.
From the growth rate of view, 2010-2014, LED chip industry output value reached 32%, leading LED packaging and application industry. UBS believes that with the rapid development of China's LED industry, LED chip companies in the industry chain is the most benefit, this is mainly due to the largest national support, patent issues have been resolved, China LED chip manufacturing companies have been through its own R & D and industry mergers and acquisitions, and gradually break the LED chip patents, product technology continues to upgrade, material costs quickly fell, and the leading enterprise gross margin and ROE level is the highest.
Valuation, LED industry chain related business market consensus expectations show that the market is expected to LED chip manufacturing enterprise PE 2015/16 valuation levels were about 40 times and 28 times higher than the LED chip packaging enterprises 35 times and 25 times, lower than the LED chip applications 54 times and 39 times.