LED lighting detonated the third light source 'revolution' feast

LED lighting is the third light source revolution after incandescent lamp and fluorescent lamp. Since January 1, 2014, the best-selling 40-watt and 60-watt incandescent lamps in the US market have stopped selling. After the elimination of incandescent lamps, the United States encourages the use of energy-saving compact fluorescent lamps, LED lamps and other bulbs with higher energy efficiency ratios. At the same time, in Asia, South Korea, Thailand, and the Philippines have also taken measures to promote the use of energy-saving bulbs instead of incandescent bulbs. As countries begin to completely ban incandescent lamps, the replacement of light sources will be fully opened in 2014, and LED lamps are expected to gradually occupy the lighting market. At present, the LED industry has entered a period of rapid development. The LED market will reach 12. 4 billion US dollars in 2013 and 150 billion US dollars in 2020, with a compound growth rate of 42. 6. As one of the major LED producing and consuming countries, with the gradual advancement of policies and the outbreak of demand, China's LED industry is facing significant historical opportunities and will have huge investment opportunities. Under the trend of LED lighting explosion, Qilu Securities is optimistic about the long-term investment value of the LED sector. The investment perspective is divided into the following four aspects: first, the entire LED sector is more than the value of super-matching. In the long run, the lighting penetration rate will accelerate, which is expected to be 2013 ~ In 2016, the penetration rate of LED lighting increased from more than 10 to about 50, driving the whole LED lighting industry chain into a high boom cycle. Second, the upstream and downstream links of the medium and long-term LED industry chain have investment value: judging from the value chain and development trend of the lighting industry, the profit of LED epitaxial chips currently accounts for about 70, and the packaging link is about 10 ~ 15, and the application link is about 10 ~ 20, the chip link at the front end of the value chain occupies a very high added value. Third, the short-term configuration time has arrived, the current LED plate adjustment in place, buy points: 1, Taiwan 1 ~ LED industry data in February exceeded expectations; 2, traditional 4 ~ The peak season in May is coming; 3. It is estimated that the revenue growth rate of LED sector in 2014 and 2015 will be above 50 and 30, and the current corresponding price-earnings ratio is only 30 times and 21 times. Fourth, industrial integration is accelerating, and advantageous enterprises in the segments have rapidly growing investment opportunities. The integration speed of LED industry has obviously accelerated, and the industrial concentration has gradually increased. The leading segment of the industrial chain with core technology advantages, channel advantages and scale advantages will grow rapidly through extensive expansion.